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U.S. Asset Management Industry Analysis

UpdatedJun 14, 2026
DataAggregated Company Financials
Companies337
  • 7D3.5%
  • 3M15.2%
  • 1Y3.5%
  • YTDn/a

Blackstone is up 6.4%, leading the way for the Asset Management industry, which has gained 3.5%. During this same period, the Pershing Square underperformed, falling 6.2%. This means that the industry has gained 3.5% over the past year. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the U.S. Asset Management Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Jun 2026US$943.2bUS$249.9bUS$36.7b51.2x25.7x3.8x
Wed, 13 May 2026US$943.1bUS$249.7bUS$36.8b57.3x25.7x3.8x
Fri, 10 Apr 2026US$857.0bUS$248.4bUS$34.1b56.6x25.1x3.5x
Sun, 08 Mar 2026US$838.4bUS$248.1bUS$34.1b31.4x24.6x3.4x
Tue, 03 Feb 2026US$977.9bUS$204.2bUS$33.0b30.6x29.7x4.8x
Thu, 01 Jan 2026US$986.9bUS$199.8bUS$33.6b30.4x29.3x4.9x
Sat, 29 Nov 2025US$930.0bUS$199.5bUS$33.6b29.7x27.7x4.7x
Mon, 27 Oct 2025US$957.7bUS$198.6bUS$33.4b30.4x28.7x4.8x
Wed, 24 Sep 2025US$1.0tUS$177.2bUS$33.5b30.9x31x5.9x
Fri, 22 Aug 2025US$980.3bUS$177.5bUS$33.3b30.6x29.4x5.5x
Sun, 20 Jul 2025US$854.3bUS$171.6bUS$34.0b34x25.1x5x
Tue, 17 Jun 2025US$856.1bUS$170.4bUS$33.7b33.4x25.4x5x
Thu, 15 May 2025US$907.7bUS$173.8bUS$34.6b33.7x26.2x5.2x
Sat, 12 Apr 2025US$742.6bUS$174.4bUS$34.7b29.3x21.4x4.3x
Mon, 10 Mar 2025US$836.1bUS$174.4bUS$34.6b17.4x24.1x4.8x
Wed, 05 Feb 2025US$971.0bUS$172.7bUS$33.5b18.2x29x5.6x
Fri, 03 Jan 2025US$935.0bUS$168.6bUS$29.5b19.3x31.7x5.5x
Sun, 01 Dec 2024US$993.7bUS$168.6bUS$29.5b19.5x33.7x5.9x
Tue, 29 Oct 2024US$905.1bUS$164.7bUS$29.7b20.3x30.5x5.5x
Thu, 26 Sep 2024US$845.1bUS$158.6bUS$29.4b20.4x28.7x5.3x
Sat, 24 Aug 2024US$768.5bUS$159.5bUS$29.6b18.9x26x4.8x
Mon, 22 Jul 2024US$755.8bUS$157.6bUS$29.5b19.4x25.6x4.8x
Wed, 19 Jun 2024US$712.7bUS$156.3bUS$29.1b19.7x24.5x4.6x
Fri, 17 May 2024US$762.6bUS$156.0bUS$29.1b20.6x26.2x4.9x
Sun, 14 Apr 2024US$730.4bUS$145.2bUS$27.4b19.2x26.7x5x
Tue, 12 Mar 2024US$709.2bUS$144.6bUS$27.0b18.1x26.2x4.9x
Thu, 08 Feb 2024US$685.5bUS$139.9bUS$26.0b18.3x26.4x4.9x
Sat, 06 Jan 2024US$738.0bUS$143.2bUS$30.7b28.2x24x5.2x
Mon, 04 Dec 2023US$696.5bUS$143.2bUS$30.7b28.2x22.7x4.9x
Wed, 01 Nov 2023US$597.1bUS$140.4bUS$29.6b28.6x20.2x4.3x
Fri, 29 Sep 2023US$645.2bUS$138.1bUS$28.1b28.7x22.9x4.7x
Sun, 27 Aug 2023US$637.5bUS$138.1bUS$28.2b28.8x22.6x4.6x
Tue, 25 Jul 2023US$688.5bUS$130.8bUS$24.6b33.2x28x5.3x
Thu, 22 Jun 2023US$637.4bUS$128.1bUS$23.5b33.6x27.1x5x
Price to Earnings Ratio

27.1x


Total Market Cap: US$637.4bTotal Earnings: US$23.5bTotal Revenue: US$128.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Asset Management Industry Price to Earnings3Y Average 26.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Asset Management and Custody Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 26.5x.
  • The 3-year average PS ratio of 4.9x is higher than the industry's current PS ratio of 3.8x.
Past Earnings Growth
  • The earnings for companies in the Asset Management and Custody Banks industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 25% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does U.S. Asset Management compare with similar industries?

US Market0.87%
Financials2.30%
Capital Markets2.96%
Asset Management3.50%
Diversified Capital Markets8.46%
Investment Banking and Brokerage3.51%
Financial Exchanges and Data0.88%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BX BlackstoneUS$122.796.4%
+US$5.8b		-10.0%PE31.6x
BLK BlackRockUS$1.03k3.7%
+US$5.7b		6.2%PE25.6x
KKR KKRUS$96.243.0%
+US$2.5b		-20.7%PE30.8x
ARES Ares ManagementUS$134.907.4%
+US$2.1b		-19.0%PE54.2x
STT State StreetUS$167.633.6%
+US$1.6b		74.4%PE16.4x

Latest News

OWL
US$9.68
Blue Owl Capital
7D
-1.2%
1Y
-48.2%
Seeking Alpha • 15h

Blue Owl Capital: Irrational Fears Result In Massive 10% Yield Opportunity

Summary Blue Owl Capital Inc. offers a nearly 10% dividend yield and trades at just 11x forward earnings after a 50% share price decline. OWL's assets under management have grown over 230% in four years, driven by strong capital raising and attractive fund performance. Fee-related earnings grew 14% and distributable earnings 11% year-over-year, with continued capital inflows supporting future growth. I believe market concerns about OWL's credit business are overstated; the capital-light model and robust AUM growth underpin an appealing risk/reward. Read the full article on Seeking Alpha
KKR
US$96.24
KKR
7D
3.0%
1Y
-20.7%
MBAV
US$9.75
M3-Brigade Acquisition V
7D
-9.8%
1Y
-20.3%
ARES
US$134.90
Ares Management
7D
7.4%
1Y
-19.0%
Seeking Alpha • Jun 13

Ares Management: The Fears Are Understood, The Discount Has Overshot

Summary Ares Management has corrected ~34% from highs, but its fee base and earnings remain resilient, supporting a buy rating. Q1 2026 showed management fees up 22% YoY, FRE margin expansion to 42.4%, and record fundraising, indicating robust institutional demand. ~85% of AUM is in locked or long-dated vehicles, structurally insulating ARES from rapid credit stress and making the current valuation discount appear excessive. Undeployed AUM of $79.4B could add ~$0.85/share in after-tax RI, with visible catalysts and 16-20% FRE CAGR guidance supporting upside potential. Read the full article on Seeking Alpha
BLK
US$1,032.00
BlackRock
7D
3.7%
1Y
6.2%
GLXY
US$33.36
Galaxy Digital
7D
32.7%
1Y
77.1%
WLTH
US$8.96
Wealthfront
7D
-9.0%
1Y
n/a
Seeking Alpha • Jun 11

Wealthfront Corporation: Platform Value Has Increased (Stay Buy Rated)

Summary Wealthfront Corporation remains a buy as platform depth and cross-product adoption strengthen the long-term equity story. Q1 saw mixed results: revenue was up 7% y/y to $90.5M, but margin pressure and slower cash management growth persisted. Investment advisory revenue grew 32% y/y, with assets up 39% y/y, highlighting WLTH's shift from a cash-yield product. Valuation at 15.1x forward P/E appears attractive, with 26% upside if WLTH reverts to its historical premium. Read the full article on Seeking Alpha
BNY
US$143.98
Bank of New York Mellon
7D
1.1%
1Y
62.5%
CG
US$45.75
Carlyle Group
7D
5.2%
1Y
-1.0%
BX
US$122.79
Blackstone
7D
6.4%
1Y
-10.0%
Seeking Alpha • Jun 10

Blackstone: The Market Is Selling Over A Problem That Doesn't Exist

Summary Blackstone Inc. (BX) is rated a Buy, offering quality growth at discounted valuations despite sector-wide private credit concerns. BX's diversified model, robust credit underwriting, and focus on investment-grade secured debt position it to absorb private credit shocks better than peers. Key growth catalysts in AI/data center infrastructure, 401(k) regulatory changes, and perpetual capital, are not fully priced into BX shares. Fee-related earnings are compounding, with forward EPS growth at 16.75% and a trailing P/E of ~19.5, below the 5-year average. Read the full article on Seeking Alpha
STT
US$167.63
State Street
7D
3.6%
1Y
74.4%
STEP
US$44.39
StepStone Group
7D
-1.2%
1Y
-17.6%
PS
US$33.55
Pershing Square
7D
-6.2%
1Y
n/a
VCTR
US$84.84
Victory Capital Holdings
7D
-3.0%
1Y
37.7%
Narrative Update • Jun 05

VCTR: Organic Turnaround And Capital Returns Will Shape A Measured Future Outlook

Analysts have nudged their fair value estimate for Victory Capital Holdings to $95, up from $84, reflecting updated assumptions around a slightly lower discount rate, a higher profit margin, and revised growth expectations. At the same time, recent Street research, including a Neutral rating and $90 price target from Goldman Sachs, highlights more limited upside at the stock's current valuation.
APAM
US$35.88
Artisan Partners Asset Management
7D
-3.5%
1Y
-15.2%
Narrative Update • Jun 04

APAM: High Payouts And M&A Expansion Will Shape Balanced Future Prospects

Analysts have maintained their $37.75 price target for Artisan Partners Asset Management with only minor adjustments to inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Artisan Partners reported Q1 2026 revenue of about US$303 million and diluted EPS in a US$0.76 to US$0.87 range, with revenue above analyst expectations and EPS below profit estimates, according to recent earnings coverage.
FGMC.U
US$11.25
FG Merger II
7D
-34.2%
1Y
12.1%