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Held by 282 of 6,047 reporting institutions (93th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $16.00 today, the market must believe free cash flow compounds 12.9%/yr for a decade (off $137.2M on the SBC-adjusted basis).
On the basis ($182.7M) the requirement is 8.7%/yr. The difference is what charging stock compensation costs.
The market's 12.9% is more optimistic than its 9-yr track record.
Default is 12.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.19B shares (market data) · net debt -$83.7M
mean 106.6% · volatility σ 322% · implied rate exceeded in 2/9 yrs
Central path = implied 12.9%/yr growth; shaded band = ±1σ (322%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BX | $85.8B | 29.5× | — | 5.9× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,080 |
| APO | $70.4B | 21.5× | — | 2.2× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| AMP | $44.2B | 13.8× | — | 2.3× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 1,335 |
| TROW | $22.4B | 11.4× | — | 3.1× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 1,123 |
| BEN | $16.2B | 35.0× | 25.4× | 1.8× | 3.5% | — | 6.0% | 4.3% | 3.6% | 3.2× | 648 |
| CG | $13.7B | 17.6× | 8.7× | 2.9× | -11.9% | — | 16.9% | 11.5% | 11.5% | -1.5× | 572 |
| EVR | $10.5B | 19.4× | — | 2.7× | 29.5% | — | 15.3% | 29.1% | 29.1% | — | 677 |
| AMG | $9.9B | 16.8× | — | 4.8× | 1.6% | — | 34.5% | 22.1% | 12.1% | — | 543 |
| HLI | $9.1B | 20.9× | 13.9× | 3.5× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 493 |
| MORN | $7.7B | 23.1× | 11.5× | 3.1× | 7.5% | 61.0% | 15.3% | 30.6% | 16.3% | 0.8× | 403 |
| TPG | $7.5B | 100.6× | 11.7× | 1.6× | 33.4% | — | 4.0% | 4.5% | 3.2% | 1.2× | 359 |
| VCTR | $6.9B | 27.6× | 14.0× | 5.3× | 46.2% | — | 25.3% | 13.6% | 9.7% | 1.5× | 345 |
| OWL | $6.5B | 94.9× | 20.1× | 11.4× | 7.6% | — | 13.9% | 3.6% | 1.4% | 6.5× | 569 |
| FHI | $4.2B | 11.0× | 7.6× | 2.3× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 376 |
| LAZ | $3.6B | 16.9× | 10.5× | 1.1× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 336 |
| CNS | $3.6B | 23.3× | 18.2× | 6.4× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 304 |
| DBRG | $3.0B | 34.8× | — | 31.9× | -84.5% | — | — | 6.7% | 5.9% | — | 282 |
| APAM | $2.3B | 8.0× | 6.1× | 1.9× | 7.6% | — | 24.3% | 66.2% | 46.2% | 0.5× | 361 |
| RPC | $875M | 46.7× | 18.1× | 2.9× | 0.3% | — | 6.6% | 4.8% | 2.5% | 5.1× | — |
| VRTS | $869M | 6.6× | 5.4× | 1.0× | -6.0% | — | 15.9% | 14.6% | 10.3% | 1.7× | 231 |
| GCMG | $807M | 31.4× | 7.2× | 1.4× | 8.5% | — | 8.1% | 168% | 10.0% | 1.4× | 142 |
| ABX | $794M | 22.6× | 10.8× | 3.4× | 110% | 87.7% | 15.5% | 8.7% | 4.4% | 3.4× | 148 |
| NOAH | $520M | 32.9× | — | 1.4× | 4.8% | — | 21.4% | 5.7% | 5.7% | — | 88 |
| HKHC | $382M | 75.9× | 28.3× | 5.2× | 30.5% | — | 7.0% | 1.5% | 1.5% | -3.0× | 1 |
| WHG | $181M | 23.9× | 28.2× | 1.9× | 3.2% | — | 7.2% | 5.6% | 5.6% | -4.8× | 71 |
Peers = companies sharing DBRG'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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 3% of free cash flow, leaving room to grow it and fund buybacks. Last year: $7.1M dividends + $0 buybacks = $7.1M returned on $258.0M FCF.
1 consecutive years of dividend increases · -30%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-09-29 · 14d old
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.0M 100.0% | $607.0M 100.0% | $821.4M 100.0% | $694.8M 100.0% | $387.8M 100.0% | $416.4M 100.0% | $61.0M 100.0% | $1.17B 100.0% | $2.55B 100.0% | $642.5M 100.0% |
| Selling, General & Admin | $64.2M 68.4% | $115.0M 18.9% | $86.9M 10.6% | $117.3M 16.9% | $77.8M 20.1% | $78.8M 18.9% | $65.2M 106.7% | $98.4M 8.4% | $106.3M 4.2% | $48.1M 7.5% |
| Total Operating Expenses | $185.5M 197.4% | $496.9M 81.9% | $551.9M 67.2% | $571.7M 82.3% | $423.7M 109.3% | $787.5M 189.1% | $228.1M 373.7% | $1.85B 157.7% | $3.14B 123.2% | $533.1M 83.0% |
| Interest Expense | $17.6M 18.8% | $16.4M 2.7% | $24.5M 3.0% | $42.9M 6.2% | $186.9M 48.2% | $120.8M 29.0% | $41.2M 67.5% | $334.6M 28.5% | $536.3M 21.0% | $125.2M 19.5% |
| Interest & Investment Income | — | — | — | $30.1M 4.3% | $8.8M 2.3% | $7.2M 1.7% | $3.3M 5.5% | $214.6M 18.3% | $416.2M 16.3% | $385.8M 60.1% |
| Other Income (Expense), net | $74.5M 79.2% | $58.7M 9.7% | $96.1M 11.7% | -$169.7M -24.4% | -$20.1M -5.2% | -$6.5M -1.6% | -$175.9M -288.2% | $53.2M 4.5% | -$25.8M -1.0% | $18.4M 2.9% |
| Pretax Income | -$17.0M -18.1% | $168.8M 27.8% | $365.6M 44.5% | -$46.7M -6.7% | -$56.0M -14.4% | -$638.2M -153.2% | -$560.1M -917.7% | -$468.1M -39.9% | -$220.6M -8.7% | $297.9M 46.4% |
| Income Tax Expense | $5.7M 6.1% | $2.9M 0.5% | $6K 0.0% | $13.1M 1.9% | -$21.5M -5.5% | -$47.1M -11.3% | -$10.6M -17.4% | -$50.1M -4.3% | -$100.5M -3.9% | $4.2M 0.7% |
| Net Income | -$27.0M -28.7% | $147.0M 24.2% | $45.0M 5.5% | -$570.0M -82.0% | -$817.0M -210.7% | -$2.68B -642.5% | -$1.05B -1718.4% | -$519.6M -44.3% | -$197.9M -7.8% | $115.3M 17.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.46 | $0.07 | $0.78 | -$2.47 | -$3.14 | -$23.25 | -$2.41 | -$1.28 | -$0.64 | $0.39 |
| EPS (Diluted) | $0.46 | $0.07 | $0.77 | -$2.47 | -$3.14 | -$23.25 | -$2.41 | -$1.28 | -$0.64 | $0.39 |
| Weighted Avg Shares (Basic) | 175.5M | 168.4M | 159.9M | 154.5M | 122.9M | 118.4M | 479.6M | 497.0M | 532.6M | 164.6M |
| Weighted Avg Shares (Diluted) | 175.7M | 168.8M | 169.7M | 154.5M | 122.9M | 118.4M | 479.6M | 497.0M | 532.6M | 164.6M |
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.
EOD close · as of 2026-09-29
Where each multiple sits in its own 12-yr range · 53th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 6% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.4 | 106.7 | 18.9 | 20.1 | 16.9 | 10.6 | 18.9 | 68.4 |
| Income Tax | -4.3 | -17.4 | -11.3 | -5.5 | 1.9 | 0.0 | 0.5 | 6.1 |
| Net Income | -44.3 | -1718.4 | -642.5 | -210.7 | -82.0 | 5.5 | 24.2 | -28.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DBRG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $345.3M covers the $0 due within a year 345335000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2023-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.9% on $298.8M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Earns -16.76pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -4.0% | 12.3% (today's — no rate published for this year) | -16.3pts |
| FY2020 | -10.9% | 12.3% (today's — no rate published for this year) | -23.2pts |
| FY2021 | -0.6% | 12.1% | -12.7pts |
| FY2022 | 8.8% | 10.3% | -1.5pts |
| FY2023 | 14.4% | 11.0% | 3.4pts |
| FY2024 | 5.6% | 11.2% | -5.6pts |
| FY2025 | -4.5% | 12.3% | -16.8pts |
| Now | 5.9% | 12.3% | -6.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 33.0% | 13.7% |
| FY2017 | not reported | -7.6% | -7.8% |
| FY2018 | not reported | -44.5% | -44.3% |
| FY2019 | not reported | -629.5% | -1718.4% |
| FY2020 | not reported | -151.7% | -642.5% |
| FY2021 | not reported | -9.3% | -80.0% |
| FY2022 | not reported | 17.7% | -46.3% |
| FY2023 | not reported | 32.8% | 22.6% |
| FY2024 | not reported | 18.1% | 11.6% |
| FY2025 | not reported | -97.4% | 151.0% |
Return on equity (7%) and return on invested capital (6%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$466M of goodwill — 23% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 2 years running even as the spread stayed positive.
Free cash flow of $258M exceeds revenue of $94M, so the cash flow statement is carrying customer balances rather than earnings. Cash conversion cannot be read here.
Banks, brokers, insurers and payment companies run customer money through operating cash flow. Treat free cash flow, FCF yield and any DCF on this company as unreliable.
Missing from our data, so excluded from this answer: free cash flow attributable to the company.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2023-12-31, 1016 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2023-12-31 (10-K); cash from the 2023-12-31 balance sheet; FCF from FY2023.
Balance sheet at 2023-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
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.
Missing from our data, so excluded from this answer: ebitda.
At $16.00, free cash flow must compound 12.85%/yr for 10 years. It has done 9.29%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −58.2% | 12.9% |
| FY2021 | 243.7% | 12.9% |
| FY2022 | 3.9% | 12.9% |
| FY2023 | −15.4% | 12.9% |
| FY2024 | −86.9% | 12.9% |
| FY2025 | 925.6% | 12.9% |
This is solved on free cash flow AFTER stock compensation ($137M against $183M before it). On the unadjusted figure the requirement would be 8.71%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.