<p>Silvercrest 资产管理集团（SAMG）在本期发布了一组混合的数字，预计收益将以令人印象深刻的 31.1% 的年增长率增长，远高于美国市场预计的 15.9%。然而，收入增长预计将以每年 6.6% 的速度落后于更广泛的市场趋势，净利润率从去年的 7.1% 轻微下降至 6.6%。虽然股票交易价格为 14.14 美元，低于其评估的公允价值 16.10 美元，并且市盈率为 14.1 倍，但投资者会注意到，过去五年收益以 7.3% 的年率下降，并且在过去一年中显示出负增长。结果是强劲的未来利润潜力和价值的图景，但对近期运营和分红趋势的谨慎态度有所减弱。</p>
<p>查看我们对 Silvercrest 资产管理集团的完整分析。</p>
<p>我们现在将看看这些结果与关于 Silvercrest 的最广泛关注的叙述如何对齐，它们是否确认市场信心或为投资者提出新问题。</p>
<p>查看社区对 Silvercrest 资产管理集团的看法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/47e1d595-da08-470b-8454-a3a6f03bc7ac/chart/earnings-and-revenue-history?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/47e1d595-da08-470b-8454-a3a6f03bc7ac/chart/earnings-and-revenue-history"/></p>
<p>截至 2025 年 11 月的 NasdaqGM:SAMG 收益与收入历史</p>
<h2>费用压缩限制收入上行空间</h2>
<ul>
<li>最近一个季度的收入同比下降，主要是由于平均年管理费率的下降，因为资产组合转向了费用较低的机构委托。</li>
<li>分析师的共识观点预计，尽管富裕客户和代际财富趋势应会推动有机资产流入，但持续的费用压缩将威胁利润率扩张并减缓收入增长。
<ul>
<li>资金外流和向费用较低的机构委托的转变已经对平均费用率造成压力，挑战了仅靠客户增长就能实现可持续收入增长的观点。</li>
<li>共识指出，多样化的产品和优质的咨询服务可能有助于抵消这些逆风。然而，整体利润率压力仍然是未来几年的关注点。</li>
</ul>
</li>
<li>与这种平衡的风险和回报图景一致，分析师预计利润率可能最终从今天的 6.6% 恢复到三年后的 16.6%，但前提是这些战略投资能够按计划取得成效。
<ul>
<li>随着经营杠杆尚未显现，短期盈利能力容易受到客户增长或持续费用侵蚀的任何挫折的影响。</li>
<li>对反弹的预期依赖于扩张的成功执行以及在行业普遍利润率压缩的背景下恢复强劲的净流入。</li>
</ul>
</li>
</ul>
<ul>
<li>这一趋势质疑新市场举措和优质服务扩展开始转化为底线增长的速度。
<ul>
<li>共识认为，恢复路径依赖于既能遏制下降又能证明收益能够在未来超越行业。</li>
</ul>
</li>
</ul>
<p>查看可能改变故事的完整共识叙述：<strong>📊 阅读完整的 Silvercrest 资产管理集团共识叙述。</strong></p>
<h2>股息和股票回购受到审查</h2>
<ul>
<li>分析师预计，未来三年内，流通股数量将因积极的股票回购计划而每年减少 7.0%，旨在提高每股收益，即使传统的增长杠杆面临挑战。</li>
<li>共识叙述强调，尽管激进的股票回购和上升的股息为股东提供了即时价值，但在收益承压和净利润率从 7.1% 降至 6.6% 的情况下，股息的可持续性仍面临风险。
<ul>
<li>当前股东回报具有吸引力，但持续的收益下降和成本上升可能迫使重新评估分红比例，如果利润率未能如预期恢复。</li>
<li>随着薪酬和一般管理费用的增长速度超过收入，股息和回购依赖于管理层在经营杠杆和利润率改善目标上的实现能力，尽管面临行业逆风。</li>
</ul>
</li>
</ul>
<h2>估值仍提供安全边际</h2>
<ul>
<li>Silvercrest 的交易价格为 14.14 美元，低于分析师共识目标价 23.00 美元和 DCF 公允价值 16.10 美元，市盈率为 14.1 倍，远低于美国资本市场行业平均的 25.6 倍和同行平均的 63.3 倍。</li>
<li>根据共识叙述，这一折扣为相信公司能够扭转局面的投资者提供了一定的缓冲。这与对公司能否逆转多年来收益下滑的怀疑相辅相成。
<ul>
<li>如果管理层在收入、利润率和回购目标上取得成功，当前价格相对于内在价值和同行估值指标提供了显著的上行空间。</li>
<li>相反，投资者面临收益困境和行业普遍压力的风险，可能使股票无法缩小与高增长、高利润同行的估值差距。</li>
</ul>
</li>
</ul>
<h2>下一步</h2>
<p>要查看这些结果如何与长期增长、风险和估值相结合，请查看 Simply Wall St 上 Silvercrest 资产管理集团的完整社区叙述。将公司添加到您的关注列表或投资组合，以便在故事发展时收到提醒。</p>
<p>发现数据可能未显示的角度？在几分钟内将您的观点转化为独特的叙述，按照您的方式进行。</p>
<p>您对 Silvercrest 资产管理集团研究的一个很好的起点是我们的分析，强调了可能影响您投资决策的两个关键奖励和一个重要警示信号。</p>
<h2>查看其他信息</h2>
<p>Silvercrest 面临利润压缩、收益下降和股息风险，因为收入在努力寻找动力，而费用继续以超过利润的速度上升。</p>
<p>如果稳定的业绩对您很重要，请关注稳定增长股票筛选器（2102 个结果），以发现那些在艰难环境下仍能保持持续盈利和收入增长的公司。</p>
<p><em>这篇文章来自 Simply Wall St，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>

Silvercrest资产管理

<p>Silvercrest 资产管理集团（SAMG）报告了混合的业绩，预计年收益增长为 31.1%，而收入增长仅为 6.6%。净利润率从 7.1% 下降至 6.6%。该股票的交易价格为 14.14 美元，低于其公允价值 16.10 美元，这引发了对近期运营趋势的担忧。分析师预测，利润率在三年内可能恢复至 16.6%，这取决于战略投资。尽管该股票的估值相较于行业平均水平具有吸引力，但由于收益下降和成本上升，股票回购和分红正受到审查</p>

<p>Silvercrest Asset Management Group (SAMG) delivered a mixed set of numbers this period, with earnings forecast to grow at an impressive 31.1% per year, well ahead of the US market’s projected 15.9%. However, revenue growth is expected to trail broader market trends at 6.6% per year, and net profit margins have slipped slightly to 6.6% from 7.1% last year. While the stock trades at $14.14, below its assessed fair value of $16.10 and boasts a low price-to-earnings ratio of 14.1x, investors will note that earnings have declined at a 7.3% annual rate over the last five years and have shown negative growth in the past year. The result is a picture of strong forward profit potential and value, tempered by caution over recent operational and payout trends.</p>
<div class="lb-trans"><p>Silvercrest 资产管理集团（SAMG）在本期发布了一组混合的数字，预计收益将以令人印象深刻的 31.1% 的年增长率增长，远高于美国市场预计的 15.9%。然而，收入增长预计将以每年 6.6% 的速度落后于更广泛的市场趋势，净利润率从去年的 7.1% 轻微下降至 6.6%。虽然股票交易价格为 14.14 美元，低于其评估的公允价值 16.10 美元，并且市盈率为 14.1 倍，但投资者会注意到，过去五年收益以 7.3% 的年率下降，并且在过去一年中显示出负增长。结果是强劲的未来利润潜力和价值的图景，但对近期运营和分红趋势的谨慎态度有所减弱。</p>
</div><p>See our full analysis for Silvercrest Asset Management Group.</p>
<div class="lb-trans"><p>查看我们对 Silvercrest 资产管理集团的完整分析。</p>
</div><p>We’ll now see how these results line up with the most widely followed narratives about Silvercrest, whether they confirm market confidence or raise new questions for investors.</p>
<div class="lb-trans"><p>我们现在将看看这些结果与关于 Silvercrest 的最广泛关注的叙述如何对齐，它们是否确认市场信心或为投资者提出新问题。</p>
</div><p>See what the community is saying about Silvercrest Asset Management Group</p>
<div class="lb-trans"><p>查看社区对 Silvercrest 资产管理集团的看法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/47e1d595-da08-470b-8454-a3a6f03bc7ac/chart/earnings-and-revenue-history" alt="" original-src="https://images.simplywall.st/company/47e1d595-da08-470b-8454-a3a6f03bc7ac/chart/earnings-and-revenue-history"/></p>
<p>NasdaqGM:SAMG Earnings &amp; Revenue History as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 NasdaqGM:SAMG 收益与收入历史</p>
</div><h2>Fee Compression Limits Revenue Upside</h2>
<div class="lb-trans"><h2>费用压缩限制收入上行空间</h2>
</div><ul>
<li>The most recent quarter saw a decline in year-over-year revenue, primarily driven by a decrease in average annual management fee rate as the asset mix shifted toward lower-fee institutional mandates.</li>
<li>Analysts' consensus view expects that, while wealthy client and generational wealth trends should boost organic asset inflows, persistent fee compression will threaten margin expansion and slow top-line growth.
<ul>
<li>Outflows and a shift toward institutional mandates with lower fees are already weighing on the average fee rate, challenging the view that client growth alone will deliver sustainable revenue gains.</li>
<li>Consensus notes that diversified offerings and premium advisory services could help offset these headwinds. However, overall margin pressure remains a watchpoint for the next few years.</li>
</ul>
</li>
<li>Consistent with this balanced risk and reward picture, analysts anticipate profit margins could eventually recover from 6.6% today to 16.6% in three years, but only if these strategic investments pay off as planned.
<ul>
<li>With operating leverage yet to materialize, near-term profitability is vulnerable to any setbacks in client growth or continued fee erosion.</li>
<li>Expectations for a rebound hinge on the successful execution of expansion and a return to stronger net inflows amid industrywide margin compression.</li>
</ul>
</li>
<li>A 7.3% annual decline in earnings over the past five years, alongside recently negative earnings growth, underscores why consensus is closely watching for signs of a turning point.</li>
</ul>
<div class="lb-trans"><ul>
<li>最近一个季度的收入同比下降，主要是由于平均年管理费率的下降，因为资产组合转向了费用较低的机构委托。</li>
<li>分析师的共识观点预计，尽管富裕客户和代际财富趋势应会推动有机资产流入，但持续的费用压缩将威胁利润率扩张并减缓收入增长。
<ul>
<li>资金外流和向费用较低的机构委托的转变已经对平均费用率造成压力，挑战了仅靠客户增长就能实现可持续收入增长的观点。</li>
<li>共识指出，多样化的产品和优质的咨询服务可能有助于抵消这些逆风。然而，整体利润率压力仍然是未来几年的关注点。</li>
</ul>
</li>
<li>与这种平衡的风险和回报图景一致，分析师预计利润率可能最终从今天的 6.6% 恢复到三年后的 16.6%，但前提是这些战略投资能够按计划取得成效。
<ul>
<li>随着经营杠杆尚未显现，短期盈利能力容易受到客户增长或持续费用侵蚀的任何挫折的影响。</li>
<li>对反弹的预期依赖于扩张的成功执行以及在行业普遍利润率压缩的背景下恢复强劲的净流入。</li>
</ul>
</li>
</ul>
</div><ul>
<li>This trend calls into question the pace at which new market initiatives and premium service expansion will start translating into bottom-line growth.
<ul>
<li>Consensus sees the recovery path as dependent on both stemming the decline and demonstrating that earnings can actually outpace the industry going forward.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>这一趋势质疑新市场举措和优质服务扩展开始转化为底线增长的速度。
<ul>
<li>共识认为，恢复路径依赖于既能遏制下降又能证明收益能够在未来超越行业。</li>
</ul>
</li>
</ul>
</div><p>See what could change the story with the full consensus narrative: <strong>📊 Read the full Silvercrest Asset Management Group Consensus Narrative.</strong></p>
<div class="lb-trans"><p>查看可能改变故事的完整共识叙述：<strong>📊 阅读完整的 Silvercrest 资产管理集团共识叙述。</strong></p>
</div><h2>Dividends and Share Buybacks Under Scrutiny</h2>
<div class="lb-trans"><h2>股息和股票回购受到审查</h2>
</div><ul>
<li>Analysts expect the number of shares outstanding to decline by 7.0% annually over the next three years due to active share repurchase programs, aiming to boost earnings per share even as traditional growth levers face challenges.</li>
<li>Consensus narrative emphasizes that while aggressive share buybacks and a rising dividend deliver immediate value to shareholders, there is an ongoing risk to dividend sustainability, especially with earnings under pressure and net profit margins having slipped from 7.1% to 6.6%.
<ul>
<li>Shareholder returns are attractive today, but persistent earnings declines and rising costs could force a re-evaluation of payout ratios if margins do not recover as forecast.</li>
<li>With compensation and G&amp;A expenses rising faster than revenue, dividends and buybacks rely on management’s ability to deliver on operating leverage and margin improvement targets despite industry headwinds.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>分析师预计，未来三年内，流通股数量将因积极的股票回购计划而每年减少 7.0%，旨在提高每股收益，即使传统的增长杠杆面临挑战。</li>
<li>共识叙述强调，尽管激进的股票回购和上升的股息为股东提供了即时价值，但在收益承压和净利润率从 7.1% 降至 6.6% 的情况下，股息的可持续性仍面临风险。
<ul>
<li>当前股东回报具有吸引力，但持续的收益下降和成本上升可能迫使重新评估分红比例，如果利润率未能如预期恢复。</li>
<li>随着薪酬和一般管理费用的增长速度超过收入，股息和回购依赖于管理层在经营杠杆和利润率改善目标上的实现能力，尽管面临行业逆风。</li>
</ul>
</li>
</ul>
</div><h2>Valuation Still Offers a Margin of Safety</h2>
<div class="lb-trans"><h2>估值仍提供安全边际</h2>
</div><ul>
<li>Silvercrest trades at $14.14, below both the analyst consensus price target of $23.00 and the DCF fair value of $16.10, with a price-to-earnings ratio of 14.1x that is substantially lower than the US capital markets industry average of 25.6x and the peer average of 63.3x.</li>
<li>According to the consensus narrative, this discount provides some cushion for investors who believe in the turnaround. It goes hand-in-hand with skepticism over the company’s ability to reverse its multi-year earnings slide.
<ul>
<li>If management delivers on revenue, margin, and buyback targets, the current price leaves meaningful room for upside relative to both intrinsic and peer-based valuation measures.</li>
<li>Conversely, investors face the risk that earnings struggles and industry-wide pressure may keep the stock from closing the gap with valuations typical of higher-growth, higher-margin peers.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>Silvercrest 的交易价格为 14.14 美元，低于分析师共识目标价 23.00 美元和 DCF 公允价值 16.10 美元，市盈率为 14.1 倍，远低于美国资本市场行业平均的 25.6 倍和同行平均的 63.3 倍。</li>
<li>根据共识叙述，这一折扣为相信公司能够扭转局面的投资者提供了一定的缓冲。这与对公司能否逆转多年来收益下滑的怀疑相辅相成。
<ul>
<li>如果管理层在收入、利润率和回购目标上取得成功，当前价格相对于内在价值和同行估值指标提供了显著的上行空间。</li>
<li>相反，投资者面临收益困境和行业普遍压力的风险，可能使股票无法缩小与高增长、高利润同行的估值差距。</li>
</ul>
</li>
</ul>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Silvercrest Asset Management Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.</p>
<div class="lb-trans"><p>要查看这些结果如何与长期增长、风险和估值相结合，请查看 Simply Wall St 上 Silvercrest 资产管理集团的完整社区叙述。将公司添加到您的关注列表或投资组合，以便在故事发展时收到提醒。</p>
</div><p>Spot an angle the data might not show? Transform your viewpoint into a unique narrative in just a few minutes, and Do it your way.</p>
<div class="lb-trans"><p>发现数据可能未显示的角度？在几分钟内将您的观点转化为独特的叙述，按照您的方式进行。</p>
</div><p>A great starting point for your Silvercrest Asset Management Group research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 Silvercrest 资产管理集团研究的一个很好的起点是我们的分析，强调了可能影响您投资决策的两个关键奖励和一个重要警示信号。</p>
</div><h2>See What Else Is Out There</h2>
<div class="lb-trans"><h2>查看其他信息</h2>
</div><p>Silvercrest faces margin compression, declining earnings, and dividend risks as revenues struggle for momentum and expenses continue to rise faster than profits.</p>
<div class="lb-trans"><p>Silvercrest 面临利润压缩、收益下降和股息风险，因为收入在努力寻找动力，而费用继续以超过利润的速度上升。</p>
</div><p>If stable results matter to you, focus on stable growth stocks screener (2102 results) to discover companies with track records of consistent earnings and revenue expansion, even when conditions get tough.</p>
<div class="lb-trans"><p>如果稳定的业绩对您很重要，请关注稳定增长股票筛选器（2102 个结果），以发现那些在艰难环境下仍能保持持续盈利和收入增长的公司。</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章来自 Simply Wall St，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
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尽管估值具有吸引力，Silvercrest (SAMG) 的利润率下降引发了对其利润增长故事的质疑