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Partners Group Holding AG
(PGHN)
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Rating:79Outperform
Price Target:
CHF826.00
▲(22.01% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial performance (high profitability and strong 2025 revenue/cash-flow rebound), supported by favorable valuation (moderate P/E and high dividend yield). These positives are tempered by a mixed technical picture (below longer-term moving averages) and the key fundamental risk of rising leverage.
Positive Factors
Revenue Recovery
The strong 2025 revenue rebound indicates renewed growth in the private-markets platform after modest growth in 2023–2024. Sustained fundraising, client retention and deployment could support recurring management fees over the next several quarters.
Negative Factors
Rising Leverage
The sharp increase in debt-to-equity reduces balance-sheet flexibility compared with prior years. Higher leverage can increase sensitivity to earnings volatility and constrain the company’s ability to withstand prolonged fundraising or realization weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
The strong 2025 revenue rebound indicates renewed growth in the private-markets platform after modest growth in 2023–2024. Sustained fundraising, client retention and deployment could support recurring management fees over the next several quarters.
Read all positive factors
Partners Group Holding AG (PGHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF18.42B
Dividend Yield6.39%
Average Volume (3M)51.21K
Price to Earnings (P/E)14.8
Beta (1Y)1.10
Revenue Growth18.00%
EPS Growth12.05%
CountryCH
Employees2,027
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)48.58
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
CHF785.71Price Target Upside16.06% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)42.83
Revenue Forecast (FY)CHF2.37B
Partners Group Holding AG Business Overview & Revenue Model
Company Description
Partners Group Holding AG is a leading global investment manager concentrating its efforts in the private markets. The firm actively engages in direct investments, acquiring existing stakes (secondaries), and making primary commitments to new fund...
How the Company Makes Money
Partners Group primarily makes money by earning management fees for managing client assets and performance-based fees when investment returns exceed agreed hurdles or benchmarks. Its core revenue streams typically include: (1) recurring management...
Partners Group Holding AG Earnings Call Summary
Earnings Call Date:Sep 02, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 01, 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
Negative
677.00
Price Trends
690.78
Positive
757.78
Negative
827.82
Negative
Market Momentum
8.56
Negative
51.36
Neutral
22.46
Neutral
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 677 is below the 20-day moving average (MA) of 704.39, below the 50-day MA of 690.78, and below the 200-day MA of 827.82, indicating a neutral trend. The MACD of 8.56 indicates Negative momentum. The RSI at 51.36 is Neutral, neither overbought nor oversold. The STOCH value of 22.46 is Neutral, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | CHF4.99B | 13.11 | 9.43% | 3.74% | 11.49% | 51.27% | |
79 Outperform | CHF18.42B | 14.83 | ― | 6.79% | 18.00% | 12.05% | |
76 Outperform | CHF5.79B | 15.57 | ― | 1.82% | 3.78% | 17.30% | |
67 Neutral | CHF15.41B | 13.40 | ― | 3.68% | -0.29% | 31.63% | |
66 Neutral | CHF5.11B | 17.89 | 12.14% | 4.07% | -0.85% | -25.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | CHF87.59M | -1.47 | -150.51% | ― | -35.48% | 20.77% |
* General Sector Average
CH:PGHN
Partners Group Holding AG
720.20
-336.86
-31.87%
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Partners Group Holding AG Corporate Events
Partners Group’s Emeria Launches Agentic AI Program to Boost Margins in Property Management
Aug 19, 2026
Emeria, the European residential property manager owned by Partners Group, is rolling out an agentic AI program across its platform as it pursues a strategy to become an AI-first real estate operating business. Building on proprietary software, un...
Partners Group Wins USD 1 Billion Asian Private Credit Mandate Amid Rising Regional Demand
Aug 17, 2026
Partners Group, a major global private markets manager with a strong Asian footprint and over USD 40 billion in private credit assets, continues to expand its bespoke solutions for institutional investors across private equity, credit, infrastruct...
Partners Group’s U.S. HVAC Holdings Surge as Extreme Weather Drives Cooling Demand
Aug 10, 2026
Partners Group reports that its U.S. HVAC portfolio companies DiversiTech and PremiStar have delivered robust revenue and EBITDA growth since their acquisition in 2021. The firm’s operationally focused investment strategy in HVAC parts manuf...
Partners Group Takes Majority Stake in AVK to Power European Data Centre Growth
Aug 6, 2026
Partners Group has agreed to acquire a majority stake in UK-based AVK Power Solutions, a leading supplier of power infrastructure for data centres and AI workloads across Europe. AVK, which has delivered more than 20,000 projects and installed abo...
Partners Group in exclusive talks to buy fast-growing natural beauty brand Aroma-Zone
Aug 6, 2026
Partners Group, the Swiss-based private markets investor, has entered exclusive talks to acquire a majority stake in Aroma-Zone, one of Europe’s fastest-growing natural beauty and wellness brands, from Eurazeo, which will retain a significan...
Partners Group unlocks USD 10 million EBITDA uplift at FRP through AI portfolio collaboration
Aug 3, 2026
Partners Group has used a cross-portfolio collaboration to lift profitability at Foundation Risk Partners, a fast-growing U.S. insurance brokerage acquired in 2022. By pairing FRP’s proprietary policy-level data with the AI expertise of Vers...
Partners Group Raises Over USD 5.5 Billion for Infrastructure Secondaries Program
Jul 23, 2026
Partners Group has closed its latest infrastructure secondaries program at over USD 5.5 billion, marking one of the largest dedicated fundraises in this niche and underscoring its position as a pioneer in infrastructure secondaries. The program co...
Partners Group Raises Over USD 15 Billion for Fourth Direct Infrastructure Program
Jul 20, 2026
Partners Group has closed its fourth direct infrastructure program at over USD 15 billion, making it more than 50% larger than the prior vintage and similar in scale to its latest direct private equity vehicles. The program, which combines a close...
Partners Group Royalties AuM Jumps 50% to USD 1.5 Billion
Jul 17, 2026
Partners Group, a major global private markets manager, has expanded its cross-sector royalties strategy that targets income streams from pharmaceuticals, music, media and entertainment, and energy transition assets. The strategy, accessible via e...
Partners Group posts record H1 fundraising and reaffirms 2026 guidance
Jul 15, 2026
Partners Group reported record fundraising in the first half of 2026, securing USD 16 billion in new client commitments and lifting assets under management to USD 186 billion, driven chiefly by bespoke solutions and traditional flagship programs a...
Partners Group invests GBP 260 million in UK rolling stock leasing platform
Jul 1, 2026
Partners Group, one of the largest global private markets firms, has committed GBP 260 million to a UK passenger rolling stock leasing platform via its infrastructure secondaries strategy. The investment, made as co-lead in a continuation vehicle ...
Partners Group Leads USD 250 Million Deal in Avenue Capital’s Aviation Leasing Portfolio
Jun 30, 2026
Partners Group has invested USD 250 million as sole lead investor in a roughly USD 360 million continuation vehicle set up by Avenue Capital Group to acquire a global commercial aviation leasing portfolio. The move marks one of Partners Group̵...
Partners Group unveils Breitling-branded luxury tower strategy in Miami
Jun 26, 2026
Partners Group, one of the largest global private markets firms, is expanding its real estate platform through a branded luxury residential strategy tied to Breitling, a watchmaker it owns on behalf of clients. Working with Empira Group, a vertica...
Partners Group rejects liquidity freeze rumors on evergreen funds
Jun 12, 2026
Partners Group has moved to counter market speculation that it is preparing to tighten liquidity or freeze its evergreen vehicles, stating it has no intention of changing existing liquidity mechanisms. The firm said the portfolios of the two everg...
Partners Group Targets USD 1.5 Billion for Fifth Real Estate Secondaries Program
Jun 11, 2026
Partners Group, a major global private markets manager, is targeting USD 1.5 billion for its fifth real estate secondaries program, following a first close that secured more than USD 650 million in commitments. The program spans a closed-end fund ...
Partners Group Flags Evergreen Fund Outflows But Reaffirms 2026 Growth Targets
Jun 4, 2026
Partners Group, one of the largest players in global private markets, manages over USD 185 billion across private equity, private credit, infrastructure, real estate, royalties, and special opportunities. The firm, rooted in Switzerland with a maj...
Partners Group Unveils Income-Focused Total Return Private Equity Strategy
May 21, 2026
Partners Group has launched a new Total Return Strategy, a control private equity approach targeting lower-leverage, income-generating investments that combine recurring cash distributions with long-term equity appreciation. The strategy aims at m...
Partners Group shareholders back all proposals at 2026 AGM and approve CHF 46 dividend
May 20, 2026
Partners Group Holding AG, a major global private markets manager headquartered in Switzerland, offers investment programs and bespoke mandates across private equity, private credit, infrastructure, real estate, royalties, and special opportunitie...
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.