Westwood Holdings Group Inc. (WHG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 23	—	$0.45	—	—	$22.7M	—
Q4 22	—	-$0.09	—	—	$20.5M	—
Q3 22	—	$0.1	—	—	$15.4M	—
Q2 22	—	$0.2	—	—	$15.6M	—
Q1 22	—	$0.24	—	—	$17.2M	—
Q4 21	—	$0.59	—	—	$19.4M	—
Q3 21	—	$0.47	—	—	$17.9M	—
Q2 21	—	$0.35	—	—	$17.5M	—
Q1 21	—	$0.79	—	—	$18.3M	—
Q4 20	—	$0.58	—	—	$17.1M	—
Q3 20	—	-$0.22	—	—	$15.5M	—
Q2 20	—	$0.03	—	—	$15.9M	—
Q1 20	—	$0.5	—	—	$16.7M	—
Q4 19	—	$0.64	—	—	$18.6M	—
Q3 19	—	$0.46	—	—	$19.9M	—
Q2 19	—	$0.56	—	—	$21.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.84	—	—	$97.8M	—
FY24	—	$0.27	—	—	$94.7M	—
FY23	—	$1.2	—	—	$89.8M	—
FY22	—	-$0.59	—	—	$68.7M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$123M	$133.8M	$122.3M	$84.1M	$65.1M	$73.1M	$68.7M	$89.8M	$94.7M	$97.8M
YoY change	-6.04%	+8.75%	-8.58%	-31.3%	-22.6%	+12.2%	-5.99%	+30.7%	+5.5%	+3.21%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	123M	133.8M	122.3M	84.1M	65.1M	73.1M	68.7M	89.8M	94.7M	97.8M
Cost of revenue	61.5M	65M	60M	50.2M	42.1M	42.5M	40.1M	52.9M	56M	56.7M
Gross profit	61.5M	68.8M	62.3M	33.9M	23M	30.5M	28.6M	36.9M	38.7M	41.1M
Gross margin	50%	51.4%	51%	40.4%	35.3%	41.8%	41.6%	41.1%	40.9%	42%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	24.7M	25.4M	25.4M	24.3M	14.4M	13.7M	16.4M	20.6M	20.1M	21M
Operating expenses	27.9M	29.3M	29.2M	27.4M	24.2M	24.6M	26.3M	33.4M	33M	36.1M
Operating income	33.6M	39.5M	33.1M	6.5M	-1.2M	6M	2.2M	3.4M	5.7M	5M
Operating margin	27.4%	29.5%	27.1%	7.73%	-1.89%	8.16%	3.23%	3.84%	6.03%	5.09%
Non-operating income, net	362K	-5.6M	3.3M	2.9M	-6.4M	8M	-7.4M	10M	-1.7M	4.7M
Pretax income	34M	33.9M	36.5M	9.4M	-7.6M	14M	-5.2M	13.4M	4M	9.7M
Income tax	11.4M	13.9M	9.7M	3.5M	1.4M	4.2M	-567K	2.9M	1.8M	2.6M
Net income	22.6M	20M	26.8M	5.9M	-8.9M	9.8M	-4.6M	10.6M	2.2M	7.1M
Net margin	18.4%	14.9%	21.9%	7.03%	-13.7%	13.4%	-6.74%	11.8%	2.33%	7.24%
EBITDA	36.2M	48M	32.4M	6.4M	7.9M	891K	13.1M	4.5M	13.2M	5.8M
EPS	2.84	2.45	3.2	0.7	-1.12	1.24	-0.59	1.2	0.27	0.84
Diluted EPS	2.77	2.38	3.13	0.7	-1.12	1.23	-0.59	1.17	0.26	0.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	21.9M	23.2M	22.7M	22.7M	23.7M	25.6M	23.3M	23.1M	24.3M	27.1M	25M	25.3M
Cost of revenue	12.7M	12.4M	14.7M	13.6M	13.6M	14.1M	14.5M	13.5M	13.3M	15.4M	17.2M	14.2M
Gross profit	9.2M	10.9M	8M	9.1M	10.1M	11.5M	8.8M	9.6M	11M	11.7M	7.8M	11.2M
Gross margin	42.1%	46.8%	35.3%	39.9%	42.8%	44.9%	37.6%	41.7%	45.3%	43.1%	31.2%	44%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5M	5M	5M	5.2M	5.4M	4.4M	5.3M	5.1M	5M	5.6M	5.8M	5.3M
Operating expenses	8.2M	8.1M	8M	8.4M	8.8M	7.7M	8.8M	8.8M	9M	9.5M	9.3M	9.1M
Operating income	1M	2.7M	-8K	629K	1.3M	3.8M	-68K	868K	2M	2.2M	-1.5M	2.1M
Operating margin	4.71%	11.8%	-0.04%	2.77%	5.61%	14.7%	-0.29%	3.75%	8.27%	7.98%	-5.99%	8.14%
Non-operating income, net	3M	1M	3.6M	-4M	-863K	-387K	660K	600K	2.7M	761K	2.3M	188K
Pretax income	4.1M	3.8M	3.6M	-3.4M	467K	3.4M	592K	1.5M	4.7M	2.9M	828K	2.3M
Income tax	-316K	1.2M	1.4M	-1.2M	308K	1.3M	115K	437K	963K	1.1M	46K	725K
Net income	4.4M	2.6M	2.2M	-2.2M	159K	2.1M	477K	1M	3.7M	1.8M	782K	1.5M
Net margin	20%	11.1%	9.53%	-9.75%	0.67%	8.2%	2.05%	4.46%	15.4%	6.79%	3.13%	6.03%
EBITDA	4.5M	3.3M	-2.2M	6.1M	3.7M	5.6M	726K	1.7M	798K	2.6M	-2.9M	2.5M
EPS	0.42	0.32	0.28	-0.27	0.01	0.25	0.06	0.12	0.44	0.22	0.09	0.18
Diluted EPS	0.41	0.32	0.27	-0.27	0.01	0.24	0.05	0.12	0.41	0.21	0.09	0.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	477.6M	539.5M	284.4M	249M	115.8M	133.4M	87.3M	100.1M	118.5M	144.1M	183.2M
Enterprise value	387.5M	433.9M	177M	158.3M	41.1M	59.3M	54.2M	51.6M	75.1M	106.6M	153.9M
Shares outstanding	8M	8.1M	8.4M	8.4M	8M	7.9M	7.8M	8M	8.2M	8.4M	8.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.1	27	10.6	42.1	—	13.7	—	9.47	53.6	20.4	21.9
P/S	3.88	4.03	2.33	2.96	1.78	1.83	1.27	1.12	1.25	1.47	1.79
P/B	3.27	3.45	1.76	1.68	0.89	1.13	0.79	0.82	0.97	1.14	1.31
EV/EBITDA	10.7	9.04	5.47	24.9	5.2	66.6	4.13	11.4	5.71	18.3	18.2
EV/Sales	3.15	3.24	1.45	1.88	0.63	0.81	0.79	0.57	0.79	1.09	1.51
Earnings yield	4.74%	3.71%	9.41%	2.37%	—	7.32%	—	10.6%	1.87%	4.91%	4.57%
FCF yield	9.54%	8.68%	10.7%	12.4%	-8.52%	14.4%	58.6%	-1.33%	16.9%	12.8%	5.61%
PEG	—	—	—	—	—	—	—	—	—	—	0.44

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	50%	51.4%	51%	40.4%	35.3%	41.8%	41.6%	41.1%	40.9%	42%	44%
Operating margin	27.4%	29.5%	27.1%	7.73%	-1.89%	8.16%	3.23%	3.84%	6.03%	5.09%	8.14%
Net margin	18.4%	14.9%	21.9%	7.03%	-13.7%	13.4%	-6.74%	11.8%	2.33%	7.24%	7.73%
ROE	15.5%	12.8%	16.6%	3.99%	-6.84%	8.28%	-4.18%	8.63%	1.81%	5.58%	6.31%
ROA	12.6%	10.4%	13.4%	3.31%	-6%	6.99%	-3.16%	6.81%	1.47%	4.36%	1.97%
ROIC	40.1%	45.8%	45.3%	7.1%	-2.19%	9.48%	2.86%	3.67%	3.98%	4.08%	2.98%
Return on tangible assets	27.4%	20.2%	21%	5.44%	-10%	11.8%	-27.1%	39.8%	8%	15.1%	18.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.91	4.38	5.15	5.48	8.17	5.92	3.3	3.87	2.66	1.81	2.5
Quick ratio	3.91	4.38	5.15	5.48	8.17	5.92	3.3	3.87	2.66	1.81	2.5
Debt / equity	—	—	0.07	0.06	0.06	0.05	0.05	0.04	0.03	0.08	0.1
Debt / assets	—	—	0.05	0.05	0.05	0.04	0.04	0.03	0.02	0.06	0.08
Net debt / EBITDA	—	—	-3.32	-14.3	-9.45	-83.2	-2.53	-10.8	-3.29	-6.43	-3.39
Effective tax rate	33.4%	41%	26.6%	37.1%	0%	30.3%	0%	21.4%	44.9%	26.9%	26.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.5	16.4	14.6	10	8.15	9.28	8.76	11.3	11.6	11.7	12
EPS (basic)	2.84	2.45	3.2	0.7	-1.12	1.24	-0.59	1.2	0.27	0.84	0.84
EPS (diluted)	2.77	2.38	3.13	0.7	-1.12	1.23	-0.59	1.17	0.26	0.79	0.87
Book value per share	18.3	19.2	19.3	17.6	16.4	15	14.1	15.4	15	15.1	14.7
FCF per share	5.72	5.75	3.65	3.69	-1.23	2.44	6.52	-0.17	2.45	2.2	1.83
Cash per share	11.3	13	14.1	11.9	10.3	10.2	5	6.67	5.7	5.69	2.64
Capex per share	0.23	0.14	0.12	0.07	0	0.04	0.04	0.02	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.47%	0.87%	0.81%	0.71%	0.01%	0.44%	0.47%	0.16%	0.12%	—	—
Capex / operating cash flow	3.32%	2.28%	2.98%	1.42%	-0.03%	1.45%	0.63%	-9.75%	0.53%	—	—
Payout ratio	85.8%	109.7%	92%	441.4%	-123.4%	234.9%	-121.5%	52%	246%	75.8%	69%
Dividend yield	4.07%	4.06%	8.66%	10.5%	9.53%	17.2%	6.44%	5.5%	4.59%	3.72%	3.11%

Yield

3.11%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Sep 1, 2026

Payout ratio

69%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.15
Jun 1, 2026	$0.15
Mar 3, 2026	$0.15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$21.9M	$23.2M	$22.7M	$22.7M	$23.7M	$25.6M	$23.3M	$23.1M	$24.3M	$27.1M	$25M	$25.3M
YoY change	+42%	+13.6%	+0.02%	+3.39%	+8.4%	+10.1%	+2.29%	+1.9%	+2.4%	+5.94%	+7.37%	+9.62%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	90.2M	105.6M	118.2M	100.1M	82.6M	80.2M	39.2M	53.1M	46.5M	47.7M
Receivables	23.4M	21.7M	18.4M	13.2M	9.4M	11.2M	13.9M	14.4M	14.5M	16.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	116M	138.1M	139.7M	117M	96.3M	93.9M	58.2M	72.2M	61.3M	64.4M
Property, plant & equipment	4.3M	4.2M	13.2M	11.7M	9.3M	7M	6.8M	5.1M	3.5M	10.2M
Goodwill & intangibles	97.1M	93.9M	71.5M	70.1M	59.9M	56.6M	129.4M	128.6M	122.3M	115.4M
Total assets	179.7M	192.7M	199.2M	178.7M	149.2M	139.6M	146.4M	155.2M	150M	162.3M
Accounts payable	2.6M	3.5M	2.5M	2.1M	1.6M	2.6M	5.7M	6.1M	6.4M	7.6M
Short-term debt	—	—	1.4M	1.6M	1.7M	1.4M	1.5M	1.3M	3.2M	10.2M
Total current liabilities	29.7M	31.5M	27.1M	21.4M	11.8M	15.8M	17.6M	18.6M	23M	35.6M
Long-term debt	—	—	9.3M	7.8M	6.1M	4.7M	4.6M	3.3M	—	—
Total liabilities	33.6M	36.3M	38M	30.4M	18.4M	21.7M	35.8M	32.7M	27.7M	35.6M
Shareholders' equity	146.1M	156.4M	161.1M	148.3M	130.7M	117.9M	110.6M	122.4M	122.3M	126.7M
Total debt	—	—	10.8M	9.3M	7.8M	6.1M	6.1M	4.6M	3.2M	10.2M
Net debt	—	—	-41.7M	-40.4M	-5.2M	-9.1M	-17.8M	-15.9M	-15.7M	-16.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	48.5M	53.1M	46.6M	44.1M	48.3M	46.5M	27M	33.2M	39.3M	47.7M	23.4M	22.6M
Receivables	13.2M	14.4M	15.2M	14.3M	14.6M	14.5M	16.1M	15.3M	14.6M	16.8M	16.4M	16.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	66.2M	72.2M	66.5M	63.9M	68.6M	61.3M	43.3M	48.7M	53.9M	64.4M	39.8M	38.8M
Property, plant & equipment	5.3M	5.1M	4.7M	4.3M	3.9M	3.5M	3.1M	10.7M	10.5M	10.2M	10.2M	12.4M
Goodwill & intangibles	130.7M	128.6M	126.5M	124.5M	122.4M	122.3M	121.1M	119.1M	117M	115.4M	113.8M	112.5M
Total assets	150.8M	155.2M	149M	147.4M	151.5M	150M	135M	146.3M	154M	162.3M	150.4M	155.4M
Accounts payable	6.5M	6.1M	6.8M	5.3M	4.9M	6.4M	6M	5.3M	5.4M	7.6M	5.6M	4.4M
Short-term debt	1.3M	1.3M	1.4M	1.4M	1.5M	3.2M	2.9M	10.5M	10.3M	10.2M	—	—
Total current liabilities	16.5M	18.6M	14.6M	13.4M	16.2M	23M	13.6M	23.9M	28.1M	35.6M	14.3M	15.5M
Long-term debt	3.4M	3.3M	2.8M	2.5M	2M	—	—	—	—	—	10M	12.4M
Total liabilities	30.9M	32.7M	25.3M	26.9M	31.1M	27.7M	13.6M	23.9M	28.1M	35.6M	24.3M	27.9M
Shareholders' equity	119.8M	122.4M	123.8M	120.5M	120.4M	122.3M	121.4M	122.4M	126M	126.7M	126.1M	127.5M
Total debt	4.7M	4.6M	4.2M	3.9M	3.6M	3.2M	2.9M	10.5M	10.3M	10.2M	10M	12.4M
Net debt	-12.5M	-15.9M	-21.7M	-19.8M	-19.2M	-15.7M	-6.6M	-4.9M	-11.3M	-16.1M	-13.4M	-10.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	22.6M	20M	26.8M	5.9M	-8.9M	9.8M	-4.6M	10.6M	2.2M	7.1M
Depreciation & amortization	2.9M	2.9M	2.5M	2.6M	2.6M	2.4M	2.6M	4.8M	4.8M	4.4M
Stock-based compensation	16M	16.4M	15.3M	10.3M	6.7M	5.8M	6M	6.5M	5.5M	5.1M
Change in working capital	12.6M	3.3M	-10.6M	18.8M	-18.1M	2.4M	46.8M	-17.7M	-2.4M	-1.8M
Operating cash flow	54.6M	51.2M	33.3M	41.7M	-15.5M	22.3M	50.9M	-1.5M	20.6M	18.9M
Capital expenditure	-1.8M	-1.2M	-991K	-593K	-4K	323K	-320K	-147K	-109K	—
Investing cash flow	-1.8M	-1.2M	3.6M	-4.3M	-4K	9.6M	-33.7M	4.1M	-3.6M	-3.1M
Dividends paid	-19.4M	-21.9M	-24.6M	-26.1M	-11M	-22.9M	-5.6M	-5.5M	-5.4M	-5.4M
Share repurchases	-9.5M	-5.3M	-8.8M	-4.8M	-14.1M	-3.9M	-3.5M	-862K	-1.3M	0
Financing cash flow	-34.3M	-32.6M	-38.2M	-33.3M	-26.2M	-27.7M	-9.1M	-6.4M	-18.1M	-7.9M
Net change in cash	18.4M	17.4M	-1.3M	4.1M	-41.7M	4.1M	8.1M	-3.8M	-1.1M	7.9M
Free cash flow	45.6M	46.8M	30.5M	31M	-9.9M	19.2M	51.2M	-1.3M	20M	18.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4.4M	2.6M	2.2M	-2.2M	159K	2.1M	477K	1M	3.7M	1.8M	782K	1.5M
Depreciation & amortization	1.2M	1.2M	1.2M	1.2M	1.1M	1.2M	1.2M	1.2M	1.2M	927K	883K	732K
Stock-based compensation	1.7M	1.4M	1.5M	1.4M	1.4M	1.2M	1.3M	1.3M	1.3M	1.2M	1.3M	1.3M
Change in working capital	2.8M	-2.4M	1.6M	-3.7M	-1.7M	674K	-3.1M	41K	169K	-56K	-2.3M	2M
Operating cash flow	-317K	19M	15.4M	1.6M	-2.8M	5.8M	3.4M	7.3M	8.5M	8M	-2.6M	5.6M
Capital expenditure	-22K	-28K	-3K	-21K	-10K	-75K	-6K	—	—	—	—	—
Investing cash flow	-22K	-28K	-3K	-21K	-10K	-2.1M	-1M	0	-1M	-1.1M	2.9M	-2.5M
Dividends paid	-1.2M	-1.2M	-1.7M	-1.3M	-1.2M	-1.2M	-1.6M	-1.3M	-1.3M	-1.2M	-1.6M	-1.3M
Share repurchases	-26K	1K	-940K	-1.1M	-273K	0	—	—	0	0	—	—
Financing cash flow	-1.2M	-1.2M	-3.6M	-4.1M	-1.5M	-9.8M	-3.1M	-1.3M	-1.3M	-2.2M	-2.9M	-1.3M
Net change in cash	-1.6M	17.7M	11.7M	-2.6M	-4.3M	-6M	-698K	6M	6.3M	4.6M	-2.6M	1.8M
Free cash flow	-1.8M	4.5M	8.1M	3.5M	519K	7.8M	-5.3M	7.3M	8.5M	8M	-2.8M	3M

Westwood Holdings Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement