GCM Grosvenor Inc. (GCMG) 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

-95.0%

$0.65

vs $12.96 price

Levered DCF

$14.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.7

Grey zone

Rating

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	13.01×	29.21×	-7.28×	16.91×	21.43×	133.2×	6.83×	6.09×
P/B	21.81×	-19.88×	-14.01×	-16.85×	-17.87×	-18.15×	-1.3×	-1.19×
P/S	1.07×	1.09×	0.89×	0.74×	0.85×	1.23×	0.98×	1.03×
EV / EBITDA	4.73×	14.08×	-195.5×	5.19×	4.09×	-16.25×	7.9×	7.3×
Gross margin	99.2%	99.3%	99.4%	97.4%	99.3%	97.7%	97.5%	100.0%
Operating margin	26.9%	9.3%	-4.4%	24.7%	23.4%	-14.0%	19.1%	19.8%
Net margin	8.2%	3.7%	2.9%	4.4%	4.0%	0.9%	0.0%	0.0%
Current ratio	2.34×	3.07×	1.75×	2.07×	3.19×	3.98×	2.98×	1.11×
Debt / equity	17.79×	-17.59×	-15.42×	-20.34×	-15.19×	-11.42×	-1.42×	-1.32×
Interest coverage	9.65×	3.43×	-1.3×	3.88×	4.66×	-2.2×	3.08×	2.84×
Dividend yield	4.3%	3.7%	5.3%	5.5%	3.2%	28.9%	0.0%	21.1%
Payout ratio	55.9%	109.9%	159.1%	93.0%	67.6%	3795.3%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	168.1%	-67.7%	-46.2%	-100.0%	-83.6%	-13.8%	0.0%	0.0%
Return on invested capital	20.4%	6.2%	-4.4%	23.5%	22.9%	-10.9%	21.5%	26.7%
Return on assets	5.6%	3.1%	2.5%	4.1%	3.7%	0.6%	0.0%	0.0%
Free cash flow yield	29.7%	24.1%	22.8%	64.6%	38.8%	12.6%	22.5%	29.8%
Earnings yield	7.7%	3.4%	3.3%	5.9%	4.7%	0.8%	0.0%	0.0%
Enterprise value	$826.8M	$945.4M	$768.9M	$651.9M	$753.9M	$669.6M	$777.8M	$753.3M
Net debt / EBITDA	1.36×	5.9×	-97.09×	2.53×	1.6×	-3.33×	3.74×	3.53×
Cash conversion cycle (days)	75	72	55	39	85	80	39	31