AllianceBernstein Holding L.P. (AB)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis

$35.09▼ 0.51%

EOD close · as of 2026-10-30

Market Cap

$3.22B

Enterprise Value

$3.22B

P/E

10.8×

Revenue (FY)

—

Rev. growth

—

Gross margin

—

Net margin

—

ROIC

—

Net debt / EBITDA

—

Revenue—

—

Net Income· FY2025$299.8M

Free Cash Flow· FY2024$340.5M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 86th pct blended

P/E

10.8× now

4.2×11.4×

86th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.2× net income

1.18×

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Not enough detail.

Returns

Why ROE is —

DuPont — the three levers

Net margin

—

profit / rev

Asset turns

—

rev / assets

Leverage

—

assets / year-end equity

ROE

—

on year-end equity

ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

—

Cash & Equivalents

—

Net Debt

—

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

—

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

—

— · latest

—

Net margin

—

— · latest

—

ROIC

—

— · latest

—

Gross margin

—

— · latest

—

Net debt / EBITDA

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

—

— · latest

—

Free cash flow

$340.5M

FY2024 · latest

Institutional ownership: 81 holders · 2% of shares · 88th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on AB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$35.09▼ 0.51%

EOD close · as of 2026-10-30

Market Cap

$3.22B

Enterprise Value

$3.22B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

No data reported for this breakdown.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Income Tax Expense	$32.9M	$38.6M	$35.6M	$31.3M	$30.5M	$29.0M	$27.7M	$28.3M	$25.0M	$22.8M
Net Income	$299.8M	$423.4M	$264.2M	$274.2M	$385.8M	$279.4M	$238.6M	$242.4M	$207.4M	$216.6M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Margins need at least two fiscal years with a reported revenue and cost base.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: tax_rate.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Strong

Converts 1.03x of reported profit into free cash flow over 5 years, with accruals negative.

FCF / net income

1.03×↘ narrowing

5-year average; latest 0.80x

Sloan accruals

-4.2%

(net income − OCF) / assets · negative is better

Share count since FY2019

-6.0%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.

Missing from our data, so excluded from this answer: share_based_compensation.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Strong

No debt, so there is no leverage path to distress.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

Total debt

Cash

The other side

No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $35.27, free cash flow must compound -3.67%/yr for 10 years. It has done 8.86%/yr over 5 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	21.2%	−3.7%
FY2021	31.5%	−3.7%
FY2022	2.1%	−3.7%
FY2023	−18.9%	−3.7%
FY2024	15.8%	−3.7%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 4 of 5 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

-3.7%

for 10 years, discounted at 8.8% (computed WACC)

Achieved FCF growth

8.9%

5-year CAGR, on the same basis as the requirement above

Required vs achieved

-0.41×

above 1 means the price asks for more than the record

P / E

not reported for this company

P / S

not reported for this company

EV / EBITDA

not reported for this company

P / B

not reported for this company

AB cohort median p25–p7525 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The implied rate has been matched or beaten in 4 of the last 5 years.

Basis: FY2025Source: SEC EDGAR XBRL

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AB vs. Investment Advice peers

Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

AB — · med 23.9× · p25–p75 15.6×–30.6×

not enough peer data

—

P / S

AB — · med 3.0× · p25–p75 1.8×–4.3×

not enough peer data

—

EV / EBITDA

AB — · med 12.4× · p25–p75 8.9×–20.6×

not enough peer data

—

P / B

AB — · med 3.0× · p25–p75 1.6×–6.6×

not enough peer data

—

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

AB — · med 7.6% · p25–p75 3.2%–26.1%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

AB — · med 85.0%

not enough peer data

—

Operating margin

AB — · med 23.0% · p25–p75 13.1%–31.5%

not enough peer data

—

Net margin

AB — · med 15.9% · p25–p75 7.8%–23.3%

not enough peer data

—

FCF margin

AB — · med 18.7% · p25–p75 -4.0%–30.2%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

AB — · med 15.0% · p25–p75 5.2%–29.9%

not enough peer data

—

Return on invested capital

AB — · med 10.3% · p25–p75 5.0%–21.8%

not enough peer data

—

LeverageLess debt scores higher

Net debt / EBITDA

AB — · med 1.0× · p25–p75 -0.9×–3.3×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

AB 81 · med 90 · p25–p75 35–146

48th pct

Institutional ownership

AB 1.5% · med 2.5% · p25–p75 1.4%–4.8%

28th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
BXBlackstone Inc.	$90.5B	31.2×	—	6.3×	9.2%	—	20.9%	34.8%	14.2%	—	721
APOApollo Global Manageme…	$70.0B	21.4×	—	2.2×	22.7%	—	10.9%	15.0%	9.5%	—	—
AMPAMERIPRISE FINANCIAL I…	$44.0B	13.7×	—	2.3×	5.5%	—	18.8%	54.4%	54.4%	—	444
TROWPRICE T ROWE GROUP INC	$22.7B	11.5×	—	3.1×	3.1%	—	28.5%	19.2%	19.2%	—	372
BENFRANKLIN RESOURCES INC	$16.4B	35.5×	25.8×	1.9×	3.5%	—	6.0%	4.3%	3.6%	3.2×	189
CGCarlyle Group Inc.	$14.5B	18.6×	9.2×	3.0×	-11.9%	—	16.9%	11.5%	11.5%	-1.5×	146
EVREvercore Inc.	$11.4B	21.2×	—	3.0×	29.5%	—	15.3%	29.1%	29.1%	—	147
AMGAFFILIATED MANAGERS GR…	$10.3B	17.6×	—	5.0×	1.6%	—	34.5%	22.1%	12.1%	—	131
HLIHOULIHAN LOKEY, INC.	$9.7B	22.4×	15.0×	3.7×	9.5%	—	16.3%	18.2%	18.2%	-2.1×	125
MORNMorningstar, Inc.	$8.3B	25.1×	12.5×	3.4×	7.5%	61.0%	15.3%	30.6%	16.3%	0.8×	92
TPGTPG Inc.	$8.0B	106.5×	12.3×	1.7×	33.4%	—	4.0%	4.5%	3.2%	1.2×	67
OWLBLUE OWL CAPITAL INC.	$7.1B	104.1×	21.4×	12.5×	7.6%	—	13.9%	3.6%	1.4%	6.5×	138
VCTRVictory Capital Holdin…	$7.0B	27.9×	14.2×	5.4×	46.2%	—	25.3%	13.6%	9.7%	1.5×	88
FHIFEDERATED HERMES, INC.	$4.3B	11.3×	7.8×	2.4×	10.3%	—	22.4%	33.7%	26.1%	-0.5×	96
LAZLazard, Inc.	$3.9B	18.2×	11.3×	1.2×	1.5%	—	7.4%	27.2%	9.3%	0.6×	77
CNSCOHEN & STEERS, INC.	$3.7B	24.6×	19.2×	6.7×	7.5%	—	27.6%	27.3%	27.3%	-0.8×	65
ABALLIANCEBERNSTEIN HOLD…	$3.2B	—	—	—	—	—	—	—	—	—	81
APAMArtisan Partners Asset…	$2.6B	9.0×	6.8×	2.2×	7.6%	—	24.3%	66.2%	46.2%	0.5×	79
RPCRidgepost Capital, Inc…	$1.0B	54.6×	20.3×	3.4×	0.3%	—	6.6%	4.8%	2.5%	5.1×	—
ABXAbacus Global Manageme…	$842M	23.9×	11.3×	3.6×	110%	87.7%	15.5%	8.7%	4.4%	3.4×	19
VRTSVIRTUS INVESTMENT PART…	$828M	6.3×	5.2×	1.0×	-6.0%	—	15.9%	14.6%	10.3%	1.7×	40
GCMGGCM Grosvenor Inc.	$771M	30.0×	6.9×	1.4×	8.5%	—	8.1%	168%	10.0%	1.4×	18
NOAHNOAH HOLDINGS LTD	$473M	30.0×	—	1.3×	4.8%	—	21.4%	5.7%	5.7%	—	9
HKHCHorizon Kinetics Holdi…	$381M	75.8×	28.2×	5.2×	30.5%	—	7.0%	1.5%	1.5%	-3.0×	—
WHGWESTWOOD HOLDINGS GROU…	$181M	24.0×	28.2×	1.9×	3.2%	—	7.2%	5.6%	5.6%	-4.8×	14

Peers = companies sharing AB's sector (Investment Advice) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$0 · 0 holders

Discretionary sales

$1.3m · 2 holders

10b5-1 plan sales

$1.1m · scheduled in advance

Filed late

0 of 20 filings

0 open-market purchases and 2 discretionary sales against the share price · hover a marker

2025-10-31$34.14 – $40.022026-10-23

Shares held by reporting insiders5 → 12 insiders reporting — no comparable change

2025-12-01 · 526,7792026-08-04 · 830,461 (12 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-08-04	Stonehill Charles G.T. Director	Open-market sale	5,000	$37.17	$186k
2026-05-20	Walthall Todd Director	Grant	4,397	$38.67	$170k
2026-05-20	Stonehill Charles G.T. Director	Grant	4,397	$38.67	$170k
2026-05-20	Narayandas Das Director	Grant	4,397	$38.67	$170k
2026-05-20

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

Loading insider activity...

Step	Amount	Running total
Net income	$300M	$300M
Share-based comp	not reported	not reported
Other non-cash & working capital	$53M	$352M
Operating cash flow	$352M	$352M

Fiscal year	Accruals / assets
FY2019	1.0 percent
FY2020	0.6 percent
FY2021	1.9 percent
FY2022	-4.3 percent
FY2023	-1.4 percent
FY2024	4.1 percent
FY2025	-4.2 percent

AllianceBernstein Holding L.P. (AB)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is —

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -28%

AB vs. Investment Advice peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Buy / Sell Volume by Quarter

Financials

Revenue → Profit Flow

Institutional Trends (8 Quarters)

AB vs. Investment Advice peers

Where it ranks

Peer table

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Ownership Map

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -28%

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is —

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?