HLIO vs IHS: How Helios Technologies and IHS Holding Compare (2026)
Last updated August 2026
Short answer
HLIO and IHS are similarly sized, but IHS trades noticeably cheaper on forward earnings (15.18x vs 23.21x): the market is paying up for HLIO's profile and pricing IHS more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
HLIO vs IHS: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | HLIO | IHS | What it tells you |
|---|---|---|---|
| Market cap | $2.57B | $2.81B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 23.21 | 15.18 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 42.81 | 4.56 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.26 | 0.74 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 71% of range | 81% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
Reading it: IHS is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how HLIO and IHS affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HLIO and IHS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HLIO and IHS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Helios Technologies (HLIO) do?
Helios Technologies designs and manufactures engineered motion-control and electronic-control products through two segments. The Hydraulics segment (roughly 64% of sales) makes cartridge valves, manifolds, quick-release couplings, and complete hydraulic systems under brands including Sun Hydraulics, Faster, and Daman. The Electronics segment makes displays, electronic control systems, wire harnesses, and software under brands such as Enovation Controls, Murphy, and Balboa Water Group. The company serves construction, agriculture, material handling, industrial, marine, recreational-vehicle, health-and-wellness, and aerospace end markets across the Americas, Europe, and Asia Pacific.
What does IHS Holding (IHS) do?
IHS Holding Limited (NYSE: IHS) builds, owns and leases the physical infrastructure that mobile networks run on: steel towers, rooftop sites, the land under them, and, unusually for a tower company, the power systems that keep them running. Mobile operators sign long-dated Master Lease Agreements, typically 5 to 10 years with escalators, and IHS earns rent per tenant per site. The economics turn on colocation, meaning how many carriers hang equipment on a tower that has already been built and is already being powered. As of the first quarter of 2026 the portfolio stood at ~37,641 towers and ~54,854 tenants, a colocation rate of ~1.46x, plus ~45,298 lease amendments (the incremental equipment adds that carry high margin because the site cost is sunk). Africa is the centre of gravity, with Nigeria alone around 60% of revenue, and in emerging markets where grid supply is unreliable IHS also supplies diesel, batteries and increasingly solar and hybrid power, which is both a competitive moat and the reason its cost base is more volatile than a US tower REIT's.
HLIO vs IHS: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- HLIO drivers: Cyclical demand recovery; Margin expansion.
- IHS drivers: The MTN take-private is the dominant variable; Deleveraging has been real and fast.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Helios is highly cyclical, so a downturn in construction, agriculture, or industrial capital spending can quickly pressure revenue and margins, as the company experienced before the 2026 rebound. For IHS, the single largest risk is that the MTN transaction does not close, because regulatory approval in Nigeria and other African markets is still outstanding and a break would return the shares to trading on fundamentals from a price set by a bid.
HLIO or IHS: which should you pick?
HLIO vs IHS: the full fundamentals
HLIO. Helios trades at an elevated trailing multiple because earnings were depressed during the industrial soft patch, so the forward P/E in the high-20s better reflects the recovering profit base. The market cap of roughly $2.6B against about $872M of TTM revenue and about $166M of EBITDA frames it as a mid-cap industrial priced for continued margin and earnings repair. The dividend yield is small (under 0.5%), so the return case rests mainly on earnings growth and deleveraging rather than income.
IHS. With a fixed cash price on the table and the shareholder vote already carried, conventional multiples carry less signal than usual: the shares trade against the ~$8.50 offer discounted for the time and probability of regulatory clearance. The fundamental figures still matter as the downside anchor if the deal were to lapse, and on that basis the business is growing revenue in the mid single digits at a ~64.6% adjusted EBITDA margin with leverage that has fallen roughly half a turn in a year. Second quarter 2026 results were scheduled for 11 August 2026, so the numbers above reflect the first quarter print released on 12 May 2026.
Headline figures (approximate, July 2026): HLIO shows revenue (ttm) ~$872M, q1 2026 revenue ~$228M (up ~17% YoY), market cap ~$2.6B, ebitda (ttm) ~$166M; IHS shows revenue (q1 2026, continuing ops) ~$415M, up ~6% YoY, adjusted ebitda / margin ~$269M / ~64.6%, adjusted levered free cash flow (q1 2026) ~$174M, total debt / cash ~$3.14B / ~$941M.
The bottom line: HLIO vs IHS
HLIO and IHS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HLIO and IHS exposure against your real portfolio. It is not an investment adviser.
Wondering how HLIO or IHS fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Helios Technologies with AI
Connect the broker you already use and ask Walnut's AI how HLIO fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between HLIO and IHS?
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Helios Technologies designs and manufactures engineered motion-control and electronic-control products through two segments. IHS Holding Limited (NYSE: IHS) builds, owns and leases the physical infrastructure that mobile networks run on: steel towers, rooftop sites, the land under them, and, unusually for a tower company, the power systems that keep them running. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is HLIO or IHS the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, HLIO or IHS?
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On forward P/E (as of August 2026), HLIO trades at 23.21x and IHS at 15.18x, so IHS is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both HLIO and IHS?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of HLIO vs IHS?
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HLIO: Helios is highly cyclical, so a downturn in construction, agriculture, or industrial capital spending can quickly pressure revenue and margins, as the company experienced before the 2026 rebound. It carries meaningful debt from its acquisition-led growth, which raises interest costs and financial risk in a slower environment. Trailing valuation looks elevated (a trailing P/E in the mid-40s) because earnings were depressed, so the stock is sensitive to whether the earnings recovery continues. It is also exposed to foreign-currency swings, global supply-chain and tariff pressures, and customer concentration in specific OEM equipment markets. Integration of acquired brands and execution on cost programs add operational risk. IHS: The single largest risk is that the MTN transaction does not close, because regulatory approval in Nigeria and other African markets is still outstanding and a break would return the shares to trading on fundamentals from a price set by a bid. Currency is the structural risk underneath everything: roughly 60% of revenue is earned in Nigerian naira while a large share of the debt is dollar-denominated, so devaluation compresses reported dollar revenue and inflates leverage optics even when the local business is unchanged, which is exactly what happened through 2024. Customer concentration is extreme by developed-market standards, with MTN and Airtel together tied to approximately 72% of group revenue, and the acquirer of the company is also its biggest tenant. Tower and tenant counts have been shrinking, down ~1,571 towers and ~4,752 tenants year over year, as site decommissioning and carrier consolidation in Nigeria work through the base. Power costs, diesel availability and Nigerian fuel subsidy policy feed directly into the cost line in a way they simply do not for a US tower REIT, and post-vote trading liquidity in a pending take-private is thin.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell HLIO or IHS; figures are approximate and dated (as of August 2026). Verify current data before investing.