<p>Silvercrest 資產管理集團（SAMG）在本期發佈了一組混合的數字，預計收益將以令人印象深刻的 31.1% 的年增長率增長，遠高於美國市場預計的 15.9%。然而，收入增長預計將以每年 6.6% 的速度落後於更廣泛的市場趨勢，淨利潤率從去年的 7.1% 輕微下降至 6.6%。雖然股票交易價格為 14.14 美元，低於其評估的公允價值 16.10 美元，並且市盈率為 14.1 倍，但投資者會注意到，過去五年收益以 7.3% 的年率下降，並且在過去一年中顯示出負增長。結果是強勁的未來利潤潛力和價值的圖景，但對近期運營和分紅趨勢的謹慎態度有所減弱。</p>
<p>查看我們對 Silvercrest 資產管理集團的完整分析。</p>
<p>我們現在將看看這些結果與關於 Silvercrest 的最廣泛關注的敍述如何對齊，它們是否確認市場信心或為投資者提出新問題。</p>
<p>查看社區對 Silvercrest 資產管理集團的看法。</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 收益與收入歷史</p>
<h2>費用壓縮限制收入上行空間</h2>
<ul>
<li>最近一個季度的收入同比下降，主要是由於平均年管理費率的下降，因為資產組合轉向了費用較低的機構委託。</li>
<li>分析師的共識觀點預計，儘管富裕客户和代際財富趨勢應會推動有機資產流入，但持續的費用壓縮將威脅利潤率擴張並減緩收入增長。
<ul>
<li>資金外流和向費用較低的機構委託的轉變已經對平均費用率造成壓力，挑戰了僅靠客户增長就能實現可持續收入增長的觀點。</li>
<li>共識指出，多樣化的產品和優質的諮詢服務可能有助於抵消這些逆風。然而，整體利潤率壓力仍然是未來幾年的關注點。</li>
</ul>
</li>
<li>與這種平衡的風險和回報圖景一致，分析師預計利潤率可能最終從今天的 6.6% 恢復到三年後的 16.6%，但前提是這些戰略投資能夠按計劃取得成效。
<ul>
<li>隨着經營槓桿尚未顯現，短期盈利能力容易受到客户增長或持續費用侵蝕的任何挫折的影響。</li>
<li>對反彈的預期依賴於擴張的成功執行以及在行業普遍利潤率壓縮的背景下恢復強勁的淨流入。</li>
</ul>
</li>
</ul>
<ul>
<li>這一趨勢質疑新市場舉措和優質服務擴展開始轉化為底線增長的速度。
<ul>
<li>共識認為，恢復路徑依賴於既能遏制下降又能證明收益能夠在未來超越行業。</li>
</ul>
</li>
</ul>
<p>查看可能改變故事的完整共識敍述：<strong>📊 閲讀完整的 Silvercrest 資產管理集團共識敍述。</strong></p>
<h2>股息和股票回購受到審查</h2>
<ul>
<li>分析師預計，未來三年內，流通股數量將因積極的股票回購計劃而每年減少 7.0%，旨在提高每股收益，即使傳統的增長槓桿面臨挑戰。</li>
<li>共識敍述強調，儘管激進的股票回購和上升的股息為股東提供了即時價值，但在收益承壓和淨利潤率從 7.1% 降至 6.6% 的情況下，股息的可持續性仍面臨風險。
<ul>
<li>當前股東回報具有吸引力，但持續的收益下降和成本上升可能迫使重新評估分紅比例，如果利潤率未能如預期恢復。</li>
<li>隨着薪酬和一般管理費用的增長速度超過收入，股息和回購依賴於管理層在經營槓桿和利潤率改善目標上的實現能力，儘管面臨行業逆風。</li>
</ul>
</li>
</ul>
<h2>估值仍提供安全邊際</h2>
<ul>
<li>Silvercrest 的交易價格為 14.14 美元，低於分析師共識目標價 23.00 美元和 DCF 公允價值 16.10 美元，市盈率為 14.1 倍，遠低於美國資本市場行業平均的 25.6 倍和同行平均的 63.3 倍。</li>
<li>根據共識敍述，這一折扣為相信公司能夠扭轉局面的投資者提供了一定的緩衝。這與對公司能否逆轉多年來收益下滑的懷疑相輔相成。
<ul>
<li>如果管理層在收入、利潤率和回購目標上取得成功，當前價格相對於內在價值和同行估值指標提供了顯著的上行空間。</li>
<li>相反，投資者面臨收益困境和行業普遍壓力的風險，可能使股票無法縮小與高增長、高利潤同行的估值差距。</li>
</ul>
</li>
</ul>
<h2>下一步</h2>
<p>要查看這些結果如何與長期增長、風險和估值相結合，請查看 Simply Wall St 上 Silvercrest 資產管理集團的完整社區敍述。將公司添加到您的關注列表或投資組合，以便在故事發展時收到提醒。</p>
<p>發現數據可能未顯示的角度？在幾分鐘內將您的觀點轉化為獨特的敍述，按照您的方式進行。</p>
<p>您對 Silvercrest 資產管理集團研究的一個很好的起點是我們的分析，強調了可能影響您投資決策的兩個關鍵獎勵和一個重要警示信號。</p>
<h2>查看其他信息</h2>
<p>Silvercrest 面臨利潤壓縮、收益下降和股息風險，因為收入在努力尋找動力，而費用繼續以超過利潤的速度上升。</p>
<p>如果穩定的業績對您很重要，請關注穩定增長股票篩選器（2102 個結果），以發現那些在艱難環境下仍能保持持續盈利和收入增長的公司。</p>
<p><em>這篇文章來自 Simply Wall St，內容具有一般性。<strong>我們僅基於歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不構成財務建議。</strong> 它不構成買入或賣出任何股票的推薦，也未考慮您的目標或財務狀況。我們的目標是為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價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沒有持倉。</em></p>

Silvercrest資產管理

<p>Silvercrest 資產管理集團（SAMG）報告了混合的業績，預計年收益增長為 31.1%，而收入增長僅為 6.6%。淨利潤率從 7.1% 下降至 6.6%。該股票的交易價格為 14.14 美元，低於其公允價值 16.10 美元，這引發了對近期運營趨勢的擔憂。分析師預測，利潤率在三年內可能恢復至 16.6%，這取決於戰略投資。儘管該股票的估值相較於行業平均水平具有吸引力，但由於收益下降和成本上升，股票回購和分紅正受到審查</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 資產管理集團（SAMG）在本期發佈了一組混合的數字，預計收益將以令人印象深刻的 31.1% 的年增長率增長，遠高於美國市場預計的 15.9%。然而，收入增長預計將以每年 6.6% 的速度落後於更廣泛的市場趨勢，淨利潤率從去年的 7.1% 輕微下降至 6.6%。雖然股票交易價格為 14.14 美元，低於其評估的公允價值 16.10 美元，並且市盈率為 14.1 倍，但投資者會注意到，過去五年收益以 7.3% 的年率下降，並且在過去一年中顯示出負增長。結果是強勁的未來利潤潛力和價值的圖景，但對近期運營和分紅趨勢的謹慎態度有所減弱。</p>
</div><p>See our full analysis for Silvercrest Asset Management Group.</p>
<div class="lb-trans"><p>查看我們對 Silvercrest 資產管理集團的完整分析。</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>我們現在將看看這些結果與關於 Silvercrest 的最廣泛關注的敍述如何對齊，它們是否確認市場信心或為投資者提出新問題。</p>
</div><p>See what the community is saying about Silvercrest Asset Management Group</p>
<div class="lb-trans"><p>查看社區對 Silvercrest 資產管理集團的看法。</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 收益與收入歷史</p>
</div><h2>Fee Compression Limits Revenue Upside</h2>
<div class="lb-trans"><h2>費用壓縮限制收入上行空間</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>最近一個季度的收入同比下降，主要是由於平均年管理費率的下降，因為資產組合轉向了費用較低的機構委託。</li>
<li>分析師的共識觀點預計，儘管富裕客户和代際財富趨勢應會推動有機資產流入，但持續的費用壓縮將威脅利潤率擴張並減緩收入增長。
<ul>
<li>資金外流和向費用較低的機構委託的轉變已經對平均費用率造成壓力，挑戰了僅靠客户增長就能實現可持續收入增長的觀點。</li>
<li>共識指出，多樣化的產品和優質的諮詢服務可能有助於抵消這些逆風。然而，整體利潤率壓力仍然是未來幾年的關注點。</li>
</ul>
</li>
<li>與這種平衡的風險和回報圖景一致，分析師預計利潤率可能最終從今天的 6.6% 恢復到三年後的 16.6%，但前提是這些戰略投資能夠按計劃取得成效。
<ul>
<li>隨着經營槓桿尚未顯現，短期盈利能力容易受到客户增長或持續費用侵蝕的任何挫折的影響。</li>
<li>對反彈的預期依賴於擴張的成功執行以及在行業普遍利潤率壓縮的背景下恢復強勁的淨流入。</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>這一趨勢質疑新市場舉措和優質服務擴展開始轉化為底線增長的速度。
<ul>
<li>共識認為，恢復路徑依賴於既能遏制下降又能證明收益能夠在未來超越行業。</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>查看可能改變故事的完整共識敍述：<strong>📊 閲讀完整的 Silvercrest 資產管理集團共識敍述。</strong></p>
</div><h2>Dividends and Share Buybacks Under Scrutiny</h2>
<div class="lb-trans"><h2>股息和股票回購受到審查</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>分析師預計，未來三年內，流通股數量將因積極的股票回購計劃而每年減少 7.0%，旨在提高每股收益，即使傳統的增長槓桿面臨挑戰。</li>
<li>共識敍述強調，儘管激進的股票回購和上升的股息為股東提供了即時價值，但在收益承壓和淨利潤率從 7.1% 降至 6.6% 的情況下，股息的可持續性仍面臨風險。
<ul>
<li>當前股東回報具有吸引力，但持續的收益下降和成本上升可能迫使重新評估分紅比例，如果利潤率未能如預期恢復。</li>
<li>隨着薪酬和一般管理費用的增長速度超過收入，股息和回購依賴於管理層在經營槓桿和利潤率改善目標上的實現能力，儘管面臨行業逆風。</li>
</ul>
</li>
</ul>
</div><h2>Valuation Still Offers a Margin of Safety</h2>
<div class="lb-trans"><h2>估值仍提供安全邊際</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 的交易價格為 14.14 美元，低於分析師共識目標價 23.00 美元和 DCF 公允價值 16.10 美元，市盈率為 14.1 倍，遠低於美國資本市場行業平均的 25.6 倍和同行平均的 63.3 倍。</li>
<li>根據共識敍述，這一折扣為相信公司能夠扭轉局面的投資者提供了一定的緩衝。這與對公司能否逆轉多年來收益下滑的懷疑相輔相成。
<ul>
<li>如果管理層在收入、利潤率和回購目標上取得成功，當前價格相對於內在價值和同行估值指標提供了顯著的上行空間。</li>
<li>相反，投資者面臨收益困境和行業普遍壓力的風險，可能使股票無法縮小與高增長、高利潤同行的估值差距。</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>要查看這些結果如何與長期增長、風險和估值相結合，請查看 Simply Wall St 上 Silvercrest 資產管理集團的完整社區敍述。將公司添加到您的關注列表或投資組合，以便在故事發展時收到提醒。</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>發現數據可能未顯示的角度？在幾分鐘內將您的觀點轉化為獨特的敍述，按照您的方式進行。</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>您對 Silvercrest 資產管理集團研究的一個很好的起點是我們的分析，強調了可能影響您投資決策的兩個關鍵獎勵和一個重要警示信號。</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 面臨利潤壓縮、收益下降和股息風險，因為收入在努力尋找動力，而費用繼續以超過利潤的速度上升。</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>如果穩定的業績對您很重要，請關注穩定增長股票篩選器（2102 個結果），以發現那些在艱難環境下仍能保持持續盈利和收入增長的公司。</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>這篇文章來自 Simply Wall St，內容具有一般性。<strong>我們僅基於歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不構成財務建議。</strong> 它不構成買入或賣出任何股票的推薦，也未考慮您的目標或財務狀況。我們的目標是為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價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沒有持倉。</em></p>
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儘管估值具有吸引力，Silvercrest (SAMG) 的利潤率下降引發了對其利潤增長故事的質疑