GCM Grosvenor Inc.
GCMG Nasdaq Investment Advice Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$558M
8.5%
vs prior year
Operating margin
Operating income as a share of revenue.
23.9%
9.6 pts
Net income
Profit after all expenses, interest and tax.
$45.4M
142.7%
Free cash flow
Cash from operations minus capital spending.
$175M
32.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
57.4%
40.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.57 EPS (TTM)
What GCM Grosvenor Inc. does
No business description yet.
- Legal name
- GCM Grosvenor Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001819796-26-000010
0001819796
Revenue and margins
GCM Grosvenor Inc. had $558M of revenue in fiscal 2025, up 8.5% on the year before.
FY18
Revenue $378M
FY19
Revenue $416M
FY20
Revenue $430M
FY21
Revenue $532M
FY22
Revenue $447M
FY23
Revenue $445M
FY24
Revenue $514M
FY25
Revenue $558M
Q3 '23
Revenue $122M
Q4 '23
Revenue $117M
Q1 '24
Revenue $109M
Q2 '24
Revenue $117M
Q3 '24
Revenue $123M
Q4 '24
Revenue $165M
Q1 '25
Revenue $126M
Q2 '25
Revenue $120M
Q3 '25
Revenue $135M
Q4 '25
Revenue $177M
Q1 '26
Revenue $125M
Q2 '26
Revenue $134M
FY18
Gross —
Operating 19.8%
Net 0.0%
FCF 30.7%
FY19
Gross —
Operating 20.4%
Net 0.0%
FCF 22.1%
FY20
Gross —
Operating −10.0%
Net 0.9%
FCF 15.6%
FY21
Gross —
Operating 20.6%
Net 4.0%
FCF 33.5%
FY22
Gross —
Operating 18.0%
Net 4.4%
FCF 48.3%
FY23
Gross —
Operating −2.7%
Net 2.9%
FCF 19.8%
FY24
Gross —
Operating 14.3%
Net 3.6%
FCF 25.7%
FY25
Gross —
Operating 23.9%
Net 8.1%
FCF 31.4%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 19.6%
Net 4.8%
FCF 35.4%
Q4 '23
Gross —
Operating 11.3%
Net 2.8%
FCF 20.8%
Q1 '24
Gross —
Operating −14.7%
Net 2.0%
FCF 18.4%
Q2 '24
Gross —
Operating 17.8%
Net 4.1%
FCF 10.9%
Q3 '24
Gross —
Operating 20.3%
Net 3.4%
FCF 50.6%
Q4 '24
Gross —
Operating 26.4%
Net 4.6%
FCF 22.4%
Q1 '25
Gross —
Operating 12.2%
Net 0.4%
FCF 25.5%
Q2 '25
Gross —
Operating 16.1%
Net 12.9%
FCF 34.1%
Q3 '25
Gross —
Operating 32.7%
Net 7.8%
FCF 58.0%
Q4 '25
Gross —
Operating 30.9%
Net 10.7%
FCF 13.5%
Q1 '26
Gross —
Operating 16.4%
Net 4.4%
FCF 38.4%
Q2 '26
Gross —
Operating 26.4%
Net 7.1%
FCF 27.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $0.0M
FY19
Net income $0.0M
FY20
Net income $4.0M
FY21
Net income $21.5M
FY22
Net income $19.8M
FY23
Net income $12.8M
FY24
Net income $18.7M
FY25
Net income $45.4M
Q3 '23
Net income $5.9M
Q4 '23
Net income $3.3M
Q1 '24
Net income $2.1M
Q2 '24
Net income $4.8M
Q3 '24
Net income $4.2M
Q4 '24
Net income $7.6M
Q1 '25
Net income $0.5M
Q2 '25
Net income $15.4M
Q3 '25
Net income $10.5M
Q4 '25
Net income $19.0M
Q1 '26
Net income $5.5M
Q2 '26
Net income $9.6M
FY18
Diluted EPS $0.00
FY19
Diluted EPS $0.00
FY20
Diluted EPS −$0.58
FY21
Diluted EPS $0.28
FY22
Diluted EPS $0.28
FY23
Diluted EPS −$0.28
FY24
Diluted EPS $0.03
FY25
Diluted EPS $0.42
Q3 '23
Diluted EPS $0.04
Q4 '23
Diluted EPS $0.01
Q1 '24
Diluted EPS −$0.13
Q2 '24
Diluted EPS $0.04
Q3 '24
Diluted EPS $0.03
Q4 '24
Diluted EPS $0.09
Q1 '25
Diluted EPS −$0.02
Q2 '25
Diluted EPS $0.05
Q3 '25
Diluted EPS $0.16
Q4 '25
Diluted EPS $0.23
Q1 '26
Diluted EPS $0.06
Q2 '26
Diluted EPS $0.12
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital —
Return on equity —
Return on assets 0.0%
FY20
Return on capital −31.6%
Return on equity —
Return on assets 0.8%
FY21
Return on capital 37.8%
Return on equity —
Return on assets 3.5%
FY22
Return on capital 25.3%
Return on equity —
Return on assets 3.7%
FY23
Return on capital −3.0%
Return on equity —
Return on assets 2.6%
FY24
Return on capital 17.0%
Return on equity —
Return on assets 3.3%
FY25
Return on capital 57.4%
Return on equity —
Return on assets 6.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $175M in fiscal 2025, 31.4% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $116M
FY19
Free cash flow $92.2M
FY20
Free cash flow $66.9M
FY21
Free cash flow $178M
FY22
Free cash flow $216M
FY23
Free cash flow $88.3M
FY24
Free cash flow $132M
FY25
Free cash flow $175M
Q3 '23
Free cash flow $43.0M
Q4 '23
Free cash flow $24.2M
Q1 '24
Free cash flow $20.0M
Q2 '24
Free cash flow $12.8M
Q3 '24
Free cash flow $62.2M
Q4 '24
Free cash flow $37.0M
Q1 '25
Free cash flow $32.1M
Q2 '25
Free cash flow $40.8M
Q3 '25
Free cash flow $78.3M
Q4 '25
Free cash flow $23.9M
Q1 '26
Free cash flow $47.9M
Q2 '26
Free cash flow $36.3M
FY18
Cash from operations $117M
Capital spending $0.9M
FY19
Cash from operations $96.2M
Capital spending $4.0M
FY20
Cash from operations $68.2M
Capital spending $1.3M
FY21
Cash from operations $179M
Capital spending $0.6M
FY22
Cash from operations $217M
Capital spending $0.8M
FY23
Cash from operations $92.1M
Capital spending $3.8M
FY24
Cash from operations $149M
Capital spending $16.7M
FY25
Cash from operations $184M
Capital spending $8.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations $43.6M
Capital spending $0.5M
Q4 '23
Cash from operations $26.7M
Capital spending $2.4M
Q1 '24
Cash from operations $24.2M
Capital spending $4.2M
Q2 '24
Cash from operations $17.5M
Capital spending $4.7M
Q3 '24
Cash from operations $69.0M
Capital spending $6.7M
Q4 '24
Cash from operations $38.1M
Capital spending $1.1M
Q1 '25
Cash from operations $33.3M
Capital spending $1.2M
Q2 '25
Cash from operations $42.0M
Capital spending $1.2M
Q3 '25
Cash from operations $79.8M
Capital spending $1.5M
Q4 '25
Cash from operations $28.5M
Capital spending $4.6M
Q1 '26
Cash from operations $51.7M
Capital spending $3.8M
Q2 '26
Cash from operations $38.1M
Capital spending $1.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
GCM Grosvenor Inc. returned $30.7M to shareholders in fiscal 2025, 18% of free cash flow. The diluted share count rose 3.5%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.9M
FY22
Dividends —
Buybacks $26.4M
FY23
Dividends —
Buybacks $4.5M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $30.7M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $17.5M
Q2 '26
Dividends —
Buybacks $2.2M
Dividends
Buybacks
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.18B
FY21
Diluted shares 0.19B
FY22
Diluted shares 0.19B
FY23
Diluted shares 0.19B
FY24
Diluted shares 0.19B
FY25
Diluted shares 0.20B
Balance sheet
Cash, debt and the ratios that show how comfortably GCM Grosvenor Inc. can carry it.
FY18
Cash $68.1M
Debt —
FY19
Cash $79.9M
Debt $449M
FY20
Cash $198M
Debt $335M
FY21
Cash $96.2M
Debt $391M
FY22
Cash $85.2M
Debt $388M
FY23
Cash $44.4M
Debt $385M
FY24
Cash $89.5M
Debt $432M
FY25
Cash $242M
Debt $428M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $96.2M | $85.2M | $44.4M | $89.5M | $242M |
| Debt incl. finance leases | $391M | $388M | $385M | $432M | $428M |
| Net debt / EBITDA | 2.6x | 3.6x | — | 4.5x | 1.4x |
| Debt / equity | — | — | — | — | 15.9x |
| Interest coverage | 5.4x | 3.4x | −0.5x | 3.0x | 5.9x |
| Total assets | $582M | $489M | $505M | $613M | $814M |
| Total liabilities | $637M | $583M | $616M | $703M | $686M |
| Shareholders' equity | −$25.7M | −$19.8M | −$27.6M | −$27.6M | $27.0M |
| Net debt (− = net cash) | $294M | $302M | $340M | $343M | $186M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 5 / 7 | 5 / 7 | 5 / 7 | 5 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | — | −25.8% | −12.8% | −25.9% | −36.7% | −16.0% | −23.3% | −19.4% |
| Altman Z'' | — | — | — | — | — | — | — | — |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $378M | $416M | $430M | $532M | $447M | $445M | $514M | $558M |
| Operating income | $75.1M | $85.0M | −$43.1M | $109M | $80.3M | −$11.8M | $73.5M | $133M |
| Interest expense | $26.5M | $25.7M | $23.4M | $20.1M | $23.3M | $23.7M | $24.2M | $22.8M |
| Pretax income | $65.1M | $62.3M | −$78.7M | $153M | $89.1M | −$21.5M | $50.2M | $155M |
| Income tax | $1.4M | $2.3M | $4.5M | $11.0M | $9.6M | $7.7M | $13.6M | $12.9M |
| Net income | $0.0M | $0.0M | $4.0M | $21.5M | $19.8M | $12.8M | $18.7M | $45.4M |
| Net income to common | — | — | $4.0M | $21.5M | $19.8M | $12.8M | $18.7M | $45.4M |
| Diluted EPS | $0.00 | $0.00 | −$0.58 | $0.28 | $0.28 | −$0.28 | $0.03 | $0.42 |
| Diluted shares | 0.00B | 0.00B | 0.18B | 0.19B | 0.19B | 0.19B | 0.19B | 0.20B |
| Cash flow | ||||||||
| Cash from operations | $117M | $96.2M | $68.2M | $179M | $217M | $92.1M | $149M | $184M |
| Capital expenditure | $0.9M | $4.0M | $1.3M | $0.6M | $0.8M | $3.8M | $16.7M | $8.5M |
| Free cash flow | $116M | $92.2M | $66.9M | $178M | $216M | $88.3M | $132M | $175M |
| Depreciation and amortization | $11.7M | $10.3M | $9.8M | $4.0M | $3.9M | $2.7M | $3.3M | $4.4M |
| Stock-based compensation | — | $0.0M | $0.0M | $44.2M | $30.7M | $50.7M | $48.2M | $45.6M |
| Share buybacks | — | $0.0M | $0.0M | $0.9M | $26.4M | $4.5M | $0.0M | $30.7M |
| Dividends and buybacks | — | $0.0M | $0.0M | $0.9M | $26.4M | $4.5M | $0.0M | $30.7M |
| Balance sheet | ||||||||
| Cash and short-term investments | $68.1M | $79.9M | $198M | $96.2M | $85.2M | $44.4M | $89.5M | $242M |
| Total debt | — | $449M | $335M | $391M | $388M | $385M | $432M | $428M |
| Property and equipment, net | — | $8.9M | $7.9M | $5.4M | $4.6M | $7.4M | $22.7M | $29.9M |
| Goodwill | — | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M | $29.0M |
| Intangible assets | — | $16.1M | $8.6M | $6.3M | $3.9M | $2.6M | $1.3M | $0.0M |
| Total assets | — | $373M | $632M | $582M | $489M | $505M | $613M | $814M |
| Total liabilities | — | $587M | $599M | $637M | $583M | $616M | $703M | $686M |
| Preferred stock | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | — | — | −$29.3M | −$25.7M | −$19.8M | −$27.6M | −$27.6M | $27.0M |
| Margins | ||||||||
| Operating margin | 19.8% | 20.4% | −10.0% | 20.6% | 18.0% | −2.7% | 14.3% | 23.9% |
| EBITDA margin | 22.9% | 22.9% | −7.7% | 21.3% | 18.8% | −2.1% | 14.9% | 24.7% |
| Net margin | 0.0% | 0.0% | 0.9% | 4.0% | 4.4% | 2.9% | 3.6% | 8.1% |
| FCF margin | 30.7% | 22.1% | 15.6% | 33.5% | 48.3% | 19.8% | 25.7% | 31.4% |
| Returns | ||||||||
| Return on capital | — | — | −31.6% | 37.8% | 25.3% | −3.0% | 17.0% | 57.4% |
| Return on assets | — | 0.0% | 0.8% | 3.5% | 3.7% | 2.6% | 3.3% | 6.4% |
| Growth | ||||||||
| Revenue growth | — | 10.0% | 3.3% | 23.6% | −16.0% | −0.3% | 15.5% | 8.5% |
| Net income growth | — | — | — | 430.6% | −7.7% | −35.5% | 46.4% | 142.7% |
| EPS growth | — | — | — | — | 0.0% | −200.0% | — | 1,300.0% |
| FCF growth | — | −20.6% | −27.5% | 166.6% | 21.0% | −59.1% | 49.5% | 32.6% |
| Share count change | — | — | — | 2.6% | −0.3% | −0.6% | 1.7% | 3.5% |
| Financial health | ||||||||
| Net debt / EBITDA | — | 3.9x | — | 2.6x | 3.6x | — | 4.5x | 1.4x |
| Debt / equity | — | — | — | — | — | — | — | 15.9x |
| Interest coverage | 2.8x | 3.3x | −1.8x | 5.4x | 3.4x | −0.5x | 3.0x | 5.9x |
| Capital allocation | ||||||||
| Capex / revenue | 0.2% | 1.0% | 0.3% | 0.1% | 0.2% | 0.8% | 3.3% | 1.5% |
| Stock comp / revenue | — | 0.0% | 0.0% | 8.3% | 6.9% | 11.4% | 9.4% | 8.2% |
| Payouts / FCF | — | 0.0% | 0.0% | 0.5% | 12.2% | 5.1% | 0.0% | 17.5% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Accruals ratio | — | −25.8% | −12.8% | −25.9% | −36.7% | −16.0% | −23.3% | −19.4% |
Source: SEC EDGAR XBRL filings (CIK 0001819796). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.