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AB

AllianceBernstein Holding L.P.

AB

AllianceBernstein Holding L.P. • NYSE
$41.31 ▲ 0.51% (+0.21)
Market Cap $4.40 B
52w High $43.30
52w Low $32.28
Dividend Yield 3.47%
P/E 13.68
Volume 71.22K
Outstanding Shares 106.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81.412M ▲ $0 $73.751M ▲ 90.59% ▲ $0.74 ▲ $81.412M ▲
Q2-2025 $78.83M ▼ $0 $70.248M ▼ 89.113% ▼ $0.64 ▼ $78.83M ▼
Q1-2025 $82.753M ▼ $0 $74.034M ▼ 89.464% ▼ $0.67 ▼ $82.753M ▼
Q4-2024 $116.589M ▼ $0 $105.434M ▼ 90.432% ▼ $0.92 ▼ $116.589M ▼
Q3-2024 $136.374M $0 $127.195M 93.269% $1.12 $287.508M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 $1.179B ▼ $1.87M ▲ $1.177B ▼
Q2-2025 $0 $1.982B ▼ $449K ▲ $1.982B ▼
Q1-2025 $0 ▼ $1.997B ▼ $258K ▼ $1.997B ▼
Q4-2024 $832.044M ▲ $2.035B ▼ $2.77M ▲ $2.032B ▼
Q3-2024 $0 $2.099B $719K $2.098B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $73.751M ▲ $71.209M ▼ $0 $-71.209M ▲ $0 $71.209M ▼
Q2-2025 $70.248M ▼ $88.667M ▼ $0 $-88.667M ▲ $0 $88.667M ▼
Q1-2025 $74.034M ▼ $115.255M ▲ $0 $-115.255M ▼ $0 $115.255M ▲
Q4-2024 $105.434M ▼ $87.46M ▲ $0 $-87.46M ▼ $0 $87.46M ▲
Q3-2024 $127.195M $81.062M $0 $-81.062M $0 $81.062M

Five-Year Company Overview

Income Statement

Income Statement AllianceBernstein shows the profile of a mature asset manager with generally solid profitability but some swings in revenue and operating results. Over the past few years, earnings have stayed positive and fairly resilient, even when operating profit took a step down. Cash-style metrics (like EBITDA) look steadier than headline revenue, suggesting the core franchise is more stable than the top line might imply. The pattern hints at fee pressure and market-driven volatility, but not a broken business model. Overall, the income statement reflects a profitable, but cyclical, asset manager that can have softer years when markets or flows are less favorable.

Balance Sheet

Balance Sheet The balance sheet looks conservative and clean. Total assets and equity move in tandem and have been broadly stable, with no financial debt reported. That means the firm is essentially unlevered, which reduces financial risk. The jump in cash in the most recent year strengthens liquidity and gives management more room to invest, weather downturns, or return capital if they choose. There are no obvious signs of balance-sheet strain; the main risks are business-related, not tied to heavy borrowing.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has remained positive and has generally grown over time, while capital spending has stayed modest. As a result, free cash flow has been consistently positive and gradually increasing. This pattern suggests the business does not need heavy reinvestment to sustain itself and can convert a good share of its earnings into actual cash. That said, cash flows will still be sensitive to markets and client asset levels, as is typical for asset managers.

Competitive Edge

Competitive Edge AllianceBernstein competes as an active manager in a world where low-cost index products are powerful rivals. Its edge rests on several pillars: a long history and recognized brand, deep global research teams, and a strong reputation with institutions and wealth clients. It has leaned into more specialized, higher-value areas—like municipal bonds, private markets, and alternatives—where skill and relationships matter more than simple scale. At the same time, it faces ongoing pressure from fee compression, the growth of passive investing, and intense competition from both large global firms and niche boutiques. Its moat looks real but needs to be actively defended through performance, service, and innovation.

Innovation and R&D

Innovation and R&D Innovation is a standout theme for AB. The firm has invested heavily in proprietary technology and data science, especially in fixed income and customized portfolios. Tools like ALFA and the AI assistant Abbie help traders and portfolio managers navigate complex, less-transparent markets, making trading more efficient and portfolio construction more tailored. AB is also pushing into AI and large language models to blend fundamental and quantitative investing, and it has built differentiated offerings in ESG, tax-advantaged portfolios, and access to private markets via platforms like iCapital. These efforts suggest a forward-looking culture that tries to use technology and product design to create real client value, not just marketing stories. The key uncertainty is how durable these advantages remain as competitors ramp up their own AI and tech investments.

Summary

AllianceBernstein today looks like a solid, cash-generative active asset manager that is trying to reinvent parts of its business before the market forces it to. Financially, it is profitable, cash-rich, and unlevered, with a business model that throws off reliable free cash flow but remains tied to market cycles and investor sentiment. Strategically, the firm is doubling down on areas where active skill and customization matter—municipal bonds, private markets, ESG, tax-aware solutions, and active ETFs—while betting that proprietary technology and AI will sharpen its edge. The main opportunities lie in scaling these higher-growth, higher-value segments; the main risks come from industry-wide fee pressure, the continued rise of passive investing, and the need to sustain consistent investment performance. Overall, this is an established franchise using innovation and specialization to stay relevant in a rapidly changing asset-management landscape.

NEWS

November 25, 2025 · 12:10 PM UTC

Seth Bernstein, President and CEO, to Participate in the Goldman Sachs 2025 US Financial Services Conference on December 9th, 2025

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November 24, 2025 · 4:06 PM UTC

AllianceBernstein Global High Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

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November 11, 2025 · 4:05 PM UTC

AB Announces October 31, 2025 Assets Under Management

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November 10, 2025 · 7:30 AM UTC

AllianceBernstein Enhances ETF Offerings with Two New Fixed Income Conversions

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October 27, 2025 · 4:06 PM UTC

AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

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