Operating margins have experienced severe contraction, dropping from 19.5% in 2024Q1 to 3.8% in 2026Q1 as SG&A expenses continue to outpace stagnant revenue growth.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 125.34M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 59.14M | 41.37M | 46.99M | 44.79M | 51.61M | 59.04M | 45.6M | 42.11M | 40.73M | 37.22M | 31.25M | 32.28M | 29.18M | 29.73M | 32.58M | 25.3M |
| Gross Margin % | 47.18% | 33.01% | 38% | 38.15% | 41.88% | 44.86% | 42.23% | 41.23% | 41.28% | 40.74% | 38.94% | 42.96% | 42.01% | 49.51% | 63.03% | 59.12% |
| Gross Profit Growth % | - | -11.95% | 4.91% | -13.21% | -12.59% | 29.46% | 8.29% | 3.39% | 9.46% | 19.08% | -3.19% | 10.62% | -1.84% | -8.76% | 28.81% | - |
| Operating Expenses | 53.47M | 32.05M | 29.36M | 25.97M | 13.04M | 28.52M | 23.32M | 23.24M | 19.58M | 16.85M | 16.62M | 15.32M | 13.86M | 13.2M | 13.68M | 10.85M |
| OpEx % of Revenue | - | 25.57% | 23.75% | 22.12% | 10.59% | 21.67% | 21.6% | 22.75% | 19.85% | 18.44% | 20.7% | 20.4% | 19.95% | 21.98% | 26.47% | 25.36% |
| Selling, General & Admin | 33.38M | 32.05M | 29.36M | 25.97M | 13.04M | 28.52M | 23.32M | 23.24M | 19.58M | 16.85M | 16.62M | 15.32M | 13.86M | 13.2M | 13.68M | 10.85M |
| SG&A % of Revenue | - | 25.57% | 23.75% | 22.12% | 10.59% | 21.67% | 21.6% | 22.75% | 19.85% | 18.44% | 20.7% | 20.4% | 19.95% | 21.98% | 26.47% | 25.36% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 5.67M | 9.32M | 17.63M | 18.82M | 38.56M | 30.52M | 22.28M | 18.87M | 21.15M | 20.37M | 14.64M | 16.96M | 15.32M | 16.53M | 18.9M | 14.45M |
| Operating Margin % | 4.52% | 7.44% | 14.26% | 16.03% | 31.3% | 23.19% | 20.63% | 18.48% | 21.44% | 22.3% | 18.24% | 22.57% | 22.05% | 27.53% | 36.57% | 33.76% |
| Operating Income Growth % | - | -47.1% | -6.33% | -51.2% | 26.35% | 36.98% | 18.06% | -10.77% | 3.84% | 39.17% | -13.69% | 10.67% | -7.32% | -12.54% | 30.85% | - |
| EBITDA | 8.21M | 11.75M | 21.77M | 22.83M | 42.45M | 34.44M | 26.25M | 22.06M | 23.58M | 23.17M | 17.3M | 19.32M | 17.29M | 18.48M | 20.82M | 15.91M |
| EBITDA Margin % | 6.55% | 9.37% | 17.61% | 19.45% | 34.45% | 26.17% | 24.31% | 21.6% | 23.9% | 25.36% | 21.55% | 25.71% | 24.89% | 30.77% | 40.28% | 37.2% |
| EBITDA Growth % | -60.51% | -46.05% | -4.64% | -46.21% | 23.23% | 31.22% | 18.97% | -6.44% | 1.79% | 33.93% | -10.44% | 11.72% | -6.42% | -11.26% | 30.82% | - |
| D&A (Non-Cash Add-back) | 2.54M | 2.42M | 4.15M | 4.01M | 3.88M | 3.92M | 3.97M | 3.19M | 2.43M | 2.8M | 2.66M | 2.36M | 1.97M | 1.94M | 1.92M | 1.47M |
| EBIT | 6.96M | 11.19M | 17.64M | 19.91M | 38.81M | 32.25M | 23.43M | 21.07M | 22.89M | 26.38M | 14.9M | 18.32M | 17.48M | 19.76M | 21.08M | 15.34M |
| Net Interest Income | 280K | 634K | 1.29M | 525K | -392K | -376K | -550K | -312K | 212K | -65K | -167K | -189K | -312K | -355K | -159K | 23K |
| Interest Income | 580K | 775K | 1.43M | 946K | 24K | 7K | 13K | 169K | 274K | 47K | 61K | 72K | 69K | 92K | 145K | 187K |
| Interest Expense | 300K | 141K | 144K | 421K | 416K | 383K | 563K | 481K | 62K | 112K | 228K | 261K | 381K | 447K | 304K | 164K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 7M | 11.05M | 20.27M | 19.49M | 38.4M | 31.87M | 22.87M | 20.59M | 22.83M | 26.27M | 14.67M | 18.05M | 17.09M | 19.32M | 20.78M | 15.18M |
| Pretax Margin % | 5.58% | 8.82% | 16.39% | 16.6% | 31.16% | 24.22% | 21.18% | 20.16% | 23.13% | 28.75% | 18.28% | 24.03% | 24.61% | 32.17% | 40.2% | 35.47% |
| Income Tax | 2.33M | 2.99M | 4.56M | 4.31M | 7.61M | 6.92M | 5.39M | 5.18M | 5.46M | 13.73M | 4.69M | 6.97M | 6.39M | 2.15M | 1.06M | 566K |
| Effective Tax Rate % | 33.32% | 27.05% | 22.51% | 22.11% | 19.81% | 21.72% | 23.58% | 25.15% | 23.91% | 52.29% | 31.95% | 38.6% | 37.36% | 11.12% | 5.09% | 3.73% |
| Net Income | 2.65M | 4.88M | 9.54M | 9.09M | 18.83M | 14.69M | 9.96M | 8.65M | 9.63M | 5.34M | 5.01M | 5.32M | 4.78M | 13.69M | 19.72M | 14.61M |
| Net Margin % | 2.12% | 3.9% | 7.71% | 7.75% | 15.28% | 11.16% | 9.22% | 8.46% | 9.76% | 5.84% | 6.25% | 7.09% | 6.87% | 22.8% | 38.15% | 34.14% |
| Net Income Growth % | -70.54% | -48.77% | 4.85% | -51.7% | 28.14% | 47.52% | 15.2% | -10.22% | 80.44% | 6.42% | -5.8% | 11.5% | -65.12% | -30.58% | 34.99% | - |
| Net Income (Continuing) | 4.66M | 8.06M | 15.71M | 15.18M | 30.79M | 24.95M | 17.48M | 15.41M | 17.37M | 12.53M | 9.98M | 11.09M | 10.71M | 17.17M | 19.72M | 14.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 33.71M | 34.61M | 39M | 39.07M | 41.24M | 36.46M | 32.72M | 32.77M | 26.35M | 23.02M | 18.78M | 15.8M | 10.55M | 6.94M | 0 | 0 |
| EPS (Diluted) | 0.34 | 0.56 | 1.00 | 0.96 | 1.92 | 1.52 | 1.84 | 1.75 | 1.16 | 0.66 | 0.62 | 0.68 | 0.63 | 1.63 | 1.77 | 1.31 |
| EPS Growth % | -68.87% | -44% | 4.17% | -50% | 26.32% | -17.39% | 5.14% | 50.86% | 75.76% | 6.45% | -8.82% | 7.94% | -61.35% | -7.91% | 35.11% | - |
| EPS (Basic) | - | 0.56 | 1.00 | 0.96 | 1.92 | 1.52 | 1.84 | 1.75 | 1.16 | 0.66 | 0.62 | 0.68 | 0.63 | 1.68 | 1.80 | 1.34 |
| Diluted Shares Outstanding | 7.73M | 8.79M | 9.53M | 9.46M | 9.82M | 9.69M | 9.51M | 8.8M | 8.3M | 8.12M | 8.04M | 7.86M | 7.6M | 8.37M | 11.17M | 11.17M |
| Basic Shares Outstanding | 7.68M | 8.76M | 9.5M | 9.43M | 9.79M | 9.67M | 9.5M | 8.8M | 8.3M | 8.11M | 8.03M | 7.86M | 7.6M | 8.15M | 10.93M | 10.93M |
| Dividend Payout Ratio | - | 144.79% | 77.64% | 76.93% | 36.27% | 43.54% | 61.3% | 61.62% | 48.38% | 72.98% | 76.91% | 71.06% | 76.59% | 4.83% | - | - |
Operating margin volatility
As reported in recent financial statements, Silvercrest's revenue has remained largely range-bound between $30M and $32M per quarter, indicating that the firm's growth is currently tethered to market-driven AUM fluctuations rather than successful net new asset acquisition or significant expansion of its advisory footprint.
The lack of meaningful top-line acceleration suggests that the firm's boutique, high-touch model may be reaching a structural ceiling in its current market. Investors should monitor whether the firm can pivot toward more scalable revenue streams, as the current trajectory appears insufficient to offset rising professional talent costs.
Based on the provided income statement data, gross margins have exhibited significant quarterly variance, swinging from a low of 16.9% in 2023Q4 to a high of 42.0% in 2024Q2, which suggests an underlying instability in the firm's ability to manage direct service costs effectively.
This margin inconsistency implies that the firm's cost of servicing UHNW clients is not as predictable as a standard fee-based model might suggest. The erratic nature of these margins warrants further investigation into whether specific client mandates or performance-fee volatility are disproportionately impacting the firm's core profitability.
According to the latest quarterly figures, Silvercrest's operating margin has compressed to 3.8% in 2026Q1, down from 19.5% in 2024Q1, demonstrating a clear inability to scale operating income in proportion to revenue as SG&A expenses continue to consume a larger share of gross profit.
The firm appears to be struggling with high fixed-cost overhead, likely driven by the necessity of maintaining elite advisory talent in a competitive labor market. This lack of operating leverage suggests that any further revenue stagnation could quickly push the firm into sustained operating losses.
Analysis of the income statement reveals that stock-based compensation remains a persistent drag on net income, with quarterly expenses frequently exceeding $500K, which significantly impacts the quality of reported EPS and suggests that shareholder value is being consistently diluted to retain key personnel.
The discrepancy between operating income and net income, compounded by the firm's Up-C structure, makes it difficult to ascertain the true economic profit attributable to public shareholders. Investors should be wary of the high reliance on equity-based incentives, which may mask the true cost of maintaining the firm's advisory team.
While the firm touts its UHNW service model as a moat, the income statement data suggests a fragile business model where even minor revenue fluctuations lead to outsized impacts on net income, as evidenced by the net margin collapse to 0.8% in 2026Q1.
Short-term observers may argue that the firm's inability to maintain consistent profitability during periods of market volatility exposes a fundamental weakness in its cost structure. The reliance on a high-touch, labor-intensive service model appears to offer little protection against the rising costs of professional talent and regional economic pressures.
Quick answers to the most common questions about buying SAMG stock.
Silvercrest Asset Management Group Inc. (SAMG) is profitable, generating $4.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.9%.
Silvercrest Asset Management Group Inc. (SAMG) reported an operating income of $9.3M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Silvercrest Asset Management Group Inc. (SAMG) generated $41.4M in gross profit for the year, representing a gross profit margin of 33.0%. This demonstrates the company's core pricing power and production efficiency.