Ninety One (FRA:L91) EBIT: €243.1 Mil (TTM As of Mar. 2026)


FRA:L91 Ninety One Ltd FRA:L91
74 GF Score
Price €2.30
GF Value €2.10
! 7 Warning Signs
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What is Ninety One EBIT?

Ninety One FRA:L91 -1.71% 74 EBIT is €243.1 Mil as of Mar. 2026. GuruFocus rates FRA:L91 with a GF Score™ of 74/100 and a GF Value™ of €2.10. The stock has 7 warning signs investors should review.

Ninety One's earnings before interest and taxes (EBIT) for the six months ended in Mar. 2026 was €123.8 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was €243.1 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ninety One's annualized ROC % for the quarter that ended in Mar. 2026 was 0.97%. Ninety One's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 229.93%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Ninety One's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -1.74%.


Ninety One  (FRA:L91) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Ninety One's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=207.83 * ( 1 - 27.07% )/( (14987.14 + 16320.935)/ 2 )
=151.570419/15654.0375
=0.97 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=15706.85 - 291.983 - ( 15197.608 - max(0, 15052.422 - 15480.149+15197.608))
=14987.14

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=17157.333 - 375.295 - ( 16282.068 - max(0, 16115.757 - 16576.86+16282.068))
=16320.935

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Ninety One's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=247.506/( ( (92.223 + max(-14758.598, 0)) + (123.061 + max(-15831.345, 0)) )/ 2 )
=247.506/( ( 92.223 + 123.061 )/ 2 )
=247.506/107.642
=229.93 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(275.403 + 0 + 7.137999999999) - (291.983 + 0 + 14749.156)
=-14758.598

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(259.269 + 0 + 13.84) - (375.295 + 0 + 15729.159)
=-15831.345

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Ninety One's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Mar. 2026 )
=243.148/-14000.631
=-1.74 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Ninety One EBIT Related Terms


Ninety One EBIT Historical Data

* Premium members only.

The historical data trend for Ninety One's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Ninety One EBIT Chart

Ninety One Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 324.32 245.29 258.00 248.10 243.35

Ninety One Semi-Annual Data
Mar17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 134.20 113.34 134.45 119.40 123.75

FRA:L91 vs BLK, BX, KKR: EBIT Comparison

For the Asset Management subindustry, Ninety One's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Ninety One EV-to-EBIT vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Ninety One's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Ninety One's EV-to-EBIT falls into.


FRA:L91
74GF Score
Ninety One Ltd FRA:L91
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
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Ninety One EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was €243.1 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of €243.1 Mil mean?
Ninety One (FRA:L91) has a EBIT of €243.1 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Ninety One.
Is Ninety One's EBIT too high?
Ninety One's current EBIT is €243.1 Mil. Overall, Ninety One has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Ninety One's EBIT compare to BLK and BX?
Ninety One's EBIT of €243.1 Mil can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for an Asset Management company?
A good EBIT depends on the Asset Management industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Ninety One. Ninety One's current EBIT is €243.1 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ninety One stock overvalued right now?
Ninety One (FRA:L91) has a current EBIT of €243.1 Mil. The stock's GF Value™ is €2.10, compared to a current price of €2.30 — trading 9.5% above its estimated fair value. The current EBIT is €243.1 Mil. Ninety One's overall GF Score™ is 74/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Ninety One (FRA:L91), the current EBIT is €243.1 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Ninety One (FRA:L91) Overvalued in 2026?

Based on GuruFocus' analysis, Ninety One stock appears to be overvalued. The current stock price of €2.30 is trading 9.5% above its estimated GF Value™ of €2.10.

Key valuation signals for FRA:L91:

  • EBIT: €243.1 Mil
  • GF Value™: €2.10 vs. price of €2.30 (9.5% above fair value)
  • GF Score™: 74/100 with 7 warning signs

No single metric tells the full story. See the FRA:L91 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ninety One Business Description

Other Exchanges NY1:South Africa
Address 36 Hans Strijdom Avenue, Foreshore, Cape Town, WC, ZAF, 8001
Ninety One Ltd is an asset manager. The company provides a range of differentiated strategies managed by its specialist investment teams, providing access to a diverse range of asset classes and regions. It serves its client base via five regional teams namely Africa, the United Kingdom, Asia Pacific, the Americas and Europe and across two distribution channels Institutional and Advisor. Institutional clients include private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations and central banks, while Advisor clients include large retail groups, wealth managers, private banks and intermediaries serving individual investors.
74GF Score

Get the complete analysis for FRA:L91

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€2.30
Price
€2.10
GF Value