Pershing Square Holdings Ltd (PSH) fair value: what the stock is really worth
As of Oct 5, 2026: fair value of Pershing Square Holdings Ltd £73.52, price £36.92, upside +99.1%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range £21.70 – £50.23 · fair‑value band £51.91 – £138.57 · the £36.92 price screens below the £73.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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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.
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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.
Stock analysis
Pershing Square Holdings Ltd (PSH) currently trades at £36.92, while our model-based Fair Value estimate is £73.52, implying the stock looks roughly 49.8% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of £381.65 per share, and 6 of the 8 models we run sit above the £36.92 price.
Bear case: the Dividend Discount group reads lowest at £7.71, and 2 of the 8 models stay below the price. Evidence for this calculation is high.
Scenario range: £51.91 (bear) to £138.57 (bull), the price of £36.92 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap 6.6B GBX · P/E ratio 3.5 · P/S ratio 3.26 · EPS (TTM) £10.67 · Dividend yield 2.0% · Net margin 94.1% · Return on equity 18.0% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 99%, PSH screens cheaper than that median.
Fair Value models
Bear £51.91Fair Value £73.52Bull £138.57
Price £36.92 · Upside +99.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£7.57 per share) are deliberately not added.Bear ⓘ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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.17/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+122.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−6.6%
Start year 2020 (pandemic)
Revenue growth 12 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+19.5%
’13
’14
’19
’20
’21
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.8%
Dividend (yield on the price)2.0%
Pace: 5 vs 10 years ⓘ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.2.8% vs 71.8%, slowing
Profit margin 2020 to 2025 ⓘ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% → 95%
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 664 stocks
Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (TTM)18.0% · Top 25%
Return on assets9.9% · Top 25%
Net margin (TTM)72.7% · Top 25%
Operating margin (TTM)75.1% · Above median
Growth and dividend
Revenue growth19.5% · Above median
Dividend yield (TTM)2.0% · Below median
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Pershing Square Holdings Ltd (PSH) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of £73.52 versus a price of £36.92, about +99% upside (undervalued).
What is the fair value of PSH?
Our model-based fair value for Pershing Square Holdings Ltd is £73.52 (as of Oct 3, 2026), built from audited fundamentals. The current price: £36.92.
What is the quality score of PSH?
Pershing Square Holdings Ltd has a Quality Score of 67/100. 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 £73.52 (as of Oct 3, 2026) from 8 valuation models. Cautious scenario £51.91, optimistic scenario £138.57. 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 £73.52, about +99% upside versus a price of £36.92 (undervalued). Cautious scenario £51.91, optimistic scenario £138.57. 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 Oct 3, 2026).
Does Pershing Square Holdings Ltd pay a dividend?
Pershing Square Holdings Ltd currently shows a dividend yield of about 1.99% relative to its recent price (as of Oct 3, 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 £73.52 per share (as of Oct 3, 2026), against a price of £36.92. 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 Oct 3, 2026, PSH trades below its calculated fair value: price £36.92, fair value £73.52, a gap of about +99% (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 (£36.92); the fair value is what the company's own numbers justify (£73.52). For Pershing Square Holdings Ltd the two are £36.60 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 6.6B GBX (market capitalisation, as of Oct 3, 2026). Per share that is £36.92; our models calculate a fair value of £73.52 per share.
What do the bullish and bearish scenarios say about PSH?
Our models span a range for Pershing Square Holdings Ltd: cautious scenario £51.91, base £73.52, optimistic £138.57 per share (as of Oct 3, 2026, price £36.92). 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 Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £73.52 is built from several models across several years. Other multiples: P/B 0.6, P/S 2.5, EV/EBITDA 3.4.
How solid is the balance sheet of Pershing Square Holdings Ltd (PSH)?
Balance-sheet figures for Pershing Square Holdings Ltd (as of Oct 3, 2026): return on equity 18.0%, debt of 0.07 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is PSH from its 52-week high?
Pershing Square Holdings Ltd trades at £36.92, about 26% below its 52-week high of £50.23 and 2% above the low of £36.22 (as of Oct 5, 2026). Distance from the high says nothing about value: that is what the fair value of £73.52 is for.
Which stocks are comparable to Pershing Square Holdings Ltd?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, 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 Oct 3, 2026: price £36.92, calculated fair value £73.52 (+99%), Quality Score 67/100, 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 £73.52, 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 15.0 % above its aggregate fair value. Pershing Square Holdings Ltd currently trades 50 % 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 is it worth investing now.
What is the share price of Pershing Square Holdings Ltd (PSH)?
The closing price on Oct 5, 2026 was £36.92. Our model-based fair value is £73.52, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pershing Square Holdings Ltd right now?
The price is below even our cautious bear case (£51.91). The market is more pessimistic than our downside scenario. The model range is unusually wide (£51.91 to £138.57). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Pershing Square Holdings Ltd
How large is the market capitalisation of Pershing Square Holdings Ltd (PSH)?
The market capitalisation of Pershing Square Holdings Ltd is 6.6B GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pershing Square Holdings Ltd (PSH)?
The price-to-sales ratio of Pershing Square Holdings Ltd is 3.26 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pershing Square Holdings Ltd (PSH)?
Earnings per share at Pershing Square Holdings Ltd are £10.67 (price ÷ EPS = P/E 3.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pershing Square Holdings Ltd (PSH)?
The dividend yield of Pershing Square Holdings Ltd is 2.0% (payout 6.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Pershing Square Holdings Ltd (PSH)?
The net margin of Pershing Square Holdings Ltd is 94.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pershing Square Holdings Ltd (PSH)?
The return on equity (ROE) of Pershing Square Holdings Ltd is 18.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pershing Square Holdings Ltd (PSH)?
On an EBIT basis the return on assets of Pershing Square Holdings Ltd is 9.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pershing Square Holdings Ltd (PSH)?
The operating margin of Pershing Square Holdings Ltd is 75.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pershing Square Holdings Ltd (PSH)?
Revenue at Pershing Square Holdings Ltd is growing +19.5% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Pershing Square Holdings Ltd (PSH)?
Earnings per share at Pershing Square Holdings Ltd are growing +20.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Pershing Square Holdings Ltd (PSH) generate?
The free cash flow of Pershing Square Holdings Ltd is −$29.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Pershing Square Holdings Ltd (PSH) carry?
The net debt of Pershing Square Holdings Ltd is $2.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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