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Naspers (NPN) USD

At a glance: strengths & risks
✓Revenue growing (+51%)✓Margins improving (4%→10%)✗Profit falling (-32%)✗High leverage (11.1x EBITDA)

Sector: Internet / Media holding

ZA_NPN

Price chart

792.18 ZARDay 1.36%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
792.18 ZAR · 1.36%
Market cap
37.4 bn USD

Growth

Δ revenue y/y
80.1%
Δ EBITDA y/y
-71.2%

Multiples

P/E (LTM)
10.5x
P/B (FY)
1.6x
P/E (ann.)
15.8x
EV/EBITDA (LTM)
—

Cash return

Dividend yield
0.6%
FCF yield (LTM)
6.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-50.8%
↓ details

Liquidity

Daily turnover (listing)
859.1 mln ZAR

Shares: yahoo_fundamentals_timeseries/NPN.JO

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31H2 2026 (6M)OK6.7
y/y 80.1%
-0.4
y/y -6900.0%
0.4
y/y 346.9%
0.0
y/y -71.2%
1.2
y/y -64.4%
0.3-0.279.7
y/y 8.8%
23.3
y/y 5.0%
9.0%12.1Link
2025-09-30H1 2026 (6M)OK4.1
y/y 19.6%
0.2
y/y 69.0%
0.1
y/y 48.4%
0.3
y/y 59.7%
2.4
y/y 24.7%
1.3-0.180.2
y/y 15.1%
55.7
y/y 15.8%
12.2%-1.1Link
2025-03-31H2 2025 (6M)OK3.7
y/y 9.2%
0.0
y/y 105.9%
0.1
y/y -12.5%
0.1
y/y 845.5%
3.3
y/y 137.0%
0.7-0.173.3
y/y 17.7%
22.2
y/y 24.1%
14.9%9.9Link
2024-09-30H1 2025 (6M)OK3.4
y/y 14.5%
0.1
y/y —
0.1
y/y -6.1%
0.2
y/y 1044.4%
1.9
y/y 31.9%
1.2-0.169.7
y/y 15.2%
48.0
y/y 20.0%
11.6%6.6Link
2024-03-31H2 2024 (6M)OK3.4
y/y —
-0.1
y/y —
0.1
y/y —
0.0
y/y —
1.4
y/y —
0.2-0.162.3
y/y -4.9%
17.9
y/y -5.7%
9.9%14.4Link
2023-09-30H1 2024 (6M)OK3.0
y/y —
-0.1
y/y —
0.1
y/y —
0.0
y/y —
1.4
y/y —
0.90.060.5
y/y —
40.1
y/y —
9.8%13.2Link
2023-03-31FY 2023 (12M)OK6.0
y/y —
-0.4
y/y —
0.2
y/y —
-0.2
y/y —
4.3
y/y —
-0.2-0.365.5
y/y —
19.0
y/y —
—6.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Year-over-year change

-100%-50%0%50%100%2023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Cash flow

FCF ($ mln)

-20 000-10 000010 00020 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Net debt / cash ($ mln)

-5 00005 00010 00015 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Profit and cash

Profit runs ahead of cash
In a typical year of 2023–2026 operating cash flow came to 0.36x of reported net profit; after capex, 0.33x.
year2023202420252026
cash flow / profit-0.04x0.36x0.36x0.46x
accruals, % of assets6.9%2.9%4.5%2.4%
Last twelve months (to 2026-03-31): 0.46x of profit came back as operating cash flow.
net debt / EBITDA 11.1x · capex 0.7x of depreciation
● In a typical year operating cash flow covered 36% of reported profit (4 profitable years).
● Net debt / EBITDA 11.1x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -50.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (30 − 104) × 11.97
-886
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (37 372 + 12 088) ÷ 359
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (30.0 + 8) ÷ 2
19.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -2 144 + 0 + 0 − 0
-2 144
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-886 × 19.0 + -2 144) ÷ 37 372
-50.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +51% vs +12% the year before — a +39.4 pp move. 3-year CAGR +22%.
revenue growth by year: 2024 +8% · 2025 +12% · 2026 +51%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-12-03508 ZAREx-dividend: 508 ZAR per sharePaidYahoo Finance (ex-div)
2024-12-04241 ZAREx-dividend: 241 ZAR per sharePaidYahoo Finance (ex-div)
2023-12-06174.8 ZAREx-dividend: 174.8 ZAR per sharePaidYahoo Finance (ex-div)
2022-10-05132.0469 ZAREx-dividend: 132.0469 ZAR per sharePaidYahoo Finance (ex-div)
2021-12-01132.3263 ZAREx-dividend: 132.3263 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.naspers.com/investors

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Naspers (NPN) — from primary filings.

Naspers is a global consumer internet company that operates online platforms in sectors including classifieds, payments, food delivery, education technology, and e-commerce, alongside traditional print media businesses.

Frequently asked questions

What is Naspers (NPN)'s P/E ratio?
Naspers (NPN) trades at a P/E of 10.5x (price to trailing 12-month earnings).
What is Naspers (NPN)'s EV/EBITDA?
Naspers (NPN) trades at 137.8x EV/EBITDA.
What is Naspers (NPN)'s P/B ratio?
Naspers (NPN) trades at a P/B of 1.6x.
What is Naspers (NPN)'s dividend yield?
Naspers (NPN)'s trailing 12-month dividend yield is 0.6%.
What is Naspers (NPN)'s return on equity (ROE)?
Naspers (NPN)'s ROE is 10.2%.
What is Naspers (NPN)'s market capitalization?
Naspers (NPN)'s market cap is 37.4 bn USD.

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