The firm maintains a conservative capital structure with a negligible debt-to-equity ratio of 0.08 or lower, though this is offset by a $39.5 million goodwill position that has remained stagnant since 2023Q4.
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Current Assets | 39.78M | 64.43M | 61.29M | 67.94M | 58.19M | 93.86M | 96.31M | 116.96M | 139.74M | 138.11M | 115.96M | 117.6M | 118.76M | 96.22M | 77.37M | 72.48M | 55.88M | 54.34M | 46.77M | 35.47M | 24.95M | 22.64M | 21.6M | 22.99M | 20.77M | 18.12M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 446K | 4.64M | 2.25M | 2.61M | 1.39M | 2.73M | 6.61M | 2.36M | 2.93M | 6.47M | 6.33M | 4.73M | 1.5M | 733K | 625K | 2.48M | 651K | 465K | 18.29M | 414K | 17.41M | 0 | 15.57M |
| Total Non-Current Assets | 79.62M | 97.86M | 88.7M | 87.23M | 88.23M | 45.74M | 52.84M | 61.75M | 59.44M | 54.55M | 63.72M | 63.73M | 21.11M | 19.83M | 19.24M | 18.11M | 16.75M | 5.54M | 4.08M | 3.56M | 3.77M | 4.67M | 4.68M | 3.25M | 3.35M | 2.94M |
| Property, Plant & Equipment | 20.21M | 10.21M | 3.51M | 5.12M | 6.8M | 6.98M | 9.29M | 11.71M | 13.15M | 4.19M | 4.28M | 2.19M | 2.63M | 2.75M | 2.15M | 2.24M | 346K | 578K | 842K | 1.03M | 1.25M | 1.55M | 1.86M | 0 | 0 | 0 |
| Fixed Asset Turnover | 5.52x | 9.57x | 26.99x | 17.55x | 10.09x | 10.46x | 7.01x | 7.18x | 9.30x | 31.93x | 28.74x | 59.73x | 43.01x | 33.44x | 36.13x | 30.78x | 159.86x | - | - | 35.20x | 21.84x | 14.12x | 10.74x | - | - | - |
| Goodwill | 39.5M | 39.5M | 39.5M | 39.5M | 35.73M | 16.4M | 16.4M | 19.8M | 19.8M | 27.14M | 27.14M | 27.14M | 11.26M | 11.26M | 11.26M | 11.26M | 11.28M | 3.92M | 2.3M | 2.3M | 2.3M | 2.3M | 2.3M | 2.3M | 2.3M | 2.3M |
| Intangible Assets | 17.42M | 18.2M | 21.67M | 24.8M | 28.95M | 11.91M | 13.54M | 15.26M | 15.96M | 19.8M | 21.39M | 23.35M | 3.43M | 3.79M | 4.15M | 4.62M | 5.12M | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 58.87M | 20M | 15M | 11.77M | 14.06M | 8.97M | 11.68M | 12.39M | 5.42M | 0 | 0 | -11.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 150.38M | 162.3M | 149.99M | 155.17M | 146.43M | 139.6M | 149.15M | 178.71M | 199.18M | 192.66M | 179.68M | 181.34M | 139.87M | 116.05M | 96.61M | 90.6M | 72.63M | 59.89M | 50.85M | 39.02M | 28.72M | 27.31M | 26.28M | 26.24M | 24.12M | 21.05M |
| Asset Turnover | 0.65x | 0.60x | 0.63x | 0.58x | 0.47x | 0.52x | 0.44x | 0.47x | 0.61x | 0.69x | 0.68x | 0.72x | 0.81x | 0.79x | 0.80x | 0.76x | 0.76x | - | - | 0.93x | 0.95x | 0.80x | 0.76x | 0.77x | 0.90x | 0.93x |
| Asset Growth % | 21.18% | 8.21% | -3.34% | 5.97% | 4.89% | -6.4% | -16.54% | -10.28% | 3.39% | 7.22% | -0.91% | 29.64% | 20.53% | 20.12% | 6.64% | 24.74% | 21.28% | 17.78% | 30.3% | 35.87% | 5.17% | 3.93% | 0.15% | 8.78% | 14.57% | - |
| Total Current Liabilities | 1.51M | 35.58M | 23M | 22.59M | 17.61M | 15.84M | 11.79M | 21.36M | 27.13M | 31.53M | 29.67M | 44.85M | 27.2M | 24.85M | 18.83M | 17.52M | 11.74M | 11.36M | 11.61M | 9.09M | 5.27M | 4.93M | 3.81M | 4.35M | 4.94M | 6.89M |
| Accounts Payable | 0 | 7.58M | 6.41M | 6.13M | 5.68M | 2.64M | 1.63M | 2.15M | 2.52M | 3.5M | 2.64M | 3.55M | 2.33M | 2.08M | 1.65M | 1.67M | 1.29M | 7.27M | 8.16M | 5.87M | 3.58M | 2.46M | 3.33M | 3.71M | 3.51M | 2.83M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 1.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 1.51M | 0 | 0 | -611K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.02M | 0 | 0 | 0 | 13K | 10.28M | 911K | 9K | 11K | 10K | 1.24M | 17K | 0 | 712K | 2.03M |
| Current Ratio | 26.35x | 1.81x | 2.66x | 3.01x | 3.30x | 5.92x | 8.17x | 5.48x | 5.15x | 4.38x | 3.91x | 2.62x | 4.37x | 3.87x | 4.11x | 4.14x | 4.76x | 4.78x | 4.03x | 3.90x | 4.73x | 4.59x | 5.67x | 5.28x | 4.21x | 2.63x |
| Quick Ratio | 26.35x | 1.81x | 2.66x | 3.01x | 3.30x | 5.92x | 8.17x | 5.48x | 5.15x | 4.38x | 3.91x | 2.62x | 4.37x | 3.87x | 4.11x | 4.14x | 4.76x | 4.78x | 4.03x | 3.90x | 4.73x | 4.59x | 5.67x | 5.28x | 4.21x | 2.63x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 22.8M | 0 | 4.66M | 10.13M | 18.16M | 5.86M | 6.65M | 9.06M | 10.91M | 4.73M | 3.94M | 2.52M | 2.66M | 2.53M | 1.24M | 2.32M | 207K | 1.31M | 441K | 588K | 713K | 816K | 805K | 34K | 61K | 131K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 24.31M | 35.58M | 27.66M | 32.72M | 35.78M | 21.7M | 18.44M | 30.42M | 38.03M | 36.26M | 33.61M | 47.37M | 29.87M | 27.39M | 20.06M | 19.84M | 11.95M | 12.67M | 12.05M | 9.68M | 5.99M | 5.75M | 4.61M | 4.38M | 5M | 7.02M |
| Total Debt | 0 | 10.17M | 3.2M | 9.1M | 6.07M | 6.13M | 7.84M | 9.35M | 10.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -23.41M | -16.08M | -15.65M | -11.32M | -17.79M | -9.07M | -5.18M | -40.42M | -41.69M | -54.25M | -33.68M | -22.74M | -18.13M | -10.86M | -3.82M | -5.26M | -1.74M | -2.88M | -3.5M | -4.56M | -2.18M | -1.9M | -720K | -3.64M | -4.36M | -149K |
| Debt / Equity | 0.00x | 0.08x | 0.03x | 0.07x | 0.05x | 0.05x | 0.06x | 0.06x | 0.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.00x | 0.90x | 0.57x | 0.84x | - | 0.74x | - | 1.29x | 0.28x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.91x | -1.42x | -2.80x | -1.05x | - | -1.09x | - | -5.56x | -1.08x | -1.47x | -0.91x | -0.51x | -0.42x | -0.37x | -0.18x | -0.22x | -0.10x | -0.23x | -0.21x | -0.37x | -0.29x | -0.30x | -0.12x | -0.46x | -0.50x | -0.03x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 126.06M | 126.72M | 122.33M | 122.45M | 110.65M | 117.91M | 130.71M | 148.29M | 161.15M | 156.4M | 146.07M | 133.97M | 110.01M | 88.66M | 76.55M | 70.76M | 60.68M | 47.22M | 38.79M | 29.35M | 22.73M | 21.56M | 21.66M | 21.85M | 19.12M | 14.03M |
| Equity Growth % | 14.44% | 3.59% | -0.09% | 10.66% | -6.16% | -9.8% | -11.85% | -7.98% | 3.04% | 7.07% | 9.03% | 21.78% | 24.07% | 15.82% | 8.19% | 16.61% | 28.5% | 21.71% | 32.2% | 29.08% | 5.45% | -0.48% | -0.87% | 14.28% | 36.28% | - |
| Book Value per Share | 13.94 | 14.26 | 14.37 | 15.09 | 14.11 | 14.87 | 16.36 | 17.52 | 18.85 | 18.62 | 17.89 | 16.44 | 13.91 | 11.60 | 10.48 | 9.82 | 8.71 | 7.08 | 6.00 | 4.73 | 3.98 | 3.91 | 4.00 | 4.03 | 3.56 | 2.56 |
| Total Shareholders' Equity | 124.96M | 125.61M | 120.29M | 120.4M | 110.65M | 117.91M | 130.71M | 148.29M | 161.15M | 156.4M | 146.07M | 133.97M | 110.01M | 88.66M | 76.55M | 70.76M | 60.68M | 47.22M | 38.79M | 29.35M | 22.73M | 21.56M | 21.66M | 21.85M | 19.12M | 14.03M |
| Common Stock | 126K | 124K | 122K | 119K | 115K | 107K | 105K | 103K | 102K | 100K | 98K | 94K | 90K | 88K | 85K | 81K | 79K | 73K | 71K | 68K | 66K | 60K | 58K | 56K | 54K | 54K |
| Retained Earnings | 8.35M | 8.98M | 6.21M | 4.65M | -4.25M | 4.36M | -1.7M | 10.97M | 30.52M | 28.61M | 31.88M | 29.67M | 20.32M | 8.15M | 6.46M | 6.47M | 2.78M | 3.87M | 4.76M | 2.58M | 2.38M | 6.61M | 9.46M | 11.46M | 13.09M | 8.1M |
| Treasury Stock | 0 | -89.61M | -88.28M | -85.99M | -85.13M | -81.75M | -77.97M | -63.28M | -58.71M | -49.79M | -44.35M | -34.91M | -29.03M | -23.17M | -18.5M | -14.71M | -8.75M | -6.03M | -3.5M | -1.07M | 0 | 0 | 0 | -6K | -6K | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.94M | -4.88M | -1.76M | -4.29M | -4.69M | -1.23M | -257K | 30K | 1.94M | 926K | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.11M | 1.11M | 2.04M | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating margin and AUM volatility
Based on reported financial statements, Westwood Holdings Group has maintained a relatively stable equity base, which hovered around $125 million as of 2026Q1, despite significant fluctuations in total assets and cash reserves that suggest a business model struggling to find consistent organic growth momentum.
The firm's equity position has remained remarkably flat over the last ten quarters, indicating that retained earnings are not contributing meaningfully to capital accumulation. This stagnation suggests that the business is currently in a defensive posture, prioritizing the preservation of its existing capital base over aggressive expansion or reinvestment.
According to recent SEC filings, the firm's asset mix is heavily influenced by a $39.5 million goodwill position, which has remained constant since 2023Q4, while net PPE has seen a notable increase to $20.2 million in 2026Q1, reflecting recent investments in physical infrastructure.
The high proportion of goodwill relative to total assets suggests that a significant portion of the firm's value is tied to past acquisitions rather than tangible operational assets. Investors should monitor whether these intangible assets remain supported by future cash flows, as any impairment could materially impact the firm's book value.
As reported in quarterly data, the firm's current ratio reached 26.35 in 2026Q1, a substantial improvement from the 4.23 observed in 2025Q4, indicating that Westwood maintains a significant liquidity buffer to cover its short-term obligations despite the inherent volatility of its asset management revenue streams.
While the high current ratio provides a comfortable margin of safety, it may also imply an inefficient use of capital, as excessive cash or liquid assets are not being deployed to drive higher returns. This conservative liquidity management appears to be a deliberate strategy to mitigate the risks associated with potential AUM outflows.
Based on the provided balance sheet data, the firm's debt-to-equity ratio has remained negligible at 0.08 or lower for most of the last ten quarters, which masks the underlying operational fragility caused by the firm's reliance on high-fixed-cost human capital and volatile performance-based fee structures.
While the lack of debt is a positive indicator of financial health, it also suggests that the firm lacks the financial leverage to amplify returns during periods of market growth. The true risk lies not in the balance sheet's leverage, but in the potential for operating margin compression to erode the equity base over time.
Quick answers to the most common questions about buying WHG stock.
As of 2025, Westwood Holdings Group, Inc. (WHG) had total assets of $162.3M including $64.4M in current assets.
Westwood Holdings Group, Inc. (WHG) carries total debt of $10.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Westwood Holdings Group, Inc. (WHG) has total shareholders' equity (book value) of $125.6M ($14.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Westwood Holdings Group, Inc. (WHG) reported a current ratio of 1.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.