Naspers Limited NPSNY

Consumer DiscretionarySoftware & IT ServicesSouth Africa

Last close 8.30 USD on Nov 2, 2026, −37.6% year to date

Quant rating

Quant rating D Rank 215 of 297 in Consumer Discretionary

Growth C 206 of 297
Valuation B 85 of 297
Quality D 220 of 297
Revisions C 171 of 297
Momentum D 225 of 297

Wall Street consensus Strong Buy (1.00)Average target 15.70 USD +89.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 31.0B
Enterprise value: 65.1B
52-week range: 8.01 – 15.03
3-year range: 6.01 – 15.07
Dividend yield: 0.75%
Beta (5 years): 0.50
Shares outstanding: 745M
Next earnings: –

About the company

Naspers Limited is a global consumer Internet company. The Company, through its subsidiary Prosus N.V. (Prosus), operates and invests globally in markets with long-term growth potential, building consumer Internet companies that empower people and enrich communities. The Company’s segments include Food Delivery, Classifieds, Payments and Fintech, Edtech, Etail, Other e-commerce: Ventures, Media24, and Social and Internet platforms. Its portfolio of food-delivery businesses allows customers to order their favorite food online and via apps to be conveniently delivered wherever they are. Prosus holds an investment in Tencent, China’s used Internet services platform. Media24 is a print and digital media group with interests in digital media and services, newspapers, magazines, e-commerce, book publishing and media logistics. The Company includes some of the local consumer Internet companies in approximately 100 countries, spanning the Americas to Asia, Europe to South Africa.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	10,848	7,181	6,431	5,960	6,294	–
Revenue growth	51.1%	11.7%	7.9%	−5.3%	6.1%	12.8%
EPS (basic, normalized)	0.86	0.73	0.43	0.17	0.25	–
EPS growth	18.7%	70.8%	150.6%	−33.3%	–	–
Gross margin	44.4%	40.3%	38.3%	31.5%	25.9%	36.1%
Net margin	45.9%	73.8%	46.2%	70.4%	193.7%	86.0%
ROE	21.9%	26.4%	16.1%	21.2%	49.0%	26.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	10,848	+51.1%	6.0x	1,079	+290.9%	60.3x	0.86	+18.7%	9.6x
2027	13,018	+20.0%	5.0x	1,093	+1.3%	59.5x	1.02	+18.1%	8.1x
2028	14,373	+10.4%	4.5x	1,542	+41.1%	42.2x	1.10	+7.8%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	13,018	−1.3%	−1.0%	+11.3%	1.02	−1.0%	−1.0%	−1.0%
2028	14,373	−1.5%	−1.2%	–	1.10	−2.7%	−5.2%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NPSNY Naspers Limited	31.0B	–	45.9%	–	8.1x	7.5x	59.5x	42.2x
0700 Tencent Holdings Limited	454.6B	0.29x	29.9%	2.66x	11.5x	11.0x	8.7x	8.0x
NFLX Netflix, Inc.	256.0B	0.49x	24.3%	8.74x	17.4x	16.5x	15.4x	13.3x
BABA Alibaba Group Holding Limited	252.5B	−0.48x	10.3%	1.50x	15.1x	10.7x	9.4x	6.8x
PDD PDD Holdings Inc.	116.3B	−4.50x	22.7%	1.73x	7.9x	6.6x	3.0x	2.6x
MELI MercadoLibre, Inc.	85.0B	1.22x	6.9%	10.80x	43.1x	29.8x	22.1x	16.0x
Mean		−0.60x	23.3%	5.09x	17.2x	13.7x	19.7x	14.8x
Median		0.29x	23.5%	2.66x	13.3x	10.8x	12.4x	10.7x

Technical analysis

1M−1.0%
3M−21.3%
1Y−40.7%
3Y+28.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Naspers Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	10,848	7,181	6,431	5,960	6,294	5,934
Cost of revenue	6,027	4,289	3,966	4,085	4,662	4,088
Gross profit	4,821	2,892	2,465	1,875	1,632	1,846
Selling, general & administrative expenses	4,542	2,773	2,647	2,307	2,454	2,932
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	−45.0	−1.0
Unusual expense (income)	−4,931	−6,320	−3,950	−5,062	−10,476	−1,180
Other operating expenses	−16.0	−27.0	1.0	27.0	−34.0	8.0
Operating income	5,226	6,466	3,767	4,603	9,733	87.0
Net interest income (expense)	6,478	6,098	3,219	5,095	8,816	7,135
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	11,704	12,564	6,986	9,698	18,549	7,222
Provision for taxes	120	181	151	51.0	64.0	−46.0
Minority interest	−6,607	−7,087	−3,863	−5,449	−6,294	−1,964
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,977	5,296	2,972	4,198	12,191	5,304
Extraordinary items	−5.0	−54.0	−117	133	32.0	–
Net income	4,972	5,242	2,855	4,331	12,223	5,304
EBIT, normalized	315	160	−166	−444	−788	−1,094
EBITDA, normalized	891	351	49.0	−194	−504	−830
Basic EPS, normalized	0.86	0.73	0.43	0.17	0.25	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Naspers Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	14,416	18,329	18,640	20,631	13,654	6,451
Receivables	3,035	2,194	1,801	1,480	1,162	701
Total inventory	347	321	355	415	571	397
Prepaid expenses	455	147	147	123	69.0	104
Other current assets	1,503	1,467	1,339	1,182	68.0	34.0
Total current assets	19,756	22,458	22,282	23,831	15,524	7,687
Property, plant & equipment	1,159	724	764	786	736	545
Goodwill	5,168	1,218	1,094	1,483	3,458	2,186
Intangibles	5,331	402	335	391	964	825
Long-term investments	47,496	48,080	37,370	38,664	50,213	42,347
Note receivable	371	350	408	276	243	174
Other long-term assets	400	22.0	22.0	67.0	179	53.0
Total assets	79,681	73,254	62,275	65,498	71,317	53,817
Liabilities
Accounts payable	3,058	1,774	1,369	1,407	1,460	1,010
Payable/accrued	–	–	–	–	–	–
Accrued expenses	784	551	420	483	518	1,440
Short-term debt	65.0	37.0	15.0	28.0	18.0	9.0
Current portion of long-term debt	1,984	1,383	496	399	167	92.0
Other current liabilities	2,335	2,703	2,505	2,295	2,476	1,758
Total current liabilities	8,226	6,448	4,805	4,612	4,639	4,309
Long-term debt	15,931	15,395	15,986	15,917	15,883	8,100
Minority interest	30,514	29,026	23,410	25,645	29,547	11,667
Other liabilities	1,706	200	202	364	667	547
Total liabilities	56,377	51,069	44,403	46,538	50,736	24,623
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4,611	4,611	4,611	4,611	4,611	932
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	18,714	16,780	14,662	60,901	58,151	25,059
Treasury stock	−114	−517	−564	−46,825	−43,753	–
Other equity	93.0	1,311	−837	273	1,572	3,203
Total equity	23,304	22,185	17,872	18,960	20,581	29,194
Total liabilities & shareholders' equity	79,681	73,254	62,275	65,498	71,317	53,817

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Naspers Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	11,704	12,563	6,986	9,460	18,644	7,222
Depreciation, depletion & amortization	576	191	211	224	284	264
Deferred taxes	–	–	–	–	–	–
Non-cash items	−11,200	−12,151	−6,937	−9,850	−19,031	−7,456
Changes in working capital	564	1,254	425	−105	−599	43.0
Cash from operations	1,644	1,857	685	−271	−702	73.0
Investing activities
Capital expenditures	−232	−136	−98.0	−302	−279	−141
Other investing cash flows	7,001	11,919	240	12,857	6,185	−590
Cash from investing	6,769	11,783	142	12,555	5,906	−731
Financing activities
Financing cash flow items	−7,463	−8,431	−7,910	−11,577	−5,467	−1,771
Cash dividends paid	−528	−262	−199	−191	−238	−218
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−912	187	−130	−328	6,599	2,042
Cash from financing	−8,903	−8,506	−8,239	−12,096	894	53.0
Foreign exchange effects	−28.0	−89.0	−181	−82.0	−132	83.0
Net change in cash	−518	5,045	−7,593	106	5,966	−522
Free cash flow	1,412	1,721	587	−573	−981	−68.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.