Partners Group Holding AG (PGHN) AI Stock Analysis

• Market Cap: CHF25.93B
• Dividend Yield: 4.3%
• Average Volume (3M): 51.21K
• Price to Earnings (P/E): 21.2
• Beta (1Y): 1.24
• Revenue Growth: 23.34%
• EPS Growth: 24.97%
• Country: CH
• Employees: 1,775
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 22.13
• Shares Outstanding: 26,700,000
• 10 Day Avg. Volume: 57,031
• 30 Day Avg. Volume: 51,214
• PEG Ratio: 2.33
• Price to Book (P/B): 13.24
• Price to Sales (P/S): 15.06
• P/FCF Ratio: 40.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF1,256.40
• Price Target Upside: 28.52% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: CHF1,151.00 ▲(17.74% Upside)

Partners Group Holding AG's overall stock score reflects its strong financial performance and positive earnings call outlook, despite technical indicators suggesting bearish momentum. The company's moderate valuation and attractive dividend yield add to its appeal, though increasing debt levels and external challenges like supply chain disruptions and regulatory hurdles need careful monitoring.

Positive Factors

Cash generation

Material FCF growth indicates robust cash conversion from operations, supporting durable capital deployment for new investments, reinvestment in distribution and talent, and steady shareholder returns. Strong cash generation underpins resilience across market cycles and funds growth initiatives.

High margins

Very high gross and net margins reflect a scalable, fee-oriented business model with strong operating leverage. Durable margin structure allows the firm to absorb cost pressures, support profitability through market cycles, and sustain high returns to investors and shareholders over the medium term.

Efficient use of equity & diversified private markets expertise

Exceptionally high ROE signals efficient capital deployment. Combined with a diversified private markets platform (PE, real estate, debt, infrastructure) and global footprint, this fosters durable competitive advantages in deal sourcing, value creation and client retention across economic cycles.

Negative Factors

Rising leverage

Moderate but rising leverage reduces financial flexibility and increases interest and refinancing risk, which can constrain capital allocation to new fund initiatives or distributions. In a higher-rate environment, elevated debt levels can pressure net returns and strategic options over months.

Regulatory hurdles

Ongoing regulatory challenges increase compliance costs and can delay market entry or fundraising in key jurisdictions. Over time this can slow AUM growth, raise operating expenses and complicate cross-border product distribution, limiting scalable expansion plans.

Revenue sensitivity to AUM

A business model concentrated on fees linked to AUM means revenue and profitability are exposed to fundraising cycles, market valuations and potential redemptions. This structural dependence can produce oscillating fee income and pressure margins if AUM growth stalls or reverses.

Partners Group Holding AG Business Overview & Revenue Model

Company Description

Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, and private debt. 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. For direct private equity investments, the firm invests directly into healthcare, consumer, media & telecommunications, education, information technology, industrials, infrastructure/energy & utilities, financial and business services and real estate operating companies. 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, mezzanine financing, alongside secondaries and primaries, and also participates in add on acquisitions. It seeks to invest in middle market 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 seems to invest between 500,000 ($685,010) and 100 million ($137 million) in equity investment in companies with enterprise value between 100 million ($137 million) to 2 billion ($2740 million). The firm is a value-add investor targeting majority and minority stake in its investee companies. While investing in funds, it invests in venture capital, mezzanine, private equity, real estate, distressed, turnaround, and secondary funds. Partners Group Holding AG was founded in 1996 and is based in Baar, Switzerland with additional offices across North America, South America, Europe, Australia, and Asia.

How the Company Makes Money

Partners Group generates revenue primarily through management fees and performance fees from its investment funds. Management fees are typically charged as a percentage of assets under management (AUM) and are earned for providing investment management services, including sourcing, structuring, and managing investments. Performance fees, often referred to as carried interest, are earned when the funds achieve returns above a predetermined threshold, incentivizing the firm to maximize investment performance. Key revenue streams also include advisory services and co-investment opportunities, where Partners Group collaborates with other investors to share risks and returns. The firm benefits from its extensive global network and strategic partnerships, which enhance its investment capabilities and access to attractive deals, ultimately contributing to its earnings.

Partners Group Holding AG Financial Statement Overview

Summary

Partners Group Holding AG displays solid financial health with strong profitability, efficient cash flow management, and a stable balance sheet. While profitability and cash flow indicators are impressive, increasing debt levels warrant close monitoring. The company is well-positioned in the asset management industry, reflecting a balance of growth and stability.

Income Statement

Partners Group Holding AG has demonstrated strong profitability with a high Gross Profit Margin of approximately 80.8% for 2024. The Net Profit Margin is also robust at around 55.8%. Revenue growth from 2023 to 2024 is approximately 3.96%, indicating steady growth in an industry where stable income is crucial. However, the absence of EBIT data in the latest report is a limitation, although EBITDA Margin is strong at approximately 71.6%.

Balance Sheet

The company's balance sheet shows a reasonable Debt-to-Equity Ratio of about 0.89, indicating moderate leverage. The Return on Equity (ROE) is strong at approximately 46.7%, reflecting efficient use of equity to generate profits. The Equity Ratio is 42.5%, showing a healthy balance of equity and total assets. The increase in total debt over recent years is a potential risk factor.

Cash Flow

The Free Cash Flow Growth Rate from 2023 to 2024 is a significant 48.33%, showcasing strong cash generation capabilities. The Operating Cash Flow to Net Income Ratio is approximately 0.83, reflecting solid cash conversion. The Free Cash Flow to Net Income Ratio is about 0.70, indicating efficient conversion of net income to cash. Overall, cash flow metrics are strong, bolstering the company's financial health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.31B	2.12B	1.94B	1.87B	2.62B	1.41B
Gross Profit	1.58B	1.46B	1.34B	1.27B	1.76B	977.40M
EBITDA	1.43B	1.32B	1.20B	1.14B	1.66B	895.10M
Net Income	1.20B	1.13B	1.00B	1.00B	1.46B	804.80M
Balance Sheet
Total Assets	6.19B	5.68B	4.80B	4.58B	4.83B	4.03B
Cash, Cash Equivalents and Short-Term Investments	273.60M	288.90M	281.00M	779.50M	910.70M	1.23B
Total Debt	3.04B	2.14B	1.48B	1.15B	859.90M	865.80M
Total Liabilities	4.51B	3.27B	2.38B	2.16B	1.93B	1.76B
Stockholders Equity	1.68B	2.41B	2.43B	2.42B	2.90B	2.27B
Cash Flow
Free Cash Flow	448.65M	792.80M	534.40M	968.80M	639.70M	1.12B
Operating Cash Flow	516.85M	933.90M	643.10M	1.06B	695.90M	1.15B
Investing Cash Flow	-320.40M	-279.00M	-450.80M	-74.10M	-24.60M	-10.50M
Financing Cash Flow	-324.50M	-653.10M	-676.70M	-1.15B	-969.30M	-827.50M

Partners Group Holding AG Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 977.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PGHN, the sentiment is Negative. The current price of 977.6 is below the 20-day moving average (MA) of 1048.25, below the 50-day MA of 991.37, and below the 200-day MA of 1040.14, indicating a bearish trend. The MACD of 10.03 indicates Positive momentum. The RSI at 37.79 is Neutral, neither overbought nor oversold. The STOCH value of 14.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:PGHN.

Partners Group Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VONN	66 Neutral	CHF3.70B	14.98	11.11%	4.66%	3.80%	15.49%
PGHN	66 Neutral	CHF25.93B	21.17	―	4.30%	23.34%	24.97%
BAER	66 Neutral	CHF13.79B	15.94	―	4.14%	1.02%	131.90%
EFGN	63 Neutral	$5.86B	16.45	19.05%	3.15%	-0.27%	21.41%
VZN	63 Neutral	CHF5.82B	25.79	22.69%	1.82%	8.15%	12.24%
GAM	41 Neutral	CHF131.27M	-1.80	-128.43%	―	-60.15%	68.65%

Partners Group Holding AG Corporate Events

BlackRock and Partners Group Unveil Private Markets SMA for Wealth Platforms

BlackRock and Partners Group have jointly launched a first-of-its-kind multi-alternatives separately managed account (SMA) aimed at wealth platforms, initially available on the Morgan Stanley wealth platform. The solution bundles three outcome-oriented SMA strategies—income-focused, balanced, and growth—into a single account that provides diversified exposure to private equity, private credit, and real assets via seven underlying evergreen private market funds managed by BlackRock, HPS and Partners Group. By streamlining documentation and portfolio construction, the partners seek to lower operational barriers for financial advisors, who have historically been under-allocated to private markets despite rising client demand and evidence that integrating private assets can enhance risk-adjusted returns. The launch deepens the strategic partnership between BlackRock and Partners Group and positions both firms to capture growing flows from high- and ultra-high-net-worth investors seeking more sophisticated, holistic portfolios with greater private markets access.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1260.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Launches Dedicated Special Opportunities Strategy Under New Global Head

Partners Group has formally launched a dedicated special opportunities strategy as a standalone program alongside its existing private equity, infrastructure, private credit, real estate and royalties offerings, reflecting the firm’s effort to broaden its multi-strategy private markets platform. The new strategy will target flexible capital solutions across corporate assets, real assets and other liquidity-driven situations globally, such as structured liquidity for founder-led or growth businesses, investments in high-quality assets with constrained balance sheets, and liquidity solutions where traditional capital is unavailable; it will be led by new Partner Joshua Hartz, who joins from Bain Capital to build an integrated global team in the US, Europe and Asia, positioning Partners Group to capture what it sees as a growing pipeline of special opportunities created by economic transformation, macro uncertainty and tightening conventional financing, and to offer clients a distinctive risk/return profile with shorter duration, downside protection and upside potential.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1195.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Defies Private Markets Slowdown With 21% AuM Growth and Strong 2025 Exits

Partners Group reported robust 2025 results, growing assets under management by 21% to USD 185 billion on the back of USD 30.2 billion in gross new assets, including a USD 4 billion contribution from the acquisition of Empira Group. The firm attracted USD 26.2 billion in new client demand, with bespoke mandates and evergreen products accounting for the bulk of fundraising, and deepened its distribution reach through a string of joint ventures with major financial institutions including Deutsche Bank, PGIM, Generali Investments, and others. Investment activity rose to USD 27 billion, focused on resilient opportunities such as Indian non-bank lender Infinity Fincorp Solutions, US mobile power provider Life Cycle Power, and high-profile royalties including a vehicle backing The Weeknd’s catalogue, while realizations surged 47% to USD 26 billion, underpinned by strong exits like the sale of PCI Pharma Services at a premium to recent valuations. By defying broader private markets headwinds in fundraising and deal flow, Partners Group has reinforced its competitive position and signaled confidence in continued growth, guiding to USD 26–32 billion in gross new client demand for 2026 despite ongoing market uncertainty.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1310.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Schedules 2025 Business Update and 2026 Outlook Briefing

Partners Group has announced that it will present a comprehensive Business Update for 2025 and provide an Outlook for 2026 during a webcast and conference call on 14 January 2026, hosted by Chief Executive Officer David Layton and other senior executives. The company will issue a press release with key highlights ahead of the call, circulate the presentation to registered participants shortly before the event, and subsequently publish its full-year 2025 financial results and report on 10 March 2026, setting the timetable for investors and other stakeholders to assess its latest assets under management figures and strategic developments.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1190.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Exits Australian Wind Portfolio With Sale of Ararat Wind Farm Stake to Iberdrola

Partners Group, acting on behalf of its clients, has agreed alongside OPTrust to sell its ownership stake in the 242 MW Ararat Wind Farm in Victoria, Australia, to Iberdrola, completing a full exit from its Australian wind portfolio. The firm led Ararat from late-stage development through construction to full operations, building one of Australia’s largest wind farms, which comprises 75 turbines, supplies power to roughly 120,000 households, and benefits from long-term power purchase agreements that underpin predictable revenues; this divestment follows the 2022 sale of CWP Renewables and associated wind assets, underscoring Partners Group’s strategy of building scale renewable infrastructure platforms and realizing value for investors as its infrastructure business, with USD 31 billion in assets under management, continues to recycle capital globally.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1125.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Buys Barcelona’s Hoxton Poblenou to Expand Hospitality Platform

Partners Group has expanded its global hospitality real estate portfolio with the acquisition of The Hoxton Poblenou, a 240-room, four-star lifestyle hotel in Barcelona’s 22@ innovation district, bought from Norlake Hospitality alongside Trinity Investments and another investor. The asset, branded under Accor’s Ennismore lifestyle division, is positioned to benefit from Barcelona’s robust tourism and business travel, constrained new hotel supply, and tighter rules on private rentals, with Partners Group and its partners planning a value creation program centered on boosting group bookings and enhancing food and beverage operations. The deal, part of Partners Group’s USD 1 billion hospitality strategy and its fourth collaboration with Trinity since 2023, underscores the firm’s push to deepen its vertically integrated hotel platform following prior high-profile acquisitions such as The Standard Hotel in London, and signals continued confidence in hospitality assets in tightly regulated, high-demand urban markets.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1125.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Supports The Weeknd with Innovative Royalties Strategy

Partners Group, through its royalties strategy, has supported global music icon The Weeknd by providing a Royalty Backed Note (RBN) to help transfer his complete back catalogue into a vehicle co-owned with Lyric Capital. This strategic move enables The Weeknd to retain creative freedom over his publishing and masters’ rights while monetizing his work. This collaboration exemplifies Partners Group’s broader effort to invest in high-quality royalty assets across various sectors, including music, and highlights the firm’s ability to align with and support prominent creators, solidifying its position in the royalties investment market.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1125.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Announces 2025 AuM and Upcoming Business Update

Partners Group has announced its Assets under Management (AuM) as of December 31, 2025, and is set to present its Business Update for 2025 and Outlook for 2026 on January 14, 2026. This announcement is significant as it provides insights into the company’s operational performance and strategic direction, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (CH:PGHN) stock is a Buy with a CHF1125.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Esentia Energy Development Prices IPO on Mexican Stock Exchange

Esentia Energy Development, a portfolio company of Partners Group, has successfully priced its IPO at MXN 45 per share, listing on the Mexican Stock Exchange under the ticker ‘ESENTIA’. This marks a significant milestone as it is one of the first IPOs in Mexico with international distribution since 2018, and the largest in Latin America for 2025. Esentia, a leading operator of natural gas infrastructure in Mexico, plans to use the IPO proceeds for growth initiatives and debt repayment. The company benefits from strong demand for natural gas driven by Mexico’s rising electricity needs and a shift towards more efficient power plants. Partners Group, having invested in Esentia since 2014, has played a crucial role in transforming it into a major pipeline operator, with Esentia now transporting 16% of Mexico’s daily natural gas demand.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1036.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.

Partners Group Strengthens Technology Focus with Key Appointment

Partners Group has appointed Nicholas Smith Wang as Partner and Co-Head of its Private Equity Technology Vertical, a move that underscores the firm’s commitment to expanding its presence in the technology sector. With a strong track record in technology investments, Partners Group aims to capitalize on emerging opportunities in the tech landscape, enhancing its industry positioning and potentially delivering significant returns for stakeholders.

The most recent analyst rating on (CH:PGHN) stock is a Hold with a CHF1036.00 price target. To see the full list of analyst forecasts on Partners Group Holding AG stock, see the CH:PGHN Stock Forecast page.