Scaling without slippage
Revenue up 972.5% YoY while gross margin expanded +72.5pp TTM to 117.7%
Evaluate asset managers through fee quality, payout power, and capital-light earnings rather than bank-style spread logic.
Asset managers and capital-markets firms are not spread businesses and they are not property vehicles. Their economics are fee-based, asset-light, and highly sensitive to AUM, market activity, client retention, and compensation discipline. The StatsAlpha(TM) asset-management framework focuses on revenue quality, operating margin as an FRE proxy, cash conversion, moat durability, and payout-driven valuation. It is for informational purposes only, not investment advice.
A quick read on where this framework looks strongest today.
Top slices selected from the strongest data already available for this industry.
Top 5 companies by current framework view
Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.
Revenue up 972.5% YoY while gross margin expanded +72.5pp TTM to 117.7%
Revenue up 8009.1% YoY while gross margin expanded +200.0pp TTM to 300.0%
Revenue up 32.9% YoY while gross margin expanded +403.1pp TTM to 503.1%
For informational purposes only. Not investment advice.
Metrics that recur most often across stronger operators in this framework.
Asset Managers, Capital Markets & Exchanges
This framework uses all three Trade-Off Ledger axes with industry-specific weights.
Each axis sets a minimum evidence threshold. Higher coverage means the framework needs more supporting signals before the lens is treated as dependable.
Coverage thresholds and enabled metrics across the core trade-off axes.
Median and interquartile range across 272 companies in this framework.
Interquartile ranges show where the middle half of companies cluster, with the median pin marking the center of gravity for each pillar.
Scan the full company universe mapped into the Asset Management & Capital Markets framework using live search across company name, ticker, and industry.
| Company | Market Cap | Score | Price | Strongest Pillar |
|---|---|---|---|---|
|
Capital Markets
|
358.19B
|
58.4
Composite
|
$227.09
|
Valuation
65.8
|
|
Capital Markets
|
326.39B
|
56.5
Composite
|
$1,106.37
|
Valuation
69.3
|
|
BLK
BlackRock, Inc.
Asset Management
|
163.27B
|
47.5
Composite
|
$1,051.74
|
Valuation
57.6
|
|
Capital Markets
|
160.05B
|
61.9
Composite
|
$92.03
|
Profitability
73.7
|
|
Asset Management
|
148.06B
|
59.7
Composite
|
$123.26
|
Valuation
66.8
|
|
SPGI
S&P Global Inc.
Financial Data & Stock Exchanges
|
120.59B
|
53.0
Composite
|
$407.39
|
Valuation
64.7
|
|
Asset Management
|
98.60B
|
42.0
Composite
|
$44.13
|
Valuation
60.6
|
|
Capital Markets
|
97.39B
|
65.2
Composite
|
$105.71
|
Valuation
75.7
|
|
CME
CME Group Inc.
Financial Data & Stock Exchanges
|
89.28B
|
50.8
Composite
|
$245.20
|
Efficiency
67.7
|
|
KKR
KKR & Co. Inc.
Asset Management
|
87.00B
|
46.3
Composite
|
$96.90
|
Valuation
66.0
|
|
Financial Data & Stock Exchanges
|
78.15B
|
60.9
Composite
|
$447.33
|
Valuation
77.0
|
|
Asset Management
|
77.95B
|
36.5
Composite
|
$135.21
|
Efficiency
58.2
|
|
Financial Data & Stock Exchanges
|
75.71B
|
44.0
Composite
|
$131.34
|
Valuation
66.1
|
|
Asset Management
|
75.34B
|
54.3
Composite
|
$47.29
|
Valuation
68.0
|
|
Capital Markets
|
72.42B
|
51.2
Composite
|
$19.27
|
Profitability
67.5
|
|
Capital Markets
|
68.67B
|
51.2
Composite
|
$19.07
|
Profitability
67.5
|
|
Capital Markets
|
67.61B
|
53.4
Composite
|
$19.23
|
Profitability
67.6
|
|
Capital Markets
|
65.98B
|
53.3
Composite
|
$24.96
|
Profitability
67.6
|
|
Capital Markets
|
64.97B
|
53.3
Composite
|
$25.57
|
Profitability
67.6
|
|
Capital Markets
|
64.96B
|
53.3
Composite
|
$25.41
|
Profitability
67.6
|
|
Capital Markets
|
63.96B
|
53.3
Composite
|
$23.58
|
Profitability
67.6
|
|
SCHW-PD
The Charles Schwab Corporation
Capital Markets
|
49.43B
|
62.9
Composite
|
$24.28
|
Profitability
79.1
|
|
Asset Management
|
48.08B
|
52.4
Composite
|
$173.71
|
Valuation
69.4
|
|
NDAQ
Nasdaq, Inc.
Financial Data & Stock Exchanges
|
46.72B
|
46.8
Composite
|
$82.61
|
Valuation
72.2
|
|
Financial Data & Stock Exchanges
|
43.43B
|
47.8
Composite
|
$164.84
|
Efficiency
79.9
|
|
Capital Markets
|
43.13B
|
59.2
Composite
|
$96.82
|
Profitability
75.3
|
|
Asset Management
|
42.38B
|
53.4
Composite
|
$471.41
|
Growth
62.1
|
|
MSCI
MSCI Inc.
Financial Data & Stock Exchanges
|
42.29B
|
55.6
Composite
|
$580.85
|
Valuation
70.1
|
|
Asset Management
|
42.13B
|
46.5
Composite
|
$125.90
|
Valuation
63.3
|
|
Asset Management
|
32.49B
|
53.3
Composite
|
$175.56
|
Efficiency
68.5
|
|
Asset Management
|
30.53B
|
43.2
Composite
|
$156.65
|
Efficiency
65.2
|
|
Capital Markets
|
26.14B
|
53.0
Composite
|
$9.01
|
Efficiency
64.5
|
|
Financial Data & Stock Exchanges
|
26.07B
|
56.2
Composite
|
$255.98
|
Growth
61.4
|
|
Asset Management
|
23.67B
|
50.6
Composite
|
$111.23
|
Efficiency
71.8
|
|
Capital Markets
|
23.51B
|
56.4
Composite
|
$297.62
|
Growth
63.5
|
|
Asset Management
|
23.14B
|
45.5
Composite
|
$107.99
|
Valuation
63.4
|
|
IREN
IREN LIMITED
Capital Markets
|
21.43B
|
42.2
Composite
|
$56.87
|
Efficiency
60.3
|
|
Capital Markets
|
20.91B
|
61.4
Composite
|
$98.20
|
Valuation
73.0
|
|
Asset Management
|
17.17B
|
44.3
Composite
|
$33.93
|
Valuation
55.2
|
|
Asset Management
|
16.80B
|
50.4
Composite
|
$21.37
|
Efficiency
71.6
|
|
Asset Management
|
16.04B
|
44.6
Composite
|
$44.57
|
Valuation
58.0
|
|
TPG
TPG Inc.
Asset Management
|
15.83B
|
44.8
Composite
|
$41.19
|
Efficiency
82.9
|
|
EVR
Evercore Inc.
Capital Markets
|
14.47B
|
64.2
Composite
|
$374.04
|
Efficiency
74.0
|
|
Asset Management
|
14.39B
|
46.4
Composite
|
$9.23
|
Valuation
65.6
|
|
WULF
TeraWulf Inc.
Capital Markets
|
14.03B
|
34.0
Composite
|
$28.31
|
Health
51.0
|
|
Capital Markets
|
14.02B
|
68.2
Composite
|
$99.97
|
Growth
85.5
|
|
HUT
Hut 8 Corp.
Capital Markets
|
13.63B
|
36.0
Composite
|
$121.04
|
Efficiency
47.1
|
|
Asset Management
|
13.29B
|
38.0
Composite
|
$29.09
|
Efficiency
64.3
|
|
Capital Markets
|
12.84B
|
54.3
Composite
|
$62.81
|
Profitability
64.0
|
|
Asset Management
|
12.81B
|
47.5
Composite
|
$17.84
|
Profitability
58.5
|
|
IVZ
Invesco Ltd
Asset Management
|
12.76B
|
33.3
Composite
|
$28.78
|
Efficiency
64.5
|
|
Asset Management
|
12.66B
|
26.1
Composite
|
$44.98
|
Efficiency
54.0
|
|
TRU
TransUnion
Financial Data & Stock Exchanges
|
12.42B
|
47.2
Composite
|
$64.43
|
Valuation
61.9
|
|
CIFR
Cipher Mining Inc.
Capital Markets
|
11.51B
|
33.3
Composite
|
$28.14
|
Valuation
48.7
|
|
Capital Markets
|
11.32B
|
57.6
Composite
|
$73.81
|
Efficiency
69.4
|
|
SNEX
StoneX Group Inc.
Capital Markets
|
11.00B
|
47.1
Composite
|
$138.79
|
Growth
57.4
|
|
Asset Management
|
10.89B
|
51.3
Composite
|
$90.51
|
Valuation
60.8
|
|
RIOT
Riot Platforms, Inc.
Capital Markets
|
10.83B
|
32.0
Composite
|
$28.63
|
Health
35.8
|
|
Capital Markets
|
9.73B
|
60.4
Composite
|
$140.93
|
Valuation
79.7
|
|
Capital Markets
|
9.63B
|
57.0
Composite
|
$62.11
|
Profitability
65.6
|
|
Asset Management
|
9.44B
|
51.4
Composite
|
$357.31
|
Growth
62.5
|
|
Capital Markets
|
8.72B
|
57.3
Composite
|
$142.23
|
Valuation
78.9
|
|
XP
XP Inc.
Capital Markets
|
8.22B
|
61.2
Composite
|
$15.99
|
Profitability
69.2
|
|
Asset Management
|
8.00B
|
52.6
Composite
|
$51.92
|
Valuation
64.3
|
|
Financial Data & Stock Exchanges
|
7.96B
|
45.2
Composite
|
$218.62
|
Valuation
69.5
|
|
Asset Management
|
7.34B
|
49.9
Composite
|
$16.24
|
Growth
67.8
|
|
Asset Management
|
6.82B
|
42.1
Composite
|
$32.93
|
Efficiency
54.2
|
|
MORN
Morningstar, Inc.
Financial Data & Stock Exchanges
|
5.83B
|
46.5
Composite
|
$153.41
|
Valuation
57.1
|
|
Capital Markets
|
5.81B
|
66.3
Composite
|
$81.77
|
Efficiency
74.7
|
|
BGC
BGC Group, Inc.
Capital Markets
|
5.77B
|
56.5
Composite
|
$12.08
|
Valuation
64.9
|
|
MARA
MARA Holdings, Inc.
Capital Markets
|
5.66B
|
32.0
Composite
|
$14.85
|
Efficiency
45.7
|
|
Asset Management
|
5.45B
|
49.7
Composite
|
$87.19
|
Growth
65.2
|
|
STEP
StepStone Group Inc.
Asset Management
|
5.43B
|
34.6
Composite
|
$45.46
|
Efficiency
83.1
|
|
Asset Management
|
5.40B
|
38.5
Composite
|
$23.22
|
Efficiency
63.2
|
|
Asset Management
|
5.36B
|
43.9
Composite
|
$10.79
|
Efficiency
65.5
|
|
Capital Markets
|
5.28B
|
60.0
Composite
|
$66.94
|
Valuation
72.6
|
|
LAZ
Lazard, Inc.
Capital Markets
|
4.95B
|
58.7
Composite
|
$43.65
|
Valuation
74.4
|
|
MRX
Marex Group plc
Capital Markets
|
4.69B
|
50.5
Composite
|
$65.30
|
Health
54.1
|
|
Asset Management
|
4.68B
|
43.6
Composite
|
$50.35
|
Growth
49.5
|
|
Asset Management
|
4.57B
|
55.3
Composite
|
$79.51
|
Valuation
77.3
|
|
Asset Management
|
4.56B
|
55.0
Composite
|
$60.04
|
Efficiency
62.6
|
|
CLSK
CleanSpark, Inc.
Capital Markets
|
4.48B
|
27.5
Composite
|
$17.45
|
Valuation
35.9
|
|
Capital Markets
|
4.16B
|
63.6
Composite
|
$117.12
|
Valuation
79.6
|
|
Capital Markets
|
3.99B
|
62.0
Composite
|
$154.55
|
Profitability
71.8
|
|
Asset Management
|
3.89B
|
48.9
Composite
|
$75.61
|
Valuation
53.7
|
|
BITF
Bitfarms Ltd.
Capital Markets
|
3.71B
|
31.8
Composite
|
$6.14
|
Growth
43.4
|
|
Asset Management
|
3.36B
|
49.2
Composite
|
$35.78
|
Efficiency
56.0
|
|
Asset Management
|
3.20B
|
49.0
Composite
|
$12.29
|
Efficiency
66.1
|
|
SII
Sprott Inc.
Asset Management
|
3.04B
|
61.7
Composite
|
$118.08
|
Valuation
77.4
|
|
Asset Management
|
2.88B
|
43.0
Composite
|
$10.13
|
Efficiency
85.9
|
|
Asset Management
|
2.87B
|
50.0
Composite
|
$15.72
|
Efficiency
85.8
|
|
Asset Management
|
2.85B
|
50.2
Composite
|
$15.23
|
Profitability
54.7
|
|
Asset Management
|
2.80B
|
50.4
Composite
|
$18.66
|
Valuation
63.2
|
|
Asset Management
|
2.63B
|
54.2
Composite
|
$73.01
|
Growth
91.2
|
|
Asset Management
|
2.55B
|
55.8
Composite
|
$35.98
|
Valuation
66.6
|
|
GCMG
GCM Grosvenor Inc.
Asset Management
|
2.43B
|
53.2
Composite
|
$12.13
|
Efficiency
71.9
|
|
Asset Management
|
1.81B
|
49.4
Composite
|
$11.21
|
Efficiency
65.0
|
|
Asset Management
|
1.77B
|
56.6
Composite
|
$31.02
|
Profitability
66.0
|
|
Asset Management
|
1.70B
|
51.2
Composite
|
$17.70
|
Profitability
54.2
|
|
Asset Management
|
1.55B
|
55.9
Composite
|
$15.83
|
Profitability
62.5
|
|
Asset Management
|
1.54B
|
43.4
Composite
|
$16.25
|
Efficiency
65.4
|
|
TRIN
Trinity Capital Inc.
Asset Management
|
1.52B
|
42.3
Composite
|
$16.88
|
Valuation
47.9
|
|
Capital Markets
|
1.49B
|
43.6
Composite
|
$16.02
|
Efficiency
72.2
|
|
Asset Management
|
1.43B
|
59.5
Composite
|
$15.46
|
Profitability
76.9
|
|
Asset Management
|
1.43B
|
42.5
Composite
|
$23.20
|
Valuation
51.7
|
|
Capital Markets
|
1.31B
|
40.0
Composite
|
$4.90
|
Valuation
49.4
|
|
Asset Management
|
1.27B
|
47.2
Composite
|
$14.96
|
Valuation
55.6
|
|
Capital Markets
|
1.19B
|
56.0
Composite
|
$111.25
|
Efficiency
69.4
|
|
Asset Management
|
1.13B
|
38.5
Composite
|
$2.25
|
Efficiency
68.0
|
|
Asset Management
|
1.05B
|
41.6
Composite
|
$9.33
|
Efficiency
55.2
|
|
PTA
240905
Asset Management
|
1.05B
|
51.6
Composite
|
$19.04
|
Valuation
55.2
|
|
Asset Management
|
1.01B
|
63.6
Composite
|
$17.00
|
Profitability
73.0
|
|
Asset Management
|
1.01B
|
34.0
Composite
|
$11.42
|
Health
42.2
|
|
Asset Management
|
997.19M
|
57.7
Composite
|
$4.84
|
Profitability
68.9
|
|
Asset Management
|
975.01M
|
47.9
Composite
|
$13.71
|
Profitability
57.5
|
|
Asset Management
|
945.10M
|
48.3
Composite
|
$20.80
|
Profitability
66.2
|
|
Asset Management
|
939.30M
|
44.1
Composite
|
$140.57
|
Growth
55.8
|
|
Asset Management
|
937.60M
|
41.7
Composite
|
$4.28
|
Growth
49.7
|
|
Asset Management
|
890.02M
|
45.0
Composite
|
$14.60
|
Efficiency
81.7
|
|
BBDC
Barings BDC, Inc.
Asset Management
|
847.10M
|
45.2
Composite
|
$8.09
|
Valuation
57.7
|
|
Capital Markets
|
845.53M
|
61.9
Composite
|
$4.75
|
Profitability
73.1
|
|
Asset Management
|
835.49M
|
59.0
Composite
|
$28.38
|
Profitability
81.0
|
|
Asset Management
|
818.00M
|
46.5
Composite
|
$9.74
|
Efficiency
62.2
|
|
Asset Management
|
790.10M
|
52.1
Composite
|
$12.18
|
Growth
62.1
|
|
PX
P10, Inc.
Asset Management
|
775.30M
|
37.9
Composite
|
$7.08
|
Growth
56.1
|
|
Asset Management
|
766.14M
|
52.6
Composite
|
$15.06
|
Growth
69.6
|
|
BTBT
Bit Digital, Inc.
Capital Markets
|
757.70M
|
29.9
Composite
|
$2.23
|
Growth
45.0
|
|
Asset Management
|
753.88M
|
58.9
Composite
|
$22.45
|
Profitability
70.4
|
|
Asset Management
|
745.70M
|
41.6
Composite
|
$10.73
|
Health
47.7
|
|
Asset Management
|
696.82M
|
56.5
Composite
|
$21.72
|
Profitability
66.9
|
|
Asset Management
|
695.62M
|
56.0
Composite
|
$13.48
|
Profitability
67.3
|
|
Asset Management
|
690.23M
|
48.1
Composite
|
$13.74
|
Efficiency
59.2
|
|
Asset Management
|
680.90M
|
42.3
Composite
|
$17.94
|
Valuation
50.2
|
|
Asset Management
|
679.95M
|
55.2
Composite
|
$14.05
|
Profitability
64.3
|
|
Asset Management
|
672.37M
|
47.2
Composite
|
$10.30
|
Efficiency
58.1
|
|
SLRC
SLR Investment Corp.
Asset Management
|
668.80M
|
47.4
Composite
|
$12.26
|
Growth
59.9
|
|
Asset Management
|
667.80M
|
47.6
Composite
|
$7.07
|
Efficiency
66.0
|
|
SWIN
Solowin Holdings
Capital Markets
|
651.89M
|
0.0
Composite
|
$3.28
|
No pillar score
-
|
|
DXYZ
Destiny Tech100 Inc
Asset Management
|
648.30M
|
45.4
Composite
|
$26.87
|
Health
60.5
|
|
Asset Management
|
642.45M
|
51.8
Composite
|
$9.82
|
Growth
60.9
|
|
Capital Markets
|
619.05M
|
33.5
Composite
|
$45.00
|
Health
50.9
|
|
Asset Management
|
596.60M
|
47.9
Composite
|
$12.08
|
Valuation
63.4
|
|
Asset Management
|
596.31M
|
51.4
Composite
|
$10.36
|
Efficiency
68.0
|
|
Asset Management
|
591.56M
|
46.7
Composite
|
$10.71
|
Efficiency
79.6
|
|
Asset Management
|
587.80M
|
41.8
Composite
|
$14.76
|
Growth
62.4
|
|
INV
Innventure, Inc.
Asset Management
|
557.22M
|
25.1
Composite
|
$6.08
|
Efficiency
34.5
|
|
Asset Management
|
535.07M
|
46.2
Composite
|
$11.31
|
Growth
56.7
|
|
Asset Management
|
514.16M
|
48.1
Composite
|
$15.69
|
Profitability
59.9
|
|
Asset Management
|
500.11M
|
47.0
Composite
|
$13.53
|
Profitability
60.8
|
|
Asset Management
|
473.40M
|
49.8
Composite
|
$174.99
|
Growth
73.8
|
|
ALTI
AlTi Global, Inc.
Asset Management
|
447.30M
|
26.6
Composite
|
$2.95
|
Growth
43.6
|
|
Asset Management
|
430.20M
|
43.2
Composite
|
$23.75
|
Efficiency
86.5
|
|
Asset Management
|
426.90M
|
57.1
Composite
|
$12.66
|
Valuation
64.7
|
|
Asset Management
|
422.30M
|
41.0
Composite
|
$18.46
|
Profitability
49.2
|
|
Asset Management
|
421.16M
|
53.8
Composite
|
$13.93
|
Valuation
62.8
|
|
Asset Management
|
412.12M
|
40.5
Composite
|
$11.19
|
Efficiency
72.0
|
|
Asset Management
|
393.29M
|
54.5
Composite
|
$16.15
|
Profitability
66.8
|
|
Asset Management
|
359.50M
|
45.1
Composite
|
$22.10
|
Valuation
51.9
|
|
Asset Management
|
349.32M
|
44.6
Composite
|
$10.70
|
Efficiency
78.8
|
|
SSSS
SuRo Capital Corp.
Asset Management
|
330.30M
|
45.3
Composite
|
$12.67
|
Efficiency
61.9
|
|
Asset Management
|
326.12M
|
34.0
Composite
|
$6.33
|
Valuation
42.9
|
|
VALU
Value Line, Inc.
Financial Data & Stock Exchanges
|
324.70M
|
44.2
Composite
|
$34.59
|
Valuation
71.7
|
|
Asset Management
|
305.13M
|
37.9
Composite
|
$13.45
|
Health
48.3
|
|
NXG
733085
Asset Management
|
301.87M
|
48.0
Composite
|
$59.39
|
Growth
58.5
|
|
Asset Management
|
298.96M
|
50.6
Composite
|
$9.61
|
Profitability
56.4
|
|
BRW
187480
Asset Management
|
294.63M
|
57.3
Composite
|
$6.47
|
Profitability
69.3
|
|
NPCT
102479
Asset Management
|
292.73M
|
49.1
Composite
|
$9.81
|
Profitability
59.8
|
|
Asset Management
|
288.06M
|
38.7
Composite
|
$4.16
|
Efficiency
73.0
|
|
FUFU
BitFuFu Inc.
Capital Markets
|
279.98M
|
49.1
Composite
|
$1.68
|
Growth
69.7
|
|
Asset Management
|
276.90M
|
39.1
Composite
|
$3.30
|
Efficiency
58.9
|
|
Asset Management
|
271.91M
|
51.6
Composite
|
$12.82
|
Valuation
59.9
|
|
Capital Markets
|
271.33M
|
27.1
Composite
|
$1.67
|
Efficiency
60.3
|
|
Asset Management
|
268.66M
|
37.3
Composite
|
$14.50
|
Efficiency
43.4
|
|
MKTW
MarketWise, Inc.
Financial Data & Stock Exchanges
|
261.60M
|
30.7
Composite
|
$16.31
|
Efficiency
73.6
|
|
Asset Management
|
246.99M
|
49.8
Composite
|
$15.47
|
Efficiency
54.4
|
|
Asset Management
|
238.50M
|
34.6
Composite
|
$8.24
|
Health
47.4
|
|
Asset Management
|
231.63M
|
48.6
Composite
|
$10.15
|
Growth
57.1
|
|
Asset Management
|
227.67M
|
44.4
Composite
|
$9.88
|
Efficiency
60.0
|
|
Asset Management
|
218.10M
|
37.5
Composite
|
$3.34
|
Efficiency
76.3
|
|
Asset Management
|
203.61M
|
41.8
Composite
|
$9.87
|
Efficiency
84.1
|
|
Asset Management
|
193.35M
|
61.2
Composite
|
$7.67
|
Profitability
79.1
|
|
Asset Management
|
193.30M
|
46.3
Composite
|
$4.76
|
Valuation
57.7
|
|
Asset Management
|
192.30M
|
45.5
Composite
|
$15.90
|
Valuation
53.2
|
|
Asset Management
|
164.90M
|
39.6
Composite
|
$4.36
|
Growth
50.0
|
|
BMN
53753
Asset Management
|
160.33M
|
43.7
Composite
|
$25.55
|
Growth
61.1
|
|
Asset Management
|
154.75M
|
42.6
Composite
|
$18.18
|
Efficiency
77.2
|
|
Asset Management
|
151.29M
|
52.8
Composite
|
$19.49
|
Efficiency
64.2
|
|
Asset Management
|
139.40M
|
42.4
Composite
|
$6.55
|
Efficiency
70.2
|
|
Asset Management
|
125.30M
|
28.6
Composite
|
$1.19
|
Efficiency
44.0
|
|
Asset Management
|
122.00M
|
44.8
Composite
|
$10.30
|
Valuation
56.1
|
|
Asset Management
|
119.89M
|
39.2
Composite
|
$14.89
|
Profitability
48.1
|
|
Asset Management
|
110.10M
|
35.1
Composite
|
$5.08
|
Efficiency
83.3
|
|
Asset Management
|
94.28M
|
36.3
Composite
|
$15.27
|
Profitability
45.2
|
|
AMTD
AMTD IDEA Group
Asset Management
|
93.96M
|
40.2
Composite
|
$0.99
|
Profitability
47.1
|
|
Capital Markets
|
93.30M
|
42.6
Composite
|
$6.13
|
Valuation
56.5
|
|
Asset Management
|
86.40M
|
35.8
Composite
|
$14.60
|
Profitability
44.3
|
|
Asset Management
|
83.90M
|
32.7
Composite
|
$43.40
|
Efficiency
40.1
|
|
Asset Management
|
79.30M
|
43.1
Composite
|
$10.04
|
Valuation
63.4
|
|
Asset Management
|
79.03M
|
38.0
Composite
|
$2.46
|
Efficiency
57.8
|
|
Capital Markets
|
77.28M
|
27.1
Composite
|
$5.06
|
Efficiency
50.9
|
|
Asset Management
|
75.90M
|
26.3
Composite
|
$2.42
|
Efficiency
54.1
|
|
Capital Markets
|
75.30M
|
51.3
Composite
|
$1.84
|
Valuation
62.1
|
|
Asset Management
|
74.70M
|
34.1
Composite
|
$5.38
|
Efficiency
45.5
|
|
Asset Management
|
71.26M
|
32.5
Composite
|
$7.40
|
Profitability
39.6
|
|
Asset Management
|
65.73M
|
35.5
Composite
|
$10.08
|
Valuation
50.9
|
|
BTCS
BTCS Inc.
Capital Markets
|
54.80M
|
35.0
Composite
|
$1.11
|
Growth
55.1
|
|
Capital Markets
|
53.22M
|
26.8
Composite
|
$9.70
|
Efficiency
40.8
|
|
Capital Markets
|
51.52M
|
47.0
Composite
|
$1.39
|
Efficiency
91.0
|
|
BENF
Beneficient
Asset Management
|
49.89M
|
37.6
Composite
|
$3.51
|
Efficiency
52.2
|
|
Capital Markets
|
47.43M
|
33.4
Composite
|
$3.09
|
Health
55.0
|
|
ARBK
Argo Blockchain plc
Capital Markets
|
47.19M
|
31.2
Composite
|
$3.53
|
Health
36.3
|
|
GSIW
Garden Stage Limited
Capital Markets
|
46.57M
|
35.9
Composite
|
$28.60
|
Growth
72.5
|
|
Asset Management
|
45.40M
|
27.9
Composite
|
$1.06
|
Efficiency
58.6
|
|
Asset Management
|
44.50M
|
33.0
Composite
|
$3.32
|
Health
45.2
|
|
HGBL
Heritage Global Inc.
Capital Markets
|
42.70M
|
50.9
Composite
|
$1.23
|
Valuation
56.3
|
|
Capital Markets
|
41.80M
|
48.5
Composite
|
$1.01
|
Profitability
76.5
|
|
Asset Management
|
39.69M
|
25.3
Composite
|
$2.62
|
Growth
45.7
|
|
Asset Management
|
39.57M
|
35.3
Composite
|
$3.19
|
Efficiency
60.4
|
|
Asset Management
|
31.20M
|
37.8
Composite
|
$10.49
|
Profitability
54.3
|
|
COHN
Cohen & Company Inc.
Capital Markets
|
29.50M
|
50.8
Composite
|
$12.30
|
Efficiency
61.1
|
|
Capital Markets
|
29.00M
|
31.1
Composite
|
$2.77
|
Efficiency
48.8
|
|
Capital Markets
|
27.14M
|
34.0
Composite
|
$1.68
|
Profitability
46.5
|
|
Asset Management
|
25.38M
|
44.4
Composite
|
$1.53
|
Growth
56.6
|
|
SOS
SOS Limited
Capital Markets
|
17.52M
|
26.9
Composite
|
$1.09
|
Efficiency
43.7
|
|
Asset Management
|
17.30M
|
45.2
Composite
|
$1.20
|
Efficiency
54.4
|
|
Asset Management
|
17.00M
|
30.8
Composite
|
$1.22
|
Profitability
36.8
|
|
ANY
Sphere 3D Corp.
Capital Markets
|
14.00M
|
21.1
Composite
|
$3.29
|
Efficiency
37.1
|
|
Capital Markets
|
7.62M
|
35.0
Composite
|
$5.80
|
Growth
63.7
|
|
Capital Markets
|
5.98M
|
30.0
Composite
|
$1.18
|
Efficiency
47.0
|
|
CWD
CaliberCos Inc.
Asset Management
|
5.19M
|
26.8
Composite
|
$0.74
|
Efficiency
45.1
|
|
NCPL
Netcapital Inc.
Capital Markets
|
4.90M
|
27.5
Composite
|
$0.62
|
Efficiency
38.3
|
|
WAI
Top KingWin Ltd
Capital Markets
|
4.81M
|
26.2
Composite
|
$2.04
|
Efficiency
57.9
|
|
BTOG
Bit Origin Limited
Financial Data & Stock Exchanges
|
3.06M
|
23.4
Composite
|
$1.96
|
Efficiency
39.2
|
|
ABTS
Abits Group Inc
Capital Markets
|
3.00M
|
38.4
Composite
|
$1.21
|
Valuation
52.2
|
|
Capital Markets
|
2.89M
|
27.8
Composite
|
$0.62
|
Efficiency
59.2
|
|
Capital Markets
|
1.53M
|
51.3
Composite
|
$0.14
|
Growth
56.6
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
51.5
Composite
|
$68.55
|
Valuation
81.7
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
BENFW
Beneficient Warrant
Asset Management
|
-
|
41.5
Composite
|
$0.01
|
Efficiency
68.3
|
|
Asset Management
|
-
|
42.0
Composite
|
$0.16
|
Growth
62.1
|
|
FUFUW
BitFuFu Inc. Warrant
Capital Markets
|
-
|
45.4
Composite
|
$0.22
|
Growth
67.7
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
$16.38
|
No pillar score
-
|
|
CLSKW
CleanSpark, Inc. Warrant
Capital Markets
|
-
|
29.8
Composite
|
$0.30
|
Efficiency
35.1
|
|
Capital Markets
|
-
|
40.1
Composite
|
$0.26
|
Efficiency
67.3
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Financial Data & Stock Exchanges
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
36.7
Composite
|
$25.01
|
Profitability
45.0
|
|
Asset Management
|
-
|
44.0
Composite
|
$24.94
|
Efficiency
60.0
|
|
Asset Management
|
-
|
52.0
Composite
|
-
|
Growth
73.8
|
|
GCMGW
GCM Grosvenor Inc.
Asset Management
|
-
|
0.0
Composite
|
$0.01
|
No pillar score
-
|
|
Capital Markets
|
-
|
33.9
Composite
|
-
|
Valuation
92.1
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
LGHLW
Lion Group Holding Ltd.
Capital Markets
|
-
|
28.1
Composite
|
-
|
Efficiency
42.8
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Capital Markets
|
-
|
26.2
Composite
|
$0.02
|
Efficiency
38.3
|
|
Asset Management
|
-
|
46.0
Composite
|
$18.36
|
Valuation
100.0
|
|
Asset Management
|
-
|
41.0
Composite
|
$24.85
|
Efficiency
57.8
|
|
Asset Management
|
-
|
42.8
Composite
|
$24.98
|
Health
50.8
|
|
Asset Management
|
-
|
44.2
Composite
|
$25.01
|
Efficiency
86.5
|
|
Asset Management
|
-
|
43.1
Composite
|
$24.57
|
Efficiency
86.5
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
26.9
Composite
|
$0.28
|
Growth
65.4
|
|
Capital Markets
|
-
|
26.6
Composite
|
$11.05
|
Efficiency
60.3
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
Try a broader company name, ticker, sector, or industry keyword.
This framework combines industry-specific diagnostics, moat context, and peer benchmarks so each signal stays grounded in how this business model actually compounds.
We group asset managers, capital-markets firms, and exchange-style financial-data businesses into a dedicated framework because their economics are driven by fee revenue, operating leverage, and payout capacity. The money-flow engine starts with total revenue, then moves through operating expense, operating income as a proxy for fee-related earnings, EBITDA, net income, free cash flow, and capital returns.
The scoring and trade-off layers reinforce that same lens. Revenue and EPS growth matter more than loan growth or NIM. ROE, operating margin, net margin, free-cash-flow margin, interest coverage, and leverage tell a cleaner story here than banking metrics do. StatsAlpha(TM) explicitly disables bank-specific measures and treats interest coverage as meaningful again for these businesses.
The moat and valuation layers are equally specialized. The moat template looks for fee-revenue quality, client retention, compensation discipline, capital efficiency, earnings quality, and balance-sheet strength. Valuation then shifts to an earnings-and-payout engine that resembles a DDM or EPS-based framework rather than a traditional industrial DCF. This framework is for informational purposes only, not investment advice.
Each layer answers a different question: where value is created, what protects it, and how execution compares with the rest of the coverage set.
Benchmarks and narrative cues are meant to clarify what the framework is seeing in the data. They are not investment advice.
Coverage starts with the companies that actually operate inside this business model, so peer comparisons stay relevant instead of generic.
The Asset Management & Capital Markets layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.
We then layer in Asset Management Specialized, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.