Value accretive core - ROIC beat WACC by more than 5pp in 5 of the last 5 fiscal years
ROIC 16.8% vs WACC 9.7% in FY2025 (spread 7.1pp). Average spread 10.4pp over 5 years; lowest 7.1pp.
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.
Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.
ROIC 16.8% vs WACC 9.7% in FY2025 (spread 7.1pp). Average spread 10.4pp over 5 years; lowest 7.1pp.
Revenue up 68.1% YoY while gross margin expanded +5.1pp YoY to 87.1%
ROIC 106.0% vs WACC 10.0% in FY2025 (spread 96.0pp). Average spread 107.7pp over 5 years; lowest 56.3pp.
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 263 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
|
292.51B
|
54.5
Composite
|
$186.91
|
Profitability
65.9
|
|
Capital Markets
|
260.10B
|
57.0
Composite
|
$911.77
|
Profitability
69.4
|
|
BLK
BlackRock, Inc.
Asset Management
|
174.64B
|
52.5
Composite
|
$1,136.05
|
Valuation
65.3
|
|
Capital Markets
|
155.17B
|
58.7
Composite
|
$89.73
|
Profitability
73.0
|
|
Asset Management
|
145.11B
|
58.1
Composite
|
$116.70
|
Valuation
63.7
|
|
SPGI
S&P Global Inc.
Financial Data & Stock Exchanges
|
130.64B
|
48.8
Composite
|
$450.65
|
Valuation
55.0
|
|
CME
CME Group Inc.
Financial Data & Stock Exchanges
|
105.05B
|
42.1
Composite
|
$293.48
|
Valuation
49.9
|
|
Financial Data & Stock Exchanges
|
87.26B
|
44.4
Composite
|
$155.44
|
Growth
51.4
|
|
Capital Markets
|
85.02B
|
62.2
Composite
|
$94.56
|
Valuation
72.4
|
|
Asset Management
|
84.97B
|
40.0
Composite
|
$38.03
|
Valuation
57.2
|
|
KKR
KKR & Co. Inc.
Asset Management
|
82.51B
|
42.6
Composite
|
$91.92
|
Efficiency
60.1
|
|
Financial Data & Stock Exchanges
|
81.73B
|
54.7
Composite
|
$474.00
|
Valuation
61.1
|
|
Asset Management
|
74.75B
|
57.3
Composite
|
$46.75
|
Valuation
69.4
|
|
Capital Markets
|
72.42B
|
57.6
Composite
|
$18.72
|
Profitability
67.5
|
|
Capital Markets
|
68.67B
|
57.6
Composite
|
$18.25
|
Profitability
67.5
|
|
Capital Markets
|
67.61B
|
57.0
Composite
|
$18.78
|
Valuation
75.2
|
|
Asset Management
|
67.48B
|
47.9
Composite
|
$114.26
|
Valuation
59.7
|
|
Capital Markets
|
65.98B
|
57.0
Composite
|
$22.16
|
Valuation
75.2
|
|
Capital Markets
|
64.97B
|
57.0
Composite
|
$24.64
|
Valuation
75.2
|
|
Capital Markets
|
64.96B
|
57.0
Composite
|
$23.79
|
Valuation
75.2
|
|
Capital Markets
|
63.96B
|
57.0
Composite
|
$20.31
|
Valuation
75.2
|
|
NDAQ
Nasdaq, Inc.
Financial Data & Stock Exchanges
|
57.92B
|
41.8
Composite
|
$104.36
|
Valuation
55.1
|
|
SCHW-PD
The Charles Schwab Corporation
Capital Markets
|
49.43B
|
60.1
Composite
|
$21.30
|
Profitability
71.9
|
|
Asset Management
|
46.36B
|
44.8
Composite
|
$169.94
|
Growth
55.5
|
|
Asset Management
|
43.54B
|
53.1
Composite
|
$492.85
|
Efficiency
59.1
|
|
MSCI
MSCI Inc.
Financial Data & Stock Exchanges
|
43.03B
|
50.2
Composite
|
$601.75
|
Valuation
63.0
|
|
Financial Data & Stock Exchanges
|
42.50B
|
33.6
Composite
|
$161.09
|
Efficiency
63.1
|
|
Asset Management
|
41.33B
|
36.1
Composite
|
$122.19
|
Valuation
50.0
|
|
Capital Markets
|
37.27B
|
57.5
Composite
|
$82.25
|
Profitability
71.5
|
|
Financial Data & Stock Exchanges
|
33.91B
|
44.2
Composite
|
$324.68
|
Growth
60.7
|
|
Asset Management
|
30.85B
|
44.1
Composite
|
$170.35
|
Valuation
48.5
|
|
Asset Management
|
30.41B
|
45.0
Composite
|
$158.07
|
Efficiency
58.3
|
|
Capital Markets
|
26.64B
|
54.3
Composite
|
$9.11
|
Profitability
63.3
|
|
Capital Markets
|
26.04B
|
61.7
Composite
|
$119.67
|
Profitability
69.0
|
|
Capital Markets
|
25.01B
|
50.5
Composite
|
$317.56
|
Growth
60.8
|
|
Asset Management
|
23.83B
|
49.1
Composite
|
$111.98
|
Efficiency
71.5
|
|
Asset Management
|
22.08B
|
48.3
Composite
|
$103.49
|
Valuation
58.0
|
|
TPG
TPG Inc.
Asset Management
|
17.23B
|
46.4
Composite
|
$44.82
|
Efficiency
69.3
|
|
Asset Management
|
16.80B
|
44.4
Composite
|
$19.42
|
Valuation
64.2
|
|
Asset Management
|
15.87B
|
48.8
Composite
|
$31.23
|
Health
65.8
|
|
Asset Management
|
15.76B
|
40.2
Composite
|
$35.36
|
Growth
54.5
|
|
TRU
TransUnion
Financial Data & Stock Exchanges
|
15.26B
|
42.5
Composite
|
$79.62
|
Efficiency
60.3
|
|
Asset Management
|
14.90B
|
31.4
Composite
|
$54.59
|
Efficiency
59.0
|
|
Asset Management
|
14.52B
|
46.9
Composite
|
$9.31
|
Valuation
62.9
|
|
Capital Markets
|
14.35B
|
62.4
Composite
|
$102.36
|
Profitability
78.2
|
|
Asset Management
|
13.73B
|
37.9
Composite
|
$38.53
|
Efficiency
75.9
|
|
Asset Management
|
13.29B
|
45.6
Composite
|
$18.51
|
Profitability
51.3
|
|
IVZ
Invesco Ltd
Asset Management
|
12.55B
|
44.1
Composite
|
$28.43
|
Health
53.5
|
|
Asset Management
|
12.29B
|
51.6
Composite
|
$103.34
|
Valuation
62.4
|
|
Capital Markets
|
11.24B
|
47.4
Composite
|
$176.25
|
Profitability
53.7
|
|
Financial Data & Stock Exchanges
|
10.91B
|
43.7
Composite
|
$309.54
|
Efficiency
62.1
|
|
Capital Markets
|
10.61B
|
56.6
Composite
|
$46.19
|
Efficiency
63.9
|
|
Asset Management
|
10.14B
|
48.2
Composite
|
$391.99
|
Growth
58.8
|
|
EVR
Evercore Inc.
Capital Markets
|
9.99B
|
61.1
Composite
|
$259.86
|
Efficiency
74.5
|
|
Capital Markets
|
9.98B
|
54.2
Composite
|
$66.52
|
Profitability
62.0
|
|
Capital Markets
|
9.25B
|
53.2
Composite
|
$132.35
|
Valuation
65.3
|
|
Capital Markets
|
8.68B
|
58.6
Composite
|
$55.90
|
Health
65.3
|
|
MORN
Morningstar, Inc.
Financial Data & Stock Exchanges
|
8.09B
|
42.5
Composite
|
$215.78
|
Efficiency
54.8
|
|
Asset Management
|
8.00B
|
42.5
Composite
|
$51.95
|
Efficiency
53.6
|
|
XP
XP Inc.
Capital Markets
|
7.97B
|
45.3
Composite
|
$15.71
|
Valuation
51.1
|
|
Asset Management
|
7.34B
|
45.2
Composite
|
$14.07
|
Growth
56.6
|
|
SNEX
StoneX Group Inc.
Capital Markets
|
6.72B
|
49.8
Composite
|
$55.75
|
Valuation
63.1
|
|
Asset Management
|
6.70B
|
51.1
Composite
|
$108.91
|
Growth
58.9
|
|
Capital Markets
|
5.81B
|
54.9
Composite
|
$165.13
|
Profitability
66.4
|
|
Asset Management
|
5.72B
|
42.6
Composite
|
$27.83
|
Growth
63.8
|
|
BGC
BGC Group, Inc.
Capital Markets
|
5.41B
|
49.4
Composite
|
$11.37
|
Profitability
55.4
|
|
Asset Management
|
5.38B
|
46.7
Composite
|
$23.11
|
Efficiency
68.9
|
|
STEP
StepStone Group Inc.
Asset Management
|
5.09B
|
27.8
Composite
|
$41.89
|
Efficiency
65.7
|
|
Asset Management
|
5.05B
|
47.9
Composite
|
$54.04
|
Valuation
56.9
|
|
MRX
Marex Group plc
Capital Markets
|
5.03B
|
52.2
Composite
|
$69.50
|
Profitability
60.8
|
|
Asset Management
|
5.01B
|
39.0
Composite
|
$10.16
|
Efficiency
54.3
|
|
Capital Markets
|
4.59B
|
58.3
Composite
|
$65.30
|
Efficiency
61.7
|
|
Asset Management
|
4.48B
|
58.0
Composite
|
$81.32
|
Valuation
68.7
|
|
Capital Markets
|
4.32B
|
56.3
Composite
|
$55.88
|
Valuation
61.0
|
|
Asset Management
|
4.25B
|
50.5
Composite
|
$56.31
|
Health
57.0
|
|
LAZ
Lazard, Inc.
Capital Markets
|
4.17B
|
52.0
Composite
|
$38.17
|
Valuation
67.8
|
|
Capital Markets
|
3.65B
|
58.9
Composite
|
$142.88
|
Profitability
65.9
|
|
Asset Management
|
3.64B
|
44.6
Composite
|
$70.79
|
Valuation
53.9
|
|
Asset Management
|
3.33B
|
50.0
Composite
|
$93.89
|
Growth
73.9
|
|
Asset Management
|
3.28B
|
56.8
Composite
|
$35.29
|
Valuation
58.2
|
|
Asset Management
|
3.21B
|
41.4
Composite
|
$12.36
|
Valuation
55.1
|
|
Asset Management
|
3.18B
|
49.3
Composite
|
$21.23
|
Efficiency
64.4
|
|
Asset Management
|
3.06B
|
47.3
Composite
|
$16.58
|
Valuation
65.0
|
|
Asset Management
|
3.00B
|
47.2
Composite
|
$16.00
|
Health
51.5
|
|
Asset Management
|
2.95B
|
38.9
Composite
|
$10.66
|
Health
49.5
|
|
SII
Sprott Inc.
Asset Management
|
2.73B
|
56.8
Composite
|
$105.85
|
Valuation
71.1
|
|
Asset Management
|
2.69B
|
52.5
Composite
|
$33.20
|
Valuation
60.5
|
|
GCMG
GCM Grosvenor Inc.
Asset Management
|
2.45B
|
55.0
Composite
|
$12.10
|
Efficiency
74.8
|
|
Capital Markets
|
1.89B
|
44.0
Composite
|
$15.25
|
Efficiency
66.8
|
|
Asset Management
|
1.77B
|
49.3
Composite
|
$28.00
|
Valuation
69.1
|
|
Asset Management
|
1.70B
|
47.3
Composite
|
$18.00
|
Valuation
68.4
|
|
Asset Management
|
1.61B
|
40.5
Composite
|
$16.93
|
Valuation
55.7
|
|
TRIN
Trinity Capital Inc.
Asset Management
|
1.56B
|
41.2
Composite
|
$16.45
|
Valuation
50.6
|
|
Asset Management
|
1.55B
|
46.4
Composite
|
$13.42
|
Profitability
56.7
|
|
Asset Management
|
1.55B
|
44.7
Composite
|
$9.53
|
Efficiency
58.6
|
|
Asset Management
|
1.45B
|
43.2
Composite
|
$22.79
|
Valuation
49.1
|
|
Asset Management
|
1.43B
|
52.2
Composite
|
$13.37
|
Profitability
70.8
|
|
Capital Markets
|
1.18B
|
48.0
Composite
|
$12.54
|
Valuation
61.7
|
|
Asset Management
|
1.15B
|
44.5
Composite
|
$13.64
|
Efficiency
64.3
|
|
Capital Markets
|
1.12B
|
43.1
Composite
|
$104.98
|
Growth
55.9
|
|
PTA
240905
Asset Management
|
1.05B
|
48.2
Composite
|
$16.83
|
Profitability
55.7
|
|
Asset Management
|
1.03B
|
46.6
Composite
|
$11.66
|
Valuation
52.1
|
|
Asset Management
|
1.01B
|
57.7
Composite
|
$14.90
|
Profitability
67.2
|
|
Asset Management
|
997.19M
|
57.4
Composite
|
$5.08
|
Profitability
69.1
|
|
Asset Management
|
987.23M
|
43.3
Composite
|
$8.77
|
Valuation
58.7
|
|
Asset Management
|
945.10M
|
46.6
Composite
|
$20.59
|
Efficiency
58.8
|
|
Asset Management
|
913.14M
|
42.1
Composite
|
$12.84
|
Profitability
49.1
|
|
Asset Management
|
890.02M
|
50.4
Composite
|
$17.28
|
Efficiency
73.6
|
|
BBDC
Barings BDC, Inc.
Asset Management
|
890.01M
|
44.6
Composite
|
$8.50
|
Valuation
55.5
|
|
Asset Management
|
845.10M
|
39.9
Composite
|
$10.26
|
Profitability
46.3
|
|
Asset Management
|
835.49M
|
58.1
Composite
|
$23.41
|
Profitability
74.3
|
|
Asset Management
|
795.39M
|
41.6
Composite
|
$1.49
|
Efficiency
52.7
|
|
Asset Management
|
787.70M
|
46.2
Composite
|
$118.94
|
Efficiency
54.5
|
|
PX
P10, Inc.
Asset Management
|
775.30M
|
40.6
Composite
|
$7.08
|
Valuation
58.4
|
|
Asset Management
|
766.14M
|
53.3
Composite
|
$14.27
|
Growth
68.4
|
|
Asset Management
|
753.88M
|
59.4
Composite
|
$19.34
|
Profitability
66.3
|
|
Asset Management
|
729.02M
|
41.0
Composite
|
$3.32
|
Efficiency
62.7
|
|
Capital Markets
|
728.04M
|
53.5
Composite
|
$4.09
|
Profitability
66.0
|
|
Asset Management
|
721.76M
|
45.0
Composite
|
$10.49
|
Valuation
56.3
|
|
Asset Management
|
720.80M
|
43.6
Composite
|
$18.99
|
Profitability
47.1
|
|
Asset Management
|
695.62M
|
52.7
Composite
|
$11.38
|
Profitability
61.5
|
|
Asset Management
|
690.23M
|
46.8
Composite
|
$13.20
|
Profitability
60.3
|
|
Asset Management
|
679.95M
|
46.7
Composite
|
$12.82
|
Profitability
58.1
|
|
Asset Management
|
677.88M
|
44.0
Composite
|
$10.45
|
Valuation
56.3
|
|
Asset Management
|
651.90M
|
48.8
Composite
|
$20.32
|
Profitability
62.8
|
|
SWIN
Solowin Holdings
Capital Markets
|
651.89M
|
0.0
Composite
|
$3.28
|
No pillar score
-
|
|
DXYZ
Destiny Tech100 Inc
Asset Management
|
648.30M
|
44.5
Composite
|
$28.10
|
Health
58.3
|
|
Asset Management
|
647.90M
|
41.7
Composite
|
$6.86
|
Efficiency
47.9
|
|
Capital Markets
|
619.05M
|
33.8
Composite
|
$45.00
|
Health
47.1
|
|
SLRC
SLR Investment Corp.
Asset Management
|
612.65M
|
47.5
Composite
|
$11.23
|
Efficiency
61.0
|
|
Asset Management
|
601.36M
|
48.3
Composite
|
$9.16
|
Growth
55.6
|
|
Asset Management
|
596.31M
|
50.6
Composite
|
$9.14
|
Growth
61.7
|
|
Asset Management
|
594.54M
|
37.1
Composite
|
$14.93
|
Health
45.5
|
|
Asset Management
|
591.56M
|
42.3
Composite
|
$8.94
|
Efficiency
73.0
|
|
Asset Management
|
533.87M
|
45.0
Composite
|
$10.81
|
Efficiency
72.7
|
|
Asset Management
|
531.90M
|
48.6
Composite
|
$11.73
|
Growth
57.1
|
|
Asset Management
|
514.16M
|
47.9
Composite
|
$14.00
|
Profitability
59.6
|
|
Asset Management
|
500.11M
|
43.2
Composite
|
$13.04
|
Efficiency
56.5
|
|
Asset Management
|
473.40M
|
50.6
Composite
|
$174.99
|
Growth
53.6
|
|
Asset Management
|
469.40M
|
50.3
Composite
|
$6.87
|
Efficiency
63.5
|
|
Asset Management
|
430.20M
|
38.5
Composite
|
$23.55
|
Health
54.2
|
|
Asset Management
|
426.90M
|
43.7
Composite
|
$11.85
|
Valuation
68.9
|
|
Asset Management
|
421.16M
|
52.5
Composite
|
$13.53
|
Valuation
78.2
|
|
Asset Management
|
419.80M
|
43.0
Composite
|
$18.58
|
Valuation
53.1
|
|
VALU
Value Line, Inc.
Financial Data & Stock Exchanges
|
400.00M
|
43.6
Composite
|
$42.63
|
Valuation
60.1
|
|
Asset Management
|
393.29M
|
52.5
Composite
|
$15.16
|
Efficiency
60.8
|
|
ALTI
AlTi Global, Inc.
Asset Management
|
391.25M
|
29.8
Composite
|
$2.53
|
Efficiency
48.0
|
|
Asset Management
|
332.12M
|
47.9
Composite
|
$6.75
|
Valuation
68.7
|
|
BTBT
Bit Digital, Inc.
Capital Markets
|
329.90M
|
33.3
Composite
|
$0.92
|
Efficiency
45.3
|
|
Asset Management
|
328.06M
|
40.5
Composite
|
$3.91
|
Efficiency
82.4
|
|
Asset Management
|
327.93M
|
38.2
Composite
|
$8.90
|
Valuation
51.1
|
|
Asset Management
|
318.30M
|
46.3
Composite
|
$9.75
|
Growth
59.7
|
|
MKTW
MarketWise, Inc.
Financial Data & Stock Exchanges
|
310.76M
|
32.9
Composite
|
$19.70
|
Efficiency
76.7
|
|
Asset Management
|
305.13M
|
49.4
Composite
|
$11.93
|
Valuation
60.5
|
|
NXG
733085
Asset Management
|
301.87M
|
48.5
Composite
|
$48.73
|
Valuation
73.2
|
|
SSSS
SuRo Capital Corp.
Asset Management
|
299.30M
|
41.8
Composite
|
$10.20
|
Efficiency
67.6
|
|
Asset Management
|
298.96M
|
46.3
Composite
|
$9.82
|
Profitability
62.9
|
|
BRW
187480
Asset Management
|
294.63M
|
57.6
Composite
|
$5.91
|
Profitability
69.4
|
|
NPCT
102479
Asset Management
|
292.73M
|
46.3
Composite
|
$8.99
|
Profitability
60.8
|
|
Asset Management
|
271.91M
|
43.9
Composite
|
$12.48
|
Profitability
53.8
|
|
Asset Management
|
268.66M
|
37.5
Composite
|
$13.28
|
Growth
55.1
|
|
Asset Management
|
262.10M
|
44.6
Composite
|
$3.91
|
Valuation
61.5
|
|
Asset Management
|
246.99M
|
45.3
Composite
|
$14.12
|
Profitability
51.6
|
|
Asset Management
|
234.59M
|
43.5
Composite
|
$8.83
|
Efficiency
52.0
|
|
Asset Management
|
208.12M
|
41.0
Composite
|
$9.10
|
Efficiency
75.7
|
|
Asset Management
|
207.25M
|
46.2
Composite
|
$13.32
|
Profitability
55.0
|
|
FUFU
BitFuFu Inc.
Capital Markets
|
195.04M
|
31.3
Composite
|
$1.17
|
Growth
36.2
|
|
Asset Management
|
193.35M
|
60.6
Composite
|
$6.16
|
Profitability
73.0
|
|
Asset Management
|
192.30M
|
42.9
Composite
|
$15.90
|
Profitability
46.4
|
|
Asset Management
|
191.39M
|
50.3
Composite
|
$6.72
|
Growth
60.4
|
|
Asset Management
|
190.00M
|
41.5
Composite
|
$2.91
|
Efficiency
57.3
|
|
Asset Management
|
175.46M
|
41.4
Composite
|
$4.31
|
Efficiency
49.5
|
|
Asset Management
|
167.70M
|
41.9
Composite
|
$7.81
|
Valuation
61.2
|
|
Asset Management
|
161.15M
|
40.9
Composite
|
$18.81
|
Valuation
53.7
|
|
BMN
53753
Asset Management
|
160.33M
|
41.0
Composite
|
$22.92
|
Growth
61.2
|
|
Asset Management
|
151.29M
|
54.6
Composite
|
$19.64
|
Profitability
60.0
|
|
Asset Management
|
142.76M
|
39.8
Composite
|
$3.74
|
Health
48.8
|
|
Asset Management
|
130.33M
|
35.9
Composite
|
$1.21
|
Profitability
43.4
|
|
Capital Markets
|
127.11M
|
39.6
Composite
|
$0.52
|
Growth
53.8
|
|
Asset Management
|
123.60M
|
44.6
Composite
|
$10.43
|
Efficiency
62.3
|
|
Asset Management
|
119.89M
|
52.2
Composite
|
$13.60
|
Profitability
61.3
|
|
Asset Management
|
117.66M
|
41.4
Composite
|
$5.58
|
Efficiency
76.5
|
|
Asset Management
|
110.10M
|
35.6
Composite
|
$5.08
|
Efficiency
56.1
|
|
GSIW
Garden Stage Limited
Capital Markets
|
98.28M
|
33.2
Composite
|
$9.18
|
Growth
68.3
|
|
Asset Management
|
94.28M
|
48.2
Composite
|
$13.67
|
Valuation
61.7
|
|
Asset Management
|
86.40M
|
35.7
Composite
|
$13.30
|
Efficiency
42.7
|
|
Asset Management
|
84.14M
|
27.8
Composite
|
$1.97
|
Efficiency
43.8
|
|
Asset Management
|
81.00M
|
44.0
Composite
|
$10.25
|
Efficiency
63.2
|
|
Asset Management
|
79.20M
|
39.6
Composite
|
$41.00
|
Growth
72.2
|
|
Asset Management
|
79.03M
|
38.2
Composite
|
$1.60
|
Efficiency
49.8
|
|
Capital Markets
|
74.00M
|
49.0
Composite
|
$1.80
|
Growth
66.7
|
|
Asset Management
|
71.26M
|
37.4
Composite
|
$7.14
|
Profitability
46.3
|
|
Asset Management
|
68.10M
|
38.3
Composite
|
$4.90
|
Valuation
47.8
|
|
Capital Markets
|
67.30M
|
41.9
Composite
|
$4.42
|
Efficiency
58.8
|
|
Asset Management
|
67.20M
|
33.3
Composite
|
$2.16
|
Efficiency
67.8
|
|
COHN
Cohen & Company Inc.
Capital Markets
|
63.22M
|
46.7
Composite
|
$9.34
|
Growth
58.1
|
|
Asset Management
|
60.49M
|
24.4
Composite
|
$7.34
|
Profitability
35.2
|
|
BTCS
BTCS Inc.
Capital Markets
|
57.20M
|
31.4
Composite
|
$1.09
|
Efficiency
57.9
|
|
Asset Management
|
53.50M
|
35.3
Composite
|
$3.99
|
Efficiency
49.5
|
|
Capital Markets
|
48.90M
|
50.5
Composite
|
$3.20
|
Efficiency
70.8
|
|
Capital Markets
|
46.12M
|
44.1
Composite
|
$0.97
|
Health
51.0
|
|
HGBL
Heritage Global Inc.
Capital Markets
|
44.68M
|
36.6
Composite
|
$1.29
|
Health
53.4
|
|
Capital Markets
|
44.39M
|
36.6
Composite
|
$7.42
|
Health
52.3
|
|
Capital Markets
|
36.41M
|
28.5
Composite
|
$1.95
|
Efficiency
45.3
|
|
AMTD
AMTD IDEA Group
Asset Management
|
35.99M
|
40.6
Composite
|
$22.75
|
Profitability
47.8
|
|
Asset Management
|
33.53M
|
34.6
Composite
|
$2.21
|
Growth
53.9
|
|
Asset Management
|
33.20M
|
41.4
Composite
|
$2.70
|
Efficiency
62.3
|
|
ANY
Sphere 3D Corp.
Capital Markets
|
30.54M
|
26.4
Composite
|
$1.94
|
Efficiency
39.5
|
|
Capital Markets
|
29.93M
|
35.8
Composite
|
$1.95
|
Health
52.7
|
|
Asset Management
|
28.93M
|
39.8
Composite
|
$9.74
|
Health
51.9
|
|
INV
Innventure, Inc.
Asset Management
|
25.40M
|
34.7
Composite
|
$0.30
|
Growth
58.1
|
|
Capital Markets
|
22.58M
|
32.6
Composite
|
$0.33
|
Efficiency
56.4
|
|
ARBK
Argo Blockchain plc
Capital Markets
|
21.38M
|
35.2
Composite
|
$1.60
|
Profitability
46.0
|
|
Asset Management
|
18.42M
|
46.5
Composite
|
$1.08
|
Growth
65.6
|
|
Capital Markets
|
18.27M
|
34.3
Composite
|
$1.75
|
Health
53.6
|
|
BENF
Beneficient
Asset Management
|
12.32M
|
23.0
Composite
|
$0.80
|
Efficiency
43.3
|
|
Asset Management
|
10.80M
|
35.9
Composite
|
$0.75
|
Health
47.8
|
|
Capital Markets
|
10.68M
|
30.9
Composite
|
$7.36
|
Health
40.3
|
|
NCPL
Netcapital Inc.
Capital Markets
|
10.28M
|
30.4
Composite
|
$1.31
|
Efficiency
48.9
|
|
Asset Management
|
8.90M
|
37.1
Composite
|
$0.64
|
Profitability
53.4
|
|
WAI
Top KingWin Ltd
Capital Markets
|
4.48M
|
28.4
Composite
|
$2.56
|
Efficiency
63.1
|
|
SOS
SOS Limited
Capital Markets
|
4.29M
|
26.3
Composite
|
$0.22
|
Efficiency
46.3
|
|
CWD
CaliberCos Inc.
Asset Management
|
4.25M
|
27.9
Composite
|
$0.41
|
Efficiency
45.8
|
|
ABTS
Abits Group Inc
Capital Markets
|
3.70M
|
37.2
Composite
|
$1.15
|
Valuation
49.8
|
|
BTOG
Bit Origin Limited
Financial Data & Stock Exchanges
|
1.85M
|
17.8
Composite
|
$2.21
|
Efficiency
40.0
|
|
Capital Markets
|
1.55M
|
51.0
Composite
|
$0.08
|
Growth
56.8
|
|
Capital Markets
|
103,323
|
28.0
Composite
|
$2.20
|
Efficiency
40.7
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
47.1
Composite
|
$61.11
|
Valuation
72.7
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
BENFW
Beneficient Warrant
Asset Management
|
-
|
24.1
Composite
|
$0.01
|
Valuation
100.0
|
|
Asset Management
|
-
|
45.9
Composite
|
$0.06
|
Valuation
79.7
|
|
FUFUW
BitFuFu Inc. Warrant
Capital Markets
|
-
|
29.5
Composite
|
$0.12
|
Growth
38.7
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
$15.50
|
No pillar score
-
|
|
CLSKW
CleanSpark, Inc. Warrant
Capital Markets
|
-
|
25.6
Composite
|
$0.20
|
Efficiency
39.7
|
|
Capital Markets
|
-
|
44.8
Composite
|
$0.19
|
Growth
68.0
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Financial Data & Stock Exchanges
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
34.6
Composite
|
$24.29
|
Profitability
36.9
|
|
Asset Management
|
-
|
43.9
Composite
|
$24.98
|
Efficiency
52.0
|
|
Asset Management
|
-
|
51.4
Composite
|
-
|
Valuation
74.9
|
|
GCMGW
GCM Grosvenor Inc.
Asset Management
|
-
|
0.0
Composite
|
$0.01
|
No pillar score
-
|
|
Capital Markets
|
-
|
29.4
Composite
|
-
|
Efficiency
35.8
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
LGHLW
Lion Group Holding Ltd.
Capital Markets
|
-
|
31.4
Composite
|
-
|
Efficiency
44.5
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Capital Markets
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Capital Markets
|
-
|
29.3
Composite
|
$0.04
|
Efficiency
39.7
|
|
Asset Management
|
-
|
39.2
Composite
|
$18.05
|
Valuation
46.1
|
|
Asset Management
|
-
|
40.3
Composite
|
$24.95
|
Efficiency
49.8
|
|
Asset Management
|
-
|
40.3
Composite
|
$24.98
|
Efficiency
49.8
|
|
Asset Management
|
-
|
38.3
Composite
|
$25.01
|
Health
45.5
|
|
Asset Management
|
-
|
38.7
Composite
|
$24.11
|
Health
45.4
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Asset Management
|
-
|
34.7
Composite
|
$0.08
|
Growth
57.2
|
|
Capital Markets
|
-
|
38.3
Composite
|
$10.49
|
Efficiency
56.8
|
|
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.