Naspers Limited

NPSNY

Internet Content & Information · Communication Services

Price

$9.45

+0.06 (+0.64%)

Market Cap

$7.51B

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Sep 4, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Data not available

Stability

Mixed

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+170.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.45B (2022) → 3.93B (2026)

Winston Score History

The full picture

Naspers is a South African technology investment company. Its biggest asset is a large stake in Prosus, which in turn holds a major stake in Tencent, the Chinese internet giant behind WeChat and online gaming. Beyond Tencent, Naspers and Prosus invest in online classifieds, food delivery, payments, and education technology businesses across emerging markets.

Naspers makes money primarily through the earnings and value of its investment portfolio, along with revenue from its operating businesses in e-commerce and fintech. It operates across more than 80 countries, with heavy exposure to markets in Asia, Africa, Latin America, and Central Europe. The company's main competitive advantage is its early bet on Tencent, which has generated enormous long-term value. However, Naspers trades at a persistent discount to the value of its underlying holdings, and its key risk is continued dependence on Tencent's performance alongside the challenge of proving its other investments can deliver meaningful standalone returns.

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

+81.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-83.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

83.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$63.5B 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 81% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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

0.2%

Weak — 0.2% 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

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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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

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

7.4x

Attractive valuation — P/E 7.4

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

Cheaper or dearer next year

P/E vs Forward

-1.6

SLOWING

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

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Dividends

Dividend

Dividend Yield

0.64%

Small dividend — 0.64% yield

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

Dividend record

Dividend Growth

+7.7%

Dividend growing modestly (7.7% YoY)

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