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WESTWOOD HOLDINGS GROUP INC

WHG Clue Score54
United States Fiscal year ends December CIK 0001165002
$18.92 -1.46% Close, 9 Oct 2026
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Price $18.92 +2.66% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue123.0Operating income34.0Net income22.6EPS, diluted2.77Fiscal year 2017Revenue133.8 +8.7%Operating income33.9Net income20.0 −11.7%EPS, diluted2.38 −14.1%Fiscal year 2018Revenue122.3 −8.6%Operating income35.9Net income26.8 +33.8%EPS, diluted3.13 +31.5%Fiscal year 2019Revenue84.1 −31.3%Operating income4.6Net income5.9 −77.9%EPS, diluted0.70 −77.6%Fiscal year 2020Revenue65.1 −22.6%Operating income−3.4Net income−8.9 −251.4%EPS, diluted−1.12 −260.0%Fiscal year 2021Revenue73.1 +12.2%Operating income6.0Net income9.8EPS, diluted1.23Fiscal year 2022Revenue68.7 −6.0%Operating income−4.9Net income−4.6 −147.4%EPS, diluted−0.59 −148.0%Fiscal year 2023Revenue89.8 +30.7%Operating income6.0Net income10.6EPS, diluted1.17Fiscal year 2024Revenue94.7 +5.5%Operating income0.8Net income2.2 −79.1%EPS, diluted0.26 −77.8%Fiscal year 2025Revenue97.8 +3.2%Operating income5.0Net income7.1 +220.1%EPS, diluted0.79 +203.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 123.0 133.8 122.3 84.1 65.1 73.1 68.7 89.8 94.7 97.8
Growth +8.7% −8.6% −31.3% −22.6% +12.2% −6.0% +30.7% +5.5% +3.2%
Operating income 34.0 33.9 35.9 4.6 −3.4 6.0 −4.9 6.0 0.8 5.0
Net income 22.6 20.0 26.8 5.9 −8.9 9.8 −4.6 10.6 2.2 7.1
Growth −11.7% +33.8% −77.9% −251.4% −147.4% −79.1% +220.1%
EPS, diluted 2.77 2.38 3.13 0.70 −1.12 1.23 −0.59 1.17 0.26 0.79
Growth −14.1% +31.5% −77.6% −260.0% −148.0% −77.8% +203.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin27.6%Net margin18.4%Free cash flow margin37.0%Fiscal year 2017Operating margin25.3%Net margin14.9%Free cash flow margin35.2%Fiscal year 2018Operating margin29.4%Net margin21.9%Free cash flow margin24.9%Fiscal year 2019Operating margin5.5%Net margin7.0%Free cash flow margin37.6%Fiscal year 2020Operating margin−5.3%Net margin−13.7%Free cash flow margin−15.1%Fiscal year 2021Operating margin8.2%Net margin13.4%Free cash flow margin26.3%Fiscal year 2022Operating margin−7.1%Net margin−6.7%Free cash flow margin74.5%Fiscal year 2023Operating margin6.7%Net margin11.8%Free cash flow margin−1.5%Fiscal year 2024Operating margin0.9%Net margin2.3%Free cash flow margin22.2%Fiscal year 2025Operating margin5.1%Net margin7.2%Free cash flow margin19.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 27.6% 25.3% 29.4% 5.5% −5.3% 8.2% −7.1% 6.7% 0.9% 5.1%
Net margin 18.4% 14.9% 21.9% 7.0% −13.7% 13.4% −6.7% 11.8% 2.3% 7.2%
Free cash flow margin 37.0% 35.2% 24.9% 37.6% −15.1% 26.3% 74.5% −1.5% 22.2% 19.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow47.4Capital expenditure−1.8Free cash flow45.6Buybacks−5.6Dividends paid−19.4Fiscal year 2017Operating cash flow48.0Capital expenditure−0.9Free cash flow47.1 +3.4%Buybacks0.0Dividends paid−21.9Fiscal year 2018Operating cash flow31.5Capital expenditure−1.0Free cash flow30.5 −35.3%Buybacks−4.0Dividends paid−24.6Fiscal year 2019Operating cash flow32.2Capital expenditure−0.6Free cash flow31.6 +3.6%Buybacks−2.4Dividends paid−26.1Fiscal year 2020Operating cash flow−9.8Capital expenditure−0.1Free cash flow−9.9 −131.2%Buybacks−13.0Dividends paid−11.0Fiscal year 2021Operating cash flow19.4Capital expenditure−0.2Free cash flow19.2Buybacks−3.0Dividends paid−22.9Fiscal year 2022Operating cash flow51.5Capital expenditure−0.3Free cash flow51.2 +166.4%Buybacks−2.9Dividends paid−5.6Fiscal year 2023Operating cash flow−1.2Capital expenditure−0.1Free cash flow−1.3 −102.6%Buybacks0.0Dividends paid−5.5Fiscal year 2024Operating cash flow21.1Capital expenditure−0.1Free cash flow21.0Buybacks−1.3Dividends paid−5.4Fiscal year 2025Operating cash flow18.9Capital expenditure−0.1Free cash flow18.8 −10.4%Buybacks0.0Dividends paid−5.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 47.4 48.0 31.5 32.2 −9.8 19.4 51.5 −1.2 21.1 18.9
Capital expenditure −1.8 −0.9 −1.0 −0.6 −0.1 −0.2 −0.3 −0.1 −0.1 −0.1
Free cash flow 45.6 47.1 30.5 31.6 −9.9 19.2 51.2 −1.3 21.0 18.8
Growth +3.4% −35.3% +3.6% −131.2% +166.4% −102.6% −10.4%
Buybacks −5.6 0.0 −4.0 −2.4 −13.0 −3.0 −2.9 0.0 −1.3 0.0
Dividends paid −19.4 −21.9 −24.6 −26.1 −11.0 −22.9 −5.6 −5.5 −5.4 −5.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash33.7Shareholders’ equity146.1Fiscal year 2017Cash54.2Shareholders’ equity156.4Fiscal year 2018Cash52.4Shareholders’ equity161.1Fiscal year 2019Cash49.8Shareholders’ equity148.3Fiscal year 2020Cash13.0Shareholders’ equity130.7Fiscal year 2021Cash15.2Shareholders’ equity117.9Fiscal year 2022Cash23.9Shareholders’ equity110.6Fiscal year 2023Cash20.4Shareholders’ equity120.4Fiscal year 2024Cash18.8Shareholders’ equity120.3Fiscal year 2025Cash26.2Shareholders’ equity125.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 33.7 54.2 52.4 49.8 13.0 15.2 23.9 20.4 18.8 26.2
Shareholders’ equity 146.1 156.4 161.1 148.3 130.7 117.9 110.6 120.4 120.3 125.6

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
27.6% 25.3% 29.4% 5.5% −5.3% 8.2% −7.1% 6.7% 0.9% 5.1%
27.6% 25.3% 29.8% 11.2% −11.7% 19.2% −7.6% 15.0% 4.2% 9.9%
18.4% 14.9% 21.9% 7.0% −13.7% 13.4% −6.7% 11.8% 2.3% 7.2%
37.0% 35.2% 24.9% 37.6% −15.1% 26.3% 74.5% −1.5% 22.2% 19.3%
Spending
7.7% 7.2% 7.8% 11.3% 13.7% 11.1% 13.2% 13.9% 12.6% 11.5%
1.5% 0.7% 0.8% 0.7% 0.1% 0.2% 0.5% 0.2% 0.1% 0.1%
33.4% 41.0% 26.6% 37.1% n/a 30.3% n/a 21.4% 44.9% 26.9%
Returns
15.5% 12.8% 16.6% 4.0% −6.8% 8.3% −4.2% 8.8% 1.8% 5.6%
12.6% 10.4% 13.4% 3.3% −6.0% 7.0% −3.2% 6.8% 1.5% 4.4%
Balance and payout
18.7% 18.8% 19.1% 17.0% 12.4% 15.5% 24.4% 21.1% 18.4% 21.9%
85.8% 109.7% 92.0% 441.4% n/a 234.9% n/a 52.0% 246.0% 75.8%
55.0% 46.5% 93.9% 90.3% n/a 135.0% 16.6% n/a 32.3% 28.5%