AllianceBernstein Holding L.P. Units (AB)

FairStock Score: 52/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with the business: AllianceBernstein is a capital-light asset manager serving pensions, banks, individuals and institutions. That can be a good business when clients stay put, because assets under management generate recurring fees. FairStock calculates ROE of 19.37% and a trailing FCF yield of 10.2% on a $3.2B market cap, and the 10.15% dividend yield at the 2026-10-13 close is substantial. But I must separate the yield from the durability of earnings. The given Lynch profile is Slow Grower, with profit growing just 1.4% a year over five years, and filed figures are uneven: net income was $264.2M in fiscal year 2023 (period ended 2023-12-31), $423.4M in fiscal year 2024 (period ended 2024-12-31), then $299.8M in fiscal year 2025 (period ended 2025-12-31). More recently, net income was $85.2M in fiscal Q1 2026 (quarter ended 2026-03-31) and $71.7M in fiscal Q2 2026 (quarter ended 2026-06-30). That is not a smooth compounder. Valuation is the crux. FairStock calculates a P/E of 10.15 at the 2026-10-13 close, which looks modest, and the FCF yield is high. But the Graham Number is $31.99, so at $34.19 the price is about 6.88% above that conservative value estimate; the margin of safety is negative. P/B is 2.56 and the Piotroski F-Score is 5/9, neither screaming bargain nor disaster. The FairStock Score is 52/100. I would call this a fair-to-slightly-expensive asset manager with a high payout, not a classic Graham bargain.

In plain English: AllianceBernstein manages investments for pensions, banks, individuals and other clients. The business makes solid profits and lots of cash, but profits have bounced around and grown slowly over the last several years. At $34.19, the shares look close to fair value on the numbers given, with a high dividend but not a big cushion if things go wrong.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer