SEI INVESTMENTS COMPANY (SEIC): what the price assumes

In the published model solve dated 2026-Q2, anchored at $104.83, SEI INVESTMENTS COMPANY (SEIC) is priced for +9.3% earnings growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-06-28.

Generated: 2026-08-10 · Exported: 2026-08-12 · Source: https://boothcheck.com/report/SEIC

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 9.7% cost of equity with 4% terminal growth over a 5-year stage, on a 5-year median GAAP earnings base; each 1pp of cost of equity moves the implied earnings growth ~4.3pp.

How unusual the bet is: within-range

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.2%); the inversion above states its own rate.

Per-Model Detail (n=15)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• SEI runs two engines, an asset-management arm and a stickier investment-processing platform serving clients who "outsource their entire investment operation", together earning a return on equity around 30% with almost no debt.
• The defining risk is industry-wide fee compression from passive competition plus institutional concentration, visible in Q1 when a single DB annuitization drove nearly $1 billion of outflows against $1.6 billion of advisor inflows.
• Watch the fee rate alongside the AUM headline (Q1 AUM of $554.1 billion, up 14%) and the pace of capital return, with $208.3 million of buybacks in Q1 against a falling share count.

Bull Case

Where the price sits against the methods tells the bull story before any single number does. The forward-growth and peer-multiple lenses both land at or above today's $89.49 (June 28, 2026), and the earnings-based reads that credit SEI's cash generation, the free-cash-flow capitalization and the earnings-yield model, sit above the price too. The only family that calls SEI expensive is the no-growth earnings-power floor, which by construction assumes the company stops growing. For a business compounding fees on a rising asset base, that is the wrong anchor, and the spread between it and the live methods is the bull case in one picture.

The engine underneath is unusually efficient. SEI earns a return on equity around 30%, which is exceptional for a fee business, and it does it with almost no leverage: gross debt of roughly $32 million against $400 million of liquid assets. Its 10-K describes the recurring core directly, the platform fees from clients "that outsource their entire investment operation and back-office processing functions". That is the part of SEI that behaves less like an asset manager and more like enterprise software, sticky revenue that scales with client growth rather than with markets alone. The first quarter showed both engines working: assets under management reached $554.1 billion, up 14% year over year, and assets under administration hit $1.29 trillion, up 19.3%.

Capital allocation closes the case. SEI threw off $662 million of free cash flow on the trailing year and returned it aggressively, buying back 2.554 million shares for $208.3 million and paying $63.7 million in dividends in the first quarter alone. The share count has fallen about 2.8% a year, which is direct evidence of capital return compounding per-share value rather than diluting it. A 30%-return business with no debt, recurring platform revenue, and a falling share count is the kind of compounder where the forward methods, not the no-growth floor, are reading the price correctly.

Bear Case

The competitive pressure on SEI is the same tide pulling at the entire active-management industry, and it is structural. The shift of investor dollars from active funds to low-cost passive products compresses the fees SEI's asset-management arm can charge. A direct peer names the dynamic in its own filing: T. Rowe Price warns that competitors emphasizing passive products "have gained and may continue to gain market share from active managers like us", and that competition can "compel us to reduce the fees we charge to clients, thereby reducing our revenues and net income". SEI runs the same exposure on the roughly two-fifths of its revenue that comes from investment-management fees. A rising AUM number can mask a falling fee rate, and the fee rate is what the multiple ultimately capitalizes.

The flow data carries an early warning. In the first quarter, advisor channels added about $1.6 billion of net inflows, but institutional outflows ran close to $1 billion, driven by a defined-benefit annuitization. One client decision moved the institutional line by nearly the size of the advisor gains. That is the concentration risk inside a business that looks diversified at the top: large institutional mandates can leave in a single transaction, and the processing-platform clients, while stickier, take years to implement and are correspondingly slow to replace.

The valuation has to clear a real bar. The price requires SEI to keep compounding fees at a healthy clip, and the earnings-power lens, valuing the current profit with no growth, lands well below the price. That gap is the growth the buyer is paying for. If passive competition compresses the asset-management fee rate, or if a few large institutional clients follow the DB annuitization out, the growth that justifies the relative and forward multiples slows, and the price drifts toward the no-growth floor rather than away from it. The balance sheet is pristine, so this is not a solvency risk. It is a multiple risk: a high-quality compounder priced for continued compounding, where the compounding faces a real industry headwind.

Valuation

SEI is best read the way a fee business should be, on the durability of its return on equity rather than on a single operating margin. It earns a return on equity near 30% against a book value of $19.68 per share, and the price embeds continued fee growth from there. The fee-financial read of what the price assumes lands within the range SEI's own track record supports, so this is not a stretched bet so much as a quality compounder priced as one.

The methods cluster in an informative pattern. The peer-multiple lens reads the price as reasonable, roughly in line with where comparable financials trade. The forward-growth lens lands above the price, crediting the continued growth in AUM and platform fees. The cash-flow reads, the free-cash-flow capitalization and the earnings yield, also sit above the price on the strength of $662 million of trailing free cash flow. The lone dissent is the earnings-power lens, which values the current profit assuming zero growth and lands far below the price. The distance between that floor and the live methods is precisely the growth premium: the market is paying for SEI to keep expanding fees, and every method that credits growth agrees the price is supported, while the one that denies growth does not. Among peers, the contrast with a pure active manager is the useful one. Where T. Rowe Price's filing frames the industry around defending against passive share loss, SEI's own 10-K leans on recurring platform revenue from clients that "outsource their entire investment operation", a more software-like and stickier base than fund fees alone.

Solvency is barely a question here. With roughly $32 million of gross debt against $400 million of liquid assets and interest coverage in the hundreds, SEI carries no leverage risk; the balance-sheet frame for a business like this is capital-return capacity, and the answer is ample. The first quarter alone returned $272 million through buybacks and dividends. What the buyer underwrites at this price is not whether SEI survives a downturn, but whether its fee growth outruns the passive headwind long enough to justify paying above the no-growth value of today's earnings.

Catalysts

SEI's first quarter of 2026 delivered broad-based growth. Total revenue rose to $622.2 million from $551.3 million a year earlier, split between $498.0 million of asset-management, administration, and distribution fees and $124.2 million of information-processing and software-servicing fees. Net income climbed to $176.8 million from $151.5 million, lifting diluted EPS to $1.40 from $1.17. Assets under management ended the quarter at $554.1 billion, up 14% year over year, and assets under administration reached $1.29 trillion, up 19.3%. The flow mix was the nuance: advisors added about $1.6 billion of net inflows while institutional channels saw close to $1 billion of outflows from a single defined-benefit annuitization.

The sell side has turned more constructive. The consensus rating sits at Buy with an average price target near $105, and the spring brought a cluster of target increases, with Keefe Bruyette and Piper Sandler both raising on April 23 and Raymond James lifting its target on April 29. Capital return continued at pace: SEI repurchased 2.554 million shares for $208.3 million in the quarter and the board declared a semi-annual dividend of $0.52 per share on May 27. The next earnings print is the read on whether the advisor-channel momentum and the platform fee growth keep outrunning institutional lumpiness and the broader fee-compression backdrop.

Peer Cohorts (Per Segment, With Filing Citations)

Investment Managers (reported)

• SSNC (SS&C TECHNOLOGIES HOLDINGS, INC.)
• FY2025 10-K: …number of unique securities positions held by investors through our clients and our clients' customer trading volumes reflect the levels of participation and activity in the markets, which are impacted by market prices and the liquidity of the securities markets, among other factors. We could be negatively impacted…
• FY2025 10-K: …the valuation of those assets. However, conflicts of interest may arise when the above parties offer more than one of these services. The industry is increasingly recognizing these conflicts and, as a result, seeking independent fund administrators such as SS&C. SS&C is the leading fund administrator for alternative…
• JKHY (JACK HENRY & ASSOCIATES, INC.)
• FY2025 10-K: …Executive Officer) August 25, 2025 /s/ Mimi L. Carsley Mimi L. Carsley Chief Financial Officer and Treasurer (Principal Financial Officer) August 25, 2025 /s/ Renee A. Swearingen Renee A. Swearingen Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) August 25, 2025 /s/ David B. Foss…
• FY2025 10-K: …with the exception of those with an indefinite life (goodwill), over an estimated economic benefit period, generally three to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that it…
• BR (BROADRIDGE FINANCIAL SOLUTIONS, INC.)
• FY2025 10-K: …and digitize communications. We operate our business in two reportable segments: Investor Communication Solutions and Global Technology and Operations. Investor Communication Solutions Our Regulatory Solutions, Data-Driven Fund Solutions, Corporate Issuer Solutions, and Customer Communications Solutions are provided…
• FY2025 10-K: …help fund managers increase distribution opportunities, comply with both United Kingdom and European Union regulations such as Solvency II and MiFID II, and make information easily accessible for investors in a digital format. We also provide support to fund managers with document and data dissemination in the UK and…
• STT (STATE STREET CORPORATION)
• FY2025 10-K: …in this Management's Discussion and Analysis. Expenses Total expenses for Investment Management increased 7% in 2025 compared to 2024, as higher business investments and revenue-related fund expenses were partially offset by productivity and other savings. Additional information about expenses is provided under…
• FY2025 10-K: …stt:InterestIncomeNetMember stt:InvestmentServicingMember 2024-01-01 2024-12-31 0000093751 us-gaap:OperatingSegmentsMember stt:InterestIncomeNetMember stt:InvestmentManagementMember 2024-01-01 2024-12-31 0000093751 us-gaap:MaterialReconcilingItemsMember stt:InterestIncomeNetMember 2024-01-01 2024-12-31 0000093751…
• NTRS (NORTHERN TRUST CORP)
• FY2025 10-K: Bank EEA European Economic Area EMIR European Market Infrastructure Regulation 648/2012 EOP End of Period ESG Environmental, Social and Governance EU European Union Exchange Act Securities Exchange Act of 1934, as amended ii 2025 ANNUAL REPORT | NORTHERN TRUST CORPORATION GLOSSARY OF TERMS (continued) FASB Financial…
• FY2025 10-K: …they do business. Northern Trust Securities, Inc. is also registered with the Municipal Securities Rulemaking Board (MSRB) as a municipal securities dealer and subject to regulation as such. Northern Trust Securities, Inc. and other subsidiaries of the Corporation are registered with the SEC as investment advisers…
• BK (THE BANK OF NEW YORK MELLON CORPORATION)
• (no filing in the citation store)
• APAM (Artisan Partners Asset Management Inc.)
• FY2025 10-K: …through competitive compensation packages, the portfolio managers who manage our investment strategies and have been primarily responsible for the historically strong investment performance we have achieved. The departure of a portfolio manager has in the past contributed to clients' decisions to withdraw funds from…
• FY2025 10-K: …a corresponding series of Artisan Funds. (3) Custom Credit Solutions represents assets managed by the Credit team within custom, investor-driven mandates for which there is no combined performance track record. Growth Team Our Growth team manages five investment strategies. James D. Hamel, Matthew H. Kamm, Jason L.…

Private Banks (reported)

• JKHY (JACK HENRY & ASSOCIATES, INC.)
• FY2025 10-K: …data processing solutions for credit unions of all sizes, and non-core highly specialized core-agnostic products and services that enable banks and credit unions of every asset size and charter, and diverse corporate entities outside the financial services industry, to mitigate and control risks, optimize revenue and…
• FY2025 10-K: …products and services. Our non-core solutions serve banks and credit unions of all asset sizes and charters and other diverse corporate entities. We support these organizations with specialized solutions for generating additional revenue and growth, increasing security, mitigating operational risks, and controlling…
• FIS (Fidelity National Information Services, Inc.)
• FY2025 10-K: …the trade receivables credit risk. The Company seeks to minimize credit risk for derivatives by selecting counterparties with investment grade credit ratings. The Company also manages credit risk exposure through monitoring procedures. (22) Segment Information The Company reports its financial performance based on…
• FY2025 10-K: …in revenue could adversely affect our business, financial condition or results of operations. Bank failures or sustained financial market disruptions could adversely affect our business, financial condition and results of operations. We regularly maintain domestic cash deposits in banks that are not subject to…
• FISV (FISERV INC)
• FY2025 10-K: …aggregated within the Merchant segment consist of the following: • Small Business - provides products and services to small businesses and independent software vendors ("ISV"), including Clover, our POS and business management platform for small business clients • Enterprise - provides products and services to large…
• FY2025 10-K: …criminal penalties, including fines. We may also be required, among other things, to make significant additional investments to comply with rules and regulations, to modify our products or services or the manner in which they are provided, or to limit or change the amount or types of revenue we are able to generate.…
• SSNC (SS&C TECHNOLOGIES HOLDINGS, INC.)
• FY2025 10-K: …Consolidated Balance Sheet. Funds held on behalf of clients in the form of certificates of deposit with a maturity of greater than twelve months are classified as investments on the Consolidated Balance Sheets. All funds held on behalf of clients represent assets that are restricted for use. We have included funds…
• FY2025 10-K: Consolidations or failures among our clients or within their respective industries could adversely affect us by causing declines in demand for our products and services. If banks, asset management and other financial services firms fail or consolidate, there could be declines in demand for our products and services.…
• NCNO (nCino, Inc.)
• FY2025 10-K: …and customer support services; • capability for configurability, integration, and scalability; • domain expertise in banking technology; • security and reliability; • ability of our solutions to support compliance with legal and regulatory requirements; • ability to innovate and respond to customer needs quickly; •…
• FY2025 10-K: …that are cancelable generally have penalty clauses. Although we have observed some trends at our current scale with respect to customer subscription renewals, we cannot be certain of how actual renewal rates will compare to what we anticipate. Our renewal rates may decline or fluctuate as a result of a number of…
• BR (BROADRIDGE FINANCIAL SOLUTIONS, INC.)
• FY2025 10-K: …complying with the laws and regulations to which they are subject. As a result, the services we provide may be required to change as applicable laws and regulations are adopted or revised. We monitor legislative and rulemaking activity by the SEC, FINRA, DOL, and the U.S. Internal Revenue Service (the "IRS"), the…
• FY2025 10-K: …with our technology. Such costs for all clients represented approximately 10% of our total assets as of June 30, 2025, with one client representing a large portion of this amount. See Note 3, "Revenue Recognition" and Note 11, "Deferred Client Conversion and Start-up Costs" to our consolidated financial statements…

Investment Advisors (reported)

• LPLA (LPL Financial Holdings Inc.)
• FY2025 10-K: …assets per advisor growing over time. Business services and planning and advice services are a source of organic growth as a larger share of advisors adopts these service solutions. Attracting New Assets to Our Platform We intend to grow the assets served by our platform across traditional markets and through new…
• FY2025 10-K: …practices and regulatory approaches to guidance, examinations and enforcement continue to develop, the ultimate impact that these new rules or regulations will have on us, the financial industry and the economy cannot be known at this time. It is unclear how and whether other regulators, including banking regulators,…
• AMP (AMERIPRISE FINANCIAL INC)
• FY2025 10-K: …applies to financial advisors who hold a Certified Financial Planner designation. Considering the various fiduciary rules and regulations that continue to be proposed, finalized, and sometimes withdrawn or amended, we continue to exert significant efforts to evaluate and prepare to comply with each rule. Other…
• FY2025 10-K: …services are either provided by the Company or third- party providers. The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged. The Company…
• SF (STIFEL FINANCIAL CORP)
• FY2025 10-K: …due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the…
• FY2025 10-K: …of industry concentrations. Asset Management Our asset management business offers specialized investment management solutions for institutions, private clients, and investment advisers. Revenues for this segment are primarily generated by the investment advisory fees related to asset management services provided for…
• RJF (RAYMOND JAMES FINANCIAL INC)
• FY2025 10-K: Private Client Group We provide financial planning, investment advisory, and securities transaction services to clients through financial advisors. Total client assets under administration ("AUA") in our PCG segment as of September 30, 2025 were $1.67 trillion, of which $1.01 trillion related to fee-based accounts…
• FY2025 10-K: …with any loans or other incentives we may offer to newly recruited financial advisors and other key personnel. If we were to lose the services of any of our financial advisors, investment bankers, senior equity research analysts, sales and trading professionals, asset managers, or executive officers to a competitor…
• ENVA (Enova International, Inc.)
• FY2025 10-K: …and we may face liability. We rely on third-party independent advisors, including commercial loan brokers, which we call independent sales organization program partners, or ISOs, for a significant portion of the small business customers to whom we issue loans. As a consequence of their status as independent…
• FY2025 10-K: …Trading Policy X 21.1 Subsidiaries of Enova International, Inc. X 23.1 Consent of Deloitte & Touche LLP X 31.1 Certification of Chief Executive Officer X 31.2 Certification of Chief Financial Officer X 32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906…

Institutional Investors (reported)

• AMG (AFFILIATED MANAGERS GROUP, INC.)
• FY2025 10-K: …in Item 1. Our Affiliates may not compare favorably with their competitors in any or all of these categories, and technological developments, including financial applications and services based on generative artificial intelligence, machine-learning algorithms, and large language models ("AI"), may over time reduce…
• FY2025 10-K: …owner's interests are included in Other liabilities and were $ 14.5 million and $ 11.7 million as of December 31, 2024 and 2025 , respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company's executive officers and directors may invest from time to time in funds…
• TROW (PRICE T ROWE GROUP INC)
• FY2025 10-K: $ 157.1 $ 160.7 INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS. These investments represent European CLOs that invest in 5 % vertical strips in each class of rated notes and subordinated notes. Certain investments in the debt tranches of the CLOs are measured at amortized cost as investments held to…
• FY2025 10-K: …Institutional investors U.S. Mutual Funds x x x x Collective Investment Trusts x x x Exchange-Traded Funds x x x College Savings Plans x x Model Portfolios x x x (6) Separately Managed Accounts (SMAs) (1) x x x Subadvised Accounts x x x x Separate Accounts x x x x x SICAVs (2) / FCPs (3) x x x Canadian Pooled Funds x…
• FHI (Federated Hermes, Inc.)
• FY2025 10-K: …Federated Hermes makes available and distributes its offerings in this market through a large, diversified group of over 7,000 national, regional and independent financial intermediary customers, including broker/dealers, banks and registered investment advisors. Financial intermediaries use Federated Hermes'…
• FY2025 10-K: Investment Company Institute Recommendations for a Default E-Delivery Framework. On November 18, 2025, the ICI submitted a letter to the SEC providing recommendations and data in support of SEC rulemaking that would allow funds to deliver documents to shareholders electronically on a default basis, rather than…
• BEN (FRANKLIN RESOURCES, INC.)
• FY2025 10-K: …no other risks associated with the CIPs' liabilities. 82 Table of Contents Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of September 30, 2025 Assets Cash and cash equivalents of CLOs $…
• FY2025 10-K: …products and entities, including CIPs. These unfunded commitments are not recorded in the consolidated balance sheet. Our cash, cash equivalents and investments portfolio by asset class and accounting classification at September 30, 2025, excluding third-party assets of CIPs, was as follows: Accounting Classification…
• NTRS (NORTHERN TRUST CORP)
• FY2025 10-K: …- ( 56.5 ) ( 58.6 ) Commercial Mortgage-Backed - ( 22.6 ) ( 0.9 ) Investment Security Gains (Losses), net $ - $ ( 189.3 ) $ ( 169.5 ) Note 5 - Loans Amounts outstanding for Loans, by segment and class, are shown in the following table. TABLE 57: LOANS DECEMBER 31, (In Millions) 2025 2024 Commercial Commercial and…
• FY2025 10-K: …and $ 1.4 billion, respectively, posted against these liabilities, resulting in a net maximum amount of termination payments that could have been required at December 31, 2025 and 2024 of $ 7.6 million and $ 158.8 million, respectively. Accelerated settlement of these liabilities would not have a material effect on…

Investments in New Businesses (reported)

• SSNC (SS&C TECHNOLOGIES HOLDINGS, INC.)
• FY2025 10-K: …and healthcare, new business lines and combinations of business lines at existing clients, objectives to leverage technology to increase operational efficiency, merger and acquisition activity, replacement of legacy in-house operations and competitor systems and expansion of our existing client relationships.…
• FY2025 10-K: …to market other products and services to acquired client bases. In addition, we believe our acquisitions have been an extension of our research and development effort and have enabled us to add to our product and service offerings without incurring the uncertainties sometimes associated with software development…
• BR (BROADRIDGE FINANCIAL SOLUTIONS, INC.)
• FY2025 10-K: …operate in a highly competitive industry. Our Investor Communication Solutions business competes with companies that provide investor communication and corporate governance solutions, as well as our clients' in-house operations. This includes independent proxy distribution service providers, transfer agents, proxy…
• FY2025 10-K: …and digitize communications. We operate our business in two reportable segments: Investor Communication Solutions and Global Technology and Operations. Investor Communication Solutions Our Regulatory Solutions, Data-Driven Fund Solutions, Corporate Issuer Solutions, and Customer Communications Solutions are provided…
• FHI (Federated Hermes, Inc.)
• FY2025 10-K: …worldwide. Federated Hermes' future profitability depends on retaining and growing market share and can be adversely affected by banking and securities industry consolidation and regulatory developments impacting customers and shareholders. There can be no assurance that Federated Hermes' growth is sustainable or…
• FY2025 10-K: …human resource management strategies to respond to competition from existing and new market innovations and competitors, which can increase expenses, create risks that such changes will not be successfully implemented, and cause Federated Hermes to not achieve its long-term strategic objectives. Such fee reductions,…
• APAM (Artisan Partners Asset Management Inc.)
• FY2025 10-K: …professionals. • Many competitors charge lower fees for their investment management services than we do. 16 Table of Contents • The majority of our investment strategies are traditional active equity products, compared to alternative products where investor allocations continue to grow. For example, the trend in…
• FY2025 10-K: …a corresponding series of Artisan Funds. (3) Custom Credit Solutions represents assets managed by the Credit team within custom, investor-driven mandates for which there is no combined performance track record. Growth Team Our Growth team manages five investment strategies. James D. Hamel, Matthew H. Kamm, Jason L.…
• TROW (PRICE T ROWE GROUP INC)
• FY2025 10-K: The investment management industry continues to evolve and face challenging trends, including the shift in market share from traditional active strategies to passive products, persistent downward fee pressure, demand for lower cost investment vehicles, and an ever-changing regulatory landscape. Despite these trends,…
• FY2025 10-K: …term. Generally, we ensure the investment product has a sustainable level of assets from unrelated investors before we consider redemption of our seed capital investment in order to maintain the product's net asset value and its performance record. At December 31, 2025, we had seed capital investments in our products…
• AMG (AFFILIATED MANAGERS GROUP, INC.)
• FY2025 10-K: …all stages of a market cycle, and therefore our ability to consistently invest in the areas of highest growth and return to generate value for shareholders. Our Strategy We generate long-term value by investing in high-quality independent partner-owned firms and allocating resources across AMG's unique opportunity…
• FY2025 10-K: …$105.4 billion or 15% driven by a combination of investment performance generated across our Affiliates, net client cash inflows, and the addition of assets associated with new partnerships with Affiliates operating in growing areas within alternative strategies. C lient demand for alternative strategies continued in…
• BEN (FRANKLIN RESOURCES, INC.)
• FY2025 10-K: …goals and preferences, from capital appreciation to capital preservation, as well as other investor preferences. We are committed to partnering closely with our clients to understand their challenges and aspirations, and drawing on our investment capabilities and resources to offer and/or design the right investment…
• FY2025 10-K: …to the VIEs. Business Combinations Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of…
• IVZ (Invesco Ltd.)
• FY2025 10-K: …process and a frictionless experience with superior engagement. • Provide a holistic value proposition including advice and solutions to help our clients best manage their portfolios and succeed with their own clients. Grow high demand investment offerings • Prioritize the intersection of market size, secular change,…
• FY2025 10-K: …commercial loans, income based products inclusive of private strategies, and seed capital in fixed income funds, the valuation of which could vary with changes in interest and default rates as well as credit quality deterioration. Declines in the values of AUM could lead to reduced revenues and net income as…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.