Naspers Limited

NPN.JO

Internet Content & Information · Communication Services

Price

91203.00 ZAc

+3363.00 (+3.83%)

Market Cap

684.64B ZAc

Exchange

Johannesburg Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−89.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 7.26B (2022) → 785.3M (2026)

Naspers is a South African technology and media company that invests in internet businesses around the world. Its most important asset is a large ownership stake in Tencent, the Chinese tech giant behind WeChat and many popular games. Naspers also owns Prosus, a separate listed company that holds food delivery, online classifieds, and education technology businesses across dozens of countries.

Naspers makes money mainly through dividends and gains from its investments rather than selling products directly to consumers. It operates globally, with major exposure to China through Tencent, plus businesses in Europe, Latin America, India, and Africa. The company's biggest competitive advantage is simply owning a piece of Tencent, which is worth far more than Naspers's own market value — a gap investors call a "holding company discount." The main risk is that Naspers's fortunes are heavily tied to Tencent's performance and Chinese regulatory conditions, which remain unpredictable.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+84.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+444.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

80.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$64.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Naspers Limited grew revenue 85% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

43.6%

Healthy — 43.6% gross margin

Operating Margin

1.4%

Thin — 1.4% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+52.2%

Fast-growing sales (+52.2% YoY)

EPS YoY

+416.6%

Earnings growing fast (+416.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

31%

Weak — only 31% of profit becomes cash

FCF Margin

13.4%

Converts sales into free cash efficiently (13.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Interest Cover

0.27x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

8.9x

Attractive valuation — P/E 8.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.57%

Small dividend — 0.57% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-85.5%

Dividend cut (-85.5% YoY) — warning sign

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