Ninety OneFRA:L91 -1.74%74 ROE % is 28.12% as of Mar. 2026, which is 58% below its 10-year median of 66.36. GuruFocus rates FRA:L91 with a GF Score™ of 74/100 and a GF Value™ of €2.06. The stock has 7 warning signs investors should review. Among 1,612 Asset Management companies, Ninety One ranks better than 91.25% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Ninety One's annualized net income for the quarter that ended in Mar. 2026 was €177.2 Mil. Ninety One's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was €630.0 Mil. Therefore, Ninety One's annualized ROE % for the quarter that ended in Mar. 2026 was 28.12%.
The historical rank and industry rank for Ninety One's ROE % or its related term are showing as below:
FRA:L91'
s ROE % Range Over the Past 10 Years
Min: 27.99 Med: 66.36 Max: 94.22
Current: 31.35
During the past 10 years, Ninety One's highest ROE % was 94.22%. The lowest was 27.99%. And the median was 66.36%.
FRA:L91's ROE % is ranked better than 91.25% of 1612
companies
in the Asset Management industry
Industry Median: 6.395
vs FRA:L91: 31.35
Ninety One (FRA:L91) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is two times the semi-annual (Mar. 2026) net income data. The Revenue data used here is two times the semi-annual (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
Ninety One ROE % Related Terms
Ninety One ROE % Historical Data
* Premium members only.
The historical data trend for Ninety One's ROE % 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.
For the Asset Management subindustry, Ninety One's ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Ninety One's ROE % distribution charts can be found below:
* The bar in red indicates where Ninety One's ROE % falls into.
* 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is two times the semi-annual (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
Ninety One (FRA:L91) has a ROE % of 28.12% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Ninety One and its competitors. This is 58% below median its historical median of 66.36. Over the past decade, Ninety One's ROE % has ranged from 27.99 to 94.22. According to the industry distribution chart, Ninety One ranks #141 out of 1612 companies in the Asset Management industry, placing it in the top 8.7%.
Is Ninety One's ROE % too high?
Ninety One's current ROE % of 28.12% is 58% below median its 10-year median of 66.36. Over the past 10 years, this metric has ranged from a low of 27.99 to a high of 94.22. The Asset Management industry median ROE % is 6.40. Ninety One's value of 28.12% is 339.7% above this industry median. Based on the distribution chart, Ninety One ranks #141 out of 1612 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. 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 ROE % compare to BLK and BX?
According to the Asset Management industry distribution chart, Ninety One ranks #141 out of 1612 companies for ROE %. This places Ninety One in the top 9% of its industry — outperforming the majority of peers. The industry median ROE % is 6.40. Ninety One's value of 28.12% is 339.7% above this benchmark. Historically, Ninety One's own ROE % has ranged from 27.99 to 94.22 over the past decade. While the company's 10-year median is 66.36 vs. the industry median of 6.40, Ninety One has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for an Asset Management company?
The median ROE % among Asset Management companies is 6.40, based on 1,612 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ninety One's current ROE % of 28.12% is 339.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Ninety One and its competitors. For the Asset Management industry, the median ROE % is 6.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ninety One's current ROE % is 28.12%, which is 58% below median its own 10-year median of 66.36. 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 ROE % of 28.12%. The stock's GF Value™ is €2.06, compared to a current price of €2.26 — trading 9.7% above its estimated fair value. The current ROE % is 28.12%, which is 58% below median its 10-year median of 66.36 and 339.7% above the Asset Management industry median of 6.40. 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For Ninety One (FRA:L91), the current ROE % is 28.12% 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 €2.26 is trading 9.7% above its estimated GF Value™ of €2.06.
Key valuation signals for FRA:L91:
ROE %: 28.12% (58% below median its 10-year median of 66.36)
GF Value™: €2.06 vs. price of €2.26 (9.7% above fair value)
Industry Position: 339.7% above the Asset Management median (#141 of 1612)
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 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
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