Detailed financial statements for Silvercrest Asset Management Group Inc. (SAMG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Silvercrest Asset Management Group Inc. is a financial services organization primarily focused on wealth management. This firm delivers financial advisory services and comprehensive family office solutions to clients throughout the United States. Its clientele includes ultra-high-net-worth individuals and their families, as well as their trusts, endowments, foundations, and various other institutional investors.
Analysis Summary
Silvercrest Asset Management Group Inc. reported revenue of $125.3M in the most recent fiscal year, growing at a 5-year CAGR of 3.0%. Net income reached $4.9M, with a -13.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.9%, operating margin 2.1%, net margin 0.7%. Free cash flow grew at -10.6% CAGR over 5 years.
At the current price of $9.70, SAMG trades at a P/E of 86.76 and an ROE of 1.79%. Market capitalisation stands at $75M.
Balance sheet quality for SAMG: current ratio of 14.0, net cash position of $20.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $15.0M represents 307% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.3M | $91.4M | $98.7M | $102.2M | $108.0M | $131.6M | $123.2M | $117.4M | $123.7M | $125.3M |
| Cost of Revenue | $49.0M | $54.1M | $57.9M | $60.0M | $62.4M | $72.6M | $71.6M | $72.6M | $76.7M | $83.9M |
| Gross Profit | $31.3M | $37.2M | $40.7M | $42.1M | $45.6M | $59.0M | $51.6M | $44.8M | $47.0M | $41.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $16.6M | $16.8M | $19.6M | $23.2M | $23.3M | $28.5M | $13.0M | $26.0M | $29.4M | $32.0M |
| Operating Expenses | $16.6M | $16.8M | $19.6M | $23.2M | $23.3M | $28.5M | $13.0M | $26.0M | $29.4M | $32.0M |
| Operating Income | $14.6M | $20.4M | $21.2M | $18.9M | $22.3M | $30.5M | $38.6M | $18.8M | $17.6M | $9.3M |
| EBITDA | $17.6M | $29.2M | $25.3M | $24.3M | $27.4M | $36.2M | $42.7M | $23.9M | $24.6M | $13.6M |
| Interest Expense | $228000 | $112000 | $62000 | $481000 | $563000 | $383000 | $416000 | $421000 | $144000 | $141000 |
| Pre-tax Income | $14.7M | $26.3M | $22.8M | $20.6M | $22.9M | $31.9M | $38.4M | $19.5M | $20.3M | $11.0M |
| Income Tax | $4.7M | $13.7M | $5.5M | $5.2M | $5.4M | $6.9M | $7.6M | $4.3M | $4.6M | $3.0M |
| Net Income | $5.0M | $5.3M | $9.6M | $8.6M | $10.0M | $14.7M | $18.8M | $9.1M | $9.5M | $4.9M |
| EPS | $0.62 | $0.66 | $1.16 | $1.75 | $1.84 | $1.52 | $1.92 | $0.96 | $1.00 | $0.56 |
| EPS (Diluted) | $0.62 | $0.66 | $1.16 | $1.75 | $1.84 | $1.52 | $1.92 | $0.96 | $1.00 | $0.56 |
| Shares Outstanding (Diluted) | $8.0M | $8.1M | $8.3M | $8.8M | $9.5M | $9.7M | $9.8M | $9.5M | $9.5M | $8.8M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37.5M | $53.8M | $69.3M | $52.8M | $62.5M | $85.7M | $77.4M | $70.3M | $68.6M | $44.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $9.1M | $10.5M | $9.3M | $10.7M | $9.4M | $9.3M | $9.7M | $9.9M | $12.9M | $11.8M |
| Inventory | $335000 | -$719000 | -$2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $50.7M | $64.4M | $78.5M | $63.5M | $75.4M | $97.7M | $91.6M | $84.3M | $81.8M | $56.2M |
| Property, Plant & Equipment | $2.4M | $2.5M | $3.4M | $39.7M | $35.8M | $31.6M | $29.0M | $27.4M | $23.7M | $37.3M |
| Goodwill | $25.2M | $25.2M | $25.2M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M |
| Intangible Assets | $13.4M | $11.6M | $9.9M | $29.3M | $26.6M | $23.9M | $21.3M | $18.9M | $16.6M | $14.5M |
| Total Assets | $112.3M | $117.4M | $133.4M | $214.2M | $213.8M | $229.3M | $212.7M | $199.6M | $194.4M | $166.6M |
| Accounts Payable | $2.9M | $3.5M | $2.9M | $18.5M | $1.6M | $1.9M | $1.5M | $1.9M | $2.0M | 0 |
| Short-term Debt | 0 | $740000 | 0 | $16.2M | 0 | 0 | 0 | 0 | 0 | $4.0M |
| Total Current Liabilities | $4.5M | $3.5M | $2.9M | $34.7M | $51.9M | $61.5M | $41.4M | $39.4M | $2.0M | $4.0M |
| Long-term Debt | $2.5M | $740000 | 0 | $16.2M | $12.6M | $9.0M | $6.3M | $2.7M | 0 | 0 |
| Total Liabilities | $46.2M | $45.2M | $51.0M | $116.4M | $110.4M | $112.5M | $86.8M | $77.8M | $74.7M | $81.7M |
| Retained Earnings | $5.9M | $7.4M | $12.3M | $15.6M | $19.5M | $27.8M | $39.8M | $41.9M | $44.0M | $41.7M |
| Total Equity | $47.3M | $49.1M | $56.0M | $65.0M | $70.7M | $80.3M | $84.6M | $82.7M | $80.7M | $50.3M |
| Total Debt | $2.5M | $740000 | $188000 | $72.4M | $49.0M | $41.6M | $36.2M | $29.3M | $22.5M | $24.0M |
| Net Debt | -$35.0M | -$53.1M | -$69.1M | $19.6M | -$13.5M | -$44.1M | -$41.2M | -$41.0M | -$46.1M | -$20.1M |
| Working Capital | $46.3M | $60.8M | $75.6M | $28.8M | $23.5M | $36.2M | $50.1M | $45.0M | $79.8M | $52.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $10.0M | $12.5M | $17.4M | $15.4M | $17.5M | $24.9M | $30.8M | $9.1M | $15.7M | $8.1M |
| Depreciation & Amortization | $2.7M | $2.8M | $2.4M | $3.2M | $4.0M | $3.9M | $3.9M | $4.0M | $4.1M | $2.4M |
| Stock-based Compensation | $3.2M | $3.2M | $3.3M | $2.3M | $659000 | $1.4M | $1.1M | $1.6M | $1.9M | $1.8M |
| Change in Working Capital | $845000 | $5.0M | $2.3M | -$3.2M | -$1.6M | $9.9M | -$20.1M | -$6.0M | -$4.6M | $2.3M |
| Operating Cash Flow | $18.0M | $29.6M | $28.9M | $18.8M | $26.8M | $44.3M | $23.4M | $21.0M | $21.6M | $18.6M |
| Capital Expenditure | -$723000 | -$804000 | -$1.8M | -$3.8M | -$626000 | -$908000 | -$956000 | -$3.9M | -$1.7M | -$3.6M |
| Acquisitions | -$148000 | 0 | 0 | -$35.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$512000 | -$8.8M | -$5.7M | -$4.6M | -$30.5M |
| Dividends Paid | -$3.9M | -$3.9M | -$4.7M | -$5.3M | -$6.1M | -$6.4M | -$6.8M | -$7.0M | -$7.4M | -$7.1M |
| Free Cash Flow | $17.3M | $28.8M | $27.1M | $15.0M | $26.2M | $43.4M | $22.4M | $17.1M | $19.9M | $15.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +13.8% | +8.0% | +3.5% | +5.7% | +21.9% | -6.4% | -4.7% | +5.3% | +1.3% | |
| Net Income Growth (YoY) | +6.4% | +80.4% | -10.2% | +15.2% | +47.5% | +28.1% | -51.7% | +4.8% | -48.8% | |
| EPS Growth (YoY) | +6.5% | +75.8% | +50.9% | +5.1% | -17.4% | +26.3% | -50.0% | +4.2% | -44.0% | |
| Shares Change (YoY) | +1.0% | +2.3% | +6.0% | +8.1% | +1.9% | +1.4% | -3.6% | +0.7% | -7.8% | |
| FCF Growth (YoY) | +66.8% | -5.8% | -44.8% | +75.2% | +65.4% | -48.3% | -23.8% | +16.3% | -24.7% | |
| Gross Margin | 38.9% | 40.7% | 41.3% | 41.2% | 42.2% | 44.9% | 41.9% | 38.1% | 38.0% | 33.0% |
| Operating Margin | 18.2% | 22.3% | 21.4% | 18.5% | 20.6% | 23.2% | 31.3% | 16.0% | 14.3% | 7.4% |
| EBITDA Margin | 21.9% | 31.9% | 25.7% | 23.8% | 25.4% | 27.5% | 34.7% | 20.4% | 19.9% | 10.9% |
| Net Margin | 6.2% | 5.8% | 9.8% | 8.5% | 9.2% | 11.2% | 15.3% | 7.7% | 7.7% | 3.9% |
| FCF Margin | 21.5% | 31.5% | 27.5% | 14.6% | 24.3% | 33.0% | 18.2% | 14.6% | 16.1% | 11.9% |
| Effective Tax Rate | 31.9% | 52.3% | 23.9% | 25.1% | 23.6% | 21.7% | 19.8% | 22.1% | 22.5% | 27.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.15 | $3.55 | $3.26 | $1.70 | $2.76 | $4.48 | $2.28 | $1.81 | $2.09 | $1.70 |
| Dividends Per Share | $0.48 | $0.48 | $0.56 | $0.61 | $0.64 | $0.66 | $0.70 | $0.74 | $0.78 | $0.80 |
| Shares Outstanding (Basic) | $8.0M | $8.1M | $8.3M | $8.8M | $9.5M | $9.7M | $9.8M | $9.4M | $9.5M | $8.8M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 1.79% |
| Return on Invested Capital | 0.96% |
| Return on Assets | 0.65% |
| Gross Margin | 45.90% |
| Operating Margin | 2.06% |
| Net Margin | 0.72% |
Financial Health
| Debt / Equity | 0.60 |
| Current Ratio | 6.54 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.64 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.21 | 24.32 | 11.41 | 7.19 | 7.55 | 11.30 | 9.78 | 17.71 | 18.39 | 27.12 |
| P/B | 2.23 | 2.65 | 1.96 | 1.70 | 1.87 | 2.07 | 2.17 | 1.94 | 2.16 | 2.65 |
| P/S | 1.32 | 1.42 | 1.11 | 1.08 | 1.22 | 1.26 | 1.49 | 1.37 | 1.41 | 1.06 |
| Gross Margin | 38.9% | 40.7% | 41.3% | 41.2% | 42.2% | 44.9% | 41.9% | 38.1% | 38.0% | 33.0% |
| Operating Margin | 18.2% | 22.3% | 21.4% | 18.5% | 20.6% | 23.2% | 31.3% | 16.0% | 14.3% | 7.4% |
| Net Margin | 6.2% | 5.8% | 9.8% | 8.5% | 9.2% | 11.2% | 15.3% | 7.7% | 7.7% | 3.9% |
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