Asset management
28 companies · $151B combined revenue · $36.0B operating profit
The typical US-listed asset management company grew revenue 7.6% and earnings 6.5% in its latest year, at a 23% operating margin, and 3 of 5 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 14% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more41%
- Operating leverage · Operating income growing faster than a growing revenue41%
- Margin expansion · Operating margin up 1 point or more33%
- Debt reduction · Debt down 5% or more, or net cash47%
Combined revenue · 27 companies reporting in US dollars
Combined operating margin
All 28 companies
| Median | – | 7.6% | 6.5% | 23% | 20.8% | 0.42x |
| BXBlackstone | $14.5B | 9.2%▲ | 8.7%▲ | 46.7%▲ | – | 1.45x▼ |
| KKRKKR | $19.5B | -11%▼ | -22.9%▼ | 50.7%▲ | – | – |
| BAMBrookfield Asset Management | $3.9B | 16.7%▲ | 13.8%▲ | 48.2%▲ | – | – |
| APOApollo Global Management | $32.0B | 22.7%▲ | -23.7%▼ | 22.8%▼ | – | 0.57x▼ |
| AMPAmeriprise Financial | $18.9B | 5.5%▼ | 4.8%▼ | – | – | – |
| ARESAres Management | $5.6B | 44.2%▲ | 13.7%▲ | 23% | – | – |
| TROWPrice T Rowe | $7.3B | 3.1%▼ | -0.6%▼ | 29.9%▲ | – | – |
| TPGTPG | $2.4B | 16.1%▲ | 686%▲ | 31.7%▲ | – | 0.42x▲ |
| BENFranklin Templeton | $8.8B | 3.5%▼ | 12.9%▲ | 6.9%▼ | – | 0.20x▲ |
| OWLBlue OWL Capital | $2.9B | 25%▲ | -28.1%▼ | – | – | 1.51x▼ |
| CGCarlyle | $4.8B | -11.9%▼ | -20.7%▼ | 21.8%▼ | – | – |
| IVZInvesco | $6.4B | 5.1%▼ | -132%▼ | -10.9%▼ | – | 0.15x▲ |
| EVREvercore | $3.9B | 29.5%▲ | 56.5%▲ | 21.1%▼ | 22.9%▲ | 0.27x▲ |
| AMGAffiliated Managers | $2.1B | 1.6%▼ | 40.1%▲ | 63.8%▲ | – | 0.83x▼ |
| HLIHoulihan Lokey | $2.6B | 9.5%▲ | 6.5% | 20.1%▼ | – | – |
| MORNMorningstar | $2.4B | 7.5%▼ | 1.2%▼ | 21.5%▼ | 20.8% | 0.88x▼ |
| VCTRVictory Capital | $1.3B | 46.2%▲ | 14.3%▲ | 36.6%▲ | – | 0.40x▲ |
| PJTPJT Partners | $1.7B | 14.9%▲ | 34%▲ | 19.2%▼ | – | – |
| HLNEHamilton Lane | $759M | 6.5%▼ | 14.6%▲ | 61%▲ | – | 0.30x▲ |
| MAASMaase | CNY 781M | -18.9%▼ | – | -88.5%▼ | -24.8%▼ | – |
| STEPStepStone | $2.0B | 69.7%▲ | – | -51.3%▼ | – | – |
| HASIHA Sustainable Infrastructure Capital | $401M | 4.4%▼ | -7.7%▼ | – | – | – |
| FHIFederated Hermes | $1.8B | 10.3%▲ | 50.3%▲ | 28.5%▲ | 26.8%▲ | 0.29x▲ |
| CNSCohen & Steers | $556M | 7.5%▼ | 1.3%▼ | 32%▲ | – | – |
| LAZLazard | $3.2B | 1.5%▼ | -15.4%▼ | 10.3%▼ | – | 1.94x▼ |
| AAMIAcadian Asset Management | $564M | 11.5%▲ | -5.9%▼ | 23.4%▲ | – | – |
| APAMArtisan Partners Asset Management | $1.2B | 7.6% | 11.8%▲ | 33.4%▲ | – | 0.43x▼ |
| BVCBitVentures | $0M | – | – | -455%▼ | -16.2%▼ | – |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).