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Data as of Q3 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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $540.0M 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 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).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 46%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $58.59 today, the market must believe free cash flow compounds 1.3%/yr for a decade (off $365.7M on the 3-yr avg basis).
On the basis ($182.4M) the requirement is 11.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 1.3% is more conservative than its 9-yr track record.
Default is 11.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.07B shares (market data) · net debt -$508.6M
mean 88.9% · volatility σ 154% · implied rate exceeded in 6/9 yrs
Central path = implied 1.3%/yr growth; shaded band = ±1σ (154%) 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 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 | $89.0B | 30.6× | — | 6.2× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 721 |
| APO | $68.4B | 20.9× | — | 2.1× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| AMP | $42.7B | 13.5× | — | 2.3× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 444 |
| TROW | $22.2B | 11.2× | — | 3.0× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 372 |
| BEN | $16.1B | 34.8× | 25.3× | 1.8× | 3.5% | — | 6.0% | 4.3% | 3.6% | 3.2× | 189 |
| CG | $14.3B | 18.4× | 9.1× | 3.0× | -11.9% | — | 16.9% | 11.5% | 11.5% | -1.5× | 146 |
| EVR | $11.2B | 20.7× | — | 2.9× | 29.5% | — | 15.3% | 29.1% | 29.1% | — | 147 |
| AMG | $9.9B | 16.8× | — | 4.8× | 1.6% | — | 34.5% | 22.1% | 12.1% | — | 131 |
| HLI | $9.6B | 22.2× | 14.7× | 3.7× | 9.5% | — | 16.3% | 18.2% | 18.2% | -2.1× | 125 |
| MORN | $8.4B | 25.5× | 12.6× | 3.4× | 7.5% | 61.0% | 15.3% | 30.6% | 16.3% | 0.8× | 92 |
| TPG | $7.8B | 103.7× | 12.1× | 1.7× | 33.4% | — | 4.0% | 4.5% | 3.2% | 1.2× | 67 |
| OWL | $7.1B | 103.3× | 21.3× | 12.4× | 7.6% | — | 13.9% | 3.6% | 1.4% | 6.5× | 138 |
| VCTR | $6.8B | 27.1× | 13.8× | 5.2× | 46.2% | — | 25.3% | 13.6% | 9.7% | 1.5× | 88 |
| FHI | $4.4B | 11.4× | 7.9× | 2.4× | 10.3% | — | 22.4% | 33.7% | 26.1% | -0.5× | 96 |
| MC | $4.3B | — | — | — | — | — | — | 45.7% | 45.7% | — | 85 |
| LAZ | $3.7B | 17.7× | 11.0× | 1.2× | 1.5% | — | 7.4% | 27.2% | 9.3% | 0.6× | 77 |
| CNS | $3.7B | 24.4× | 19.1× | 6.7× | 7.5% | — | 27.6% | 27.3% | 27.3% | -0.8× | 65 |
| APAM | $2.6B | 9.0× | 6.8× | 2.2× | 7.6% | — | 24.3% | 66.2% | 46.2% | 0.5× | 79 |
| RPC | $1.0B | 54.2× | 20.2× | 3.4× | 0.3% | — | 6.6% | 4.8% | 2.5% | 5.1× | — |
| ABX | $828M | 23.5× | 11.1× | 3.5× | 110% | 87.7% | 15.5% | 8.7% | 4.4% | 3.4× | 19 |
| VRTS | $783M | 5.9× | 5.0× | 0.9× | -6.0% | — | 15.9% | 14.6% | 10.3% | 1.7× | 40 |
| GCMG | $773M | 30.1× | 7.0× | 1.4× | 8.5% | — | 8.1% | 168% | 10.0% | 1.4× | 18 |
| NOAH | $462M | 29.3× | — | 1.2× | 4.8% | — | 21.4% | 5.7% | 5.7% | — | 9 |
| HKHC | $405M | 80.4× | 30.2× | 5.6× | 30.5% | — | 7.0% | 1.5% | 1.5% | -3.0× | — |
| WHG | $180M | 23.9× | 28.1× | 1.8× | 3.2% | — | 7.2% | 5.6% | 5.6% | -4.8× | 14 |
Peers = companies sharing MC'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.
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
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Operating Expenses | $1.24B | $1.02B | $895.1M | $769.2M | $1.04B | $677.6M | $632.0M | $659.1M | $520.3M | $452.3M |
| Operating Income | $273.9M | $172.9M | -$40.4M | $216.1M | $495.9M | $265.7M | $114.5M | $226.8M | $164.3M | $161.1M |
| Other Income (Expense), net | $53.6M | $23.1M | $11.2M | $220K | $40.4M | $4.4M | $33.0M | $11.7M | $186.1M | $509K |
| Pretax Income | $327.5M | $196.0M | -$29.1M | $216.3M | $536.3M | $270.1M | $147.5M | $238.5M | $350.4M | $166.7M |
| Income Tax Expense | $67.9M | $44.5M | -$1.6M | $47.6M | $113.3M | $51.7M | $11.8M | $30.4M | $223.8M | $24.8M |
| Net Income | $259.6M | $151.5M | -$27.5M | $168.7M | $423.0M | $218.4M | $135.7M | $208.0M | $126.5M | $141.9M |
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.
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.
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 |
|---|---|---|---|---|---|
| 2026-09-17 | 3 co-filers Group filing | Grant | 19 | — | — |
| 2026-09-17 | 5 co-filers Vice Chairman, MD | Grant | 78 | $0.00 | — |
| 2026-09-17 | 2 co-filers Chief Operating Officer | Grant | 16 | $0.00 | — |
| 2026-09-17 | 2 co-filers Group filing | Grant | 19 | — | — |
| 2026-09-17 | 3 co-filers Group filing |
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.
| Grant |
| 20 |
| — |
| — |
| 2026-09-17 | 4 co-filers Chief Financial Officer | Grant | 4 | $0.00 | — |
| 2026-09-17 | 6 co-filers General Counsel, Secretary | Grant | 23 | $0.00 | — |
| 2026-09-17 | 5 co-filers Principal Accounting Officer | Grant | 11 | $0.00 | — |
| 2026-09-17 | 2 co-filers Group filing | Grant | 18 | — | — |
| 2026-09-17 | 2 co-filers Group filing | Grant | 17 | — | — |
| 2026-09-17 | 5 co-filers Principal Accounting Officer | Grant | 2 | $0.00 | — |
| 2026-09-17 | 3 co-filers Group filing | Grant | 18 | — | — |
| 2026-09-17 | 3 co-filers Group filing | Grant | 19 | — | — |
| 2026-09-17 | 2 co-filers Chief Operating Officer | Grant | 45 | $0.00 | — |
| 2026-09-17 | 5 co-filers Vice Chairman, MD | Grant | 195 | $0.00 | — |
| 2026-09-17 | 2 co-filers Group filing | Grant | 18 | — | — |
| 2026-09-17 | 4 co-filers Chief Financial Officer | Grant | 14 | $0.00 | — |
| 2026-09-17 | 6 co-filers General Counsel, Secretary | Grant | 45 | $0.00 | — |
| 2026-09-17 | 6 co-filers General Counsel, Secretary | Grant | 53 | $0.00 | — |
| 2026-09-17 | 3 co-filers Group filing | Grant | 19 | — | — |
| 2026-09-17 | 3 co-filers Group filing | Grant | 2 | — | — |
| 2026-09-17 | 5 co-filers Vice Chairman, MD | Grant | 225 | $0.00 | — |
| 2026-09-17 | 5 co-filers Principal Accounting Officer | Grant | 4 | $0.00 | — |
| 2026-09-17 | 4 co-filers Chief Financial Officer | Grant | 14 | $0.00 | — |
| 2026-09-17 | 5 co-filers Principal Accounting Officer | Grant | 10 | $0.00 | — |
| 2026-09-17 | 6 co-filers General Counsel, Secretary | Grant | 59 | $0.00 | — |
| 2026-09-17 | 5 co-filers Vice Chairman, MD | Grant | 142 | $0.00 | — |
| 2026-09-17 | 4 co-filers Chief Financial Officer | Grant | 15 | $0.00 | — |
| 2026-09-17 | 5 co-filers Vice Chairman, MD | Grant | 74 | $0.00 | — |
| 2026-09-17 | 5 co-filers Principal Accounting Officer | Grant | 8 | $0.00 | — |
| 2026-09-17 | 6 co-filers General Counsel, Secretary | Grant | 67 | $0.00 | — |
| 2026-09-17 | 6 co-filers General Counsel, Secretary | Grant | 15 | $0.00 | — |
| 2026-08-27 | Shropshire Kenneth Director | Open-market sale | 1,881 | $69.06 | $130k |
| 2026-08-04 | Watanabe Osamu R. General Counsel, Secretary | Open-market sale | 4,850 | $69.30 | $336k |
| 2026-07-01 | 2 co-filers Group filing | Grant | 1,623 | — | — |
| 2026-07-01 | Barker Thorold Director | Grant | 1,545 | — | — |
| 2026-07-01 | Mirrer Louise Director | Grant | 1,623 | — | — |
| 2026-07-01 | 2 co-filers Group filing | Grant | 1,700 | — | — |
| 2026-07-01 | 2 co-filers Group filing | Grant | 200 | — | — |
| 2026-07-01 | 2 co-filers Group filing | Grant | 1,777 | — | — |
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 46% against ROIC 46% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 51.4% — the two diverge when buybacks or issuance move equity during the year.
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
Operating leverage needs meaningful revenue change.
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.
The metrics that matter, over time
A 30-second read on MC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 74.81pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 32.6% | 11.5% (today's — no rate published for this year) | 21.0pts |
| FY2020 | 74.9% | 11.5% (today's — no rate published for this year) | 63.3pts |
| FY2022 | 71.1% | 10.0% | 61.1pts |
| FY2023 | -19.0% | 10.7% | -29.7pts |
| FY2024 | 464.0% | 11.7% | 452.3pts |
| FY2025 | 357.8% | 10.6% | 347.2pts |
| Now | 45.7% | 11.5% | 34.1pts |
Return on equity (46%) and return on invested capital (46%) 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.
The spread was positive in only 4 of the last 5 years.
Converts 1.79x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $540M; after share-based compensation it is $310M. The difference is a real cost that the cash flow statement adds back.
No debt, so there is no leverage path to distress.
Balance sheet at 2025-12-31. 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.
At $58.59, free cash flow must compound 1.35%/yr for 10 years. It has done 17.73%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 91.6% | 1.3% |
| FY2021 | 136.9% | 1.3% |
| FY2022 | −97.1% | 1.3% |
| FY2023 | 424.4% | 1.3% |
| FY2024 | 193.0% | 1.3% |
| FY2025 | 30.0% | 1.3% |
The implied rate has been matched or beaten in 5 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $260M | $260M |
| Share-based comp | $230M | $490M |
| Other non-cash & working capital | $86M | $576M |
| Operating cash flow | $576M | $576M |
| Capex | −$36M | $540M |
| Free cash flow | $540M | $540M |
| FCF after SBC | $310M | $310M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | not reported | 98.1% | not reported |
| FY2021 | not reported | -53.1% | not reported |
| FY2022 | not reported | 14.2% | not reported |
| FY2023 | not reported | 7.1% | not reported |
| FY2024 | not reported | 0.4% | not reported |
| FY2025 | not reported | 59.9% | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.9 percent |
| FY2020 | -17.6 percent |
| FY2021 | -33.0 percent |
| FY2022 | 11.2 percent |
| FY2023 | -15.8 percent |
| FY2024 | -20.0 percent |
| FY2025 | -18.2 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.