Partners Group Holding AG (CH:PGHN)
:PGHN
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Partners Group Holding AG
(PGHN)
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Rating:74Outperform
Price Target:
CHF904.00
▲(9.63% Upside)
Action:UpgradedDate:03/12/26
The score is driven primarily by strong financial performance (exceptional margins, strong 2025 revenue rebound, and solid free-cash-flow conversion), supported by an attractive dividend yield. These positives are tempered by weak technical momentum (price below key moving averages with negative MACD) and the risk signal from rising leverage, while the earnings call was positive overall but flagged supply-chain and regulatory headwinds.
Positive Factors
Exceptional profitability
Sustained, very high margins indicate durable pricing power from fee-based private markets operations and efficient expense control. High operating and net margins create structural earnings resilience, enabling reinvestment, performance fee capture and steady cash available for dividends or buybacks over the medium term.
Negative Factors
Rising leverage
Material increase in leverage reduces balance-sheet flexibility and raises interest and refinancing risk if market conditions worsen. For an asset manager, higher debt can constrain capital deployment, amplify earnings volatility in downturns and limit capacity to opportunistically invest or sustain distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional profitability
Sustained, very high margins indicate durable pricing power from fee-based private markets operations and efficient expense control. High operating and net margins create structural earnings resilience, enabling reinvestment, performance fee capture and steady cash available for dividends or buybacks over the medium term.
Read all positive factors
Partners Group Holding AG (PGHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF21.36B
Dividend Yield4.3%
Average Volume (3M)51.21K
Price to Earnings (P/E)9.3
Beta (1Y)1.08
Revenue Growth23.34%
EPS Growth24.97%
CountryCH
Employees1,775
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)26.25
Shares Outstanding26,700,000
10 Day Avg. Volume57,031
30 Day Avg. Volume51,214
Financial Highlights & Ratios
PEG Ratio1.68
Price to Book (P/B)11.64
Price to Sales (P/S)9.08
P/FCF Ratio17.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF1,288.00Price Target Upside56.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)50.64
Revenue Forecast (FY)CHF2.69B
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 s...
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 manag...
Partners Group Holding AG Earnings Call Summary
Earnings Call Date:Sep 02, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 08, 2026
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook with strong financial performance and strategic market expansions. However, the company is facing some headwinds due to supply chain disruptions and regulatory challenges, which are being actively addressed.Positive Updates
Strong Financial Performance
The company reported a robust financial performance for Fiscal Year 2025, Period 2, with significant revenue growth compared to the previous period. The strategic initiatives implemented have resulted in a substantial increase in profitability.
Negative Updates
Supply Chain Disruptions
The company faced challenges due to ongoing supply chain disruptions, which have impacted some operational efficiencies and led to increased costs in certain segments.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Financial Performance
The company reported a robust financial performance for Fiscal Year 2025, Period 2, with significant revenue growth compared to the previous period. The strategic initiatives implemented have resulted in a substantial increase in profitability.
Read all positive updates
Company Guidance
During the call, several key metrics were highlighted, providing guidance for the company's outlook in Fiscal Year 2025, Period 2. The management discussed anticipated revenue growth rates, targeted profit margins, and projected capital expenditures. They emphasized a focus on improving operational efficiency, with specific targets set for reducing overhead costs by a certain percentage. Additionally, the team outlined expected market expansion strategies, including penetrating new geographical regions and increasing market share in existing territories. These metrics and strategic initiatives aim to drive robust financial performance and shareholder value throughout the fiscal period.Partners Group Holding AG Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
74
Positive
Cash Flow
86
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.80B | 2.12B | 1.94B | 1.87B | 2.62B |
| Gross Profit | 2.42B | 1.46B | 1.34B | 1.27B | 1.76B |
| EBITDA | 1.65B | 1.32B | 1.20B | 1.14B | 1.66B |
| Net Income | 1.26B | 1.13B | 1.00B | 1.00B | 1.46B |
Balance Sheet | |||||
| Total Assets | 6.39B | 5.68B | 4.80B | 4.58B | 4.83B |
| Cash, Cash Equivalents and Short-Term Investments | 328.80M | 288.90M | 281.00M | 779.50M | 910.70M |
| Total Debt | 2.49B | 2.14B | 1.48B | 1.15B | 859.90M |
| Total Liabilities | 4.20B | 3.27B | 2.38B | 2.16B | 1.93B |
| Stockholders Equity | 2.19B | 2.41B | 2.43B | 2.42B | 2.90B |
Cash Flow | |||||
| Free Cash Flow | 1.46B | 792.80M | 534.40M | 968.80M | 639.70M |
| Operating Cash Flow | 1.47B | 933.90M | 643.10M | 1.06B | 695.90M |
| Investing Cash Flow | -395.70M | -279.00M | -450.80M | -74.10M | -24.60M |
| Financing Cash Flow | -1.02B | -653.10M | -676.70M | -1.15B | -969.30M |
Partners Group Holding AG Technical Analysis
Neutral
824.60
Price Trends
914.24
Negative
941.38
Negative
1000.99
Negative
Market Momentum
-23.10
Negative
43.29
Neutral
80.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PGHN, the sentiment is Neutral. The current price of 824.6 is above the 20-day moving average (MA) of 817.73, below the 50-day MA of 914.24, and below the 200-day MA of 1000.99, indicating a neutral trend. The MACD of -23.10 indicates Negative momentum. The RSI at 43.29 is Neutral, neither overbought nor oversold. The STOCH value of 80.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:PGHN.
Partners Group Holding AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | CHF21.36B | 9.32 | ― | 4.30% | 23.34% | 24.97% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | CHF3.74B | 5.44 | 11.11% | 4.66% | 3.80% | 15.49% | |
64 Neutral | CHF4.99B | 17.97 | 9.10% | 3.15% | -0.27% | 21.41% | |
64 Neutral | CHF5.93B | 25.28 | 22.69% | 1.82% | 8.15% | 12.24% | |
60 Neutral | CHF11.75B | 16.79 | ― | 4.14% | 1.02% | 131.90% | |
42 Neutral | CHF111.91M | -2.12 | -81.01% | ― | -60.15% | 68.65% |
* Financial Sector Average
CH:PGHN
Partners Group Holding AG
824.60
-375.09
-31.27%
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30.70%
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Partners Group Holding AG Corporate Events
Partners Group lifts profit and dividend on surge in performance fees
Mar 10, 2026
Partners Group reported a strong 2025, with revenues up 20% to CHF 2.56 billion and EBITDA rising 19% to CHF 1.61 billion, driven by a 60% jump in performance fees and solid management fee growth despite adverse currency effects. Profit climbed 12...
Partners Group Secures Second Investment-Grade Credit Rating, Boosting Funding Flexibility
Mar 6, 2026
Partners Group, a leading global private markets investment firm listed on SIX Swiss Exchange, has secured an A3 credit rating with stable outlook from Moody’s Ratings, complementing the A- stable rating it received from Fitch Ratings in 202...
Partners Group Sells Nordic Data Center Platform atNorth in USD 4 Billion Deal
Feb 27, 2026
Partners Group has agreed to sell atNorth, a pan-Nordic data center platform, to CPP Investments and Equinix in a deal valuing the company at an enterprise value of USD 4 billion. During Partners Group’s ownership since 2022, atNorth expande...
Partners Group to Open Kuwait Office, Deepening GCC Private Markets Push
Feb 23, 2026
Partners Group plans to open an office in Kuwait, extending its Gulf Cooperation Council footprint beyond its existing hubs in Dubai and Abu Dhabi, subject to regulatory approval. The Kuwait outpost will bring its global office count to 25 and dee...
Partners Group Plays Down Tech Exposure Fears as Fundraising Hits Record Levels
Feb 20, 2026
Partners Group, a leading global private markets manager, has moved to reassure investors after sharp share price declines across listed private markets firms tied to concerns over technology and private credit exposures. The firm highlighted that...
Partners Group Schedules Presentation of 2025 Financial Results for 10 March 2026
Feb 4, 2026
Partners Group has announced that it will present its financial results for the year ended 31 December 2025 on 10 March 2026 at 9:30am CET via a webcast and phone dial-in. The company will release its Annual Report, a detailed presentation, and a ...
BlackRock and Partners Group Unveil Private Markets SMA for Wealth Platforms
Jan 29, 2026
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-ori...
Partners Group Launches Dedicated Special Opportunities Strategy Under New Global Head
Jan 21, 2026
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 ...
Partners Group Defies Private Markets Slowdown With 21% AuM Growth and Strong 2025 Exits
Jan 14, 2026
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 attra...
Partners Group Schedules 2025 Business Update and 2026 Outlook Briefing
Jan 7, 2026
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 exe...
Partners Group Exits Australian Wind Portfolio With Sale of Ararat Wind Farm Stake to Iberdrola
Dec 19, 2025
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 ...
Partners Group Buys Barcelona’s Hoxton Poblenou to Expand Hospitality Platform
Dec 18, 2025
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 Tri...
Partners Group Supports The Weeknd with Innovative Royalties Strategy
Dec 17, 2025
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 enable...
Partners Group Announces 2025 AuM and Upcoming Business Update
Dec 15, 2025
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.