Asset managers with the lowest EV/EBIT

Ranked

37

of 58 asset managers we cover

Median

16.9×

Lowest

4.0×

HNNA

Range

4.0× to 117×

#	Company	EV/EBIT	PE	Operating margin	Market cap
1	HNNAHennessy Advisors	4.0×	9.7×	33.4%	$80.5M
2	APAMArtisan Partners Asset Management	6.3×	8.1×	33.0%	$2.7B
3	VRTSVirtus Investment Partners	6.9×	6.8×	15.7%	$790.2M
4	FHIFederated Hermes	8.0×	10.6×	27.1%	$4.2B
5	HASIHA Sustainable Infrastructure Capital	8.0×	67.3×	61.0%	$4.7B
6	TROWT. Rowe Price	8.1×	10.5×	30.8%	$22.2B
7	EVREvercore	8.5×	14.2×	n/m	$9.7B
8	HLNEHamilton Lane INC	8.6×	12.5×	43.6%	$4.5B
9	ABAlliancebernstein	9.5×	10.3×	n/m	$3.3B
10	IVZInvesco	10.5×	n/m	−7.1%	$12.4B
11	PJTPJT Partners	11.2×	n/m	n/m	$3.6B
12	VCTRVictory Capital	11.3×	19.7×	41.3%	$6.6B
13	LAZLazard	12.2×	18.2×	n/m	$4.1B
14	AMGAffiliated Managers	12.9×	13.6×	24.4%	$9.9B
15	ABXAbacus Global Management	13.2×	29.6×	31.8%	$811.7M
16	BENFranklin Resources	14.1×	21.1×	9.7%	$15.8B
17	MCMoelis	15.4×	19.0×	n/m	$4.3B
18	MORNMorningstar	16.0×	21.3×	23.5%	$8.4B
19	CNSCohen & Steers	16.9×	21.8×	32.9%	$3.7B
20	HLIHoulihan Lokey	17.2×	22.0×	20.4%	$9.2B
21	GCMGGCM Grosvenor	17.6×	28.8×	27.1%	$2.5B
22	BLKBlackRock	19.0×	n/m	32.5%	$181.7B
23	BAMBrookfield Asset Management	20.8×	n/m	65.3%	$75.1B
24	RPCRidgepost Capital	21.1×	36.2×	23.6%	$956.9M
25	AAMIAcadian Asset Management	21.8×	32.6×	23.7%	$3.3B
26	DLBDolby Laboratories	22.1×	26.7×	17.7%	$5.9B
27	IDCCInterDigital	22.4×	37.7×	43.8%	$8.4B
28	TPGTPG	22.4×	82.7×	15.5%	$17.2B
29	APPSDigital Turbine	24.3×	n/m	10.3%	$1.2B
30	WHGWestwood	31.4×	21.7×	4.7%	$178.9M
31	ARESAres Management	35.1×	54.7×	38.6%	$40.3B
32	OWLBlue OWL Capital	42.8×	78.0×	17.1%	$14.6B
33	JYNTJOINT	44.1×	26.7×	2.4%	$101.9M
34	BXBlackstone	48.5×	26.4×	50.5%	$88.6B
35	SAMGSilvercrest Asset Management	49.1×	92.0×	2.1%	$119.9M
36	VALUValue Line	105×	n/m	10.8%	$404.3M
37	CGCarlyle	117×	40.2×	n/m	$13.8B

Not ranked: 10 with a loss over the last year, 7 with a number that doesn't describe its kind of business, 2 with not a meaningful number. 2 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.