CWG Balance Sheet Health
Financial Health criteria checks 5/6
CWG has a total shareholder equity of NGN10.4B and total debt of NGN4.4B, which brings its debt-to-equity ratio to 42.3%. Its total assets and total liabilities are NGN46.5B and NGN36.0B respectively. CWG's EBIT is NGN8.0B making its interest coverage ratio -22.3. It has cash and short-term investments of NGN3.7B.
Key information
42.26%
Debt to equity ratio
₦4.42b
Debt
| Interest coverage ratio | -22.3x |
| Cash | ₦3.69b |
| Equity | ₦10.45b |
| Total liabilities | ₦36.04b |
| Total assets | ₦46.48b |
Recent financial health updates
Recent updates
Q1 2026: Thesis Check-In
The first quarter of 2026 delivered a reality check on our original valuation assumptions. Revenue growth decelerated, margins compressed, and annualised earnings now point to ₦2.40 (previous est.
CWG Plc Reports Resilient Q1 2026 Earnings Growth Amid Strong Revenue Expansion and Working Capital Pressures
CWG Plc Reports Resilient Q1 2026 Earnings Growth Amid Strong Revenue Expansion and Working Capital Pressures Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) CWG Plc delivered a strong first-quarter performance for the period ended 31 March 2026, driven by significant revenue growth across its IT infrastructure and software businesses. Group revenue increased by 27% YoY to ₦19.45 billion, while Profit After Tax (PAT) rose by 2% to ₦1.51 billion.63% Profit Growth, 6.8× Forward P/E: Inside CWG Plc's FY 2025 Numbers and What They Signal
Business Overview CWG Plc (formerly Computer Warehouse Group) is a pan-African information and communications technology (ICT) company headquartered in Lagos, Nigeria. CWG has evolved from a computer hardware distributor into one of West Africa's foremost providers of enterprise IT solutions across 26 countries.CWG Plc Delivers Strong FY 2025 Earnings Growth Driven by Revenue Expansion and Operational Efficiency
Revaluation Analyst: Qudus Adebara (Research Analyst, DLM Securities) Executive Summary CWG Plc recorded a robust financial performance for the year ended 31 December 2025, underpinned by strong revenue growth across its IT infrastructure, software, and managed services segments, alongside improved operational efficiency. Revenue increased by 41% YoY to ₦65.56 billion, driven largely by expansion in IT infrastructure services and software solutions.Financial Position Analysis
Short Term Liabilities: CWG's short term assets (NGN44.6B) exceed its short term liabilities (NGN36.0B).
Long Term Liabilities: CWG's short term assets (NGN44.6B) exceed its long term liabilities (NGN1,000.0).
Debt to Equity History and Analysis
Debt Level: CWG's net debt to equity ratio (7%) is considered satisfactory.
Reducing Debt: CWG's debt to equity ratio has reduced from 122.8% to 42.3% over the past 5 years.
Debt Coverage: CWG's operating cash flow is negative, therefore debt is not well covered.
Interest Coverage: CWG earns more interest than it pays, so coverage of interest payments is not a concern.
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/13 00:27 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
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Analyst Sources
CWG Plc is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.