TBLD

Thornburg Inc Builder

Fundamental data last updated:April 13, 2026

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company profile

SECTOR

Financial Services

industry

Asset Management

Exchange

Nasdaq

County of HQ

United States

Next Earnings Date

Business Summary

Thornburg operates as an asset manager, generating revenue primarily from fees calculated as a percentage of assets under management. Its cash flow is driven by advisory fees that scale with market performance and client inflows, creating operating leverage when assets rise. The moat in asset management typically hinges on investment performance, brand trust, and long-term client relationships rather than hard assets. Sustained cash generation depends on retaining assets through market cycles and maintaining disciplined cost structures while competing against both passive giants and specialized active managers.

 


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VALUATION

P/E

7.2

Market Cap ($M USD)

$676

Forward P/E

-

PEG

-

PRICE TO SALES

6.9

PRICE TO BOOK

1

EV / EBITDA

-

5-Year Average P/E

Free Cash Flow Yield

DCF Value

Graham Number

Price to FCF

EV to FCF

Earnings Yield

FCF Yield

DIVIDEND

Yield

5.70%

Annual Payout

$1.25

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

-

Next Year EPS Growth Estimate

-

Next Year Revenue Growth Estimate

-

Return on Equity (ROE)

-

FREE CASH FLOW

Operating Margin

-

Debt-to-Equity

0

Piotroski F-Score

2

Altman Z-Score

-

Return on Invested Capital (ROIC)

-

Current Ratio

-

Quick Ratio

Net Debt to EBITDA

Interest Coverage

Gross Profit margin

FCF PER SHARE

REVENUE PER SHARE

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Gainseekers Quantitative Analysis

Summary

At 7.2x earnings and a $676M market cap, TBLD screens optically cheap, but this is not a clean deep value setup. The absence of a Forward P/E and Altman Z-Score eliminates forward visibility on both growth and balance sheet safety, and the Piotroski F-Score of 2 is a glaring red flag that fundamentally weakens the value thesis. With Price/Sales at 6.9 and Price/Book at 1, the market is not pricing in distress, yet it is clearly discounting quality—this is statistically cheap on trailing earnings but fundamentally fragile based on the limited health metrics provided. Without forward estimates or solvency indicators, this is a low-multiple name lacking confirmation of durability.

AI Exposure / Tech Reliance

As an Asset Management firm in Financial Services, TBLD’s exposure to AI is indirect and operational rather than product-driven. The firm’s competitiveness will depend on adopting data analytics and automated portfolio construction tools to defend margins in an increasingly tech-enabled investment landscape. Without scale or disclosed operating metrics, its ability to absorb ongoing technology investment remains uncertain.

The Bull Case

A pure deep value investor could argue that a 7.2 P/E combined with a Price/Book ratio of 1 suggests the market is valuing the firm at roughly its accounting equity while assigning minimal value to future growth. The $676M market cap keeps it under the radar, potentially creating inefficiencies in pricing. Price/Sales of 6.9 implies the market recognizes revenue quality, and the absence of leverage metrics in the data provided prevents confirmation of financial strain. For contrarians, the valuation multiple alone may justify a position if earnings prove stable, as even modest multiple expansion from 7.2x could generate outsized returns.

The Bear Case

The Piotroski F-Score of 2 is the most alarming datapoint in the entire profile—it signals weak fundamental health across profitability, leverage, and operating efficiency factors. The lack of Forward P/E, PEG Forward, EPS estimates, Debt/Equity, Operating Margin, ROIC, and Altman Z-Score creates a transparency vacuum that materially increases risk. A TTM Yield of 0 alongside a listed Dividend Per Share of 5.70% and a Payout Ratio of $1.25 introduces inconsistency in capital return signaling, further muddying financial clarity. This is not a high-quality compounder hiding at a low multiple; it looks statistically cheap but structurally uncertain.

Market Sentiment & Smart Money

Short Interest %

-

Analyst Consensus

-

Average Analyst Price Target

-

Institutional Ownership %

-

1-Year Beta

0.43

Insider Buying % (6 Mo)

-%

Distance to 52-Week High

95.00%

Distance to 52-Week Low

130.30%

EARNINGS SURPRISE %

50-DAY SMA

200-DAY SMA

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.