Janus Henderson Group plc
- Open
- 51.98
- Day high
- 51.99
- Day low
- 51.95
- Prev close
- 51.97
- Volume
- 3.3M
- Mkt cap
- $8.0B
- P/E (TTM)
- 10.2
- EPS (TTM)
- $5.08
- P/B
- 1.5
- P/S
- 2.5
- Yield
- 1.54%
- Per share
- $0.80
- ▼Insiders net selling -$641.2M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Janus Henderson Group plc (JHG) is a Financial Services company listed on NYSE. The stock is up 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Janus Henderson Group plc (JHG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
JHG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.98 | $0.90 | -8.2% | $690M | +23.1% |
| Jan 30, 2026 | $1.19 | $2.01 | +68.9% | $1.1B | +60.3% |
| Oct 30, 2025 | $1.01 | $1.09 | +7.9% | $700M | +8.8% |
| Jul 31, 2025 | $0.84 | $0.90 | +7.1% | $633M | -1.5% |
| May 1, 2025 | $0.72 | $0.79 | +9.7% | $621M | -0.3% |
| Jan 31, 2025 | $0.94 | $1.07 | +13.8% | $708M | +12.3% |
| Oct 31, 2024 | $0.79 | $0.91 | +15.5% | $625M | +4.0% |
| Aug 1, 2024 | $0.73 | $0.85 | +16.4% | $597M | +4.9% |
| May 2, 2024 | $0.62 | $0.71 | +14.5% | $574M | +4.9% |
| Feb 1, 2024 | $0.54 | $0.82 | +51.9% | $593M | +18.3% |
| Nov 1, 2023 | $0.53 | $0.64 | +20.8% | $521M | +5.4% |
| Aug 2, 2023 | $0.56 | $0.62 | +10.7% | $517M | -1.0% |
JHG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | Frank Joshua D.director, 10 percent owner: | Sell | 6,213,418 | $51.60 |
| May 14, 2026 | Baldwin Brian Mdirector, 10 percent owner: | Sell | 6,213,418 | $51.60 |
| May 13, 2026 | SEYMOUR JACKSON ANGELAdirector | Grant | 3,288 | $51.71 |
| May 13, 2026 | SEYMOUR JACKSON ANGELAdirector | Tax | 1,997 | $51.61 |
| May 13, 2026 | Seidman Lesliedirector | Grant | 3,288 | $51.71 |
| May 13, 2026 | Seidman Lesliedirector | Tax | 417 | $51.61 |
| May 13, 2026 | Quirk Alison A.director | Grant | 3,288 | $51.71 |
| May 13, 2026 | Quirk Alison A.director | Tax | 417 | $51.61 |
| May 13, 2026 | CASSADAY JOHN Mdirector | Grant | 5,899 | $51.71 |
| May 13, 2026 | FLOOD EUGENE JRdirector | Grant | 3,288 | $51.71 |
| May 13, 2026 | FLOOD EUGENE JRdirector | Tax | 416 | $51.61 |
| May 13, 2026 | DESAI KALPANAdirector | Grant | 3,288 | $51.71 |
| May 13, 2026 | DESAI KALPANAdirector | Tax | 1,926 | $51.61 |
| May 13, 2026 | DOLAN KEVIN Bdirector | Grant | 3,288 | $51.71 |
| May 13, 2026 | Sheehan Annedirector | Grant | 3,288 | $51.71 |
Source: JHG SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full JHG insider & 13F page →Janus Henderson Group plc company profile
Overview
Janus Henderson Group plc (NYSE:JHG) is a global asset management company formed through the 2017 merger of Janus Capital Group and Henderson Group. The company traces its roots back to 1934 and is headquartered in London, United Kingdom, with additional offices in Jersey, Sydney, and across North America. Following its public listing in 2017, Janus Henderson has grown to become one of the world's largest independent asset managers, overseeing approximately $378.7 billion in assets under management as of 2024. The firm serves institutional clients, retail investors, and high-net-worth individuals across multiple global markets through a diversified range of investment strategies spanning equities, fixed income, multi-asset solutions, and alternative investments.
Business
Janus Henderson operates in the asset management industry, which involves professionally managing investment portfolios on behalf of clients who lack the time, expertise, or resources to manage their own investments. Asset managers pool client money and invest it across various securities like stocks, bonds, and other financial instruments, charging fees for their professional investment management services. The company's core business revolves around several key offerings: 1. Traditional Active Management (~85% of AUM): Janus Henderson manages separate accounts and mutual funds across equity and fixed income markets. Their equity strategies focus on regions like North America, Europe, and emerging markets, while their fixed income capabilities span government bonds, corporate credit, and specialized debt instruments. These actively managed portfolios aim to outperform market benchmarks through professional security selection and portfolio construction. 2. Exchange-Traded Funds (ETFs) (~7% of AUM): The firm has built a significant active ETF franchise worth approximately $27 billion, offering both equity and fixed income ETF products. Unlike traditional passive ETFs that simply track market indices, Janus Henderson's active ETFs allow portfolio managers to make real-time investment decisions while providing the liquidity and transparency benefits of exchange-traded products. 3. Alternative Investments (~3% of AUM): Through recent acquisitions and joint ventures, the company has expanded into private markets, including private credit through Victory Park Capital, emerging markets private capital via NBK Capital Partners, and alternative distribution through their Privacore joint venture targeting wealth management clients. 4. Multi-Asset Solutions (~5% of AUM): These strategies combine multiple asset classes and investment approaches to create diversified portfolios designed to meet specific client outcomes, such as income generation or risk management. The company serves clients through three primary distribution channels: the intermediary channel (financial advisors and wealth managers), institutional channel (pension funds, insurance companies, sovereign wealth funds), and self-directed channel (direct-to-consumer platforms).
Revenue model
Janus Henderson generates revenue primarily through management fees charged as a percentage of assets under management (AUM). The company's net management fee rate averages approximately 48.6 basis points (0.486%) across all assets, meaning they earn roughly $4.86 annually for every $1,000 managed. This fee structure creates a direct correlation between the firm's revenue and both the value of assets under management and net client flows. The business model operates on several revenue streams: 1. Management Fees (Primary Revenue): Charged as an annual percentage of AUM, typically ranging from 30-100+ basis points depending on the strategy complexity, asset class, and client type. Institutional clients generally pay lower fees due to larger account sizes, while retail and alternative investment strategies command higher fee rates. 2. Performance Fees (Secondary Revenue): Some strategies include performance-based compensation when investment returns exceed specified benchmarks, though this represents a smaller portion of total revenue. 3. Distribution and Service Fees: Additional fees collected from certain fund structures to support ongoing client service and distribution activities. The business model's profitability depends on several key factors. Positive factors include strong investment performance that attracts new clients and reduces fee pressure, favorable market conditions that increase asset values, successful product launches in higher-fee categories like alternatives and active ETFs, and operational efficiency improvements that reduce the cost of managing assets. Negative factors include market downturns that reduce asset values and fee income, client outflows to competitors or passive investment options, fee compression pressure from institutional clients seeking lower-cost alternatives, and increased regulatory or compliance costs that raise operational expenses. The firm's paying customers span institutional investors like pension funds and insurance companies seeking professional management of large asset pools, financial advisors and wealth managers who use Janus Henderson's strategies for their client portfolios, and individual investors who invest directly through mutual funds and ETFs. The company has been focusing on diversifying its revenue base by expanding into higher-fee alternative investments and developing innovative products like active ETFs that can command premium pricing while attracting broader client interest.
Competitive moat
Janus Henderson operates in the highly competitive asset management industry where sustainable competitive advantages are challenging to maintain. The company's moat appears modest and primarily stems from several factors that provide limited protection against competition. The firm's strongest defensive characteristics include its investment performance track record, with approximately 65% of assets beating benchmarks across multiple time periods, which helps retain existing clients and attract new ones. The company has also built established distribution relationships with financial advisors, institutional consultants, and wealth management platforms that create some switching costs and provide ongoing access to client flows. Janus Henderson's scale advantages in certain specialized areas, particularly their active ETF franchise where they maintain significant market share, and their expertise in specific regions like European equities, provide some differentiation. The firm's recent expansion into alternative investments through acquisitions like Victory Park Capital and NBK Capital Partners could potentially create higher-barrier businesses, as private market strategies typically involve longer client commitments and more specialized expertise. However, the company faces significant competitive pressures that limit the strength of its moat. The asset management industry suffers from low switching costs for many clients, particularly in traditional active management where clients can easily move to competitors offering similar strategies. The ongoing shift toward passive investing and index funds continues to pressure active managers' market share and fee levels. Additionally, fee compression remains a persistent industry headwind as clients increasingly demand lower-cost alternatives. The company's competitive position is further challenged by the fact that superior investment performance - their primary differentiator - can be difficult to sustain over long periods and is subject to market cycles and personnel changes. Large institutional clients have significant negotiating power and can pressure fees downward, while the rise of fintech platforms and robo-advisors creates new competitive dynamics in wealth management distribution. Overall, while Janus Henderson has built a respectable asset management franchise with some defensive characteristics, the company operates in an industry where competitive moats are generally weak and sustainable competitive advantages are difficult to maintain over extended periods.
Risks & safety
Janus Henderson demonstrates a strong financial position with solid margin of safety characteristics, though asset management businesses inherently carry earnings volatility risk due to market-dependent revenues. • Liquidity and Solvency: Excellent financial health with $1.23 billion in cash and short-term investments, current ratio of 3.6x, and minimal debt (debt-to-equity ratio of 0.11). The company generates strong free cash flow of $684.5 million annually, providing substantial financial flexibility. • Valuation Metrics: Reasonably attractive valuation with P/E ratio of 16.6x, EV/EBITDA of 9.0x, and price-to-book ratio of 1.44x. The Graham number of 41.3 suggests potential undervaluation at current levels around $41.50. • Business Model Stability: Revenue base of $2.47 billion provides scale, though asset management revenues are inherently volatile due to market fluctuations and client flow sensitivity. The company has demonstrated ability to maintain positive operating cash flow even during challenging market periods. • Capital Allocation: Management returns capital to shareholders through dividends (recently increased 3%) and share buybacks ($200 million program authorized), indicating confidence in cash generation sustainability. • Other Considerations: The business requires minimal capital expenditure, generates high returns on equity (8.7%), and benefits from operating leverage where incremental AUM growth flows largely to the bottom line. However, the earnings base can be volatile during market downturns or periods of significant client outflows.
Recent development
Over the past few years, Janus Henderson has executed a comprehensive strategic transformation focused on three key pillars: Protect & Grow, Amplify, and Diversify. The company has significantly strengthened its U.S. intermediary distribution capabilities, resulting in improved market share and positive net flows after years of outflows. This turnaround included upgrading talent, improving brand recognition through national marketing campaigns, and better aligning incentive structures with distribution partners. The firm has aggressively expanded its active ETF franchise, growing assets from $12 billion to $27 billion and launching products in European markets through the acquisition of Tabula Investment Management. This expansion represents a strategic shift toward products that combine active management with the liquidity and transparency benefits that modern investors demand. Perhaps most significantly, Janus Henderson has diversified beyond traditional asset management through strategic acquisitions in alternative investments. The company acquired Victory Park Capital, a private credit manager specializing in asset-backed lending, and NBK Capital Partners, focused on emerging markets private capital. These acquisitions, combined with the Privacore joint venture targeting private wealth alternatives distribution, position the firm to capture growth in higher-fee alternative investment segments. The company has also formed innovative partnerships, including a landmark agreement with Guardian Life to manage $45 billion in investment-grade fixed income assets, demonstrating their ability to win large institutional mandates. Additionally, Janus Henderson has invested in technology and artificial intelligence initiatives to improve investment processes, enhance client service, and increase operational efficiency. Recent quarters have shown the success of these strategic initiatives, with the company achieving positive net flows for multiple consecutive quarters, expanding across geographic regions, and building momentum in institutional channels that had previously experienced outflows. The firm has maintained disciplined expense management while reinvesting cost savings into strategic growth areas.
JHG company profile · for informational purposes only — not investment advice.
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