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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.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
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
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $30.7M buybacks = $30.7M returned on $175.0M FCF.
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 8 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 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 2026-10-12
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 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $557.6M 100.0% | $514.0M 100.0% | $445.0M 100.0% | $446.5M 100.0% | $531.6M 100.0% | $430.0M 100.0% | $416.4M 100.0% | $378.5M 100.0% |
| Selling, General & Admin | $104.8M 18.8% | $104.3M 20.3% | $100.8M 22.7% | $88.9M 19.9% | $88.4M 16.6% | $84.6M 19.7% | $88.5M 21.2% | $93.0M 24.6% |
| Total Operating Expenses | $424.1M 76.1% | $440.5M 85.7% | $456.8M 102.7% | $366.2M 82.0% | $422.2M 79.4% | $473.1M 110.0% | $331.4M 79.6% | $303.4M 80.2% |
| Operating Income | $133.5M 23.9% | $73.5M 14.3% | -$11.8M -2.7% | $80.3M 18.0% | $109.4M 20.6% | -$43.1M -10.0% | $85.0M 20.4% | $75.1M 19.8% |
| Interest Expense | $22.8M 4.1% | $24.2M 4.7% | $23.7M 5.3% | $23.3M 5.2% | $20.1M 3.8% | $23.4M 5.5% | $25.7M 6.2% | $26.5M 7.0% |
| Interest & Investment Income | $5.0M 0.9% | $2.7M 0.5% | $2.0M 0.4% | $800K 0.2% | $100K 0.0% | — | — | — |
| Other Income (Expense), net | $21.5M 3.9% | -$23.3M -4.5% | -$9.7M -2.2% | $8.8M 2.0% | $43.7M 8.2% | -$35.6M -8.3% | -$22.7M -5.4% | -$10.0M -2.7% |
| Pretax Income | $154.9M 27.8% | $50.2M 9.8% | -$21.5M -4.8% | $89.1M 20.0% | $153.1M 28.8% | -$78.7M -18.3% | $62.3M 15.0% | $65.1M 17.2% |
| Income Tax Expense | $12.9M 2.3% | $13.6M 2.6% | $7.7M 1.7% | $9.6M 2.2% | $11.0M 2.1% | $4.5M 1.0% | $2.3M 0.6% | $1.4M 0.4% |
| Net Income | $45.4M 8.1% | $18.7M 3.6% | $12.8M 2.9% | $19.8M 4.4% | $21.5M 4.0% | $4.0M 0.9% | $0 0.0% | $0 0.0% |
| Per Share | ||||||||
| EPS (Basic) | $0.87 | $0.42 | $0.30 | $0.45 | $0.49 | $0.10 | $0.00 | $0.00 |
| EPS (Diluted) | $0.42 | $0.03 | -$0.28 | $0.28 | $0.28 | -$0.58 | $0.00 | $0.00 |
| Weighted Avg Shares (Basic) | 52.0M | 44.7M | 43.2M | 43.9M | 43.8M | 40.0M | 0 | 0 |
| Weighted Avg Shares (Diluted) | 197.3M | 190.6M | 187.4M | 188.6M | 189.1M | 184.2M | 0 | 0 |
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 2026-10-12
Where each multiple sits in its own 7-yr range · 75th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-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 168% against ROIC 10% — 158% 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 9.6× 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 | 24.6 | 21.2 | 19.7 | 16.6 | 19.9 | 22.7 | 20.3 | 18.8 |
| Operating Income | 19.8 | 20.4 | -10.0 | 20.6 | 18.0 | -2.7 | 14.3 | 23.9 |
| Income Tax | 0.4 | 0.6 | 1.0 | 2.1 | 2.2 | 1.7 | 2.6 | 2.3 |
| Net Income | 0.0 | 0.0 | 0.9 | 4.0 | 4.4 | 2.9 | 3.6 | 8.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GCMG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 $13.08 today, the market must believe free cash flow compounds -1.7%/yr for a decade (off $83.7M on the SBC-adjusted basis).
On the basis ($131.8M) the requirement is -8.0%/yr. The difference is what charging stock compensation costs.
The market's -1.7% is more conservative than its 6-yr track record.
Default is 8.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt $186.3M
mean 34.8% · volatility σ 77% · implied rate exceeded in 4/6 yrs
Central path = implied -1.7%/yr growth; shaded band = ±1σ (77%) 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $242.1M (at 2025-12-31) covers the $6.6M due within a year 36.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.3% on $428.4M 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.
Ranked against 25 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 | $86.2B | 29.7× | — | 6.0× | 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 | $13.6B | 17.6× | 8.6× | 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 | 21.0× | 13.9× | 3.5× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 493 |
| MORN | $7.7B | 23.0× | 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 | 10.9× | 7.6× | 2.3× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 376 |
| LAZ | $3.6B | 17.1× | 10.6× | 1.1× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 336 |
| CNS | $3.5B | 23.2× | 18.1× | 6.4× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 304 |
| 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 | $800M | 31.1× | 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 | $379M | 75.3× | 28.1× | 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 |
| RILY | $171M | 0.5× | 12.4× | 0.2× | 29.6% | 85.0% | 31.8% | -179% | 24.5% | 10.8× | 97 |
Peers = companies sharing GCMG'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.
Earns 35.92pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | -31.4% | 8.8% (today's — no rate published for this year) | -40.2pts |
| FY2021 | 33.1% | 4.5% | 28.7pts |
| FY2022 | 23.3% | 7.9% | 15.4pts |
| FY2023 | -3.1% | 9.8% | -12.9pts |
| FY2024 | 19.1% | 8.5% | 10.7pts |
| FY2025 | 50.3% | 7.4% | 42.9pts |
| Now | 10.0% | 8.8% | 1.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | not reported | 19.8% | 15.9% |
| FY2019 | not reported | 20.4% | 14.4% |
| FY2020 | not reported | -10.0% | 0.9% |
| FY2021 | not reported | 20.6% | 4.0% |
| FY2022 | not reported | 18.0% | 4.4% |
| FY2023 | not reported | -2.7% | 2.9% |
| FY2024 | not reported | 14.3% | 3.6% |
| FY2025 | not reported | 23.9% | 8.1% |
Leverage and buybacks account for 158 points of the 168% return on equity in FY2025. The business earns 10% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$29M of goodwill — 11% 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.
The spread was positive in only 4 of the last 5 years.
Converts 7.40x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $175M; after share-based compensation it is $129M. The difference is a real cost that the cash flow statement adds back. Buybacks of $31M covered 67% of the $46M charge, so the repurchase is absorbing dilution rather than returning capital.
Covers interest 4.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.86x |
| 5% | 5.56x |
| 10% | 5.27x |
| 15% | 4.98x |
| 20% | 4.68x |
| 25% | 4.39x |
| 30% | 4.10x |
| 35% | 3.81x |
| 40% | 3.51x |
| 45% | 3.22x |
| 50% | 2.93x |
| 55% | 2.64x |
| 60% | 2.34x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $13.08, free cash flow must compound -1.73%/yr for 10 years. It has done 5.82%/yr over 6 years after stock compensation, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −27.5% | −1.7% |
| FY2021 | 100.5% | −1.7% |
| FY2022 | 38.0% | −1.7% |
| FY2023 | −79.7% | −1.7% |
| FY2024 | 122.9% | −1.7% |
| FY2025 | 54.3% | −1.7% |
The achieved growth rate spans a reporting-basis change in FY2020, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $45M | $45M |
| Share-based comp | $46M | $91M |
| Other non-cash & working capital | $93M | $184M |
| Operating cash flow | $184M | $184M |
| Capex | −$8M | $175M |
| Free cash flow | $175M | $175M |
| FCF after SBC | $129M | $129M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 3.3% | not reported | not reported |
| FY2021 | 23.6% | not reported | not reported |
| FY2022 | -16.0% | not reported | not reported |
| FY2023 | -0.3% | not reported | not reported |
| FY2024 | 15.5% | not reported | not reported |
| FY2025 | 8.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -9.7 percent |
| FY2020 | -10.1 percent |
| FY2021 | -27.1 percent |
| FY2022 | -40.2 percent |
| FY2023 | -15.7 percent |
| FY2024 | -21.2 percent |
| FY2025 | -17.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.