Moelis & Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Moelis & Co 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating expenses	452	520	659	632	678	1,045	769	895	1,022	1,243
Operating income	161	164	227	115	266	496	216	-40.4	173	274
Other non-operating income	0.51	186	11.7	33	4.4	40.4	0.22	11.2	23.1	53.6
Pre-tax income	167	350	238	148	270	536	216	-29.1	196	327
Income tax	24.8	224	30.4	11.8	51.7	113	47.6	-1.63	44.5	67.9
Net income to minority interests	103	97.1	67.3	30.6	39.6	57.8	18.3	-2.82	15.5	26.6
Net income	38.4	29.4	141	105	179	365	150	-24.7	136	233
EBITDA	164	168	231	120	270	503	224	-32	183	286

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	319	213	261	168	202	520	207	186	412	509
Short-term investments		96.1	144	213	212	263	265
Property, plant and equipment	8.4	10.5	12.7	14	50	59.2	57.2	63.8	65.5	89.8
Lease right-of-use assets				191	177	164	152	172	180	217
Total assets	599	699	914	1,072	1,196	1,556	1,217	1,180	1,379	1,741
Total liabilities	347	355	543	678	752	1,077	758	817	900	1,060
Paid-in capital	291	487	698	873	1,052	1,280	1,413	1,574	1,731	1,912
Retained earnings	-68.2	-140	-238	-324	-421	-535	-561	-768	-822	-801
Treasury stock	-10.9	-23.2	-56.7	-108	-152	-256	-404	-451	-462	-536
Other comprehensive income	-0.54	0.35	0.29	1.43	-0.2	-0.56	-4.53	-3.93	-6.73	-7.12
Shareholders' equity	212	325	404	443	480	489	444	352	442	568
Minority interests	39.6	19.3	-32.6	-49	-35.5	-10.8	14.4	10.3	37.8	112
Total equity	251	344	372	394	444	478	459	362	479	680
Total liabilities and equity	599	699	914	1,072	1,196	1,556	1,217	1,180	1,379	1,741

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	142	127	208	136	218	423	169	-27.5	151	260
Depreciation and amortization	3.18	3.54	4.63	4.97	4.71	7.24	7.98	8.32	10.4	11.9
Stock-based compensation	77.1	96.3	123	124	134	168	129	158	161	230
Deferred income tax	-1.01	192	6.54	3.67	39	22.9	26.8	-4.29	35.1	50
Change in receivables	5.54	-35.6	0.96	7.06	-46.7	26.9	-20.3	-4.01	-1.84	-31.2
Change in payables	-6.22	3.61	1.69
Cash from operations	232	233	391	209	429	937	33	158	427	576
Capital expenditures	-2.87	-5.65	-6.92	-6.47	-40.7	-16.4	-5.96	-16.7	-12.1	-36.3
Purchases of investments	-121	-180	-184	-212	-391	-486	-335	-211	-169	-525
Sales and maturities of investments	126	116	200	120	391	456	333	276	188	336
Cash from investing	1.38	-69.4	9.28	-51.9	-40	-17	-11.2	48.6	17.1	-196
Stock issued		6.06	6.85	21.5	11.9
Share buybacks	-3.31	-0.23	-0.29
Dividends paid	-155	-256	-314	-209	-283	-480	-175	-182	-184
Cash from financing	-158	-273	-352	-253	-352	-603	-327	-229	-215	-284
Exchange rate effect	-4.2	3.07	-0.56	2.06	-2.76	0.31	-8.39	1.8	-3.53	-0.24
Net change in cash	70.7	-106	47.9	-93.2	34.7	318	-313	-20.3	226	96.2
Free cash flow	229	228	384	203	389	921	27	142	415	540
Income taxes paid	28.6	31.8	23.5	13.4	-0.31	55.2	76.4	-3.63	2.62	9.3

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 $58.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	24.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.2%	Net income / average total assets.
Return on invested capital (ROIC)	72.9%	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%.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	58.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	55.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	71.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.7%	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	5.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	159.5%	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	6.1%	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	30.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	171.3%	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	6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	28.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	26.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.7%	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	7.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	54.4%	Total liabilities / total assets.
Tangible book value	$505.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	189.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.2%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.60B	Share price x shares outstanding.
Enterprise value	$4.39B	Market cap + total debt - cash - short-term investments.
P/E	20.1x	Market cap / net income. Only when net income is positive.
P/B	9.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.09x	Market cap / tangible book value, when positive.
P/FCF	10.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.41x	Market cap / cash from operations, when positive.
EV/EBIT	15.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.4%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).

Was Moelis & Co profitable in fiscal 2025?

Yes. Net income was $233.0M, a net margin of -.

How much free cash flow did Moelis & Co generate in fiscal 2025?

Cash from operations of $576.3M minus capital expenditures of $36.3M left free cash flow of $540.0M.

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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