Tearsheet

Janus Henderson (JHG)

Market Price (12/27/2025): $47.665 | Market Cap: $7.2 Bil
Sector: Financials | Industry: Asset Management & Custody Banks

Janus Henderson (JHG)

Market Price (12/27/2025): $47.665
Market Cap: $7.2 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 8.8%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Key risks JHG key risks include [1] struggling growth as its active asset management business confronts intense competition and client migration to passive products and digital platforms.
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 8.8%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more.
5	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6	Key risks JHG key risks include [1] struggling growth as its active asset management business confronts intense competition and client migration to passive products and digital platforms.

Valuation, Metrics & Events

	12/27/25	2024	2023	2022	2021
Share Price CYE	$47.66	$40.93	$27.74	$20.40	$34.26
Market Cap CYE ($ Bil)	7.2	6.3	4.4	3.3	5.7
Total Debt ($ Bil)	0.4	0.5	0.4	0.4	0.4
Total Cash ($ Bil)	1.0	1.2	1.2	1.2	1.1
Enterprise Value ($ Bil)	6.5	6.8	4.8	3.7	6.1
Valuation Ratios
P/S TTM	2.7	2.7	2.3	1.7	2.5
P/EBIT TTM	9.0	10.5	9.0	9.8	8.5
P/E TTM	13.4	16.2	12.3	10.2	11.4
P/FCF TTM	11.3	9.7	11.2	8.3	8.0
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.4	7.4	7.6	7.1
P/E TTM (Sector)	12.0	11.5	10.1	9.4	10.0
P/FCF TTM (Sector)	8.7	8.7	7.8	6.4	7.3

	12/27/25	2024	2023
Share Price CYE	$47.66	$40.93	$27.74
Market Cap CYE ($ Bil)	7.2	6.3	4.4
Total Debt ($ Bil)	0.4	0.5	0.4
Total Cash ($ Bil)	1.0	1.2	1.2
Enterprise Value ($ Bil)	6.5	6.8	4.8
Valuation Ratios
P/S TTM	2.7	2.7	2.3
P/EBIT TTM	9.0	10.5	9.0
P/E TTM	13.4	16.2	12.3
P/FCF TTM	11.3	9.7	11.2
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.4	7.4
P/E TTM (Sector)	12.0	11.5	10.1
P/FCF TTM (Sector)	8.7	8.7	7.8

	JHG	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	2.7
Rev Chg Q	12.1%	7.3%
Rev Chg LTM	14.1%	6.1%
Rev Chg 3Y Avg	4.6%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.7
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	26.1%	18.8%
CFO/Rev LTM	24.2%	20.4%
Net Inc Mgn	20.1%	13.1%
VALUATION	LOW
P/S	2.7	3.3
P/CFO	11.1	15.8
P/FCF	11.3	20.7
P/E	13.4	23.5

AI Analysis | Feedback

Metric	Value	Date	Source
Assets Under Management	484000000000	10312025	Link
Net Flows	7800000000	10312025	Link
Number of Employees	2300	12312024	Link
Percentage of Assets Under Management Outperforming Benchmarks (1-Year)	75	9302024	Link
Number of Offices	24	9302024	Link

Upcoming
1/30/2026	Earnings Release	Rev: $763 Mil (E) EPS: $1.16 (E)

JHG Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

1. Acquisition Announcement by Trian Fund Management and General Catalyst. The primary driver for Janus Henderson's stock movement was the announcement on December 22, 2025, that the company would be acquired by Trian Fund Management and General Catalyst for $7.4 billion. This deal, valued at approximately $49 per share, caused a significant surge in JHG's stock price as it moved towards the proposed takeout price.

2. Positive Third Quarter Earnings Surprise. Janus Henderson reported strong third-quarter 2025 earnings per share of $1.09, surpassing the estimated $1.01, which represented an 8.34% positive surprise. This better-than-expected financial performance likely boosted investor confidence and contributed to the stock's upward momentum.

3. Launch of Global AI ETF (JHAI). In August 2025, Janus Henderson launched its Global AI ETF (JHAI). This new product offering aimed at the growing artificial intelligence sector likely attracted new investments and signaled the firm's strategic focus on expanding its presence in innovative and high-demand investment areas.

4. Maintenance of Strong Assets Under Management (AUM). As of September 30, 2025, Janus Henderson reported approximately $484 billion in assets under management. The stability and potential growth in AUM are critical indicators for asset management firms, suggesting sustained client engagement and overall business health.

5. Strategic Partnership with Guardian. While closed in July 2025, the positive impact of the multifaceted strategic partnership with Guardian likely continued to influence investor sentiment throughout the period. Such collaborations can enhance distribution capabilities, product offerings, and overall market position for Janus Henderson.

Stock Movement Drivers

Fundamental Drivers

The 7.2% change in JHG stock from 9/26/2025 to 12/26/2025 was primarily driven by a 23.7% change in the company's Net Income Margin (%).

	9262025	12262025	Change
Stock Price ($)	44.46	47.66	7.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2587.70	2663.30	2.92%
Net Income Margin (%)	16.22%	20.07%	23.74%
P/E Multiple	16.30	13.43	-17.63%
Shares Outstanding (Mil)	153.90	150.60	2.14%
Cumulative Contribution			7.14%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
JHG	7.2%
Market (SPY)	4.3%	51.5%
Sector (XLF)	3.3%	57.7%

Fundamental Drivers

The 25.3% change in JHG stock from 6/27/2025 to 12/26/2025 was primarily driven by a 27.7% change in the company's Net Income Margin (%).

	6272025	12262025	Change
Stock Price ($)	38.03	47.66	25.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2542.90	2663.30	4.73%
Net Income Margin (%)	15.71%	20.07%	27.74%
P/E Multiple	14.65	13.43	-8.33%
Shares Outstanding (Mil)	153.90	150.60	2.14%
Cumulative Contribution			25.27%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
JHG	25.3%
Market (SPY)	12.6%	56.1%
Sector (XLF)	7.4%	61.5%

Fundamental Drivers

The 14.0% change in JHG stock from 12/26/2024 to 12/26/2025 was primarily driven by a 14.7% change in the company's Net Income Margin (%).

	12262024	12262025	Change
Stock Price ($)	41.82	47.66	13.95%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2333.40	2663.30	14.14%
Net Income Margin (%)	17.50%	20.07%	14.67%
P/E Multiple	15.81	13.43	-15.07%
Shares Outstanding (Mil)	154.40	150.60	2.46%
Cumulative Contribution			13.88%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
JHG	14.0%
Market (SPY)	15.8%	78.9%
Sector (XLF)	14.4%	77.9%

Fundamental Drivers

The 130.0% change in JHG stock from 12/27/2022 to 12/26/2025 was primarily driven by a 77.6% change in the company's P/E Multiple.

	12272022	12262025	Change
Stock Price ($)	20.72	47.66	130.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2385.60	2663.30	11.64%
Net Income Margin (%)	18.44%	20.07%	8.84%
P/E Multiple	7.56	13.43	77.64%
Shares Outstanding (Mil)	160.50	150.60	6.17%
Cumulative Contribution			129.16%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
JHG	70.1%
Market (SPY)	48.0%	75.8%
Sector (XLF)	51.8%	74.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
JHG Return	42%	34%	-40%	36%	48%	16%	165%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
JHG Win Rate	67%	58%	33%	58%	75%	67%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
JHG Max Drawdown	-50%	-12%	-51%	-1%	-5%	-30%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	JHG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-59.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	144.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	125.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	200 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-57.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	133.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	714 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Janus Henderson's stock fell -59.1% during the 2022 Inflation Shock from a high on 11/9/2021. A -59.1% loss requires a 144.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Janus Henderson (JHG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Janus Henderson Group plc is an asset management holding entity. Through its subsidiaries, the firm provides services to institutional, retail clients, and high net worth clients. It manages separate client-focused equity and fixed income portfolios. The firm also manages equity, fixed income, and balanced mutual funds for its clients. It invests in public equity and fixed income markets, as well as invests in real estate and private equity. Janus Henderson Group plc was founded in 1934 and is based in London, United Kingdom with additional offices in Jersey, United Kingdom and Sydney, Australia.

AI Analysis | Feedback

```html

BlackRock, but specializing in actively managed investment funds.
T. Rowe Price, but with a broader international client base.

```

AI Analysis | Feedback

Janus Henderson's major services include:

Equity Strategies: Manages portfolios primarily invested in stocks across various geographies and market capitalizations, aiming for capital appreciation or income.
Fixed Income Strategies: Manages portfolios primarily invested in bonds and other debt instruments, focusing on income generation, capital preservation, and risk management.
Multi-Asset Strategies: Constructs diversified portfolios by combining different asset classes, such as equities, fixed income, and alternatives, to achieve specific risk-adjusted returns.
Alternative Strategies: Manages investments in non-traditional asset classes like real estate, private equity, commodities, and hedge funds, seeking diversification and uncorrelated returns.

AI Analysis | Feedback

Janus Henderson (symbol: JHG) is a global asset manager that primarily sells its investment management services to other companies and institutional clients.

Due to the confidential nature of client relationships and the diverse, extensive number of clients (thousands of institutional investors and financial intermediaries globally), Janus Henderson does not publicly disclose the names of its specific major customers.

However, its major customer categories, representing "other companies" or entities, include:

Institutional Clients: This category comprises large organizations and entities such as public and corporate pension funds, sovereign wealth funds, endowments, foundations, and insurance companies. These clients delegate the management of significant portions of their assets to Janus Henderson.
Intermediary/Wholesale Clients: These are financial firms that act as conduits to individual investors. This category includes global financial institutions, wealth management firms, broker-dealers, and independent financial advisors who utilize Janus Henderson's investment funds and strategies for their own client base.

AI Analysis | Feedback

SimCorp A/S (SIM)

AI Analysis | Feedback

Ali Dibadj, Chief Executive Officer

Ali Dibadj joined Janus Henderson in June 2022 as Chief Executive Officer and executive director. He leads the firm's Executive Committee and is responsible for its strategic direction, overall management, and performance. Before joining Janus Henderson, Mr. Dibadj held multiple roles at AllianceBernstein (AB), including CFO/head of finance and strategy from 2020 to 2022, equities portfolio manager from 2017 to 2022, and senior analyst from 2006 to 2020. Prior to AB, he spent nearly a decade in management consulting at McKinsey & Company and Mercer, and worked for the law firm Skadden, Arps, Slate, Meagher & Flom LLP. He currently serves as a director and member of the Audit and Sustainability Committees for Sysco Corporation. Mr. Dibadj has 28 years of financial industry experience. He is noted to engage in discussions about partnerships and acquisitions, such as with Victory Park Capital, which specializes in private credit asset-backed lending and became part of the Janus Henderson family.

Roger Thompson, Chief Financial Officer

Roger Thompson is the Chief Financial Officer at Janus Henderson, a position he has held since joining Henderson (now Janus Henderson) in 2013. He is also a member of the Executive Committee. Prior to Janus Henderson, Mr. Thompson was at J.P. Morgan Asset Management, where his roles included global chief operating officer, head of UK, and international CFO. He held a variety of roles at J.P. Morgan, working in Tokyo, Singapore, and Hong Kong. He trained as an accountant with PricewaterhouseCoopers. Mr. Thompson is a chartered accountant and has 33 years of financial industry experience. It has been announced that Sukh Grewal will succeed him as CFO, effective April 1, 2026.

Larry Cohen, Chief Transformation & Operating Officer

Larry Cohen joined Janus Henderson in 2025 as Chief Transformation & Operating Officer. In this role, he oversees operations, enterprise transformation, and business change management, and is a member of the Executive Committee. Before joining Janus Henderson, Mr. Cohen held global head of technology and operations roles at Lazard Asset Management from 2022 and AllianceBernstein from 2004. Earlier in his career, he served in managing director roles at UBS from 2002, Goldman Sachs from 1999, and Deutsche Bank from 1997.

Megan Podzorov, Chief People Officer

Megan Podzorov is the Chief People Officer at Janus Henderson, leading the firm’s People department, including global compensation, employee benefits, talent acquisition, people analytics, HR Business Partners, and talent development. She joined the firm in 2023 as global head of total rewards & human resources operations. Prior to Janus Henderson, Ms. Podzorov was senior vice president of compensation benefits & human capital operations at AllianceBernstein (AB) starting in 2020. Before AB, she held several roles at Ally Bank from 2010, most recently as senior director of financial compensation from 2016.

William (Bill) Cassidy, Chief Technology Officer

William (Bill) Cassidy serves as the Chief Technology Officer at Janus Henderson Investors, a position he has held since 2024. He is responsible for all aspects of the global technology program, including developing future technology strategy and fostering innovation across the firm. Mr. Cassidy has 32 years of financial industry experience.

AI Analysis | Feedback

The key risks to Janus Henderson's (JHG) business are primarily linked to market dynamics, intense competition, and the evolving regulatory landscape.

Dependence on Assets Under Management (AUM) and Investment Performance: Janus Henderson's financial results are highly dependent on the value, composition, and relative investment performance of its investment products. Any decrease in the value, relative investment performance, or amount of AUM will cause a decline in revenue and negatively impact operating results and financial condition. AUM can decline due to various factors, many of which are not under the company's control, such as downturns in equity and fixed income markets. Poor investment performance relative to benchmarks or peers can lead to the loss of existing assets and affect the ability to attract new ones.
Competitive Pressure in a Mature Market and Shift to Passive Investing: The investment management industry is highly competitive, with numerous firms offering similar services. Janus Henderson faces ongoing challenges from client migration to passive products and digital platforms, which can threaten revenue growth, competitiveness, and long-term client retention. Consolidation within the financial services industry can also adversely affect relationships with third-party distributors and increase distribution costs. The company has also struggled with growth as active asset management faces threats from the rise of passive funds.
Regulatory and Legal Risks: The financial industry is subject to continuous and evolving regulatory changes, including a growing focus on environmental, social, and governance (ESG) factors and climate-related disclosures. Failure to adequately address these concerns could result in client attrition and increased compliance costs.

AI Analysis | Feedback

The increasing sophistication and adoption of Artificial Intelligence (AI) in investment management, potentially leading to AI-driven strategies that challenge the alpha generation capabilities and cost structures of traditional human-led active management.

AI Analysis | Feedback

Janus Henderson (symbol: JHG) operates within the global asset management industry, offering products and services across several main asset classes. The addressable markets for their key offerings are as follows:

Overall Asset Management: The global asset management market reached a record $128 trillion in assets under management (AuM) in 2024 and is projected to grow to approximately $164.5 trillion by the end of 2025.

North America leads this market with over $63.8 trillion in AUM in 2025.
Europe follows with approximately $47.2 trillion in AUM in 2025.
Asia-Pacific is a fast-growing region, reaching $32.5 trillion in AUM in 2025.

Equities: The global equity market capitalization was approximately $126.7 trillion in 2024.

The U.S. equity market constitutes a significant portion, valued at roughly $60.1 trillion in 2025, representing about 42.5% of the global total.
The European Union's equity market capitalization reached $12.1 trillion in Q2 2024, accounting for 11% of the global market.

Fixed Income: The global fixed income markets outstanding amounted to $145.1 trillion in 2024. This market is estimated to reach $153.39 trillion in 2025.

The U.S. fixed income market accounts for approximately 40% of the global debt securities outstanding, totaling over $51 trillion.
The European Union represents the third-largest bond market globally, accounting for 20% of corporate and government bonds worldwide.

Multi-Asset: Global multi-asset strategies' assets under management (AUM) reached about $16 trillion in 2023, representing approximately 13% of the global asset management industry.
Alternatives: The global alternatives industry had $16.8 trillion in assets under management (AUM) at the end of 2023. This is forecasted to grow to $29.2 trillion by 2029 and is on track to exceed $30 trillion by 2030.

Private equity is projected to remain the largest segment, with AUM potentially more than doubling from $5.8 trillion at the end of 2023 to $12.0 trillion by 2029.

Exchange Traded Funds (ETFs): The global ETF market's assets under management (AUM) were around $13 trillion as of May 2024 and are projected to reach $20 trillion by 2028.

The U.S.-listed ETF market holds approximately $9 trillion in assets as of May 2024, representing nearly 70% of the global ETF AUM.
ETFs are projected to make up 37.8% of the total managed asset market globally in 2025.

Mutual Funds: While often categorized by underlying asset class (equities, fixed income, multi-asset), the broader market for passive mutual funds and ETFs in the U.S. equity fund market was nearly 60% as of May 2024. Global passive equity fund net assets surpassed actively managed funds for the first time at the end of 2023, with $15.1 trillion in passive funds and $14.3 trillion in active funds.

AI Analysis | Feedback

Janus Henderson Group (JHG) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

Positive Net Flows and Organic Growth: Janus Henderson has demonstrated consistent positive net flows and a strong organic growth rate, indicating an expanding client base and increasing assets under management (AUM). This trend is expected to continue contributing to higher management fees and performance fees.
Expansion in Private Markets and Alternatives: The company is strategically expanding its presence in private markets and alternative investment sectors. This includes forming partnerships, such as with Privacore, CNO Financial Group, and Victory Park Capital, and launching new products. Diversification into these higher-fee asset classes is expected to enhance revenue streams.
New Product Launches, particularly ETFs and Tokenized Funds: Janus Henderson is actively launching new exchange-traded fund (ETF) products and is a prominent provider of tokenized funds globally. This innovation in product offerings, especially in rapidly growing digital finance segments, is projected to boost AUM and revenue.
Strategic Partnerships: Key strategic partnerships, such as the multifaceted agreement with The Guardian Life Insurance Company of America to manage a substantial fixed income portfolio, have resulted in significant net inflows and expanded institutional revenue streams. Further strategic alliances are expected to continue this growth.
Operational Efficiencies and Digital Transformation: The multi-year migration to BlackRock's Aladdin investment management system, while incurring temporary cost increases in 2026 and 2027, is anticipated to yield substantial operational improvements, efficiencies, and an attractive return on investment starting in 2028. These long-term efficiencies can support margin expansion and sustainable revenue growth.

AI Analysis | Feedback

Share Repurchases

Janus Henderson repurchased approximately $1.49 billion in shares from December 2020 to June 2025.
The company's Board approved a US$200 million on-market share repurchase program.
In the third quarter of 2025, US$129 million was returned to shareholders through dividends and share buybacks.

Share Issuance

Janus Henderson issued 0.1 million shares in the fourth quarter of 2024 and another 0.1 million shares in the first quarter of 2025.

Better Bets than Janus Henderson (JHG)

INDUSTRY: Asset Management & Custody Banks

Higher Rev Chg 3Y Avg | Lower P/S (Values for JHG: 4.6% | 2.7x)

FHI (7.9% | 2.3x)

Federated Hermes

BBUC (9.9% | 0.3x)

Brookfield Business

ALTI (66.0% | 2.1x)

AlTi Global

WHG (13.0% | 1.6x)

Westwood

HNNA (8.1% | 2.1x)

Hennessy Advisors

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for JHG: 4.6% | 10.3x)

VCTR (11.0% | 8.4x)

Victory Capital

FHI (7.9% | 8.0x)

Federated Hermes

HNNA (8.1% | 5.6x)

Hennessy Advisors

MLCI (446.5% | 2.3x)

Mount Logan Capital

Higher Rev Chg LTM (Value for JHG: 14.1%)

ARES (45.5%)

Ares Management

CG (32.4%)

Carlyle

CRBG (24.5%)

Corebridge Financial

BX (21.9%)

Blackstone

BLK (18.2%)

BlackRock

Higher Rev Chg 3Y Avg (Value for JHG: 4.6%)

APO (89.3%)

Apollo Asset Management

KKR (44.5%)

KKR

BX (7.7%)

Blackstone

BLK (7.5%)

BlackRock

BK (6.0%)

Bank of New York Mellon

Higher Op Mgn LTM (Value for JHG: 26.1%)

BAM (47.6%)

Brookfield Asset Management

TROW (33.8%)

T. Rowe Price

BLK (33.7%)

BlackRock

APO (29.4%)

Apollo Asset Management

SEIC (27.2%)

SEI Investments

Higher CFO/Rev LTM (Value for JHG: 24.2%)

ARES (85.1%)

Ares Management

BAM (75.6%)

Brookfield Asset Management

AMP (39.0%)

Ameriprise Financial

BX (33.0%)

Blackstone

KKR (31.5%)

KKR

Higher FCF/Rev LTM (Value for JHG: 23.8%)

ARES (83.9%)

Ares Management

BAM (75.6%)

Brookfield Asset Management

AMP (38.0%)

Ameriprise Financial

BX (32.1%)

Blackstone

KKR (30.4%)

KKR

Higher Total Yield (Value for JHG: 10.9%)

ARCC (18.2%)

Ares Capital

TROW (14.0%)

T. Rowe Price

OTF (13.8%)

Blue Owl Technology Finance

TPG (13.2%)

TPG

IVZ (11.7%)

Invesco

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for JHG: 4.6% | 2.7x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

C (5.0% | 2.6x)

Citigroup

TD (10.4% | 2.6x)

Toronto-Dominion Bank

PGR (20.6% | 1.6x)

Progressive

CB (12.2% | 2.1x)

Chubb

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for JHG: 4.6% | 10.3x)

PYPL (6.7% | 9.0x)

PayPal

FI (7.5% | 5.5x)

Fiserv

IBKR (48.1% | 3.5x)

Interactive Brokers

GPN (6.8% | 9.1x)

Global Payments

JEF (14.6% | 2.9x)

Jefferies Financial

Higher Rev Chg LTM (Value for JHG: 14.1%)

SCHW (22.3%)

Charles Schwab

MS (17.6%)

Morgan Stanley

RY (15.7%)

Royal Bank of Canada

GS (15.2%)

Goldman Sachs

MA (14.6%)

Mastercard

Higher Rev Chg 3Y Avg (Value for JHG: 4.6%)

BRK-B (19.8%)

Berkshire Hathaway

JPM (13.4%)

JPMorgan Chase

MA (13.2%)

Mastercard

V (10.9%)

Visa

BAC (5.2%)

Bank of America

Higher Op Mgn LTM (Value for JHG: 26.1%)

V (66.4%)

Visa

MA (58.3%)

Mastercard

HOOD (47.7%)

Robinhood Markets

SPGI (40.2%)

S&P Global

BLK (33.7%)

BlackRock

Higher CFO/Rev LTM (Value for JHG: 24.2%)

V (57.6%)

Visa

BAC (57.3%)

Bank of America

MA (56.1%)

Mastercard

GS (30.5%)

Goldman Sachs

AXP (30.0%)

American Express

Higher FCF/Rev LTM (Value for JHG: 23.8%)

BAC (57.3%)

Bank of America

V (53.9%)

Visa

MA (52.5%)

Mastercard

AXP (26.9%)

American Express

GS (26.9%)

Goldman Sachs

Higher Total Yield (Value for JHG: 10.9%)

FNMA (23.7%)

Federal National Mortgage Association Fannie Mae

TD (12.8%)

Toronto-Dominion Bank

TFC (12.2%)

Truist Financial

USB (12.1%)

U.S. Bancorp

BNS (11.4%)

Bank of Nova Scotia

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for JHG: 4.6% | 2.7x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

BA (10.1% | 2.0x)

Boeing

HCA (6.6% | 1.6x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for JHG: 4.6% | 10.3x)

HCA (6.6% | 10.3x)

HCA Healthcare

ENB (8.6% | 9.3x)

Enbridge

CVS (7.7% | 9.4x)

CVS Health

GM (8.6% | 9.7x)

General Motors

DAL (10.8% | 7.6x)

Delta Air Lines

Higher Rev Chg LTM (Value for JHG: 14.1%)

NVDA (65.2%)

NVIDIA

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

Higher Rev Chg 3Y Avg (Value for JHG: 4.6%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for JHG: 26.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for JHG: 24.2%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for JHG: 23.8%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

ABBV (33.0%)

AbbVie

MSFT (26.6%)

Microsoft

Higher Total Yield (Value for JHG: 10.9%)

CMCSA (25.2%)

Comcast

VZ (18.3%)

Verizon Communications

PFE (13.7%)

Pfizer

T (12.6%)

AT&T

COP (11.1%)

ConocoPhillips

		Best Bets In Financials Sector
	JHG	JXN	FG	MTG	CME	KNSL	NMIH	CACC	ENVA	TW	FNF
What You Pay
P/E	13.4	13.2	9.2	9.1	26.4	19.2	8.4	11.3	14.0	36.5	12.6
P/EBIT	9.0	10.5	5.8	6.9	19.8	15.0	6.2	9.0	10.8	24.7	8.1
What You Get
Rev Chg Q	12.1%	-35.5%	17.8%	-0.7%	-3.0%	19.0%	7.6%	6.0%	16.3%	13.3%	11.9%
Rev Chg LTM	14.1%	24.0%	-4.9%	2.2%	5.8%	18.1%	8.9%	10.2%	21.1%	22.2%	3.9%
Rev Chg 3Y Avg	4.6%	429.4%	22.0%	1.2%	8.9%	32.4%	10.3%	7.6%	23.5%	19.7%	2.1%
FCF/Rev 3Y Avg	23.2%	847.0%	120.8%	62.2%	61.9%	60.8%	58.4%	55.6%	54.7%	49.8%	49.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Can Janus Henderson Stock Hold Up When Markets Turn?	Return
2	JHG Dip Buy Analysis
3	Janus Henderson (JHG) Valuation Ratios Comparison	Financials
4	Time To Buy Janus Henderson Stock?	Buy or Fear
5	Janus Henderson (JHG) Operating Cash Flow Comparison	Financials
6	Janus Henderson (JHG) Net Income Comparison	Financials
7	Janus Henderson (JHG) Operating Income Comparison	Financials
8	Janus Henderson (JHG) Revenue Comparison	Financials
9	Janus Henderson vs. Century Communities: JHG stock's significantly higher valuation vs. CCS appears counterintuitive	Counter-Intuitive Comparisons
10	Janus Henderson Group vs. Deckers Outdoor: JHG stock's significantly higher valuation vs. DECK appears counterintuitive	Counter-Intuitive Comparisons

	Title
0	ARTICLES

Trade Ideas

Select ideas related to JHG. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.5%	14.5%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.5%	-1.5%	-1.5%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	7.6%	7.6%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-11.1%	-11.1%	-12.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Janus Henderson

Peers to compare with:

Financials

	JHG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Janus He.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	47.66	23.26	24.49	305.09	78.16	273.40	62.91
Mkt Cap	7.2	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	2,663	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	695	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	634	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	548	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	644	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	560	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	JHG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Janus He.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	14.1%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	4.6%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	12.1%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	2.9%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	26.1%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	24.4%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	-0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	24.2%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	23.7%	6.8%	12.7%	21.4%	26.1%	28.4%	22.6%
FCF/Rev LTM	23.8%	5.1%	1.8%	18.1%	22.1%	23.5%	20.1%
FCF/Rev 3Y Avg	23.2%	5.5%	4.6%	18.6%	24.6%	25.6%	20.9%

Valuation

	JHG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Janus He.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	7.2	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	2.7	0.4	1.0	4.4	5.4	10.0	3.5
P/EBIT	9.0	6.8	19.9	25.1	22.5	31.3	21.2
P/E	13.4	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	11.1	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	10.9%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	3.5%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	9.9%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.1	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.3	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	JHG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Janus He.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	9.9%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	7.2%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.2%
6M Rtn	25.3%	-4.0%	34.5%	6.6%	15.2%	36.3%	20.3%
12M Rtn	14.0%	-27.3%	14.2%	39.2%	33.7%	6.0%	14.1%
3Y Rtn	130.0%	-3.8%	67.7%	139.0%	79.5%	113.4%	96.5%
1M Excs Rtn	9.2%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	2.9%	-16.2%	-1.7%	3.6%	12.7%	2.8%	2.9%
6M Excs Rtn	13.1%	-16.3%	22.3%	-5.7%	3.0%	24.0%	8.0%
12M Excs Rtn	-0.1%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-0.4%
3Y Excs Rtn	46.1%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/27/2025	2/27/2024	2/28/2023	2/25/2022	2/24/2021	2/26/2020
Key Financials
Total Revenue	2,663	2,473	2,102	2,204	2,767	2,299	2,192
Net Income	534	409	392	372	620	130	428
EPS	3.41	2.57	2.37	2.23	3.59	0.70	2.21
Growth Rates
Total Revenue Growth	14.1%	17.7%	-4.6%	-20.4%	20.4%	4.8%	-4.9%
Net Income Growth	30.9%	4.3%	5.3%	-39.9%	375.8%	-69.5%	-18.4%
Margins
Net Income Margin	20.1%	16.5%	18.7%	16.9%	22.4%	5.7%	19.5%
Cash & Debt
Total Cash	2,504	2,074	1,885	1,772	1,821	1,591	1,975
Total Debt	395	486	382	399	444	458	471
Net Debt / (Cash)	-2,109	-1,588	-1,502	-1,373	-1,377	-1,132	-1,503
Cash Flows
Net Cash from Operations	644	695	442	473	895	646	463
Free Cash from Operations	634	684	431	456	885	628	425
Returns to Shareholders
Dividends	250	250	259	259	256	263	272
Share Repurchases	76	-0	62	99	372	131	200

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/1/2025	2/27/2025	10/31/2024	8/1/2024	5/2/2024	2/27/2024	11/1/2023	8/2/2023	5/3/2023	2/28/2023
Key Financials Quarterly
Total Revenue	700	633	621	708	625	588	552	568	521	516	496	515
Net Income	142	150	121	122	27	130	130	121	94	90	87	65
EPS	0.92	0.95	0.77	0.77	0.17	0.81	0.81	0.74	0.56	0.54	0.53	0.39
Key Financials TTM
Total Revenue TTM	2,663	2,588	2,543	2,473	2,333	2,230	2,158	2,102	2,048	2,040	2,079	2,204
Net Income TTM	534	420	400	409	408	475	435	392	336	350	356	372
Growth Rates Quarterly
Total Revenue Growth	12.1%	7.6%	12.6%	24.6%	19.9%	13.9%	11.3%	10.3%	1.6%	-7.0%	-20.0%	-26.1%
Net Income Growth	420.5%	15.6%	-7.2%	0.4%	-70.8%	44.4%	48.9%	86.6%	-13.1%	-6.7%	-15.6%	-50.9%
Margins Quarterly
Net Income Margin	20.3%	23.7%	19.4%	17.2%	4.4%	22.0%	23.6%	21.3%	17.9%	17.4%	17.6%	12.6%
Cash & Debt
Total Cash	2,504	2,352	2,182	2,074	2,523	1,848	1,651	1,885	1,748	1,800	1,712	1,772
Total Debt	395	395	395	486	699	303	304	382	305	306	307	399
Net Debt / (Cash)	-2,109	-1,957	-1,787	-1,588	-1,824	-1,545	-1,347	-1,502	-1,443	-1,494	-1,406	-1,373
Cash Flows Quarterly
FCF from Operations	259	135	3	247	228	224	-5	162	217	171	-108	146
Cash Flows TTM
FCF from Operations TTM	644	614	702	695	609	597	545	442	426	431	423	473
Returns to Shareholders Quarterly
Dividends	62	64	62	62	62	63	63	65	65	65	65	65
Share Repurchases	-0	50	27	-0	-0	34	81	62	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	38.9%	31.7%	27.0%	29.6%	20.4%	28.3%	19.8%	24.6%	22.5%	19.6%	16.7%	20.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	36.4%	30.3%	27.4%	24.6%	26.0%	25.1%	21.0%	20.6%	19.7%	19.3%	18.5%	20.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Management fees	1,700	1,799	2,189	1,794	1,792
Shareowner servicing fees	213	224	261	209	185
Other revenue	183	191	214	197	197
Hedge funds and other funds	57	34
Investment trusts	9	7
Segregated mandates	3	10
Société d’Investissement À Capital Variable (SICAVs)	2	2
Private capital funds	0
United Kingdom (UK) Open Ended Investment Companies (OEICs) and unit trusts	0	0
United States (U.S.) mutual funds	-66	-63
Performance fees			103	98	18
Total	2,102	2,204	2,767	2,299	2,192

Price Behavior

Price Behavior

Market Price	$47.66
Market Cap ($ Bil)	7.2
First Trading Date	05/30/2017
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$43.91	$40.06
DMA Trend	up	indeterminate
Distance from DMA	8.5%	19.0%
	3M	1YR
Volatility	33.9%	35.5%
Downside Capture	127.75	142.56
Upside Capture	135.48	135.17
Correlation (SPY)	51.7%	78.9%

JHG Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.60	1.47	1.45	1.50	1.44	1.39
Up Beta	-0.62	1.76	1.94	1.78	1.34	1.32
Down Beta	0.20	1.42	1.31	1.44	1.65	1.52
Up Capture	114%	125%	115%	155%	152%	288%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	20	30	67	125	400
Down Capture	87%	149%	151%	137%	124%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	20	31	55	120	343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of JHG With Other Asset Classes (Last 1Y)
	JHG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.4%	16.3%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	35.3%	19.0%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.48	0.67	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		77.9%	78.9%	-9.2%	27.1%	59.2%	31.6%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of JHG With Other Asset Classes (Last 5Y)
	JHG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.2%	16.1%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	32.9%	18.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.44	0.71	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		70.0%	70.2%	5.0%	15.0%	56.0%	27.0%

Based On 10-Year Data

		Comparison of JHG With Other Asset Classes (Last 10Y)
	JHG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.0%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	35.5%	22.3%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.39	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		70.1%	68.7%	1.6%	24.3%	56.2%	18.0%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,464,728
Short Interest: % Change Since 11302025	-6.7%
Average Daily Volume	807,525
Days-to-Cover Short Interest	1.81
Basic Shares Quantity	150,600,000
Short % of Basic Shares	1.0%

Returns Analyses

	Title
0	Can Janus Henderson Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	-2.8%	-1.3%	-0.1%
7/31/2025	0.3%	-0.0%	4.5%
5/1/2025	4.4%	7.1%	10.6%
1/31/2025	2.9%	4.9%	-4.6%
10/31/2024	0.3%	8.3%	11.0%
8/1/2024	1.0%	-9.8%	1.0%
5/2/2024	2.6%	5.6%	8.8%
2/1/2024	4.4%	6.9%	11.1%
...
SUMMARY STATS
# Positive	15	16	16
# Negative	9	8	8
Median Positive	2.9%	5.3%	10.0%
Median Negative	-2.0%	-4.8%	-6.1%
Max Positive	13.4%	10.3%	26.2%
Max Negative	-8.8%	-13.0%	-19.7%

	Forward Returns
10/30/2025	-2.8%	-1.3%	-0.1%
7/31/2025	0.3%	-0.0%	4.5%
5/1/2025	4.4%	7.1%	10.6%
1/31/2025	2.9%	4.9%	-4.6%
10/31/2024	0.3%	8.3%	11.0%
8/1/2024	1.0%	-9.8%	1.0%
5/2/2024	2.6%	5.6%	8.8%
2/1/2024	4.4%	6.9%	11.1%
11/1/2023	4.7%	7.5%	15.4%
8/2/2023	-5.8%	-8.0%	-5.5%
5/3/2023	2.1%	2.5%	5.5%
2/2/2023	13.4%	9.1%	5.3%
10/27/2022	0.9%	0.0%	15.1%
7/28/2022	2.9%	4.0%	4.2%
5/4/2022	-8.4%	-13.0%	-9.0%
2/3/2022	-1.7%	-3.8%	-19.7%
10/28/2021	3.4%	10.3%	4.2%
7/29/2021	6.3%	4.2%	9.4%
4/29/2021	1.6%	8.8%	13.5%
2/4/2021	-8.8%	-3.9%	-6.8%
10/29/2020	-0.6%	2.8%	18.4%
7/29/2020	-1.9%	-5.7%	-4.2%
4/30/2020	-2.0%	3.5%	26.2%
2/4/2020	-1.2%	2.5%	-15.8%
SUMMARY STATS
# Positive	15	16	16
# Negative	9	8	8
Median Positive	2.9%	5.3%	10.0%
Median Negative	-2.0%	-4.8%	-6.1%
Max Positive	13.4%	10.3%	26.2%
Max Negative	-8.8%	-13.0%	-19.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	11012023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5032023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	10312022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	THOMPSON ROGER MJ	CHIEF FINANCIAL OFFICER	9152025	Sell	45.26	27,491	1,244,194	5,118,663	Form
1	FOGO GEORGINA	CHIEF RISK OFFICER	8062025	Sell	43.07	69,000	2,972,168	2,500,818	Form

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Janus Henderson (JHG)

Market Price (12/27/2025): $47.665 | Market Cap: $7.2 BilSector: Financials | Industry: Asset Management & Custody Banks

Janus Henderson (JHG)

Market Price (12/27/2025): $47.665Market Cap: $7.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

JHG Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Janus Henderson (JHG)

Interactive Breakdown

Better Bets than Janus Henderson (JHG)

INDUSTRY: Asset Management & Custody Banks

Higher Rev Chg 3Y Avg | Lower P/S (Values for JHG: 4.6% | 2.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for JHG: 4.6% | 10.3x)

Higher Rev Chg LTM (Value for JHG: 14.1%)

Higher Rev Chg 3Y Avg (Value for JHG: 4.6%)

Higher Op Mgn LTM (Value for JHG: 26.1%)

Higher CFO/Rev LTM (Value for JHG: 24.2%)

Higher FCF/Rev LTM (Value for JHG: 23.8%)

Higher Total Yield (Value for JHG: 10.9%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for JHG: 4.6% | 2.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for JHG: 4.6% | 10.3x)

Higher Rev Chg LTM (Value for JHG: 14.1%)

Higher Rev Chg 3Y Avg (Value for JHG: 4.6%)

Higher Op Mgn LTM (Value for JHG: 26.1%)

Higher CFO/Rev LTM (Value for JHG: 24.2%)

Higher FCF/Rev LTM (Value for JHG: 23.8%)

Higher Total Yield (Value for JHG: 10.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for JHG: 4.6% | 2.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for JHG: 4.6% | 10.3x)

Higher Rev Chg LTM (Value for JHG: 14.1%)

Higher Rev Chg 3Y Avg (Value for JHG: 4.6%)

Higher Op Mgn LTM (Value for JHG: 26.1%)

Higher CFO/Rev LTM (Value for JHG: 24.2%)

Higher FCF/Rev LTM (Value for JHG: 23.8%)

Higher Total Yield (Value for JHG: 10.9%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Janus Henderson

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Market Price (12/27/2025): $47.665 | Market Cap: $7.2 Bil
Sector: Financials | Industry: Asset Management & Custody Banks

Market Price (12/27/2025): $47.665
Market Cap: $7.2 Bil
Sector: Financials
Industry: Asset Management & Custody Banks