Westwood Holdings Group Inc. (WHG) intrinsic value & 10-year financials
Westwood Holdings Group Inc. (WHG) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 2.5% a year to $97.8M, with an average return on invested capital of 5.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $18.63
- Market cap
- $165.5M
- Revenue (FY2025)
- $97.8M
- Revenue growth (10-yr CAGR)
- -2.5%
- ROIC (10-yr avg)
- 5.8%
- Free cash flow (FY2025)
- $18.8M
WHG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $97.8M | $7.1M | $0.79 | $18.8M | 5.1% | 3.0% |
| FY2024 | $94.7M | $2.2M | $0.26 | $21.0M | 0.9% | 0.4% |
| FY2023 | $89.8M | $10.6M | $1.17 | -$1.3M | 6.7% | 4.9% |
| FY2022 | $68.7M | -$4.6M | -$0.59 | $51.2M | -7.1% | -4.4% |
| FY2021 | $73.1M | $9.8M | $1.23 | $19.2M | 8.2% | 3.6% |
| FY2020 | $65.1M | -$8.9M | -$1.12 | -$9.9M | -5.3% | -3.0% |
| FY2019 | $84.1M | $5.9M | $0.70 | $31.6M | 5.5% | 2.6% |
| FY2018 | $122.3M | $26.8M | $3.13 | $30.5M | 29.4% | 22.3% |
| FY2017 | $133.8M | $20.0M | $2.38 | $47.1M | 25.3% | 13.2% |
| FY2016 | $123.0M | $22.6M | $2.77 | $45.6M | 27.6% | 15.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
WESTWOOD HOLDINGS GROUP INC is facing top-line stagnation, with revenue contracting over the decade.
WESTWOOD HOLDINGS GROUP INC has historically struggled to out-earn its cost of capital, averaging just 5.8% ROIC.
WESTWOOD HOLDINGS GROUP INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, WESTWOOD HOLDINGS GROUP INC is modeled at -13.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-11.94 per share.