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Assetmark Financial Holdings, Inc.

AMK

Investment Advice

Mkt Cap

$2.537B

PE

17.64

Debt

$93.57M

Cash

$247.6M

EV

$2.383B

FCF

$179.3M

Market Cap

$2.537B

P/E Ratio

17.64

Debt

$93.57M

Cash

$247.6M

EV

$2.383B

FCF

$179.3M
Charts data: {"Earnings":[{"time":"2017-12-30","value":98978000},{"time":"2018-12-30","value":37426000},{"time":"2019-12-30","value":-420000},{"time":"2020-12-30","value":-7812000},{"time":"2021-12-30","value":25671000},{"time":"2022-12-30","value":103261000},{"time":"2023-12-30","value":123119000}],"Sales":[{"time":"2017-12-30","value":295517000},{"time":"2018-12-30","value":363634000},{"time":"2019-12-30","value":417936000},{"time":"2020-12-30","value":432079000},{"time":"2021-12-30","value":530299000},{"time":"2022-12-30","value":618306000},{"time":"2023-12-30","value":708499000}],"Net Margins":[{"time":"2017-12-30","value":0.3349316621378804},{"time":"2018-12-30","value":0.10292216899409846},{"time":"2019-12-30","value":-0.001004938555185483},{"time":"2020-12-30","value":-0.018080027032093667},{"time":"2021-12-30","value":0.04840853933347036},{"time":"2022-12-30","value":0.1670063043218083},{"time":"2023-12-30","value":0.17377441605422167}],"Assets":[{"time":"2018-12-30","value":1147275000},{"time":"2019-12-30","value":1188960000},{"time":"2020-12-30","value":1223588000},{"time":"2021-12-30","value":1386962000},{"time":"2022-12-30","value":1502930000},{"time":"2023-12-30","value":1620563000}],"Stockholders Equity":[{"time":"2017-12-30","value":885958000},{"time":"2018-12-30","value":699011000},{"time":"2019-12-30","value":858861000},{"time":"2020-12-30","value":905073000},{"time":"2021-12-30","value":1009386000},{"time":"2022-12-30","value":1126366000},{"time":"2023-12-30","value":1267382000}],"ROE":[{"time":"2017-12-30","value":0.11171861420067317},{"time":"2018-12-30","value":0.05354136057944725},{"time":"2019-12-30","value":-0.0004890197598912979},{"time":"2020-12-30","value":-0.008631347968616896},{"time":"2021-12-30","value":0.02543229250257087},{"time":"2022-12-30","value":0.09167624022742164},{"time":"2023-12-30","value":0.09714434953313208}],"ROA":[{"time":"2018-12-30","value":0.04755878058878647},{"time":"2019-12-30","value":0.012536166061095411},{"time":"2020-12-30","value":0.00018878903683265937},{"time":"2021-12-30","value":0.03243563990938468},{"time":"2022-12-30","value":0.09099558861690166},{"time":"2023-12-30","value":0.10333816087372105}]}

AssetMark Financial Holdings, Inc. provides wealth management and technology solutions in the United States. The company offers an open-architecture product platform, as well as client advice, asset allocation options, practice management, support services, and technology to the financial adviser channel. It also provides integrated technology platform for advisers for accessing a range of automated processes, including new account opening, portfolio construction, streamlined financial planning, customer billing, investor reporting, progress to goal analysis, and client activity tracking; advisory services; and curated investment platform. In addition, the company provides SaaS-based financial planning, wellness, and client digital engagement solutions. Further, it offers mutual funds; custodial recordkeeping services primarily to investor clients of registered investment advisers; and wealth management solutions for individual investors. The company serves independent advisers who provide wealth management advice to the U.S. investors and advisers. AssetMark Financial Holdings, Inc. was founded in 1996 and is headquartered in Concord, California. AssetMark Financial Holdings, Inc. is a subsidiary of Huatai International Investment Holdings Limited.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$179.3M$233M$296.5M$368.9M$448.9M$533.7M$619.7M$702.3M$776.4M$836.8M$878.6M$8.786B
DCF$202.6M$224.2M$242.6M$256.6M$265.3M$267.9M$264M$253.8M$237.9M$217.2M$2.172B
Value$4.604B

In the chart Earnings are multiplied by this value.

Earnings Growth 76%
Earnings Stability -29%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin33%10%-0.1%-1.8%4.8%17%17%20%
ROA-4.8%1.3%0.019%3.2%9.1%10%12%
ROE11%5.4%-0.049%-0.86%2.5%9.2%9.7%11%

What is the average Net Margin?

The average Net Margin over the past 5 years is +7.88%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +2.64%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +4.78%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +1.56%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +4.31%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.51%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF--2.291.010.900.820.540.52
Debt Equity-0.350.140.080.110.100.070.07
MIN
Graham Stability----17%100%100%100%-17%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 0.52.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.37.

What is the Graham’s Stability?

Graham’s Stability measure stands at -0.17.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201812-202012-2022Trend
Revenue14%18%15%-0.51%
Net Income27%-19%38%
Stockholders Equity13%12%13%4%
FCF24%32%25%0.55%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +14.27%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -0.51%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +26.89%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +37.66%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +12.64%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +4.01%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +23.57%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +0.55%.