AllianceBernstein Holding L.P. (AB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+17.7%

$41.50

vs $35.25 price

Levered DCF

$43.25

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3,382.77

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.96×	10×	13.26×	12.78×	12.59×	11.73×	12.15×	10.93×
P/B	3.14×	2.08×	1.69×	1.69×	3×	2.04×	1.87×	1.78×
P/S	11.69×	9.16×	11.69×	11.45×	11.68×	10.61×	10.9×	9.8×
EV / EBITDA	11.69×	6.54×	11.69×	11.45×	11.68×	10.61×	10.9×	9.8×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	90.1%	91.6%	88.1%	89.7%	92.7%	90.6%	89.6%	89.6%
Current ratio	0×	0×	0×	0×	0×	0×	0×	0×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	9.1%	8.1%	8.4%	10.3%	7.4%	8.3%	7.7%	10.6%
Payout ratio	117.5%	80.6%	112.1%	131.7%	92.6%	97.0%	93.3%	115.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.2%	20.8%	12.7%	13.2%	23.8%	17.4%	15.4%	16.3%
Return on invested capital	24.2%	20.8%	12.7%	13.2%	23.8%	0.0%	15.3%	16.3%
Return on assets	24.2%	20.8%	12.7%	13.2%	23.8%	17.4%	15.3%	16.3%
Free cash flow yield	9.1%	30.4%	8.4%	10.4%	7.3%	8.3%	7.7%	9.3%
Earnings yield	7.7%	10.0%	7.5%	7.8%	7.9%	8.5%	8.2%	9.1%
Enterprise value	$3.9B	$3.4B	$3.5B	$3.5B	$4.9B	$3.3B	$2.9B	$2.7B
Net debt / EBITDA	0×	-1.6×	0×	0×	0×	0×	0×	0×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0