GCM Grosvenor Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data GCM Grosvenor Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	378	416	430	532	447	445	514	558
Selling, general and administrative	93	88.5	84.6	88.4	88.9	101	104	105
Operating expenses	303	331	473	422	366	457	441	424
Operating income	75.1	85	-43.1	109	80.3	-11.8	73.5	133
Interest expense	26.5	25.7	23.4	20.1	23.3	23.7	24.2	22.8
Interest income				0.1	0.8	2	2.7	5
Other non-operating income	-10	-22.7	-35.6	43.7	8.78	-9.67	-23.3	21.5
Pre-tax income	65.1	62.3	-78.7	153	89.1	-21.5	50.2	155
Income tax	1.4	2.32	4.51	11	9.61	7.69	13.6	12.9
Net income	0	0	4.05	21.5	19.8	12.8	18.7	45.4
EBITDA	86.8	95.3	-33.3	113	84.2	-9.15	76.8	138
EPS, basic	0.00	0.00	0.10	0.49	0.45	0.30	0.42	0.87
EPS, diluted	0.00	0.00	-0.58	0.28	0.28	-0.28	0.03	0.42
Shares, basic (weighted)	0	0	40	43.8	43.9	43.2	44.7	52
Shares, diluted (weighted)	0	0	184	189	189	187	191	197
Dividend per share						0.44	0.44	0.45

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	68.1	79.9	198	96.2	85.2	44.4	89.5	242
Property, plant and equipment		8.87	7.87	5.41	4.62	7.38	22.7	29.9
Lease right-of-use assets				0	12.5	38.6	41.1	40
Goodwill		29	29	29	29	29	29	29
Intangible assets		16.1	8.59	6.26	3.94	2.63	1.31	0
Total assets		373	632	582	489	505	613	814
Total liabilities		587	599	637	583	616	703	686
Total debt		449	335	391	388	385	432	428
Paid-in capital			2.71	1.5	0	1.94	5.75	44
Retained earnings			-29.8	-26.2	-23.9	-32.2	-35	-16.3
Other comprehensive income		-6.85	-2.23	-1.01	4.1	2.63	1.65	-0.77
Shareholders' equity			-29.3	-25.7	-19.8	-27.6	-27.6	27
Total equity			-82.2	-55.8	-94	-111	-90.3	127
Total liabilities and equity		373	632	582	489	505	613	814

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	60	60	-83.2	142	79.5	-29.2	36.6	142
Depreciation and amortization	11.7	10.3	9.82	4.02	3.86	2.7	3.32	4.42
Stock-based compensation		0	0	44.2	30.7	50.7	48.2	45.6
Deferred income tax	0	0	0.63	5.69	5.84	2.83	7.76	4.08
Cash from operations	117	96.2	68.2	179	217	92.1	149	184
Capital expenditures	-0.87	-4	-1.31	-0.58	-0.78	-3.76	-16.7	-8.5
Purchases of investments	-23.2	-21.5	-23.9	-40.3	-29.4	-27.6	-26.2	-34.7
Sales and maturities of investments	32	31.6	19.7	11.5	20.1	12.6	11.1	16.7
Cash from investing	7.96	6.13	-5.53	-28.1	-10.1	-18.8	-31.8	-26.5
Debt issued		0	0	110	0	0	50	0
Debt repaid	-27.4	-7.33	-91.2	-53.3	-4	-4	-3.19	-4.38
Stock issued						0	0	49.8
Share buybacks		0	0	-0.89	-26.4	-4.48	0	-30.7
Dividends paid		0	0	-14.5	-18.4	-20.3	-20.5	-25.3
Cash from financing	-154	-90.9	54.8	-251	-215	-114	-70.4	-4.86
Exchange rate effect	-0.18	0.31	0.88	-1.38	-2.4	-0.37	-1.46	0.49
Net change in cash	-29	11.8	118	-102	-11	-40.8	45.1	153
Free cash flow	116	92.2	66.9	178	216	88.3	132	175
Interest paid	23.6	22.7	21.5	13.8	18.4	30	32.3	28.6
Income taxes paid	1.35	1.74	3.16	4.37	8.54	3.45	5.02	6.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	27.1%	Operating income / revenue.
EBITDA margin	27.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.6%	Pre-tax income / revenue.
Net margin	7.8%	Net income / revenue.
FCF margin	32.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.7%	Cash from operations / revenue.
Effective tax rate	9.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	175.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.6%	Net income / average total assets.
Return on invested capital (ROIC)	56.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	9.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	81.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	79.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	142.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	31.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	62.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,300.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	32.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-6.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	32.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	14.3x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.5%	Total debt / total assets.
Liabilities / assets	81.9%	Total liabilities / total assets.
Net debt	$222.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Goodwill and intangibles / assets	4.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	17.0x	Revenue / average property, plant and equipment.
FCF conversion	418.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.81	Revenue / diluted weighted shares.
FCF per share	$0.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.97	Cash from operations / diluted weighted shares.
Book value per share	$0.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.02	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	67.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.64B	Share price x shares outstanding.
Enterprise value	$2.87B	Market cap + total debt - cash - short-term investments.
P/E	59.4x	Market cap / net income. Only when net income is positive.
P/S	4.63x	Market cap / revenue.
P/B	104x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.3x	Market cap / cash from operations, when positive.
EV/Sales	5.02x	Enterprise value / revenue.
EV/EBIT	18.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.0%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	4.11x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GCM Grosvenor Inc.'s revenue in fiscal 2025?

GCM Grosvenor Inc. reported revenue of $557.6M for fiscal 2025, 8.5% higher than the year before.

Was GCM Grosvenor Inc. profitable in fiscal 2025?

Yes. Net income was $45.4M, a net margin of 8.1%.

How much free cash flow did GCM Grosvenor Inc. generate in fiscal 2025?

Cash from operations of $183.5M minus capital expenditures of $8.5M left free cash flow of $175.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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