Naspers Limited

NPN.JO

Internet Content & Information · Communication Services

Exchange

Johannesburg Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Mixed

Stability

Mixed

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Naspers is a South African technology and media company that invests in internet businesses around the world. Its most important asset is a large ownership stake in Tencent, the Chinese tech giant behind WeChat and many popular games. Naspers also owns Prosus, a separate listed company that holds food delivery, online classifieds, and education technology businesses across dozens of countries.

Naspers makes money mainly through dividends and gains from its investments rather than selling products directly to consumers. It operates globally, with major exposure to China through Tencent, plus businesses in Europe, Latin America, India, and Africa. The company's biggest competitive advantage is simply owning a piece of Tencent, which is worth far more than Naspers's own market value — a gap investors call a "holding company discount." The main risk is that Naspers's fortunes are heavily tied to Tencent's performance and Chinese regulatory conditions, which remain unpredictable.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+84.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+444.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

80.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

64.1B ZAC cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Naspers Limited grew revenue 85% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

43.6%

Healthy — 43.6% gross margin

Profit after running costs

Operating Margin

1.4%

Thin — 1.4% operating margin

Return on the money invested

ROCE

0.7%

Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+52.2%

Fast-growing sales (+52.2% YoY)

Profit growth

EPS YoY

+416.6%

Earnings growing fast (+416.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

31%

Weak — only 31% of profit becomes cash

Spare cash per sale

FCF Margin

13.4%

Converts sales into free cash efficiently (13.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Covers its interest

Interest Cover

0.27x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.7x

no trend

Attractive valuation — P/E 7.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-1.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

0.57%

no trend

Small dividend — 0.57% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-85.5%

no trend

Dividend cut (-85.5% YoY) — warning sign

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