# Partners Group Holding AG (PGHN.SW)

Canonical: https://gigainvestors.com/s/PGHN.SW

Analysis as of: 2026-10-16T07:34:49.370Z. Financial observations: FY2004–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 600.20 per share; close as of 2026-10-15.

Estimated value: low CHF 730.88 per share, central CHF 1,042.15 per share, high CHF 1,223.40 per share. Buy at or below the central value CHF 1,042.15 per share. Valuation as of 2026-10-16T07:34:49.370Z; scenarios are not confidence intervals.

Expected annual return: 14.8% at the stated quote. About 14.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.66×

- FY2017: 0.70×

- FY2018: 0.71×

- FY2019: 0.69×

- FY2020: 0.69×

- FY2021: 0.67×

- FY2022: 0.68×

- FY2023: 0.69×

- FY2024: 0.69×

- FY2025: 0.58×

### moat: pass

- ROIC, median of available years: 44.3%

- ROIC, second-lowest year: 30.9%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 69.2%

- Recent gross margin (lower of latest and 3-year median): 69.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 37.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 44.5%

- FY2017: 56.5%

- FY2018: 44.9%

- FY2019: 44.2%

- FY2020: 45.0%

- FY2021: 52.9%

- FY2022: 41.0%

- FY2023: 30.9%

- FY2024: 28.5%

- FY2025: 32.4%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 5.7B

- Net income, five-year total: CHF 5.9B

- Return on incremental invested capital: 41.1%

- Working capital / revenue, annual change: 6.1 pp

- Working capital / revenue, change between three-year averages: 28.9 pp

- Working capital / revenue, final three-year average: 87.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.94×

- FY2023: 0.92×

- FY2024: 0.93×

- FY2025: 1.03×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 44.9% vs 30.9%

- Per-share earnings: 20.89 to 43.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: CHF 13B

- Cumulative retained earnings: CHF 2.1B

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.5%

- Per-share value change: CHF 22.27

- Per-share value, starting three-year median: CHF 20.89

- Per-share value, ending three-year median: CHF 43.16

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 371M

- Cumulative net income, 10 years: CHF 9.6B

- ROIC, first three-year median: 44.9%

- ROIC, last three-year median: 30.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 20.89

- FY2017: CHF 28.09

- FY2018: CHF 28.70

- FY2019: CHF 33.73

- FY2020: CHF 30.79

- FY2021: CHF 55.60

- FY2022: CHF 38.78

- FY2023: CHF 38.48

- FY2024: CHF 43.16

- FY2025: CHF 48.61

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.2%

- FY2017: -1.0%

- FY2018: 16.5%

- FY2019: -1.5%

- FY2020: -8.5%

- FY2021: 15.9%

- FY2022: -1.1%

- FY2023: 7.5%

- FY2024: 3.4%

- FY2025: -3.3%

## Holders

## Price story

Down 62% since Oct 2021 · "Partners Group Replaces CEO After Performance Income Drops 39%" (finance.yahoo.com, Sep 2026) · sales +32.2%

Story as of 2026-10-16T10:00:02.690Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

- 2026-08-03: Partners Group Drives EBITDA Margin Uplift Through AI Collaboration Between Private Equity Portfolio Companies ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/partners-group-drives-ebitda-margin-205227849.html))

- 2026-09-01: Partners Group Replaces CEO After Performance Income Drops 39% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/partners-group-replaces-ceo-performance-205351057.html))

### Sales · FY2024–2025

sales +32.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 973M 

- FY2017: CHF 1.2B 

- FY2018: CHF 1.3B 

- FY2019: CHF 1.6B 

- FY2020: CHF 1.4B 

- FY2021: CHF 2.6B 

- FY2022: CHF 1.9B 

- FY2023: CHF 1.9B 

- FY2024: CHF 2.1B 

- FY2025: CHF 2.8B 

### Gross margin · FY2025

gross margin 86.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 67.4% 

- FY2017: 71.1% 

- FY2018: 71.5% 

- FY2019: 69.5% 

- FY2020: 69.4% 

- FY2021: 67.1% 

- FY2022: 68.1% 

- FY2023: 68.9% 

- FY2024: 69.0% 

- FY2025: 86.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are CHF 2.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2025: revenue 2804400000; grossProfit 2424500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PGHN.SW: Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, private credit, private debt, royalties, and special opportunities. The firm also makes fund of funds investments. It seeks to invest in distressed, special situations, later stage, mature, early venture, mid venture, late venture, industry consolidation, buyouts, recapitalizations, emerging growth, and seed capital. Partners Group's cross-sector royalties strategy invests across several key sectors, including pharmaceuticals, music, broader media & entertainment, and energy transition. For direct private equity investments, the firm invests directly in Technology, Health & Life, Goods & Products, and Services. For its private real estate direct investment practice, it focuses on seeking out properties globally. It also makes investments in private real estate secondaries and primaries and focuses on distressed assets in United States, Europe, and Japan. Under private debt, the firm provides senior debt financing, junior debt lending, broadly syndicated loan, mezzanine financing, alongside secondaries and primaries, CLO debt securities and equity, and participates in add on acquisitions in in first/second lien. It seeks to invest in upper middle markets in Americas, Europe, and Asia. In energy infrastructure, the firm seeks to invest in the areas of midstream, power generation, gas transportation, gas export infrastructure, renewable energy including wind and solar energy. The firm seeks to invest globally with a focus on South Africa, China, India, Philippines, Austria, France, Germany, Switzerland, Russia, Brazil, and Chile. It seeks to invest between 0.50 million ($0.68 million) and 100 million ($137 million) in equity investment in companies with enterprise value between 100 million ($137 million) to 2 billion ($2740 million). While investing in funds, it invests in venture capital, mezzanine, private equity, real estate, distressed, 

### Why customers stay

Margins ranged from 68.9% to 86.5% during 2023–25; it earns 44.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2023: grossProfit / revenue = 68.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2024: grossProfit / revenue = 69%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2025: grossProfit / revenue = 86.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); 10-year return on capital observations [[2016,0.44455588478296515],[2017,0.5647033638640319],[2018,0.44946061554512257],[2019,0.4423936968588684],[2020,0.44982679352529364],[2021,0.528529159919908],[2022,0.4099495951036868],[2023,0.3090119122583991],[2024,0.285045606834067],[2025,0.3237397350910701]]; median 0.4434747908209168. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 68% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); Gross margin observations: [[2021,0.6712004279055551],[2022,0.6805704482093073],[2023,0.6892608807622972]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 333.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2016: growth capex 0; upkeep 3756000; owner earnings 560205000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2017: growth capex 4800000; upkeep 5600000; owner earnings 752300000. Growth capex / owner earnings = 0.0063804333377641895.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2018: growth capex 2485900.5560353845; upkeep 41414099.443964615; owner earnings 733385900.5560354. Growth capex / owner earnings = 0.0033896214177974175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2019: growth capex 15351593.226014152; upkeep 120248406.77398585; owner earnings 799931593.2260141. Growth capex / owner earnings = 0.019191132536850168.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2020: growth capex 0; upkeep 30900000; owner earnings 798920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2021: growth capex 16500000; upkeep 39700000; owner earnings 1451440000. Growth capex / owner earnings = 0.011368020724246267.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2022: growth capex 0; upkeep 88700000; owner earnings 941200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2023: growth capex 12389431.308181658; upkeep 96310568.69181834; owner earnings 927189431.3081816. Growth capex / owner earnings = 0.01336235173722944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2024: growth capex 33033035.20046492; upkeep 108066964.79953508; owner earnings 1048353035.200465. Growth capex / owner earnings = 0.0315094573023756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2025: growth capex 0; upkeep 8500000; owner earnings 1301420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); Dividend observations: [[2016,277174000],[2017,397382000],[2018,506300000],[2019,585400000],[2020,668500000],[2021,724600000],[2022,861000000],[2023,959200000],[2024,1018000000],[2025,1091900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); FY2025: cash repurchases 333600000 CHF.

### Are managers owners

Insiders own 16.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PGHN.SW SharesStats.PercentInsiders = 16.922 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years; actual growth was 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.370Z); Ten-year compound average after fade. Initial solved rate -0.019423765132967008. Price 600.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 14.928927959472547 → FY2025 50.184903113853274. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 501.00 per share

- 2016-11: CHF 494.00 per share

- 2016-12: CHF 477.25 per share

- 2017-01: CHF 498.75 per share

- 2017-02: CHF 525.50 per share

- 2017-03: CHF 538.50 per share

- 2017-04: CHF 601.50 per share

- 2017-05: CHF 593.50 per share

- 2017-06: CHF 594.50 per share

- 2017-07: CHF 628.00 per share

- 2017-08: CHF 622.00 per share

- 2017-09: CHF 657.00 per share

- 2017-10: CHF 671.00 per share

- 2017-11: CHF 676.00 per share

- 2017-12: CHF 668.00 per share

- 2018-01: CHF 723.50 per share

- 2018-02: CHF 687.00 per share

- 2018-03: CHF 710.00 per share

- 2018-04: CHF 726.50 per share

- 2018-05: CHF 712.00 per share

- 2018-06: CHF 727.50 per share

- 2018-07: CHF 752.50 per share

- 2018-08: CHF 761.00 per share

- 2018-09: CHF 778.50 per share

- 2018-10: CHF 717.50 per share

- 2018-11: CHF 654.50 per share

- 2018-12: CHF 596.00 per share

- 2019-01: CHF 682.50 per share

- 2019-02: CHF 722.00 per share

- 2019-03: CHF 725.00 per share

- 2019-04: CHF 767.60 per share

- 2019-05: CHF 703.00 per share

- 2019-06: CHF 767.00 per share

- 2019-07: CHF 794.20 per share

- 2019-08: CHF 802.60 per share

- 2019-09: CHF 765.80 per share

- 2019-10: CHF 769.20 per share

- 2019-11: CHF 843.20 per share

- 2019-12: CHF 887.40 per share

- 2020-01: CHF 884.80 per share

- 2020-02: CHF 831.00 per share

- 2020-03: CHF 669.60 per share

- 2020-04: CHF 759.80 per share

- 2020-05: CHF 794.40 per share

- 2020-06: CHF 859.40 per share

- 2020-07: CHF 881.20 per share

- 2020-08: CHF 917.80 per share

- 2020-09: CHF 847.60 per share

- 2020-10: CHF 826.60 per share

- 2020-11: CHF 975.00 per share

- 2020-12: CHF 1,040.00 per share

- 2021-01: CHF 1,054.50 per share

- 2021-02: CHF 1,090.50 per share

- 2021-03: CHF 1,207.00 per share

- 2021-04: CHF 1,300.00 per share

- 2021-05: CHF 1,367.00 per share

- 2021-06: CHF 1,401.50 per share

- 2021-07: CHF 1,548.50 per share

- 2021-08: CHF 1,624.00 per share

- 2021-09: CHF 1,466.50 per share

- 2021-10: CHF 1,597.50 per share

- 2021-11: CHF 1,590.00 per share

- 2021-12: CHF 1,512.50 per share

- 2022-01: CHF 1,277.00 per share

- 2022-02: CHF 1,246.50 per share

- 2022-03: CHF 1,153.50 per share

- 2022-04: CHF 1,047.50 per share

- 2022-05: CHF 1,029.50 per share

- 2022-06: CHF 860.20 per share

- 2022-07: CHF 1,033.00 per share

- 2022-08: CHF 946.40 per share

- 2022-09: CHF 804.60 per share

- 2022-10: CHF 899.40 per share

- 2022-11: CHF 925.00 per share

- 2022-12: CHF 816.80 per share

- 2023-01: CHF 854.00 per share

- 2023-02: CHF 893.60 per share

- 2023-03: CHF 856.80 per share

- 2023-04: CHF 863.20 per share

- 2023-05: CHF 820.80 per share

- 2023-06: CHF 841.60 per share

- 2023-07: CHF 978.00 per share

- 2023-08: CHF 955.20 per share

- 2023-09: CHF 1,034.50 per share

- 2023-10: CHF 956.80 per share

- 2023-11: CHF 1,152.50 per share

- 2023-12: CHF 1,213.00 per share

- 2024-01: CHF 1,173.00 per share

- 2024-02: CHF 1,269.00 per share

- 2024-03: CHF 1,288.00 per share

- 2024-04: CHF 1,189.50 per share

- 2024-05: CHF 1,206.00 per share

- 2024-06: CHF 1,154.00 per share

- 2024-07: CHF 1,184.50 per share

- 2024-08: CHF 1,221.00 per share

- 2024-09: CHF 1,270.00 per share

- 2024-10: CHF 1,193.00 per share

- 2024-11: CHF 1,280.00 per share

- 2024-12: CHF 1,230.00 per share

- 2025-01: CHF 1,393.00 per share

- 2025-02: CHF 1,323.00 per share

- 2025-03: CHF 1,246.00 per share

- 2025-04: CHF 1,075.50 per share

- 2025-05: CHF 1,102.00 per share

- 2025-06: CHF 1,035.00 per share

- 2025-07: CHF 1,101.50 per share

- 2025-08: CHF 1,097.50 per share

- 2025-09: CHF 1,033.50 per share

- 2025-10: CHF 982.40 per share

- 2025-11: CHF 952.80 per share

- 2025-12: CHF 982.40 per share

- 2026-01: CHF 1,050.00 per share

- 2026-02: CHF 857.40 per share

- 2026-03: CHF 846.20 per share

- 2026-04: CHF 848.00 per share

- 2026-05: CHF 827.20 per share

- 2026-06: CHF 662.20 per share

- 2026-07: CHF 672.00 per share

- 2026-08: CHF 732.80 per share

- 2026-09: CHF 602.20 per share

- 2026-10: CHF 601.60 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 328.10 per share, central CHF 465.50 per share, high CHF 545.52 per share

- FY2017: low CHF 439.20 per share, central CHF 614.17 per share, high CHF 716.05 per share

- FY2018: low CHF 420.73 per share, central CHF 594.86 per share, high CHF 696.25 per share

- FY2019: low CHF 537.51 per share, central CHF 768.62 per share, high CHF 897.51 per share

- FY2020: low CHF 489.78 per share, central CHF 693.42 per share, high CHF 806.99 per share

- FY2021: low CHF 833.56 per share, central CHF 1,201.01 per share, high CHF 1,405.96 per share

- FY2022: low CHF 608.30 per share, central CHF 874.24 per share, high CHF 1,022.56 per share

- FY2023: low CHF 554.84 per share, central CHF 805.13 per share, high CHF 944.72 per share

- FY2024: low CHF 457.36 per share, central CHF 519.12 per share, high CHF 601.33 per share

- FY2025: low CHF 736.89 per share, central CHF 1,048.15 per share, high CHF 1,229.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.