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We seek to deliver compelling returns for institutional and individual investors by strengthening the companies and assets in which we invest. Our more than $1.3 trillion in Total Assets Under Management as of December 31, 2025 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.
$128.50
$0.49 (-0.38%)
Price from 43 days ago
Margins and capital returns are both well above average: 46.70% operating margin, ROIC at 26.31%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 9.2%, steady but not accelerating.
At 33x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
32.9x earnings, 22.8x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$14.78B
▲ +9.2% YoY
Net Income (TTM)
$3.05B
▲ +8.7% YoY
Op. Margin
45.39%
▼ -1.8pp YoY
ROIC
25.71%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4.43B
▲ +33.0% YoY
Op. Cash Flow (TTM)
$4.54B
▲ +33.9% YoY
Net Debt
$11.84B
Cash & Equiv.
$2.45B
5Y CAGR: +18.8%
5Y CAGR: +20.0%
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