WESTWOOD HOLDINGS GROUP INC WHG
We manage investment assets and provide services for our clients through our subsidiaries, Westwood Management Corp., Westwood Advisors, L.L.C., Salient Advisors, L.P. ("Salient Advisors") and Broadmark Asset Management LLC ("Broadmark"), (each of which is a registered investment adviser ("RIA") registered with the Securities and Exchange Commission ("SEC"), and Salient Capital, L.P., ("SCLP") an SEC-registered broker-dealer and Financial Industry Regulatory Authority ("FINRA") member, collectively referred to hereinafter together as "Westwood Management") and Westwood Trust. Westwood Holdings Group, founded in 1983, through Westwood Management, provides investment advisory services to institutional investors, a family of mutual funds called the Westwood Funds®, other mutual funds, individual investors and clients of Westwood Trust. Westwood Trust, founded as a state-chartered trust company in 1974, provides trust, custodial and investment management services through the use of commingled funds and individual securities to institutions and high net worth individuals.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $97.8M | $94.7M | $89.8M | $68.7M | $73.1M | $65.1M | $84.1M | $122.3M | $133.8M | $123.0M |
| SG&A | $11.3M | $11.9M | $12.5M | $9.1M | $8.1M | $8.9M | $9.5M | $9.6M | $9.7M | $9.4M |
| Total operating expenses | $92.8M | $93.9M | $83.8M | $73.6M | $67.1M | $68.6M | $79.4M | $86.4M | $99.9M | $89.0M |
| Operating income | $5.0M | $830.0K | $6.0M | -$4.9M | $6.0M | -$3.4M | $4.6M | $35.9M | $33.9M | $34.0M |
| Pre-tax income | $9.7M | $4.0M | $13.4M | -$5.2M | $14.0M | -$7.6M | $9.4M | $36.5M | $33.9M | $34.0M |
| Income tax | $2.6M | $1.8M | $2.9M | $567.0K | $4.2M | $1.4M | $3.5M | $9.7M | $13.9M | $11.4M |
| Net income | $7.1M | $2.2M | $10.6M | -$4.6M | $9.8M | -$8.9M | $5.9M | $26.8M | $20.0M | $22.6M |
| EPS, basic | 0.84 | 0.27 | 1.20 | -0.59 | 1.24 | -1.12 | 0.70 | 3.20 | 2.45 | 2.84 |
| EPS, diluted | 0.79 | 0.26 | 1.17 | -0.59 | 1.23 | -1.12 | 0.70 | 3.13 | 2.38 | 2.77 |
| Shares, diluted (wtd. avg.) | $8.9M | $8.5M | $8.1M | $7.8M | $7.9M | $8.0M | $8.5M | $8.5M | $8.4M | $8.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.2M | $18.8M | $20.4M | $23.9M | $15.2M | $13.0M | $49.8M | $52.4M | $54.2M | $33.7M |
| Short-term investments | $21.4M | $27.7M | $32.9M | $15.3M | $65.0M | $69.5M | $50.3M | $65.8M | $51.3M | $56.5M |
| Receivables | — | — | — | — | — | $9.4M | $13.2M | $18.4M | $21.7M | $23.4M |
| Total current assets | — | — | $72.2M | $58.2M | $93.9M | $96.3M | $117.0M | $139.7M | $138.1M | $116.0M |
| Property, plant and equipment | $536.0K | $951.0K | $1.4M | $1.8M | $2.1M | $3.2M | $4.2M | $4.5M | $4.2M | $4.3M |
| Goodwill | $39.5M | $39.5M | $39.5M | $35.7M | $16.4M | $16.4M | $19.8M | $19.8M | $27.1M | $27.1M |
| Other intangibles | $18.2M | $21.7M | $24.8M | $29.0M | $11.9M | $13.5M | $15.3M | $16.0M | $19.8M | $21.4M |
| Total assets | $162.3M | $150.0M | $155.2M | $146.4M | $139.6M | $149.2M | $178.7M | $199.2M | $192.7M | $179.7M |
| Accounts payable | $7.6M | $6.4M | $6.1M | $5.7M | $2.6M | $1.6M | $2.1M | $2.5M | $3.5M | $2.6M |
| Total current liabilities | — | — | $18.6M | $17.6M | $15.8M | $11.8M | $21.4M | $27.1M | $31.5M | $29.7M |
| Total liabilities | $35.6M | $27.7M | $32.7M | $35.8M | $21.7M | $18.4M | $30.4M | $38.0M | $36.3M | $33.6M |
| Retained earnings | $9.0M | $6.2M | $4.7M | -$4.3M | $4.4M | -$1.7M | $11.0M | $30.5M | $28.6M | $31.9M |
| Total equity | $125.6M | $120.3M | $122.4M | $110.6M | $117.9M | $130.7M | $148.3M | $161.1M | $156.4M | $146.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.9M | $21.1M | -$1.2M | $51.5M | $19.4M | -$9.8M | $32.2M | $31.5M | $48.0M | $47.4M |
| Depreciation and amortisation | $501.0K | $602.0K | $670.0K | $687.0K | $750.0K | $921.0K | $898.0K | $867.0K | $1.0M | $969.0K |
| Stock-based compensation | $5.1M | $5.5M | $6.5M | $6.0M | $5.8M | $6.7M | $10.3M | $15.3M | $16.4M | $16.0M |
| Capital expenditure | $86.0K | $109.0K | $147.0K | $320.0K | $178.0K | $93.0K | $593.0K | $991.0K | $884.0K | $1.8M |
| Investing cash flow | -$3.7M | -$4.6M | $4.1M | -$33.7M | $9.6M | -$4.0K | -$4.8M | $3.6M | -$1.2M | -$1.8M |
| Financing cash flow | -$7.9M | -$18.1M | -$6.4M | -$9.1M | -$26.8M | -$25.8M | -$31.9M | -$34.1M | -$28.6M | -$34.9M |
| Dividends paid | $5.4M | $5.4M | $5.5M | $5.6M | $22.9M | $11.0M | $26.1M | $24.6M | $21.9M | $19.4M |
| Buybacks | $0 | $1.3M | $0 | $2.9M | $3.0M | $13.0M | $2.4M | $4.0M | $0 | $5.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001165002-26-000020.
Others in SIC 6282
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BX | Blackstone Inc. | $102.20B | 35.2x | 9.2% |
| KKR | KKR & Co. Inc. | $96.70B | — | -11.0% |
| APO | Apollo Global Management, Inc. | $78.94B | 24.1x | 22.7% |
| AMP | AMERIPRISE FINANCIAL INC | $49.52B | 15.5x | 5.5% |
| TROW | PRICE T ROWE GROUP INC | $23.42B | 11.9x | 3.1% |
| BEN | FRANKLIN TEMPLETON INC | $17.65B | 38.2x | 3.5% |
| CG | Carlyle Group Inc. | $16.74B | 21.5x | -11.9% |
| IVZ | Invesco Ltd. | $14.60B | — | 5.1% |