Asset managers with the highest free cash flow yield

Ranked

30

of 58 asset managers we cover

Median

7.5%

Highest

18.4%

PJT

Range

0.2% to 18.4%

#	Company	FCF yield	PE	Revenue growth (TTM)	Market cap
1	PJTPJT Partners	18.4%	n/m	+22.9%	$3.6B
2	EVREvercore	16.8%	14.2×	+45.7%	$9.7B
3	LAZLazard	16.0%	18.2×	+5.6%	$4.1B
4	IVZInvesco	15.5%	n/m	+12.2%	$12.4B
5	HNNAHennessy Advisors	12.6%	9.7×	−6.9%	$80.5M
6	ABXAbacus Global Management	11.0%	29.6×	+65.3%	$811.7M
7	AMGAffiliated Managers	10.7%	13.6×	+11.8%	$9.9B
8	MCMoelis	10.2%	19.0×	n/m	$4.3B
9	APAMArtisan Partners Asset Management	9.5%	8.1×	+9.8%	$2.7B
10	OWLBlue OWL Capital	9.1%	78.0×	+14.2%	$14.6B
11	WHGWestwood	8.7%	21.7×	+5.3%	$178.9M
12	FHIFederated Hermes	8.7%	10.6×	+15.0%	$4.2B
13	VCTRVictory Capital	8.5%	19.7×	+51.5%	$6.6B
14	HLNEHamilton Lane INC	8.1%	12.5×	+24.0%	$4.5B
15	TROWT. Rowe Price	7.5%	10.5×	+7.0%	$22.2B
16	GCMGGCM Grosvenor	7.4%	28.8×	+7.0%	$2.5B
17	SAMGSilvercrest Asset Management	7.4%	92.0×	+0.8%	$119.9M
18	DLBDolby Laboratories	6.7%	26.7×	+0.6%	$5.9B
19	IDCCInterDigital	6.6%	37.7×	−11.7%	$8.4B
20	BXBlackstone	6.2%	26.4×	+17.2%	$88.6B
21	MORNMorningstar	5.9%	21.3×	+9.3%	$8.4B
22	RPCRidgepost Capital	5.6%	36.2×	+4.4%	$956.9M
23	TPGTPG	5.3%	82.7×	+30.1%	$17.2B
24	HLIHoulihan Lokey	5.3%	22.0×	+1.7%	$9.2B
25	JYNTJOINT	4.1%	26.7×	+9.0%	$101.9M
26	BAMBrookfield Asset Management	3.1%	n/m	+31.9%	$75.1B
27	CNSCohen & Steers	1.9%	21.8×	+7.4%	$3.7B
28	APPSDigital Turbine	1.8%	n/m	+19.2%	$1.2B
29	ACTGAcacia Research	1.4%	n/m	+12.3%	$410.8M
30	ALTIAlTi Global	0.2%	n/m	+28.9%	$402.3M

Not ranked: 7 with a number that doesn't describe its kind of business, 7 with not a meaningful number, 6 with no positive free cash flow. 8 companies whose data behind this number has a caveat are left out until it is checked.

A ranking of numbers, not a recommendation. A low multiple can be a bargain or a business in trouble: open the company to see which.