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Development of the Business . partner managers means Angel Oak, Castlelake, LCM, Oaktree, and Primary Wave; perpetual affiliates means BEP, BIP, BBU and BPG; Pinegrove Fund means Pinegrove Opportunity Partners I LP; Pinegrove Ventures means our investment platform business of SVB Financial Group, SVB Capital (rebranded to Pinegrove Ventures after acquisition), acquired on September 26, 2024 thr…
Margins and capital returns are both well above average: 57.57% operating margin, ROIC at 30.69%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 21.0%, still solid.
ROIC dropped from 69.96% to 30.69%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$5.07B
▲ +21.0% YoY
Net Income (TTM)
$2.48B
▲ +13.8% YoY
Op. Margin
55.16%
▼ -0.2pp YoY
ROIC
21.26%
▼ -39.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.31B
▲ +30.4% YoY
Op. Cash Flow (TTM)
$2.33B
▲ +30.3% YoY
Net Debt
$1.91B
Cash & Equiv.
$1.04B
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