olivLaw · US equity research
Westwood Holdings Group, Inc. WHG
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Westwood Holdings Group is a boutique asset management firm offering actively managed and outcome-oriented strategies along with trust and wealth services to institutional, intermediary and private wealth clients. As of June 30, 2026 it had assets under management of about 17.0 billion USD, and the company reports growth in its ETF and private capital platforms, which makes the evolution of these segments relevant for investors.
At the close of 04 Nov 2026, Westwood Holdings Group, Inc. (WHG) stock was 19.24 USD (+2.23% on the day), with market capitalisation 182.5 m USD, P/E 21.9 on diluted EPS of 0.88 USD over the last 12 months, dividend yield 2.99%, beta 0.46, 52-week range 14.76–20.34 USD. Latest reported quarter (Q2 2026): revenue of 25.3 m USD (+9.6% YoY), net income of 1.5 m USD (+48.1% YoY), diluted EPS 0.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 18.55 – 19.24
- in the upper half of the band · %B 1.00 · band width 3.7%
- SMA 50 / 200
- 18.97 / 17.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.1% | −1.1% | +2.2 pp | — |
| 3 months | +0.5% | −0.5% | +0.9 pp | — |
| 6 months | +20.6% | +4.4% | +16.2 pp | — |
| Year to date | +11.8% | +12.3% | −0.5 pp | — |
| 1 year | +15.8% | +13.5% | +2.3 pp | −5.9% |
| 3 years | +76.4% | +76.4% | −0.1 pp | +21.9% |
| 5 years | +8.0% | +63.7% | −55.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.4 m | 20.5 m | 23.3 m | 23.1 m | 24.3 m | 27.1 m | 25.0 m | 25.3 m |
| Operating income | -494.0 k | 2.6 m | -68.0 k | 868.0 k | 2.0 m | 2.2 m | -1.5 m | 2.1 m |
| Pre-tax income | -1.0 m | -4.3 m | 592.0 k | 1.5 m | 4.7 m | 2.9 m | 828.0 k | 2.3 m |
| Income tax | 308.0 k | 1.3 m | 115.0 k | 437.0 k | 963.0 k | 1.1 m | 46.0 k | 725.0 k |
| Net income | -1.2 m | -3.1 m | 477.0 k | 1.0 m | 3.7 m | 1.9 m | 782.0 k | 1.5 m |
| Diluted EPS | -0.15 | -0.40 | 0.05 | 0.12 | 0.41 | 0.21 ≈ | 0.09 | 0.17 |
| Operating cash flow | 529.0 k ≈ | 8.9 m | -4.9 m | 7.3 m ≈ | 8.5 m ≈ | 8.0 m | -2.6 m | 5.6 m ≈ |
| Capex | 10.0 k ≈ | 75.0 k | 6.0 k | 0 ≈ | 76.0 k ≈ | 4.0 k | 246.0 k | 534.0 k ≈ |
| Dividends paid | 1.2 m ≈ | 1.2 m | 1.6 m | 1.3 m ≈ | 1.3 m ≈ | 1.2 m | 1.6 m | 1.3 m ≈ |
| Share repurchases | 273.0 k ≈ | 0 | — | — | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 69 percentile of its own 32-quarter history (min 7.8, median 19.1, max 91.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 122.3 m | 84.1 m | 65.1 m | 73.1 m | 68.7 m | 89.8 m | 94.7 m | 97.8 m |
| Revenue YoY | −8.6% | −31.3% | −22.6% | +12.2% | −6.0% | +30.7% | +5.5% | +3.2% |
| Net income | 26.8 m | 5.9 m | -8.9 m | 9.8 m | -4.6 m | 10.6 m | 2.2 m | 7.1 m |
| Net income YoY | +33.8% | −77.9% | −251.4% | unavailable | −147.4% | unavailable | −79.1% | +220.1% |
| Diluted EPS | 3.13 | 0.70 | -1.12 | 1.23 | -0.59 | 1.17 | 0.26 | 0.79 |
| Diluted EPS YoY | +31.5% | −77.6% | −260.0% | unavailable | −148.0% | unavailable | −77.8% | +203.8% |
| net % | 21.9% | 7.0% | -13.7% | 13.4% | -6.7% | 11.8% | 2.3% | 7.2% |
| Free cash flow | 30.5 m | 31.6 m | -9.9 m | 19.2 m | 51.2 m | -1.3 m | 21.0 m | 18.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 126.7 m USD
- Total assets
- 162.3 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.7%
- ROA
- 4.5%
- FCF margin
- 19.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 65.1 m | 73.1 m | 68.7 m | 89.8 m | 94.7 m | 97.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -3.4 m | 6.0 m | -4.9 m | 6.0 m | 830.0 k | 5.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 2.6 m | 2.4 m | 2.6 m | — | — | — | SEC (XBRL)· 13 Mar 2023verified |
| EBITDA | -805.0 k ≈ | 8.4 m ≈ | -2.3 m ≈ | — | — | — | SEC (XBRL)· 13 Mar 2023derived |
| Pre-tax income | -7.6 m | 14.0 m | -5.2 m | 13.4 m | 4.0 m | 9.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | 1.4 m | 4.2 m | -567.0 k | 2.9 m | 1.8 m | 2.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -8.9 m | 9.8 m | -4.6 m | 10.6 m | 2.2 m | 7.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -1.12 | 1.23 | -0.59 | 1.17 | 0.26 | 0.79 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 8.0 m | 7.9 m | 7.8 m | 8.1 m | 8.5 m | 8.9 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.0 m | 15.2 m | 23.9 m | 20.4 m | 18.8 m | 26.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | 9.5 m | 11.2 m | 13.9 m | 14.4 m | 14.5 m | 16.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | 96.3 m | 93.9 m | 58.2 m | 72.2 m | — | — | SEC (XBRL)· 07 Mar 2024verified |
| Property, plant & equipment, net | 3.2 m | 2.1 m | 1.8 m | 1.4 m | 951.0 k | 536.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Goodwill | 16.4 m | 16.4 m | 35.7 m | 39.5 m | 39.5 m | 39.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 13.5 m | 11.9 m | 29.0 m | 24.8 m | 21.7 m | 18.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 149.2 m | 139.6 m | 146.4 m | 155.2 m | 150.0 m | 162.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 1.6 m | 2.6 m | 5.7 m | 6.1 m | 6.4 m | 7.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 11.8 m | 15.8 m | 17.6 m | 18.6 m | — | — | SEC (XBRL)· 07 Mar 2024verified |
| Total liabilities | 18.4 m | 21.7 m | 35.8 m | 32.7 m | 27.7 m | 35.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 130.7 m † | 117.9 m † | 110.6 m | 122.4 m | 122.3 m | 126.7 m | SEC (XBRL)· 04 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -9.8 m | 19.4 m | 51.5 m | -1.2 m | 21.1 m | 18.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 93.0 k | 178.0 k | 320.0 k | 147.0 k | 109.0 k | 86.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | -9.9 m ≈ | 19.2 m ≈ | 51.2 m ≈ | -1.3 m ≈ | 21.0 m ≈ | 18.8 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -4.0 k | 9.6 m | -33.7 m | 4.1 m | -4.6 m | -3.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | -25.8 m | -26.8 m | -9.1 m | -6.4 m | -18.1 m | -7.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Dividends paid | 11.0 m | 22.9 m | 5.6 m | 5.5 m | 5.4 m | 5.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | 13.0 m | 3.0 m | 2.9 m | 0 | 1.3 m | 0 | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 182.5 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.35 – 26.49 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E14.35 – 26.49 (Mid 19.76)28 companies used · median multiple 22.5x · quartiles 16.3x – 30.1xAAMI, ABX, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, CNS, GCMG, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.8% | 26 (vs peers) | 13% |
| FCF conversion · Quality | 235.9% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 12.5% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 21.9x | 56 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.2% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 29.2% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation76/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WESTWOOD HOLDINGS GROUP, INC. (WHG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 97.8 m USD in 2025; YoY growth 3.2%; net margin 7.8%; ROE 6.4%.
The estimated value range is 14.35–26.49 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 19.76 USD, the price of 19.24 USD leaves a potential of 2.7% (value / price − 1) and a margin of safety of 2.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 235.9%
- Revenue CAGR 3Y: 12.5%
- FCF yield: 10.2%
- Payout ratio (FCF): 29.2%
What contradicts it
- Net margin: 7.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +16% / +76% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
1- and 3-year price returns: for WHG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.67 Total return -39% · Per year -39% | 20.56 Total return 7% · Per year 7% | 30.87 Total return 60% · Per year 60% |
| 3 years | 13.22 Total return -31% · Per year -12% | 26.02 Total return 35% · Per year 11% | 42.61 Total return 121% · Per year 30% |
| 5 years | 14.97 Total return -22% · Per year -5% | 32.92 Total return 71% · Per year 11% | 58.82 Total return 206% · Per year 25% |
- Exit P/E± 6.50
- Net margin± 4.55
- Annual revenue growth± 3.47
- Annual dilution± 0.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Westwood Holdings Group is a boutique asset management firm offering actively managed and outcome-oriented strategies along with trust and wealth services to institutional, intermediary and private wealth clients. As of June 30, 2026 it had assets under management of about 17.0 billion USD 2, and the company reports growth in its ETF and private capital platforms, which makes the evolution of these segments relevant for investors.
SWOT
Strengths
- The company keeps a solid financial position with no debt and meaningful cash and investments at the end of the second quarter of 2026 3. The ETF and private capital platforms have grown, and several strategies have beaten their primary benchmarks 3.
- Westwood has a long history and an experienced investment team, which supports relationships with institutional clients and intermediaries 1. Diversification through acquisitions and new products reduces reliance on a single strategy 1.
- The asset-based fee model produces recurring revenue that moves with market levels, and the quarterly dividend signals a commitment to shareholders 13.
Weaknesses
- The company recorded net client outflows in 2025, concentrated in the LargeCap Value strategy, which reduced its asset base 1. Revenues depend heavily on a few large clients, whose loss would have a significant effect 1.
- The shares are thinly traded, which can increase price volatility, and costs of developing new products can come before revenues 1. Its relatively small size compared with large competitors limits resources.
- The company notes that some new products have not yet generated significant revenues, and weak performance in a strategy can lead to losing clients 1.
Opportunities
- If private capital and Managed Investment Solutions platforms continue to attract flows, the company could diversify its revenues 3. The listing of the PWRX ETF on the Texas Stock Exchange could open a new source of assets 3.
- Demand for income and alternative products, including energy and real estate strategies, could support growth, especially if performance stays near the top of rankings 3.
- Expansion toward international clients or new distribution channels could add assets, though this brings additional regulatory risks 1.
Threats
- Investor migration toward passive and lower-fee funds could shrink the share of active strategies and pressure fees 1.
- Regulatory changes and litigation risk could raise compliance costs and affect the company's reputation 1.
- A decline in financial markets could reduce assets under management and revenues, and fixed expenses can weigh on profitability in weak periods 1.
Risks
- Net client outflowshigh
Withdrawals from key strategies reduced assets in 2025, and if the trend continues it could weigh on fee revenues 1.
- Client concentrationhigh
A small number of large clients generates a significant share of revenues, and losing one of them could have a notable effect on results 1.
- Competitive and fee pressuremedium
Rivals with lower fees and passive products could reduce the appeal of the company's active strategies 1.
- Regulation and litigationmedium
Growing regulatory requirements and possible lawsuits could raise costs and affect the company's reputation 1.
- Share liquiditylow
Thin trading in the shares can amplify price moves and make it harder for investors to enter or exit positions 1.
Investment thesis
What would need to be true (bull case)
- The ETF and private capital platforms grew in the second quarter of 2026, and Managed Investment Solutions flows reached a meaningful level 3. If this continues, revenues could become more diversified.
- The company holds a solid liquidity position and carries no debt, giving it flexibility to invest in new products 3.
- Several strategies beat their primary benchmarks and earned top-quartile or top-decile rankings, which could attract new flows if performance holds 3.
What would break the thesis
- Assets under management fell slightly in 2025 because of net outflows, and if that trend continues revenues could stagnate 1.
- Dependence on a few large clients and a limited number of strategies could expose the company to concentrated shocks 1.
- Pressure from passive funds and technologically advanced competitors could compress margins and market share 1.
What to watch
- Trend in net client flows and total assets under managementQ3 2026
- Launch of the PWRX ETF on the Texas Stock Exchange and its early flows2026
- Momentum in the private capital and Managed Investment Solutions platformsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Westwood manages assets through subsidiaries Westwood Management, Westwood Trust, Salient Advisors and Broadmark Asset Management, and is a holding company incorporated in Delaware and listed on the New York Stock Exchange under the ticker WHG 1. Revenues come mainly from fees calculated as a percentage of assets under management (AUM) and assets under advisement (AUA). At December 31, 2025, AUM was about 16.5 billion USD and AUA about 0.9 billion USD 1.
The business model relies on relationships with clients, investment consultants and intermediaries, and the company emphasizes client service and a team approach. Through the Salient acquisition and the controlling interest in Broadmark, Westwood expanded its product range, and in 2025 it launched new exchange-traded funds 1. The company says its ten largest client relationships accounted for about 20% of fee revenues in 2025, a significant concentration 1.
For the quarter ended June 30, 2026, total revenues were 25.3 million USD and net income was 1.5 million USD 3. The company declared a dividend of 0.15 USD per share, payable in October 2026 3. Management points to the upcoming listing of its PWRX ETF on the Texas Stock Exchange and an expanding Managed Investment Solutions pipeline, which could support long-term growth if capital flows continue.
Segments
Active and outcome-oriented strategies
Strategies include U.S. Value Equity, Multi-Asset, Energy and Real Assets, Tactical Absolute Return, Income Alternatives and Managed Investment Solutions, and five of them each exceed one billion USD in assets 1. The LargeCap Value strategy drove most of the net client outflows in 2025 1.
Funds and ETFs
At year-end 2025 the Westwood Funds held about 3.9 billion USD and the Westwood ETFs about 0.2 billion USD 1. Two ETFs were launched in 2025, and in the second quarter of 2026 the ETF platform surpassed 400 million USD in assets 13.
Private capital and institutional clients
The Private Capital platform surpassed 500 million USD in the second quarter of 2026, and Managed Investment Solutions flows reached 350 million USD 3. The institutional segment, which includes pension plans and foundations, was the largest by assets at the end of 2025 1.
Market context
Westwood operates in the U.S. asset management and wealth management industry, where competition is intense and passive funds have been gaining share from active managers 1. Asset levels depend on capital market performance and client flows, and firm AUM rose from about 16.5 billion USD at December 31, 2025 to 17.0 billion USD at June 30, 2026 12.
Clients outside the U.S. make up a small part of assets, so international exposure is relevant only within a small fraction of AUM 1. If financial markets improve or appetite for alternative products grows, income and private capital segments could benefit.
Trends
- Shift toward passive products and ETFsmixed
Investors are moving money toward passive, lower-fee products, which has caused outflows from active strategies such as LargeCap Value 1. Westwood responds with its own ETFs, which reached more than 400 million USD in assets 3.
- Artificial intelligence in the industryheadwind
AI-based technologies are expanding rapidly in the industry, and competitors with more advanced technology could innovate faster and lower entry barriers 1. For Westwood this could pressure margins if it cannot keep pace.
- Private capital and alternative productstailwind
Demand for alternative and private capital products has grown, and the Private Capital platform passed 500 million USD in the second quarter of 2026 3. If this trend continues it could support more diversified revenues.
- Growing regulationheadwind
The regulatory framework for financial services has become more complex, with additional reporting requirements and compliance costs that rise over time 1. This pressure also applies to international expansion and new product launches.
Competitive position
Westwood competes with larger asset managers that have greater financial, technological and name-recognition resources, with low-fee passive funds, and with alternative managers that can recruit investment staff 1. Industry consolidation has increased the size of some rivals, and some offer broader banking and financial planning services 1.
Westwood differentiates through investment performance, niche strategies and relationships with institutional clients and intermediaries, but the advantage depends on its ability to attract new flows 1. The company says its strategies beat their primary benchmarks in the second quarter of 2026 3.
- Large passive and ETF managers
Lower-fee funds that have gained market share from active managers, a risk the company explicitly notes.
- Alternative managers and hedge funds
Rivals that can recruit investment talent and offer similar strategies, especially in alternative products.
- Financial groups with integrated services
Firms offering banking, financial and tax planning beyond what Westwood currently provides.
- Technology-driven firms using AI
Competitors that can innovate faster and compete on quality and price, while new AI-enabled entrants may lower entry barriers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Westwood Instruments Rotor Solo ViolinSurge — GDELT DOC · 22 Oct 2026 · RO
- Westwood Holdings CEO Brian Casey on Y'all Street and an ETF tracking the AI power ecosystemCNBC — Top News · 26 Sept 2026 · EN
- Westwood CEO Says Texas ETF Listing Aligns With BusinessBloomberg Markets · 24 Sept 2026 · EN
- Former Radio 1 DJ Tim Westwood charged with two more offencesThe Guardian World · 22 Sept 2026 · EN
- Westwood CEO on the First ETF Listing on the TXSEBloomberg Markets · 08 Sept 2026 · EN
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement13 Mar 2026
- Annual report04 Mar 2026
- Current report13 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Oct 2025
- Current report30 Oct 2025Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Westwood Holdings Group, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Westwood Holdings Group, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Westwood Holdings Group, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.