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← CockpitCompetitor Analysis › N91.L Ninety One PlcOpen in the cockpit ↗

Ninety One PlcN91.LCompetitor analysis, valuation and peers

United Kingdom · GBP·Financials›Investment Managers

UK/South African asset manager running active equity, fixed-income and multi-asset funds, spun out of Investec in 2020.

≈ A UK/emerging-markets active fund manager, like a smaller Franklin ResourcesMomentum weak 23
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$5.18B
US dollars, full cap
Free float
56%
of shares outstanding
$/day
$1.62M
20-day average traded
Fwd P/E
11.1×
forward earnings
ROIC−WACC
n/a
WACC 11.9%
Hurdle
n/a
no reverse DCF
Next earnings
10 days
16 Nov 2026
Close · GBP£203.40
1D-0.4%
1W+1.8%
1M+0.4%
3M-9.0%
6M-5.8%
YTD-5.9%
1Y-9.3%
ATR %3.6%
52w lowhigh22.4% off high

What Ninety One does

UK/South African asset manager running active equity, fixed-income and multi-asset funds, spun out of Investec in 2020.

Earns fees as a share of the assets it manages, so income rises with markets and net client flows, plus performance fees when funds beat their benchmarks. Its dual listing in London and Johannesburg reflects roots in South Africa, and emerging-market investing is its specialty.

In one line: A UK/emerging-markets active fund manager, like a smaller Franklin Resources.

Products and services

  • Active equity funds
  • Fixed income funds (incl. emerging markets)
  • Multi-asset/alternatives

Customers

  • Institutional investors
  • Retail/wealth distributors globally

Where it sits in the supply chain

  • Financial services
  • Asset management
  • Active equity, fixed income…

What could go right

  • Emerging-market equity/debt inflows
  • Institutional mandate growth

What could go wrong

  • Active-to-passive fee compression
  • Emerging-market fund outflow risk

Moat: narrow (brand, distribution). Strong emerging-market/Africa investment expertise differentiates it somewhat, but active management faces broad fee pressure.

Headquarters: London, UK · Founded: 1991 · Employees: 1,346

Named competitors

Ninety One at a glance

Size Ninety One (N91.L) is a United Kingdom Financials company (Investment Managers) with a market value of $5.18B, the 94th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £203.40 on 6 Nov 2026.

Performance Over six months the shares fell 5.8%, against -0.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue grew 9.8% over the last twelve months (peer median +13.7%); the operating margin is 25.6% (peer median 32.8%).

Valuation It trades at 11.1× forward earnings against a peer median of 12.6× (6th cheapest of 19).

Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).

Relative performance

9010011 May 202611 Aug 20266 Nov 2026Peer median 98N91.L 94
Six months, rebased to 100: Ninety One against the median of its 20 peers (local-currency closes).

Ninety One financials

Reported figures in GBP; fiscal year ends 2026-03-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue£782M£782M£712M£711M£751M
Revenue growth—+10%0%-5%—
Gross profit£650M£650M£593M£588M£618M
EBITDA£219M£219M£202M£220M£220M
Net income£154M£154M£150M£164M£164M
Free cash flow£171M£171M£316M£169M£74.3M
Capital expenditure£7.10M£7.10M£4.40M£2.50M£1.20M
Total debtn/a£104M£86.6M£94.7M£103M

Quarterly statements and history in the cockpit →

Ninety One competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-20%0%+20%+40%0%+10%601108ABDNHASIHLNE601136360ONECIGIBPTFHISTEP2799EMG1359VONNEFGN002945ANANDRATHI601377CNSNAM-INDIAN91.L6-month return →1-month return →
Up and to the right = strong over both horizons. Ninety One is the large dot.

Fundamentals: revenue growth against valuation

-20%0%+20%+40%0×50×601108ABDNHASIHLNE360ONECIGIBPTSTEP2799EMG1359EFGNANANDRATHICNSNAM-INDIAN91.LRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Ninety One is the large dot.

Ninety One competitors and peer comparison

Head to head with its named competitors (N91.L vs SDR.L vs ABDN.L vs BEN)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Ninety One N91.L$5.18B-6%+10%26%11.1×n/a
Schroders SDR.Ln/a+3%n/an/an/an/a
Aberdeen ABDN.L$5.36B+2%+2%37%14.3×n/a
Franklin Resources BEN$17.1B+10%+8%15%10.6×n/a
Ashmore ASHM.L$1.83B-4%+2%62%28.6×n/a
M&G MNG.L$10.3B+7%+68%8%11.3×n/a

How Ninety One compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Ninety One against its 20 peers (data as of 6 Nov 2026)
MeasureN91.LPeer medianRank in peer set
1-month return+0.4%+3.2%7th lowest of 21
6-month return-5.8%-0.4%7th lowest of 21
Distance from 52-week high-22.4%-17.8%10th lowest of 21
Revenue growth (TTM)+9.8%+13.7%8th lowest of 21
Operating margin25.6%32.8%5th lowest of 21
Forward P/E11.1×12.6×6th cheapest of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Ninety One N91.LUnited Kingdom$5.18B-6%+10%26%11.1×n/an/a
Caitong Securities 601108.SSChina$5.12B-11%-12%31%10.7×n/an/a
Aberdeen ABDN.LUnited Kingdom$5.36B+2%+2%37%14.3×n/an/a
HA Sustainable Infrastructure Capital HASIUnited States$5.00B-5%+27%69%12.6×n/an/a
Hamilton Lane HLNEUnited States$4.99B+1%+19%58%12.3×n/an/a
Capital Securities 601136.SSChina$5.41B-21%+1%36%n/an/an/a
360 One Wam 360ONE.NSIndia$4.95B+3%+25%33%35.1×n/an/a
Colliers International CIGI.TOCanada$4.88B-5%+14%7%11.8×n/an/a
Bridgepoint BPT.LUnited Kingdom$4.79B+55%+36%49%10.7×n/an/a
Federated Hermes FHIUnited States$4.73B+14%+13%28%10.9×n/an/a
StepStone STEPUnited States$5.73B-15%+51%-53%18.1×n/an/a
China CITIC Financial Asset Management 2799.HKHong Kong$5.83B-24%-18%135%3.1×n/an/a
Man EMG.LUnited Kingdom$4.43B+10%+24%28%8.4×n/an/a
China Cinda Asset Management 1359.HKHong Kong$4.36B-21%-25%53%11.7×n/an/a
Vontobel VONN.SWSwitzerland$6.18B+36%+11%25%12.6×n/an/a
EFG International EFGN.SWSwitzerland$6.26B-1%-1%26%14.4×n/an/a
ChinaLin Securities 002945.SZChina$6.27B0%+15%25%n/an/an/a
Anand Rathi Wealth ANANDRATHI.NSIndia$4.18B+31%+35%41%90.5×n/an/a
China Industrial Securities 601377.SSChina$7.12B-9%-11%29%13.2×n/an/a
Cohen & Steers CNSUnited States$3.76B+1%+13%33%20.1×n/an/a
Nippon Life India Asset Management NAM-INDIA.NSIndia$7.22B-4%+23%68%39.1×n/an/a

Questions

Who are Ninety One's main competitors?
Named competitors: Schroders (SDR.L), Aberdeen Group (ABDN.L), Franklin Resources (BEN), Ashmore Group (ASHM.L), M&G Plc (MNG.L). The cockpit's measured peer set (industry) also includes Caitong Securities (601108.SS), Aberdeen (ABDN.L), HA Sustainable Infrastructure Capital (HASI), Hamilton Lane (HLNE), Capital Securities (601136.SS), 360 One Wam (360ONE.NS).
Is Ninety One expensive compared with its peers?
On forward p/e it trades at 11.1× against a peer median of 12.6×, 6th cheapest of 19 in its peer set.
How has Ninety One stock performed?
Over six months to 6 Nov 2026 the shares returned -5.8% against -0.4% for the median peer; over one year -9.3%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.