Asset Management Industry Report
Market Cap: $3.1T
Stocks: 167
Median P/E: 16.1x
Median ROIC: 10.3%
Data sourced from SEC EDGAR filings. Report refreshed weekly.
Part of the Financials sector.
Performance Dashboard
| Period | Sector (MCW) | Sector (Median) |
|---|---|---|
| 1 Day | +0.5% | +0.3% |
| 1 Week | -2.8% | +0.4% |
| 1 Month | — | — |
| 3 Months | — | — |
| 6 Months | — | — |
| YTD | +0.9% | +0.3% |
| 1 Year | +22.3% | +10.4% |
| 3 Years | +113.8% | +44.6% |
| 5 Years | +95.0% | +34.3% |
Today's Breadth: 69 advancing · 47 declining · 5 flat
Valuation Summary
| Metric | Median | P25 | P75 | vs 5Y Avg |
|---|---|---|---|---|
| P/E | 16.1x | 7.5x | 25.2x | +27% |
| P/B | 2.0x | 0.7x | 4.9x | -12% |
| P/S | 1.9x | 0.2x | 5.0x | — |
| P/FCF | 10.5x | 4.0x | 18.6x | — |
| EV/EBITDA | 12.6x | 6.4x | 16.9x | — |
| EV/EBIT | 13.6x | 6.9x | 18.6x | — |
Earnings Yield
5.1%
FCF Yield
4.8%
Below Fair Value
31% of stocks
Profitability Profile
Margins
| Metric | Median | 5Y Avg | P25 | P75 |
|---|---|---|---|---|
| Gross Margin | 59.6% | 60.7% | 43.0% | 80.0% |
| Operating Margin | 20.2% | — | 0.2% | 30.0% |
| Net Margin | 16.2% | 17.5% | 5.8% | 30.9% |
| FCF Margin | 26.1% | — | 6.9% | 40.1% |
Returns on Capital
| Metric | Median | 5Y Avg | P25 | P75 |
|---|---|---|---|---|
| ROE | 13.6% | — | 5.3% | 22.8% |
| ROA | 2.4% | — | 0.1% | 8.0% |
| ROIC | 10.3% | 10.4% | 3.0% | 21.4% |
Growth Metrics
| Metric | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|
| Revenue | +8.3% | +7.6% | +8.8% |
| EPS | +22.3% | +4.8% | +10.2% |
| Free Cash Flow | +16.6% | +13.2% | +5.6% |
All values represent sector median growth rates.
Balance Sheet Health
Debt / Equity
0.5x
Net Debt / EBITDA
-0.5x
Interest Coverage
3.0x
Current Ratio
1.7x
Altman Z-Score
Safe (>3): 10 (25%)
Gray (1.8–3): 3 (8%)
Distress (<1.8): 27 (68%)
Piotroski F-Score
Strong (7–9): 8 (5%)
Moderate (4–6): 92 (55%)
Weak (0–3): 67 (40%)
Top Companies
| Symbol | #▲ | Mkt Cap | P/E | EV/EBITDA | ROIC | Net Mgn | Rev Gr. | Div Yld | YTD | Qual. |
|---|---|---|---|---|---|---|---|---|---|---|
| GLDI | 1 | $750.5B | — | — | 64.0% | -20.3% | +30.7% | — | -0.8% | 3/9 |
| MS | 2 | $288.3B | 17.8x | 124.7x | 3.9% | 23.0% | +14.4% | 2.1% | +2.2% | 4/9 |
| GS | 3 | $282.9B | 17.6x | 15.8x | 4.2% | 28.0% | +8.9% | 1.6% | +2.5% | 5/9 |
| SCHW | 4 | $175.2B | 21.8x | 9.8x | 11.8% | 35.2% | +22.0% | 1.1% | +3.0% | 5/9 |
| BLK | 5 | $161.0B | 30.8x | 47.0x | 8.7% | 22.9% | +18.7% | 1.9% | +0.2% | 2/9 |
| CME | 6 | $108.3B | 24.2x | 22.2x | 13.1% | 61.7% | +6.4% | 4.0% | -4.3% | 5/9 |
| BX | 7 | $95.0B | 39.7x | — | 14.8% | 20.9% | +9.2% | 3.0% | +9.7% | 4/9 |
| KKR | 8 | $94.4B | 55.6x | 22.7x | 3.0% | 11.6% | -11.0% | 0.6% | +6.1% | 1/9 |
| ICE | 9 | $94.4B | 28.3x | 17.4x | 7.2% | 26.2% | +36.2% | 1.2% | -3.5% | 5/9 |
| BAM | 10 | $74.8B | — | — | 27.6% | 51.6% | +21.0% | — | — | 3/9 |
| APO | 11 | $67.4B | 26.7x | -16.4x | 10.5% | 10.6% | +22.7% | 1.4% | -1.7% | 5/9 |
| HOOD | 12 | $65.8B | 57.6x | — | 22.0% | 42.1% | +51.6% | — | +1.6% | 2/9 |
| NDAQ | 13 | $49.8B | 32.1x | 22.2x | 8.7% | 21.6% | +11.7% | 1.1% | +2.9% | 5/9 |
| AMP | 14 | $44.7B | 13.8x | 10.9x | 40.3% | 18.8% | +5.5% | 1.2% | -0.5% | 8/9 |
| ARES | 15 | $38.3B | — | — | 6.0% | 7.6% | +44.2% | — | +9.5% | 5/9 |
| IBKR | 16 | $33.0B | 29.8x | — | 18.4% | 40.3% | +23.4% | 0.5% | +3.8% | 5/9 |
| ISMCF | 17 | $31.7B | 566.1x | — | 124.7% | 133.9% | -17.0% | — | -0.5% | 3/9 |
| CBOE | 18 | $31.6B | 24.5x | 16.4x | 17.8% | 23.2% | +15.1% | 1.1% | +0.9% | 4/9 |
| RJF | 19 | $31.1B | 16.9x | 56.0x | 14.3% | 13.4% | +6.6% | 1.1% | -0.1% | 5/9 |
| TW | 20 | $26.7B | 28.5x | — | 13.2% | 39.6% | +18.9% | 0.5% | +2.2% | 5/9 |
Industry Composition
| Industry | Stocks | Market Cap | % | |
|---|---|---|---|---|
| Security Brokers, Dealers & Flotation Companies | 28 | $1.9T | 61.0% | |
| Investment Advice | 58 | $657.8B | 21.0% | |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 11 | $351.6B | 11.2% | |
| Asset Management | 40 | $103.3B | 3.3% | |
| Commodity Contracts Brokers & Dealers | 26 | $100.4B | 3.2% | |
| Financial - Capital Markets | 4 | $7.7B | 0.2% |
Quality Distribution
0
1
2
3
4
5
6
7
8
9
Quality Score (0-9)
High Quality (7+)
2%
Median Piotroski F
4/9
Profitable Years
6 of 10
Dividends & Shareholder Returns
Paying Dividends
68%
Median Div Yield
2.9%
Median Buyback Yield
0.6%
Shareholder Yield
4.3%
Payout Ratio
43.3%
Div Growth (3Y)
5.4%
Div Growth (5Y)
5.0%
Strengths & Weaknesses
Strengths
- +[Profitability]High pricing power with a median gross margin of 59.6%, reflecting differentiated products or strong brand moats.
- +[Shareholder Returns]Generous capital returns with a median shareholder yield (dividends + buybacks) of 4.3%, rewarding investors through multiple channels.
Weaknesses
- −[Financial Health]67.5% of companies fall in the Altman Z-Score distress zone (<1.8), indicating elevated bankruptcy risk within the sector.
- −[Leverage]Tight interest coverage at 3.0x, leaving limited cushion for debt servicing if earnings decline.
- −[Quality]Only 1.8% of companies score 7+ on the quality checklist, reflecting structural challenges in achieving consistent returns across the sector.
- −[Valuation]Elevated valuations: current median P/E of 16.1x is 27.4% above the 5-year average, suggesting the sector may be pricing in optimistic growth expectations.