Perella Weinberg Partners (PWP)
Market Price (11/3/2026): $14.47 | Market Cap: $1.2 BilSector: Financials | Industry: Diversified Capital Markets
Perella Weinberg Partners (PWP)
Market Price (11/3/2026): $14.47Market Cap: $1.2 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 2.7%, FCF Yield is 8.9% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -23% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 34x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% Key risksPWP key risks include [1] high revenue volatility due to its dependence on advisory fees, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 2.7%, FCF Yield is 8.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -23% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 34x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Key risksPWP key risks include [1] high revenue volatility due to its dependence on advisory fees, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Perella Weinberg Partners (PWP) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Termination of Merger Discussions with Piper Sandler. Perella Weinberg Partners' stock experienced a sharp decline of 19.13% on October 14, 2026, following news that the firm and Piper Sandler had ended discussions regarding a potential merger. This specific event accounts for a significant portion of the approximately 20% loss in the stock's value during the specified period.
2. Pre-Q3 2026 Decline in Analyst Estimates. Prior to the announcement of its fiscal Q3 2026 (ended September 30, 2026) earnings, analysts had become notably more cautious about Perella Weinberg Partners' near-term prospects. Over the 60 days leading up to October 28, 2026, EPS estimates for PWP had decreased by 43.14%, and revenue estimates had fallen by 21.98%. This reduction in analyst expectations likely contributed to a negative sentiment and selling pressure on the stock before the strong Q3 results were reported.
Show more
Perella Weinberg Partners (PWP) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Termination of Merger Discussions with Piper Sandler. Perella Weinberg Partners' stock experienced a sharp decline of 19.13% on October 14, 2026, following news that the firm and Piper Sandler had ended discussions regarding a potential merger. This specific event accounts for a significant portion of the approximately 20% loss in the stock's value during the specified period.
2. Pre-Q3 2026 Decline in Analyst Estimates. Prior to the announcement of its fiscal Q3 2026 (ended September 30, 2026) earnings, analysts had become notably more cautious about Perella Weinberg Partners' near-term prospects. Over the 60 days leading up to October 28, 2026, EPS estimates for PWP had decreased by 43.14%, and revenue estimates had fallen by 21.98%. This reduction in analyst expectations likely contributed to a negative sentiment and selling pressure on the stock before the strong Q3 results were reported.
3. Market Anticipation of Delayed Deal Closings. Despite a strong M&A environment and robust Q3 2026 results, concerns were noted regarding the timing of deal closings. Management indicated that some announced and pending backlog, which typically converts into revenue, was expected to slip from late fiscal year 2026 into early fiscal year 2027. This forward-looking uncertainty about revenue realization, alongside general "fluctuating market conditions" and the risk of "higher interest rates", may have tempered investor enthusiasm and contributed to the overall downward trend during the period.
Show less
Stock Movement Drivers
Fundamental Drivers
The -17.7% change in PWP stock from 7/31/2026 to 11/2/2026 was primarily driven by a -42.5% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.58 | 14.47 | -17.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 689 | 776 | 12.6% |
| Net Income Margin (%) | 3.2% | 4.3% | 35.1% |
| P/E Multiple | 58.7 | 33.8 | -42.5% |
| Shares Outstanding (Mil) | 74 | 79 | -5.9% |
| Cumulative Contribution | -17.7% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PWP | -17.7% | |
| Market (SPY) | 0.7% | 22.3% |
| Sector (XLF) | 1.1% | 27.9% |
Fundamental Drivers
The -35.8% change in PWP stock from 4/30/2026 to 11/2/2026 was primarily driven by a -21.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.55 | 14.47 | -35.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 751 | 776 | 3.3% |
| Net Income Margin (%) | 4.7% | 4.3% | -7.9% |
| P/E Multiple | 42.9 | 33.8 | -21.3% |
| Shares Outstanding (Mil) | 68 | 79 | -14.3% |
| Cumulative Contribution | -35.8% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PWP | -35.8% | |
| Market (SPY) | 4.9% | 25.2% |
| Sector (XLF) | 10.8% | 37.0% |
Fundamental Drivers
The -21.3% change in PWP stock from 10/31/2025 to 11/2/2026 was primarily driven by a -33.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.40 | 14.47 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 871 | 776 | -10.9% |
| Net Income Margin (%) | 6.6% | 4.3% | -33.8% |
| P/E Multiple | 20.3 | 33.8 | 66.7% |
| Shares Outstanding (Mil) | 63 | 79 | -20.0% |
| Cumulative Contribution | -21.3% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PWP | -21.3% | |
| Market (SPY) | 11.2% | 36.5% |
| Sector (XLF) | 11.3% | 44.5% |
Fundamental Drivers
The 54.7% change in PWP stock from 10/31/2023 to 11/2/2026 was primarily driven by a 130.0% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.35 | 14.47 | 54.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 625 | 776 | 24.1% |
| P/S Multiple | 0.6 | 1.5 | 130.0% |
| Shares Outstanding (Mil) | 43 | 79 | -45.8% |
| Cumulative Contribution | 54.7% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PWP | 54.7% | |
| Market (SPY) | 86.0% | 50.0% |
| Sector (XLF) | 85.7% | 55.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PWP Return | 15% | -21% | 28% | 98% | -26% | -15% | 44% |
| Peers Return | 104% | -8% | 16% | 19% | 5% | -18% | 123% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| PWP Win Rate | 67% | 50% | 50% | 75% | 42% | 27% | |
| Peers Win Rate | 71% | 54% | 58% | 54% | 50% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| PWP Max Drawdown | -19% | -56% | -37% | -14% | -41% | -49% | |
| Peers Max Drawdown | -18% | -46% | -29% | -28% | -31% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOLD, IOND, PWCM, VIP, TW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | PWP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.5% | -18.8% |
| % Gain to Breakeven | 57.4% | 23.1% |
| Time to Breakeven | 304 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.3% | -6.7% |
| % Gain to Breakeven | 54.6% | 7.1% |
| Time to Breakeven | 96 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.4% | -24.5% |
| % Gain to Breakeven | 124.2% | 32.4% |
| Time to Breakeven | 513 days | 427 days |
In The Past
Perella Weinberg Partners's stock fell -36.5% during the 2025 US Tariff Shock. Such a loss loss requires a 57.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | PWP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.5% | -18.8% |
| % Gain to Breakeven | 57.4% | 23.1% |
| Time to Breakeven | 304 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.3% | -6.7% |
| % Gain to Breakeven | 54.6% | 7.1% |
| Time to Breakeven | 96 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.4% | -24.5% |
| % Gain to Breakeven | 124.2% | 32.4% |
| Time to Breakeven | 513 days | 427 days |
In The Past
Perella Weinberg Partners's stock fell -36.5% during the 2025 US Tariff Shock. Such a loss loss requires a 57.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Perella Weinberg Partners (PWP)
Perella Weinberg Partners (PWP) is an independent advisory firm that provides strategic and financial advisory services to clients in the United States and internationally. The firm acts as a trusted advisor, guiding a diverse range of clients through significant financial and strategic decisions.
PWP offers a comprehensive suite of services, including advice and execution for mergers and acquisitions (M&A), capital markets advisory, and capital structure and restructuring. Additionally, the company provides shareholder and defense advisory, private capital raising, underwriting, and equity research to address various client needs.
The firm serves a broad client base, which includes public multinational corporations, mid-sized public and private companies, individual entrepreneurs, and private and institutional investors. Perella Weinberg Partners operates across key industries such as consumer and retail, energy, financial institutions, healthcare, industrials, and technology, media, and telecommunications.
AI Analysis | Feedback
1. Like the M&A and strategic advisory division of a **Goldman Sachs** or **Morgan Stanley**, but as an independent, focused firm.
2. An independent financial advisor for companies, similar to **Lazard**, specializing in mergers, acquisitions, and raising capital.
AI Analysis | Feedback
- Mergers & Acquisitions (M&A) Advisory: Provides advice and execution services for corporate mergers, acquisitions, and divestitures.
- Capital Markets Advisory: Offers guidance on public and private capital raising, including underwriting and private capital placements.
- Capital Structure & Restructuring Advisory: Assists clients with optimizing their financial structure and navigating complex restructuring processes.
- Shareholder & Defense Advisory: Counsels companies on shareholder activism, corporate governance, and defense strategies.
- Equity Research: Delivers analytical insights and reports on various companies and industries to inform investment decisions.
AI Analysis | Feedback
Perella Weinberg Partners (PWP) primarily provides strategic and financial advisory services to a diverse range of companies and institutions. While specific names of individual client companies are not provided in the background description, the company explicitly serves the following categories of major customers:
- Public multinational corporations
- Mid-sized public and private companies
- Individual entrepreneurs
- Private and institutional investors
- Creditor committees
- Government institutions
AI Analysis | Feedback
- Boston Properties (BXP)
- Deloitte & Touche LLP
AI Analysis | Feedback
Andrew Bednar Partner and Chief Executive Officer
Andrew Bednar was appointed Chief Executive Officer of Perella Weinberg Partners in January 2023. He has been a Partner of the firm since its founding in 2006. Prior to joining PWP, Mr. Bednar served as Head of U.S. Mergers & Acquisitions at Bank of America and was a Managing Director in Mergers and Acquisitions at Goldman Sachs. He began his career as a corporate attorney at Cravath, Swaine & Moore LLP. Mr. Bednar has led numerous significant advisory assignments, including advising NYSE on its $10.2 billion sale to Intercontinental Exchange and Kate Spade & Co. on its $2.4 billion sale to Coach. He also advised J Crew on its $3 billion sale to TPG and Leonard Green, and Talbots on its sale to Sycamore Partners, demonstrating his experience with private equity-backed transactions. Additionally, he was part of the sponsor of PWP Forward Acquisition Corp. I, a mission-oriented SPAC, and led the team for Perella Weinberg's business combination with FinTech Acquisition Corp. IV.
Alexandra Gottschalk Chief Financial Officer and Partner
Alexandra Gottschalk has served as Chief Financial Officer of Perella Weinberg Partners since January 2024. Prior to this role, she was the firm's Chief Accounting Officer since 2019 and served as Controller for the company and its business units, including TPH&Co., since 2010. Before joining Perella Weinberg, Ms. Gottschalk worked at PwC in the Assurance practice and began her career at Deloitte in the International Tax Group. She is a Certified Public Accountant.
Peter A. Weinberg Founding Partner and Chairman
Peter A. Weinberg co-founded Perella Weinberg Partners in 2006 with Joseph Perella and currently serves as its Founding Partner and Chairman. He previously held the position of Chief Executive Officer of the firm from February 2019 to January 2023. Prior to co-founding PWP, Mr. Weinberg spent nearly two decades at Goldman Sachs, where he rose to become Chief Executive Officer of Goldman Sachs International in London from 1999 to 2005. During his tenure at Goldman Sachs, he also founded the Financial Sponsors Group, led Investment Banking Services, ran the Communications, Media and Telecom Group, and co-headed the Global Investment Banking Division.
Dietrich Becker Partner and President
Dietrich Becker is a Partner and President of Perella Weinberg Partners, based in London. As a founding partner of the firm, he has been instrumental in its development and growth. He served as Co-President alongside Andrew Bednar since March 2020. Mr. Becker's responsibilities include focusing on key client coverage and international expansion for the firm.
Robert K. Steel Partner and Vice Chairman
Robert K. Steel is a Partner and Vice Chairman at Perella Weinberg Partners, a role he has held since June 2021. He previously served as the firm's Chief Executive Officer from 2014 until February 2019. Before joining PWP, Mr. Steel was New York City's Deputy Mayor for Economic Development from 2010 to 2013. He also served as President and Chief Executive Officer of Wachovia Corporation, where he oversaw the bank's sale to Wells Fargo & Co. and served on the Wells Fargo board of directors until 2010. From 2006 to 2008, he was the Under Secretary for Domestic Finance of the United States Treasury. Mr. Steel spent nearly 30 years at Goldman Sachs, where he achieved the positions of Head of the Global Equities Division, Vice Chairman of the firm, and a member of its Management Committee. He is also a co-founder of SeaChange Capital Partners, an organization dedicated to supporting non-profits.
AI Analysis | Feedback
The key risks to Perella Weinberg Partners (PWP) include:
-
Market Conditions and Revenue Volatility: Perella Weinberg Partners' revenue is highly dependent on advisory fees, which are largely contingent on the completion of transactions such as mergers and acquisitions (M&A) and capital markets activities. Economic downturns, market volatility, high interest rates, and client hesitancy can significantly impact deal volumes and timing, leading to substantial fluctuations and potential decreases in revenue. This makes the firm susceptible to market downturns and shifts in client spending, directly affecting its financial performance.
-
Intense Competition and Talent Retention: The financial services industry in which PWP operates is intensely competitive. The firm must continuously compete for both advisory engagements and top talent against other established investment banking and advisory firms. The ability to successfully identify, recruit, develop, and retain highly skilled advisory professionals and senior bankers is crucial to its success, as the departure of key personnel could jeopardize client relationships and result in a material loss of revenue.
-
Extensive Regulation and Litigation Risks: Perella Weinberg Partners is subject to extensive U.S. and international regulations governing the corporate advisory industry. This regulatory environment exposes the firm to substantial litigation risks, increased compliance costs, and potential legal challenges. Any missteps in adhering to these complex rules could lead to significant fines, legal troubles, and damage to its business and reputation.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
- Record-High Pipeline and Backlog: Perella Weinberg Partners has reported a record-high gross pipeline and a strong, growing backlog of announced and pending transactions, which is expected to provide a solid foundation for future revenue growth as these deals are executed.
- Growth in M&A and Restructuring Segments: The firm anticipates continued growth in its Mergers & Acquisitions (M&A) and restructuring practices, with its restructuring segment achieving record revenues and gaining market share in 2025. Geopolitical opportunities are also seen as a factor that could leverage growth in these areas.
- Strategic Talent Investment and Expanded Offerings: PWP has been actively investing in senior talent, making significant hires and promotions, and expanding its coverage in key sectors such as Healthcare Services and Software. Additionally, the acquisition of Devon Park Advisors has broadened the firm's product offerings to include secondaries advisory capabilities. These strategic investments are expected to attract more high-profile and high-value assignments.
- Expansion of European Business: The company's European business has shown significant momentum, achieving record revenues in 2025 and experiencing over 50% year-over-year growth in the same year. This strong performance in the European market is anticipated to continue contributing to overall revenue growth.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years) for Perella Weinberg Partners (PWP)
Share Repurchases
- In 2025, Perella Weinberg Partners returned an aggregate of $163.4 million to equity holders, which included the repurchase of 1,829,337 shares at an average price of $18.40 through open market transactions. The firm also retired 6.5 million shares during the year to manage its share count.
- In 2024, the company returned $136 million to equity holders, including the retirement of 4.0 million shares at an average price of $9.77 per share.
- In 2023, the firm returned $67 million to equity holders, which included the retirement of 10.6 million shares at an average price of $7.40 per share.
Share Issuance
- On May 16, 2025, Perella Weinberg Partners issued 1,234,357 shares of Class A common stock in an unregistered private transaction. These shares were exchanged for Class A partnership units and Class B common stock of PWP Holdings LP, facilitating the conversion of partnership units into publicly traded common stock.
Outbound Investments
- In 2025, Perella Weinberg Partners acquired Devon Park Advisors. This acquisition was made to establish a secondaries advisory capability, expanding the firm's service offerings.
Peer Outperformance in Diversified Capital Markets
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 37.5% | 74.0% | 118.3% | SPNT 170% · RGA 148% · RNR 138% |
| Investment Banking & Brokerage | 13 | -1.9% | 90.1% | 92.3% | IBKR 314% · SNEX 159% · HOOD 140% |
| Diversified Banks | 12 | 32.8% | 141.8% | 91.6% | CM 142% · RY 130% · JPM 126% |
| Life & Health Insurance | 20 | 17.2% | 52.4% | 78.2% | JXN 536% · UNM 303% · FG 188% |
| Property & Casualty Insurance | 42 | 21.7% | 72.7% | 65.0% | PGR 176% · TRV 176% · ACGL 166% |
| Multi-line Insurance | 9 | 10.2% | 68.9% | 63.6% | AIZ 100% · GNW 98% · L 97% |
| Multi-Sector Holdings | 3 | 9.8% | 52.4% | 57.5% | BRK-B 93% · VOYA 57% · JEF 35% |
| Regional Banks | 262 | 34.5% | 91.3% | 53.5% | CBC 263% · FCNCA 189% · NIC 146% |
| Financial Exchanges & Data | 15 | 19.8% | 33.8% | 32.6% | CBOE 176% · VIRT 144% · CME 71% |
| Insurance Brokers | 15 | 5.3% | 11.6% | 26.0% | LIFE 387% · ARX 89% · AJG 80% |
| Asset Management & Custody Banks | 85 | -6.1% | 21.7% | 8.8% | VCTR 257% · WT 230% · AAMI 191% |
| Consumer Finance | 30 | 5.9% | 72.9% | 5.4% | ENVA 397% · FCFS 137% · AXP 101% |
| Diversified Financial Services | 4 | -5.1% | 18.6% | 3.3% | FRHC 171% · EQH 80% |
| Commercial & Residential Mortgage Finance | 14 | -48.7% | 20.2% | -0.2% | FNMA 448% · FMCC 399% · ACT 167% |
| Specialized Finance | 3 | 8.4% | 31.0% | -20.6% | HASI -21% · CACC -28% |
| Transaction & Payment Processing Services | 17 | 15.8% | 17.6% | -22.2% | V 111% · MA 106% · CPAY 69% |
| Mortgage REITs | 35 | -19.0% | -7.6% | -35.2% | RITM 35% · DX 18% · AGNC 11% |
| Diversified Capital Markets ← | 20 | -58.1% | 2.5% | -68.4% | LPLA 80% · TW 39% · WULF -60% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.29 |
| Mkt Cap | 13.6 |
| Rev LTM | 178 |
| Op Inc LTM | 23 |
| FCF LTM | -20 |
| FCF 3Y Avg | 55 |
| CFO LTM | -15 |
| CFO 3Y Avg | 66 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 16.0% |
| Rev Chg Q | 14.9% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | -30.2% |
| Op Inc Chg 3Y Avg | 22.1% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | -1.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | -39.7% |
| CFO/Rev 3Y Avg | -6.1% |
| FCF/Rev LTM | -40.1% |
| FCF/Rev 3Y Avg | -11.7% |
Price Behavior
| Market Price | $14.47 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 11/20/2020 | |
| Distance from 52W High | -39.9% | |
| 50 Days | 200 Days | |
| DMA Price | $14.72 | $17.30 |
| DMA Trend | down | down |
| Distance from DMA | -1.7% | -16.3% |
| 3M | 1YR | |
| Volatility | 64.8% | 55.5% |
| Downside Capture | 222.70 | 203.58 |
| Upside Capture | 153.98 | 150.05 |
| Correlation (S&P 500) | 28.4% | 37.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.69 | 1.34 | 1.31 | 1.36 | 1.58 | 1.56 |
| Up Beta | 4.03 | 2.86 | 0.40 | 0.13 | 1.41 | 1.43 |
| Down Beta | 1.13 | 2.09 | 2.01 | 1.06 | 1.45 | 1.63 |
| Up Capture | -32% | 62% | 97% | 143% | 178% | 426% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 22 | 31 | 60 | 122 | 373 |
| Down Capture | 120% | 145% | 192% | 194% | 148% | 111% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 20 | 32 | 64 | 125 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWP | |
|---|---|---|---|---|
| PWP | -22.0% | 55.5% | -0.25 | - |
| Sector ETF (XLF) | 11.6% | 14.6% | 0.52 | 44.4% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 36.5% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 17.0% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -15.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 32.0% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 20.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWP | |
|---|---|---|---|---|
| PWP | 2.8% | 45.3% | 0.20 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 52.9% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 50.0% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 8.9% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 2.6% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 39.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 24.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWP | |
|---|---|---|---|---|
| PWP | 5.3% | 43.3% | 0.34 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 48.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.4% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 8.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 3.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 37.4% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 20.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 8.2% | ||
| 7/31/2026 | 18.4% | 14.4% | 14.4% |
| 5/1/2026 | -9.4% | -17.2% | -26.3% |
| 2/6/2026 | 8.0% | 1.5% | -22.0% |
| 11/7/2025 | -4.4% | -0.8% | -3.3% |
| 8/1/2025 | 5.2% | 12.3% | 11.3% |
| 5/2/2025 | 2.0% | 1.2% | 1.8% |
| 2/7/2025 | -6.8% | -13.0% | -29.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 12 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 5.1% | 7.5% | 9.1% |
| Median Negative | -3.9% | -6.4% | -15.1% |
| Max Positive | 18.4% | 14.4% | 26.6% |
| Max Negative | -18.1% | -19.5% | -29.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 8.2% | ||
| 7/31/2026 | 18.4% | 14.4% | 14.4% |
| 5/1/2026 | -9.4% | -17.2% | -26.3% |
| 2/6/2026 | 8.0% | 1.5% | -22.0% |
| 11/7/2025 | -4.4% | -0.8% | -3.3% |
| 8/1/2025 | 5.2% | 12.3% | 11.3% |
| 5/2/2025 | 2.0% | 1.2% | 1.8% |
| 2/7/2025 | -6.8% | -13.0% | -29.3% |
| 11/8/2024 | 2.3% | 7.7% | 5.6% |
| 8/2/2024 | -2.4% | -6.4% | 6.9% |
| 5/3/2024 | -2.1% | -0.9% | 1.7% |
| 2/8/2024 | 6.3% | 7.7% | 14.1% |
| 11/7/2023 | 6.8% | 1.4% | 19.3% |
| 8/3/2023 | 3.9% | 7.7% | 5.4% |
| 5/4/2023 | 3.8% | 11.0% | 14.3% |
| 2/9/2023 | 5.5% | 7.4% | -10.4% |
| 11/3/2022 | 4.3% | 3.7% | 26.6% |
| 8/4/2022 | 5.1% | 11.1% | -1.9% |
| 5/5/2022 | -18.1% | -19.5% | -4.7% |
| 2/17/2022 | -1.4% | -2.3% | -17.6% |
| 11/4/2021 | -3.4% | 0.7% | -15.1% |
| 8/17/2021 | 0.2% | 5.8% | 3.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 12 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 5.1% | 7.5% | 9.1% |
| Median Negative | -3.9% | -6.4% | -15.1% |
| Max Positive | 18.4% | 14.4% | 26.6% |
| Max Negative | -18.1% | -19.5% | -29.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 12/31/2019 | 07/07/2022 | 10-K/A |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Dividends | Reported | 0.07 | 0.0% | Same New | Guidance: 0.07 for Q3 2026 | |||
| 2026 Business Realignment Costs | Reported | 28.00 Mil | 27.3% | Raised | Guidance: 22.00 Mil for 2026 | |||
| 2026 Business Realignment Future Cash Payments | Reported | 7.00 Mil | -7.9% | Lowered | Guidance: 7.60 Mil for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Dividends Per Share | Reported | 0.07 | 0.0% | Same New | Guidance: 0.07 for Q2 2026 | |||
| 2026 Business Realignment Future Cash Payments | Reported | 7.60 Mil | ||||||
| 2026 Total Business Realignment Costs | Reported | 22.00 Mil | ||||||
Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Quarterly Dividend | Reported | 0.07 | 0 | Same New | Guidance: 0.07 for Q1 2026 | |||
Q4 2025 Earnings Reported 2/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Quarterly Dividend Per Share | Reported | 0.07 | 0.0% | Same New | Guidance: 0.07 for Q4 2025 | |||
Insider Activity
Updated 10/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.41 | 77,753 | 1,353,680 | 18,476,537 | Form |
| 2 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.17 | 80,045 | 1,374,373 | 19,556,853 | Form |
| 3 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.36 | 77,899 | 1,352,327 | 21,162,847 | Form |
| 4 | Steel, Robert K | Direct | Sell | 6162026 | 15.76 | 100,000 | 1,576,000 | 4,537,651 | Form | |
| 5 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5202026 | 17.46 | 14,018 | 244,754 | 1,265,710 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.41 | 77,753 | 1,353,680 | 18,476,537 | Form |
| 2 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.17 | 80,045 | 1,374,373 | 19,556,853 | Form |
| 3 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.36 | 77,899 | 1,352,327 | 21,162,847 | Form |
| 4 | Steel, Robert K | Direct | Sell | 6162026 | 15.76 | 100,000 | 1,576,000 | 4,537,651 | Form | |
| 5 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5202026 | 17.46 | 14,018 | 244,754 | 1,265,710 | Form |
| 6 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5202026 | 17.58 | 43,788 | 769,793 | 1,520,846 | Form |
| 7 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5072026 | 19.74 | 51,671 | 1,019,986 | 1,430,992 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.