# Prosus N.V. (PRX.AS)

Canonical: https://gigainvestors.com/s/PRX.AS

Analysis as of: 2026-10-16T07:33:44.767Z. Financial observations: FY2018–FY2026.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: EUR 35.95 per share; close as of 2026-10-15.

Estimated value: low EUR 83.05 per share, central EUR 93.77 per share, high EUR 108.05 per share. Buy at or below the central value EUR 93.77 per share. Valuation as of 2026-10-16T07:33:44.767Z; scenarios are not confidence intervals.

Expected annual return: 24.1% at the stated quote. About 24.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: fail

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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.75×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.27×

- FY2019: -0.16×

- FY2020: -0.18×

- FY2021: -0.19×

- FY2022: -0.13×

- FY2023: -0.23×

- FY2024: -0.10×

- FY2025: 0.03×

- FY2026: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -2.0%

- ROIC, second-lowest year: -3.5%

- Typical minus recent gross margin: -2.8 pp

- Typical gross margin (annual median): 39.7%

- Recent gross margin (lower of latest and 3-year median): 42.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 20.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -4.4%

- FY2019: -2.0%

- FY2020: -2.5%

- FY2021: -2.3%

- FY2022: -1.7%

- FY2023: -3.5%

- FY2024: -1.4%

- FY2025: 0.4%

- FY2026: 0.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $59B

- Net income, five-year total: $59B

- Return on incremental invested capital: 56.4%

- Working capital / revenue, annual change: 1.8 pp

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

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.01×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -2.5% vs 0.4%

- Per-share earnings: 0.48 to 5.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -24.3%

- Diluted shares, 5-year annual growth: -24.3%

- Per-share value growth: 49.3%

- Per-share value change: $4.83

- Per-share value, starting three-year median: $0.48

- Per-share value, ending three-year median: $5.31

- Buybacks concentrated in cheaper years (correlation): 0.77

- Average buyback yield: 5.4%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -2.5%

- ROIC, last three-year median: 0.4%

Chart: Earnings per share; fiscal year observations.

- FY2018: $1.27

- FY2019: $0.48

- FY2020: $0.42

- FY2021: $0.85

- FY2022: $2.58

- FY2023: $2.66

- FY2024: $1.86

- FY2025: $5.54

- FY2026: $5.31

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 12.6%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.14×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 35.9%

- FY2019: 13.5%

- FY2020: 11.1%

- FY2021: 13.1%

- FY2022: 27.1%

- FY2023: 15.7%

- FY2024: 9.0%

- FY2025: 14.4%

- FY2026: 12.6%

## Holders

## Price story

Down 40% since Sep 2025 · "Prosus (ENXTAM:PRX) Lowers EPS Outlook as Tencent Gains Highlight Shifting Profit Priorities" (finance.yahoo.com, Nov 2025) · sales +56.2%

Story as of 2026-10-16T09:59:57.614Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.6% a year for ten years

- 2025-05-08: Prosus expects annual e-commerce profit to beat $400 million guidance ([finance.yahoo.com](https://finance.yahoo.com/news/prosus-expects-annual-e-commerce-092606903.html))

- 2025-06-25: Tencent Shareholder Prosus Expects Profitability to Be Boosted by AI ([finance.yahoo.com](https://finance.yahoo.com/m/3c9c7d20-5e61-3707-9f96-cccd2054e30e/tencent-shareholder-prosus.html))

- 2025-08-20: Prosus says quarterly profit rises 54%, plans $2 billion in asset sales ([finance.yahoo.com](https://finance.yahoo.com/news/prosus-says-quarterly-profit-rises-152641088.html))

- 2025-11-20: Prosus (ENXTAM:PRX) Lowers EPS Outlook as Tencent Gains Highlight Shifting Profit Priorities ([finance.yahoo.com](https://finance.yahoo.com/news/prosus-enxtam-prx-lowers-eps-110957887.html))

### Sales · FY2025–2026

sales +56.2%; source https://filings.xbrl.org/635400Z5LQ5F9OLVT688/2024-03-31/ESEF/NL/0/635400Z5LQ5F9OLVT688-2024-03-31-en/reports/635400Z5LQ5F9OLVT688-2024-03-31-en.xhtml; observed 2024-07-04.

- FY2018: $2.3B 

- FY2019: $2.7B 

- FY2020: $3.3B 

- FY2021: $5.1B 

- FY2022: $6.9B 

- FY2023: $5.8B 

- FY2024: $5.5B 

- FY2025: $6.2B 

- FY2026: $9.6B 

### Gross margin · FY2026

gross margin 44.8%; source https://filings.xbrl.org/635400Z5LQ5F9OLVT688/2024-03-31/ESEF/NL/0/635400Z5LQ5F9OLVT688-2024-03-31-en/reports/635400Z5LQ5F9OLVT688-2024-03-31-en.xhtml; observed 2024-07-04.

- FY2018: 39.9% 

- FY2019: 39.7% 

- FY2020: 34.6% 

- FY2021: 32.5% 

- FY2022: 30.0% 

- FY2023: 28.7% 

- FY2024: 40.6% 

- FY2025: 42.5% 

- FY2026: 44.8% 

## Owner memo

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

### How it makes money

Operates in internet retail; annual sales are USD 9.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2026: revenue 9640315945; grossProfit 4321007146; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRX.AS: Prosus N.V. engages in the e-commerce and internet businesses in Asia, Europe, Latin America, North America, and internationally. It operates internet platforms, such as classifieds, payments and fintech, etail, food delivery, education technology, Etail, ventures, tencent, and other platforms. It also provides online food delivery service. The company was formerly known as Myriad International Holdings N.V. and changed its name to Prosus N.V. Prosus N.V. was incorporated in 1994 and is headquartered in Amsterdam, the Netherlands.

### Why customers stay

Margins ranged from 40.6% to 44.8% during 2024–26; it lost 2% on its capital.

- Source: https://filings.xbrl.org/635400Z5LQ5F9OLVT688/2024-03-31/ESEF/NL/0/635400Z5LQ5F9OLVT688-2024-03-31-en/reports/635400Z5LQ5F9OLVT688-2024-03-31-en.xhtml (filed 2024-07-04); FY2024: grossProfit / revenue = 40.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2025: grossProfit / revenue = 42.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2026: grossProfit / revenue = 44.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); 9-year return on capital observations [[2018,-0.04351401808361668],[2019,-0.020172400550902154],[2020,-0.02536884407171322],[2021,-0.022626112759643918],[2022,-0.01724292417271315],[2023,-0.0345408813741364],[2024,-0.01419923774496425],[2025,0.0035952793822129235],[2026,0.005570906228687508]]; median -0.020172400550902154. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back USD 7.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2018: growth capex 0; upkeep 73000000; owner earnings 11533000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2019: growth capex 0; upkeep 106000000; owner earnings 4323400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2020: growth capex 0; upkeep 101000000; owner earnings 3807800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2021: growth capex 0; upkeep 105000000; owner earnings 7529600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2022: growth capex 74000000; upkeep 168000000; owner earnings 18680400000. Growth capex / owner earnings = 0.00396137127684632.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2023: growth capex 0; upkeep 263000000; owner earnings 9977200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/635400Z5LQ5F9OLVT688/2024-03-31/ESEF/NL/0/635400Z5LQ5F9OLVT688-2024-03-31-en/reports/635400Z5LQ5F9OLVT688-2024-03-31-en.xhtml (filed 2024-07-04); FY2024: growth capex 0; upkeep 67000000; owner earnings 6674800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2025: growth capex 0; upkeep 106000000; owner earnings 12372000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2026: growth capex 0; upkeep 97346827; owner earnings 11531065877. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); Dividend observations: [[2018,987000000],[2019,214000000],[2020,215000000],[2021,214000000],[2022,238000000],[2023,191000000],[2024,199000000],[2025,268000000],[2026,504614167]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); FY2026: cash repurchases 7360612174 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRX.AS SharesStats.PercentInsiders = 0.852 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-07-04); Ten-year compound average after fade. Initial solved rate -0.18807079949998834. Price 35.95; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-09: EUR 30.90 per share

- 2019-10: EUR 28.37 per share

- 2019-11: EUR 28.39 per share

- 2019-12: EUR 30.52 per share

- 2020-01: EUR 29.93 per share

- 2020-02: EUR 29.21 per share

- 2020-03: EUR 28.97 per share

- 2020-04: EUR 31.74 per share

- 2020-05: EUR 34.23 per share

- 2020-06: EUR 37.96 per share

- 2020-07: EUR 37.67 per share

- 2020-08: EUR 38.47 per share

- 2020-09: EUR 36.11 per share

- 2020-10: EUR 39.36 per share

- 2020-11: EUR 41.68 per share

- 2020-12: EUR 40.54 per share

- 2021-01: EUR 43.96 per share

- 2021-02: EUR 44.99 per share

- 2021-03: EUR 43.49 per share

- 2021-04: EUR 41.40 per share

- 2021-05: EUR 38.96 per share

- 2021-06: EUR 37.84 per share

- 2021-07: EUR 34.34 per share

- 2021-08: EUR 34.36 per share

- 2021-09: EUR 31.65 per share

- 2021-10: EUR 34.97 per share

- 2021-11: EUR 32.54 per share

- 2021-12: EUR 33.74 per share

- 2022-01: EUR 33.69 per share

- 2022-02: EUR 25.43 per share

- 2022-03: EUR 22.29 per share

- 2022-04: EUR 21.38 per share

- 2022-05: EUR 22.15 per share

- 2022-06: EUR 28.67 per share

- 2022-07: EUR 29.18 per share

- 2022-08: EUR 28.33 per share

- 2022-09: EUR 24.76 per share

- 2022-10: EUR 20.21 per share

- 2022-11: EUR 28.67 per share

- 2022-12: EUR 29.57 per share

- 2023-01: EUR 33.87 per share

- 2023-02: EUR 31.16 per share

- 2023-03: EUR 33.01 per share

- 2023-04: EUR 31.14 per share

- 2023-05: EUR 28.25 per share

- 2023-06: EUR 30.79 per share

- 2023-07: EUR 33.05 per share

- 2023-08: EUR 29.26 per share

- 2023-09: EUR 27.92 per share

- 2023-10: EUR 26.43 per share

- 2023-11: EUR 30.40 per share

- 2023-12: EUR 26.99 per share

- 2024-01: EUR 27.53 per share

- 2024-02: EUR 26.99 per share

- 2024-03: EUR 29.08 per share

- 2024-04: EUR 31.51 per share

- 2024-05: EUR 33.38 per share

- 2024-06: EUR 33.26 per share

- 2024-07: EUR 32.12 per share

- 2024-08: EUR 33.53 per share

- 2024-09: EUR 39.26 per share

- 2024-10: EUR 38.75 per share

- 2024-11: EUR 38.55 per share

- 2024-12: EUR 38.35 per share

- 2025-01: EUR 36.98 per share

- 2025-02: EUR 41.99 per share

- 2025-03: EUR 42.58 per share

- 2025-04: EUR 40.93 per share

- 2025-05: EUR 45.20 per share

- 2025-06: EUR 47.47 per share

- 2025-07: EUR 50.24 per share

- 2025-08: EUR 52.81 per share

- 2025-09: EUR 59.94 per share

- 2025-10: EUR 59.93 per share

- 2025-11: EUR 54.26 per share

- 2025-12: EUR 52.85 per share

- 2026-01: EUR 48.46 per share

- 2026-02: EUR 43.51 per share

- 2026-03: EUR 38.98 per share

- 2026-04: EUR 41.07 per share

- 2026-05: EUR 39.02 per share

- 2026-06: EUR 37.99 per share

- 2026-07: EUR 39.97 per share

- 2026-08: EUR 38.33 per share

- 2026-09: EUR 35.52 per share

- 2026-10: EUR 35.90 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 16.66 per share, central EUR 18.73 per share, high EUR 21.49 per share

- FY2023: low EUR 28.89 per share, central EUR 32.21 per share, high EUR 36.62 per share

- FY2024: low EUR 26.86 per share, central EUR 29.90 per share, high EUR 33.96 per share

- FY2025: low EUR 54.12 per share, central EUR 60.55 per share, high EUR 69.10 per share

- FY2026: low EUR 79.79 per share, central EUR 90.09 per share, high EUR 103.81 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

Prior published observations retained from 2026-10-15T06:39:30.073Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/635400Z5LQ5F9OLVT688/2024-03-31/ESEF/NL/0/635400Z5LQ5F9OLVT688-2024-03-31-en/reports/635400Z5LQ5F9OLVT688-2024-03-31-en.xhtml); period 2024-03-31, filed 2024-07-04.

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.