The earnings miss is severe and the expense trajectory shows no near-term relief. Watch for the Q2 conference call on May 12 for any update on the AUM pipeline conversion and whether the elevated comp ratio is sustainable. The stock may test new lows given the cash burn and lack of revenue growth.
Price Chart
Executive Summary
Silvercrest Asset Management Group reported Q1 2026 results with flat revenue YoY at $31.4M, but GAAP net income collapsed 86% to $0.5M from $3.9M a year ago, driven by a 13.5% expense increase as the firm continues a heavy investment cycle. Adjusted diluted EPS of $0.12 missed the $0.39 Street consensus by a wide margin, and discretionary AUM fell 3.7% sequentially on net institutional outflows. The stock will likely trade down on the earnings miss and continued margin compression.
Key Financial Metrics
Key Facts
- Q1 2026 revenue flat at $31.4M vs $31.4M YoY
- GAAP net income fell 86% to $0.5M from $3.9M YoY
- GAAP EPS of $0.03 vs $0.26 YoY
- Adjusted diluted EPS of $0.12 vs $0.27 YoY, missing $0.39 consensus
- Total expenses rose 13.5% to $30.1M, comp ratio 67.2% vs 60.2% YoY
- Discretionary AUM fell 3.7% sequentially to $23.1B on net institutional outflows
- Cash burned to $11.6M from $44.1M at year-end; term loan drawn to $10.0M
- Quarterly dividend maintained at $0.21/share
Financial Impact
Adjusted EPS of $0.12 missed consensus of $0.39 by 69%; GAAP net income declined $3.4M YoY
Risk Factors
- Continued institutional outflows pressuring AUM and revenue
- Compensation ratio remains elevated with no timeline for normalization
- Cash burn rate may require debt or equity financing if sustained
- International expansion costs may not yield revenue for several quarters
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-216756 |
| Document: samg-20260511.htm | 0001193125-26-216756 |
| Document: 0001193125-26-216756-index-headers.html | 0001193125-26-216756 |
| Document: 0001193125-26-216756-index.html | 0001193125-26-216756 |
| Document: 0001193125-26-216756.txt | 0001193125-26-216756 |
| 8-K Data (Synthetic) | 0001193125-26-216756 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 3 | $10.43 | awaiting T+5 | — | $10.25 (−1.73%) |
Oct 23, 2026 3d ago | Insider Buy | $10.43 | awaiting T+5 | — | $10.25 (−1.73%) |
Oct 23, 2026 4d ago | 8-K | $10.43 | awaiting T+5 | — | $10.25 (−1.73%) |
Oct 23, 2026 4d ago | Press Release | $10.43 | awaiting T+5 | — | $10.25 (−1.73%) |
Oct 16, 2026 10d ago | SC 13D/A | $10.46 $10.25 | ▼ −2.01% | ▼ −1.86% | $10.25 (−2.01%) |
Oct 13, 2026 13d ago | SC 13D/A | $10.21 $10.32 | ▲ +1.08% | ▲ +0.62% | $10.25 (+0.39%) |
Sep 30, 2026 26d ago | SC 13D | $10.49 $10.19 | ▼ −2.86% | ▼ −4.16% | $10.25 (−2.29%) |
Jun 18, 2026 18w ago | 8-K | $10.30 $11.61 | ▲ +12.72% | ▲ +14.79% | $10.25 (−0.49%) |
May 11, 2026 24w ago | 8-K | $12.56 $12.00 | ▲ +4.46% | ▲ +4.54% | $10.25 (+18.39%) |
May 5, 2026 25w ago | Press Release | $13.18 $12.56 | ▼ −4.70% | ▼ −5.83% | $10.25 (−22.23%) |
US Market Status
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