Pershing Square Holdings Ltd (PSH) fair value: what the stock is really worth
We calculate from audited financials what Pershing Square Holdings Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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A solid business, trading 52% below our fair value of £78.60.
As of Aug 30, 2026, the fair value of Pershing Square Holdings Ltd is £78.60 per share against a price of £37.56, so the fair value sits 109% above the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y −6.6 %/yr)
✓Highly profitable · 72.7% net margin
!Low debt · negative free cash flow
·1.96% dividend yield
✓Ranks above peers (12/13)
✓Wide moat 78/100
Evidence: HighRange £41.11 to £98.25
Fair value as of: Aug 30, 2026
From 8 valuation models · updated 12 days ago
Fair value updated Aug 30, 2026, revised from £78.48 to £78.60 (+0.2%) since Aug 27, 2026. Share price −4.0% over the past month.
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What matters now
The price is below even our cautious bear case (£41.11). The market is more pessimistic than our downside scenario.
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (£41.11 to £98.25) leaves room in how you read the outcome.
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range £21.70 – £50.23 · fair‑value band £41.11 – £98.25 · the £37.56 price screens below the £78.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Pershing Square Holdings Ltd (PSH) currently trades at £37.56, while our model-based Fair Value estimate is £78.60, implying the stock looks roughly 52.2% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of £504.99 per share, and 6 of the 8 models we run sit above the £37.56 price. Bear case: the Dividend Discount group reads lowest at £10.21, and 2 of the 8 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Pershing Square Holdings Ltd generated revenue of £3.5B at a net margin of 72.7%. Revenue grew 19.5% year over year. It earns a return on equity of 18.0%. Net debt stands at £2.5B. Fundamentals as of Aug 30, 2026
Scenario range: £41.11 (bear) to £98.25 (bull), the price of £37.56 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at 109%, PSH screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (£6.75 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
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Key figures & financial health
P/E ratio3.5
P/S ratio3.31P/E × margin
EPS (TTM)£10.67price ÷ EPS = P/E 3.5
Dividend yield2.0%payout 6.9%
Net margin94.1%FY2025
Return on equity18.0%TTM
More key figures
Profitability
Return on assets (EBIT)9.2%avg 5y
Operating margin75.1%TTM
Growth
Revenue (TTM)£3.5BTTM
Revenue growth (YoY)+19.5%
EPS growth (YoY)+20.0%
Balance sheet & cash flow
Free cash flow−29.7M GBXFY2025
Net debt2.5B GBXFY2025
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality66/100
Of which business quality 63
· Market factors (momentum, volatility) 43
Profitability53
Margins and returns on capital today
Quality Growth58
Are margins and returns improving?
Cashflow41
Earnings quality: real cash, not paper profit
Fin. Strength79
Balance sheet, leverage, solvency risk
Investment51
Disciplined investing over empire-building
Low Volatility89
Calm price path (market factor)
Momentum31
Price trend over the last 3–12 months (market factor)
52W Momentum11
Distance to the 52-week high (market factor)
Net Issuance100
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Pershing Square Holdings, Ltd. is a closed-ended balanced fund launched and managed by Pershing Square Capital Management, L.P. It invests in public equity and fixed income markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value stocks of companies.
Full company description
Pershing Square Holdings, Ltd. is a closed-ended balanced fund launched and managed by Pershing Square Capital Management, L.P. It invests in public equity and fixed income markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value stocks of companies. For its fixed income portion, the fund primarily invests in convertible securities and debt securities. It also invests through derivatives. The fund employs long/short strategy to create its portfolio. It benchmarks the performance of its portfolio against the S&P 500 Index and HFRX Global Hedge Fund Index. Pershing Square Holdings, Ltd. was formed on February 2, 2012 and is domiciled in Guernsey.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Pershing Square Holdings Ltd reported revenue of $2.7B in FY2025 versus $2.6B in FY2021, a compound +1.3%/yr. Reported net income was $2.5B in FY2025, compounding +0.9%/yr from FY2021.
Growth Quality 17/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£2.7B
Latest YoY
+122.7%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.6%
Avg. revenue growth/yr (12Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.5%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+4.8%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+2.8%
Dividend yield2.0%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 2.8% vs 10Y 71.8%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.96.3% (2020) → 95.4% (2025) · steady
Worst earnings drop4,583% (2016) (loss year, drop beyond 100%) · in GBP
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Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 38
FUTURE98· sector 19
PAST72· sector 22
HEALTH97· sector 95
DIVIDEND39· sector 78
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
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Is Pershing Square Holdings Ltd (PSH) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of £78.60 versus a price of £37.56, about +109% upside (undervalued).
What is the fair value of PSH?
Our model-based fair value for Pershing Square Holdings Ltd is £78.60 (as of Aug 30, 2026), built from audited fundamentals. The current price: £37.56.
What is the quality score of PSH?
Pershing Square Holdings Ltd has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pershing Square Holdings Ltd (PSH)?
Our model-based price target is the fair value of £78.60 (as of Aug 30, 2026) from 8 valuation models. Cautious scenario £41.11, optimistic scenario £98.25. It is a calculation from audited fundamentals, not an analyst target.
What is the Pershing Square Holdings Ltd stock forecast for 2026?
Our models put fair value at £78.60, about +109% upside versus a price of £37.56 (undervalued). Cautious scenario £41.11, optimistic scenario £98.25. The calculation is refreshed regularly with new filings.
What is the revenue of Pershing Square Holdings Ltd (PSH)?
Pershing Square Holdings Ltd reported trailing-twelve-month revenue of about £3.5B (latest available figure, as of Aug 30, 2026).
What is the net profit margin of PSH?
The net profit margin of Pershing Square Holdings Ltd is about 72.7%, meaning it keeps roughly 72.7% of revenue as net income. Based on the latest reported figures.
Does Pershing Square Holdings Ltd pay a dividend?
Pershing Square Holdings Ltd currently shows a dividend yield of about 1.96% relative to its recent price (as of Aug 30, 2026).
What is the intrinsic value of Pershing Square Holdings Ltd (PSH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pershing Square Holdings Ltd it is £78.60 per share (as of Aug 30, 2026), against a price of £37.56. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Pershing Square Holdings Ltd stock overvalued or undervalued in 2026?
As of Aug 30, 2026, PSH trades below its calculated fair value: price £37.56, fair value £78.60, a gap of about +109% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PSH?
No. The price is what the market pays today (£37.56); the fair value is what the company's own numbers justify (£78.60). For Pershing Square Holdings Ltd the two are £41.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pershing Square Holdings Ltd worth?
The market values Pershing Square Holdings Ltd at about 6.7B GBX (market capitalisation, as of Aug 30, 2026). Per share that is £37.56; our models calculate a fair value of £78.60 per share.
What do the bullish and bearish scenarios say about PSH?
Our models span a range for Pershing Square Holdings Ltd: cautious scenario £41.11, base £78.60, optimistic £98.25 per share (as of Aug 30, 2026, price £37.56). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PSH?
Pershing Square Holdings Ltd trades at a price-to-earnings ratio of 3.5 (as of Aug 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £78.60 is built from several models across several years. Other multiples: P/B 0.6, P/S 2.6, EV/EBITDA 3.5.
How solid is the balance sheet of Pershing Square Holdings Ltd (PSH)?
Balance-sheet figures for Pershing Square Holdings Ltd (as of Aug 30, 2026): return on equity 18.0%, debt of 0.07 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
Which stocks are comparable to Pershing Square Holdings Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Investor AB, Brookfield Corporation, KKR & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pershing Square Holdings Ltd stock attractive at the current price?
The data as of Aug 30, 2026: price £37.56, calculated fair value £78.60 (+109%), Quality Score 66/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PSH calculated?
We run Pershing Square Holdings Ltd through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £78.60, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Pershing Square Holdings Ltd currently trades 109 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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