JHG (Janus Henderson Group) Operating Income: $945 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

JHG Janus Henderson Group PLC JHG
83 GF Score
Price $51.95
GF Value $48.84
Valuation Fairly Valued
! 5 Warning Signs
View Full Analysis

What is Janus Henderson Group Operating Income?

Janus Henderson Group JHG 83 Operating Income is $945 Mil as of Mar. 2026. GuruFocus rates JHG with a GF Score™ of 83/100 and a GF Value™ of $48.84 (Fairly Valued). The stock has 5 warning signs investors should review.

Janus Henderson Group's Operating Income for the three months ended in Mar. 2026 was $114 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $945 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Janus Henderson Group's Operating Income for the three months ended in Mar. 2026 was $114 Mil. Janus Henderson Group's Revenue for the three months ended in Mar. 2026 was $690 Mil. Therefore, Janus Henderson Group's Operating Margin % for the quarter that ended in Mar. 2026 was 16.51%.

Warning Sign:

Janus Henderson Group PLC operating margin has been in a 5-year decline. The average rate of decline per year is -1.2%.

Janus Henderson Group's 5-Year average Growth Rate for Operating Margin % was -1.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Janus Henderson Group's annualized ROC % for the quarter that ended in Mar. 2026 was 7.29%. Janus Henderson Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 1,124.11%.

Janus Henderson Group  (NYSE:JHG) Operating Income Explanation

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

Janus Henderson Group'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: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=455.6 * ( 1 - 21.41% )/( (5158.1 + 4662.1)/ 2 )
=358.05604/4910.1
=7.29 %

where

Invested Capital(Q: Dec. 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))
=8287 - 301.7 - ( 2827.2 - max(0, 912.5 - 3814.2+2827.2))
=5158.1

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))
=7802.5 - 659 - ( 2596.9 - max(0, 858.6 - 3340+2596.9))
=4662.1

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

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

Janus Henderson Group'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: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=568.8/( ( (33.1 + max(35.5, 0)) + (32.6 + max(-334, 0)) )/ 2 )
=568.8/( ( 68.6 + 32.6 )/ 2 )
=568.8/50.6
=1,124.11 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(756.5 + 0 + 176.9) - (301.7 + 0 + 596.2)
=35.5

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(319.2 + 0 + 205.4) - (659 + 0 + 199.6)
=-334

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Janus Henderson Group's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=113.9/690
=16.51 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Janus Henderson Group Operating Income Related Terms

Janus Henderson Group Operating Income Historical Data

* Premium members only.

The historical data trend for Janus Henderson Group's Operating Income 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.

Janus Henderson Group Operating Income Chart

Janus Henderson Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 942.80 525.60 483.70 645.70 984.90

Janus Henderson Group Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income 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 Premium Member Only Premium Member Only 153.60 163.80 180.10 487.40 113.90
JHG
83GF Score
Janus Henderson Group PLC JHG
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Janus Henderson Group Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $945 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 Operating Income →
What does a Operating Income of $945 Mil mean?
Janus Henderson Group (JHG) has a Operating Income of $945 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Janus Henderson Group and its competitors.
Is Janus Henderson Group's Operating Income too high?
Janus Henderson Group's current Operating Income is $945 Mil. Overall, Janus Henderson Group has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Janus Henderson Group's Operating Income compare to PDI and AMG?
Janus Henderson Group's Operating Income of $945 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 Operating Income for an Asset Management company?
A good Operating Income depends on the Asset Management industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Janus Henderson Group and its competitors. Janus Henderson Group's current Operating Income is $945 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Janus Henderson Group stock overvalued right now?
Based on GuruFocus' analysis, Janus Henderson Group (JHG) is currently considered Fairly Valued. The stock's GF Value™ is $48.84, compared to a current price of $51.95 — trading 6.4% above its estimated fair value. The current Operating Income is $945 Mil. Janus Henderson Group's overall GF Score™ is 83/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Janus Henderson Group (JHG), the current Operating Income is $945 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 Janus Henderson Group (JHG) Overvalued in 2026?

Based on GuruFocus' analysis, Janus Henderson Group stock appears to be overvalued. The current stock price of $51.95 is trading 6.4% above its estimated GF Value™ of $48.84. GuruFocus considers Janus Henderson Group to be Fairly Valued.

Key valuation signals for JHG:

  • Operating Income: $945 Mil
  • GF Value™: $48.84 vs. price of $51.95 (6.4% above fair value)
  • GF Score™: 83/100 with 5 warning signs

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

Janus Henderson Group Business Description

Other Exchanges 0RPW:UKHDJA:Germany
Address 201 Bishopsgate, London, GBR, EC2M 3AE
Janus Henderson Group provides investment management services to retail intermediary (49% of managed assets), self-directed (20%) and institutional (31%) clients. At the end of 2025, active equities (52%), fixed-income (32%), balanced (12%) and alternative (4%) investment platforms constituted the company's $493.2 billion in assets under management. Janus Henderson sources most of its managed assets from clients in North America (65%), with customers from Europe, the Middle East, Africa, and Latin America (26%) and the Asia-Pacific region (9%) accounting for the remainder.
83GF Score

Get the complete analysis for JHG

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

$51.95
Price
$48.84
GF Value