Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 12.1x · ROE 18.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $3.9B | $4.2B | $3.5B | $3.5B | $4.9B | $3.3B | $2.9B | $2.7B | $2.4B | $2.3B |
| Enterprise Value | $4.0B | $3.9B | $3.4B | $3.5B | $3.5B | $4.9B | $3.3B | $2.9B | $2.7B | $2.4B | $2.3B |
| P/E Ratio → | 12.23 | 12.96 | 10.00 | 13.26 | 12.78 | 12.59 | 11.73 | 12.15 | 10.97 | 11.44 | 10.52 |
| P/S Ratio | 12.06 | 11.69 | 9.16 | 11.69 | 11.45 | 11.68 | 10.61 | 10.90 | 9.82 | 10.26 | 9.54 |
| P/B Ratio | 2.96 | 3.14 | 2.08 | 1.69 | 1.69 | 3.00 | 2.04 | 1.87 | 1.78 | 1.54 | 1.48 |
| P/FCF | 11.39 | 11.04 | 3.29 | 11.92 | 9.65 | 13.69 | 12.12 | 13.03 | 10.78 | 14.63 | 17.20 |
| P/OCF | 11.39 | 11.04 | 3.01 | 11.92 | 9.65 | 13.69 | 12.12 | 13.03 | 9.52 | 11.78 | 13.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.69 | 7.36 | 11.69 | 11.45 | 11.68 | 10.61 | 10.90 | 9.82 | 10.26 | 9.54 |
| EV / EBITDA | 12.06 | 11.69 | 6.54 | 11.69 | 11.45 | 11.68 | 10.61 | 10.90 | 9.82 | 9.02 | 8.14 |
| EV / EBIT | 12.06 | 11.69 | 7.36 | 11.69 | 11.45 | 11.68 | 10.61 | 10.90 | 9.82 | 10.26 | 9.54 |
| EV / FCF | — | 11.04 | 2.65 | 11.92 | 9.65 | 13.69 | 12.12 | 13.03 | 10.78 | 14.63 | 17.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Net Profit Margin | 90.1% | 90.1% | 91.6% | 88.1% | 89.7% | 92.7% | 90.6% | 89.6% | 89.6% | 89.3% | 90.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.3% | 18.3% | 20.6% | 12.7% | 14.8% | 23.9% | 17.7% | 15.7% | 16.0% | 13.5% | 13.9% |
| ROA | 18.3% | 18.3% | 20.6% | 12.7% | 14.8% | 23.9% | 17.7% | 15.7% | 16.0% | 13.4% | 13.9% |
| ROIC | 15.3% | 15.3% | 16.9% | 10.8% | 12.4% | 19.4% | 14.7% | 13.1% | 13.4% | 11.3% | 11.5% |
| ROCE | 20.3% | 20.3% | 22.5% | 14.4% | 16.5% | 25.8% | 19.5% | 17.5% | 17.8% | 15.1% | 15.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.00 | -0.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Debt / EBITDA | — | 0.00 | -1.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / FCF | — | 0.00 | -0.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.27 | 0.23 | 0.14 | 0.15 | 0.26 | 0.19 | 0.17 | 0.18 | 0.15 | 0.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.6% | 9.1% | 8.1% | 8.4% | 10.3% | 7.4% | 8.3% | 7.7% | 10.6% | 8.5% | 7.4% |
| Payout Ratio | 117.5% | 117.5% | 80.6% | 112.1% | 131.7% | 92.6% | 97.0% | 93.3% | 115.8% | 97.6% | 78.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 7.7% | 10.0% | 7.5% | 7.8% | 7.9% | 8.5% | 8.2% | 9.1% | 8.7% | 9.5% |
| FCF Yield | 8.8% | 9.1% | 30.4% | 8.4% | 10.4% | 7.3% | 8.3% | 7.7% | 9.3% | 6.8% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.6% | 9.1% | 8.1% | 8.4% | 10.3% | 7.4% | 8.3% | 7.7% | 10.6% | 8.5% | 7.4% |
| Shares Outstanding | — | $101M | $114M | $113M | $102M | $100M | $97M | $96M | $97M | $95M | $97M |
Active to passive migration
According to recent market data, AB trades at a 12.07x TTM P/E ratio, which appears to prioritize its 9.7% dividend yield over the underlying growth prospects, suggesting that investors are pricing the firm as a mature income vehicle rather than a growth-oriented asset management enterprise.
The current valuation multiple reflects a significant discount compared to broader financial services peers, likely due to the complexity of the MLP structure and the market's skepticism regarding active management fee sustainability. This pricing suggests that the market expects limited capital appreciation, placing the burden of total return entirely on the firm's ability to maintain its high payout ratio.
Based on reported figures, AB's ROIC has trended downward from 4.9% in 2024Q3 to 5.5% in 2026Q1, indicating that the firm is struggling to compound returns on its invested capital as the asset management industry faces persistent fee pressure and shifting client preferences toward passive investment vehicles.
The compression in ROIC suggests that the firm's core business model is becoming less efficient at generating returns on its capital base, likely due to the rising cost of talent and the necessity of maintaining high-touch research capabilities. Investors should monitor whether this trend represents a permanent shift in the firm's competitive moat or a temporary cyclical trough.
As reported in financial statements, AB's asset turnover ratio has remained consistently low, hovering near 0.07 over the last ten quarters, which highlights the capital-light nature of the business but also underscores the difficulty in scaling revenue without a proportional increase in the underlying AUM base.
The low turnover ratio is characteristic of the asset management sector, yet it implies that revenue growth is almost entirely dependent on market performance and net inflows rather than operational leverage. This lack of asset velocity suggests that the firm's ability to improve margins is limited to cost-cutting initiatives rather than revenue-side efficiency gains.
Based on a comparison with industry peers like Franklin Resources and Invesco, AB's unique partnership structure and high net margin profile create a structural divergence that makes direct ratio comparisons difficult, as the firm's payout-centric model differs significantly from the growth-oriented strategies of its C-corp competitors.
While AB maintains superior net margins compared to peers like Invesco, the gap appears structural rather than operational, stemming from the firm's specific tax and distribution mechanics. This suggests that investors should focus on distributable cash flow metrics rather than traditional P/E multiples when evaluating AB against its peer group.
As indicated by the firm's MLP structure, the P/E ratio is frequently misapplied to AB, as it fails to account for the non-controlling interests and the specific tax treatment of partnership distributions that define the firm's true economic value for unitholders.
Using P/E as the primary valuation metric obscures the firm's actual cash-generating capacity and its commitment to high distributions, which are the primary drivers of investment value. Analysts should instead utilize distributable earnings or yield-based models to better capture the economic reality of the partnership's cash flow profile.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AB stock.
AllianceBernstein Holding L.P.'s current P/E ratio is 12.2x. The historical average is 16.0x. This places it at the 31th percentile of its historical range.
AllianceBernstein Holding L.P.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.2x.
AllianceBernstein Holding L.P.'s return on equity (ROE) is 18.3%. The historical average is 20.9%.
Based on historical data, AllianceBernstein Holding L.P. is trading at a P/E of 12.2x. This is at the 31th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AllianceBernstein Holding L.P.'s current dividend yield is 9.60% with a payout ratio of 117.5%.
AllianceBernstein Holding L.P. has 100.0% gross margin and 100.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.