Moelis & Co Financials

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Moelis & Co (MC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MC FY2025 2026-04-30

A capital-light advisory model turns earnings into cash quickly, with operating liabilities shaping leverage more than heavy assets.

From FY2023 through FY2025, operating cash flow stayed above net income, and FY2025 free cash flow still reached $540M versus $576.3M of operating cash flow, meaning most profit turned into spendable cash rather than being absorbed by reinvestment. Even the FY2023 loss still produced cash, which suggests the firm’s distributable capacity depends more on cash conversion than on any single year’s reported earnings.

Balance-sheet leverage looks sharper than the cash position suggests: FY2025 liabilities were $1.1B, but cash also stood at $508.6M. Because equity was only $568.4M, the 1.9x liabilities-to-equity ratio reflects a thin book base more than a business that must keep pouring money into assets. Negative retained earnings alongside positive cash generation imply capital has been distributed over time, not that cash generation disappeared.

Profitability is highly volume-sensitive rather than balance-sheet-driven. Return on equity moved from -7.8% in FY2023 to 45.7% in FY2025. Return on assets reached 14.9%, showing the recovery is visible on the asset base too, not only through a smaller equity denominator. That pattern fits an asset-light model where results can swing sharply without a matching swing in invested assets.

Financial Health Signals

Financial Profile 24/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Moelis & Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Moelis & Co has a moderate D/E ratio of 1.87. This balance of debt and equity financing earns a leverage score of 64/100.

Returns

Moelis & Co earns a strong 45.7% return on equity (ROE), meaning it generates $46 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 81/100. This is up from 34.3% the prior year.

Piotroski F-Score Neutral

4/9

Moelis & Co passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

2.22x

For every $1 of reported earnings, Moelis & Co generates $2.22 in operating cash flow ($576.3M OCF vs $259.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

$285.7M

YoY+55.8%

5Y CAGR+1.1%

10Y CAGR+7.4%

Moelis & Co's EBITDA was $285.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.8% from the prior year.

Net Income

$259.6M

YoY+71.4%

5Y CAGR+3.5%

10Y CAGR+8.0%

Moelis & Co reported $259.6M in net income in fiscal year 2025. This represents an increase of 71.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$540.0M

YoY+30.0%

5Y CAGR+6.8%

10Y CAGR+14.6%

Moelis & Co generated $540.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 30.0% from the prior year.

Cash & Debt

$508.6M

YoY+23.3%

5Y CAGR+20.2%

10Y CAGR+7.4%

Moelis & Co held $508.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

45.7%

YoY+11.4pp

5Y CAGR+0.2pp

10Y CAGR-25.7pp

Moelis & Co's ROE was 45.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 11.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$36.3M

YoY+200.4%

5Y CAGR-2.2%

10Y CAGR+24.7%

Moelis & Co invested $36.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 200.4% from the prior year.

MC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$273.9M+58.4%	$172.9M+528.6%	-$40.4M-118.7%	$216.1M-56.4%	$495.9M+86.6%	$265.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$748K
Income Tax	$67.9M+52.4%	$44.5M+2829.7%	-$1.6M-103.4%	$47.6M-58.0%	$113.3M+119.3%	$51.7M
Net Income	$259.6M+71.4%	$151.5M+650.6%	-$27.5M-116.3%	$168.7M-60.1%	$423.0M+93.6%	$218.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$40.5M	N/A	$48.3M-20.3%	$60.6M+64.3%	$36.9M	N/A	$15.6M-22.4%	$20.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$3.9M	N/A	$22.2M+27.9%	$17.4M+262.1%	-$10.7M	N/A	$7.4M+8.2%	$6.9M
Net Income	$42.3M	N/A	$60.1M+28.5%	$46.8M-13.1%	$53.8M	N/A	$19.2M+28.9%	$14.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B+26.2%	$1.4B+16.9%	$1.2B-3.0%	$1.2B-21.8%	$1.6B+30.0%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$508.6M+23.3%	$412.5M+121.3%	$186.4M-9.9%	$206.8M-60.2%	$520.2M+156.9%	$202.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$82.2M+59.9%	$51.4M+0.4%	$51.2M+7.1%	$47.8M+14.2%	$41.9M-53.1%	$89.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1B+17.9%	$899.6M+10.1%	$817.3M+7.8%	$757.9M-29.7%	$1.1B+43.3%	$752.0M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$568.4M+28.7%	$441.6M+25.4%	$352.1M-20.8%	$444.5M-9.1%	$489.1M+1.9%	$479.9M
Retained Earnings	-$801.2M+2.5%	-$821.6M-7.0%	-$767.6M-36.9%	-$560.7M-4.7%	-$535.3M-27.2%	-$420.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.3B-25.9%	$1.7B+14.7%	$1.5B+13.0%	$1.3B+11.3%	$1.2B-12.5%	$1.4B+19.6%	$1.2B+9.7%	$1.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$152.9M-69.9%	$508.6M+80.6%	$281.6M+27.0%	$221.7M+20.2%	$184.5M-55.3%	$412.5M+183.8%	$145.3M-3.4%	$150.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$97.9M+19.2%	$82.2M+48.8%	$55.2M-2.3%	$56.5M+1.9%	$55.5M+7.9%	$51.4M-11.0%	$57.8M+12.0%	$51.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$667.0M-37.1%	$1.1B+18.0%	$898.6M+20.4%	$746.5M+16.6%	$640.5M-28.8%	$899.6M+18.7%	$758.0M+13.7%	$666.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$487.1M-14.3%	$568.4M+6.2%	$535.0M+3.7%	$516.0M+6.5%	$484.5M+9.7%	$441.6M+20.2%	$367.5M+2.8%	$357.5M
Retained Earnings	-$817.3M-2.0%	-$801.2M+4.2%	-$836.7M+0.1%	-$837.6M-1.5%	-$825.1M-0.4%	-$821.6M+4.7%	-$862.1M-3.7%	-$831.1M

MC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$576.3M+34.8%	$427.5M+169.8%	$158.5M+380.3%	$33.0M-96.5%	$937.0M+118.3%	$429.2M
Capital Expenditures	$36.3M+200.4%	$12.1M-27.6%	$16.7M+180.3%	$6.0M-63.7%	$16.4M-59.6%	$40.7M
Free Cash Flow	$540.0M+30.0%	$415.4M+193.0%	$141.8M+424.4%	$27.0M-97.1%	$920.6M+136.9%	$388.6M
Investing Cash Flow	-$196.0M-1245.2%	$17.1M-64.8%	$48.6M+534.4%	-$11.2M+34.3%	-$17.0M+57.4%	-$40.0M
Financing Cash Flow	-$283.9M-32.0%	-$215.1M+6.1%	-$229.2M+29.9%	-$326.9M+45.7%	-$602.5M-71.3%	-$351.8M
Dividends Paid	N/A	$184.2M+1.1%	$182.2M+4.3%	$174.7M-63.6%	$480.0M+69.6%	$282.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$278.8M-182.3%	$338.7M+70.3%	$198.9M-2.6%	$204.2M+223.4%	-$165.5M-152.5%	$315.3M+129.9%	$137.2M-2.0%	$140.0M
Capital Expenditures	$12.8M+39.6%	$9.2M-52.6%	$19.3M+306.5%	$4.8M+53.1%	$3.1M+34.3%	$2.3M+11.3%	$2.1M-11.2%	$2.3M
Free Cash Flow	-$291.6M-188.5%	$329.6M+83.6%	$179.6M-10.0%	$199.4M+218.3%	-$168.6M-153.9%	$313.0M+131.7%	$135.1M-1.8%	$137.6M
Investing Cash Flow	$127.6M+1411.4%	-$9.7M+86.7%	-$73.2M+31.0%	-$106.1M-1420.4%	-$7.0M-289.1%	$3.7M+103.9%	-$95.3M-362.2%	-$20.6M
Financing Cash Flow	-$204.4M-105.4%	-$99.5M-49.4%	-$66.6M-9.0%	-$61.1M-7.7%	-$56.7M-20.8%	-$47.0M+3.4%	-$48.6M+32.4%	-$71.9M
Dividends Paid	N/A	N/A	N/A	$59.1M+31.1%	$45.1M-1.7%	$45.9M-3.6%	$47.6M-7.6%	$51.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	45.7%+11.4pp	34.3%+42.1pp	-7.8%-45.8pp	38.0%-48.5pp	86.5%+41.0pp	45.5%
Return on Assets	14.9%+3.9pp	11.0%+13.3pp	-2.3%-16.2pp	13.9%-13.3pp	27.2%+8.9pp	18.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.87-0.2	2.04-0.3	2.32+0.6	1.71-0.5	2.20+0.6	1.57
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	8.7%	N/A	11.2%+2.2pp	9.1%-2.0pp	11.1%	N/A	5.2%+1.1pp	4.2%
Return on Assets	3.3%	N/A	4.0%+0.5pp	3.5%-1.0pp	4.5%	N/A	1.7%+0.2pp	1.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.37-0.5	1.87+0.2	1.68+0.2	1.45+0.1	1.32-0.7	2.04-0.0	2.06+0.2	1.86
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Moelis & Co profitable?

Yes, Moelis & Co (MC) reported a net income of $259.6M in fiscal year 2025.

What is Moelis & Co's EBITDA?

Moelis & Co (MC) had EBITDA of $285.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Moelis & Co's return on equity (ROE)?

Moelis & Co (MC) has a return on equity of 45.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Moelis & Co's free cash flow?

Moelis & Co (MC) generated $540.0M in free cash flow during fiscal year 2025. This represents a 30.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Moelis & Co's operating cash flow?

Moelis & Co (MC) generated $576.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Moelis & Co's total assets?

Moelis & Co (MC) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Moelis & Co's capital expenditures?

Moelis & Co (MC) invested $36.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Moelis & Co's debt-to-equity ratio?

Moelis & Co (MC) had a debt-to-equity ratio of 1.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Moelis & Co's return on assets (ROA)?

Moelis & Co (MC) had a return on assets of 14.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Moelis & Co's Piotroski F-Score?

Moelis & Co (MC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Moelis & Co's earnings high quality?

Moelis & Co (MC) has an earnings quality ratio of 2.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Moelis & Co?

Moelis & Co (MC) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.