At a glance
Moelis & Co is worth $4.61B, about 20 times its fiscal 2025 earnings. It pays no dividend. The stock returned −14.9% over the past year with dividends reinvested and +1.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.1% in the 2020 crash (S&P 500: 33.7%) and 44.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows.
The business in plain English
Moelis & Company is an independent investment bank founded in 2007. Its product is advice, not loans. Clients range from large public companies and midsize private firms to financial sponsors (investment firms such as private equity funds), governments and sovereign wealth funds. Moelis advises them on mergers and acquisitions (M&A), stock and debt financing, fights with activist shareholders, fundraising for private funds, and restructurings, where a struggling company reworks its debts.
Nearly all revenue comes from advisory fees. Each assignment is won and negotiated separately, usually with no long-term contract, so income rises and falls with deal activity. Moelis does not lend money or trade securities. Because of that, it says its advice is free of the conflicts larger banks face and its business ties up little capital. Its restructuring work can pick up when the economy weakens and mergers slow.
As of February 4, 2026, Moelis had 1,416 employees, including 1,014 advisory professionals and 178 Managing Directors (its senior bankers). They work in over 20 locations across the Americas, Europe, the Middle East, Asia and Australia. It covers sectors from technology and healthcare to energy and financial institutions, and says it has advised on over $5.5 trillion of transactions since its founding.
Price history
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MC -14.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $48.6M (+17.0%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 41% good |
|---|---|
| Return on assets (FY2025) | 13.4% good |
| Cash and investments | $207.7M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $178.8M | $388.6M |
| FY2021 | — | $365.2M | $920.6M |
| FY2022 | — | $150.3M | $27.0M |
| FY2023 | — | $-24.7M | $141.8M |
| FY2024 | — | $136.0M | $415.4M |
| FY2025 | — | $233.0M | $540.0M |
Valuation snapshot
| Market value | $4.61B |
|---|---|
| P/E ratio | 19.8 |
| Dividend yield | 4.46% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MC price data to Oct 28, 2026 | -12.6% | -14.9% | +18.3% | +1.8% | +16.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -12.6% |
| 2025 | -3.2% |
| 2024 | +37.2% |
| 2023 | +54.9% |
| 2022 | -34.5% |
| 2021 | +48.8% |
| 2020 | +63.0% |
| 2019 | +0.6% |
| 2018 | -22.6% |
| 2017 | +52.4% |
| 2016 | +30.2% |
| 2015 | -13.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.3% over that stretch · deepest drop along the way 37.1%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.4% over that stretch · deepest drop along the way 44.4%, back to its old high 14.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 2 sales ($466K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Osamu R. Watanabe General Counsel, Secretary | sell | $336K |
| Aug 27, 2026 | Kenneth Shropshire Director | sell | $130K |
Who owns it
Large shareholders (13G filings)
| Kayne Anderson Rudnick Investment Management, LLC | 7.9% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.39% | Mar 31, 2026 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| Wasatch Advisors LP | 4.4% | Jun 30, 2026 |
| The London Company | 4.14% | Dec 31, 2025 |
ETFs with the most weight in MC
| SMCO Hilton Small-MidCap Opportunity ETF | 1.57% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.18% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.65% |
| SMIZ Zacks Small/Mid Cap ETF | 0.54% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.37% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.37% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.35% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.34% |
What could go wrong
- Key bankers could leave, taking clients. Client ties rest with senior bankers. If Managing Directors or teams join rivals, clients may follow. Moelis leans heavily on Mr. Mahmoodzadegan and Mr. Moelis, and states like California limit non-compete agreements.
- Revenue rides on the deal cycle. Nearly all revenue comes from advisory fees, usually with no long-term contracts. When deal-making slows, revenue can drop fast. Net income fell from $365 million in 2021 to a $24.7 million loss in 2023.
- Fewer bankruptcies mean less restructuring work. Moelis advises many companies in financial distress. If debt defaults and bankruptcies decline, demand for its restructuring and recapitalization advice could fall, removing a cushion that helps when mergers slow.
- Founder voting power and share dilution. Mr. Moelis holds significant voting power, which may create conflicts with other shareholders. The firm also pays bankers partly in stock and may issue more shares and partnership units, diluting existing owners.
- Dividend is not guaranteed. The company says it may change its dividend policy at any time. The listed company owns only stakes in Moelis & Company Group LP and related entities, so dividends depend on that partnership's payouts.
- Big banks can bundle loans with advice. Rivals include large financial institutions that can pair advice with lending, deposits and trading. Some may cut fees to win market share, which could cost Moelis assignments or squeeze its pricing.
Recent events
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Moelis pays a quarterly cash dividend, and the yield was 4.46% as of October 28, 2026. The record is uneven. Total dividends paid fell from $480 million in 2021 to $175 million in 2022, then ran at about $182 million to $184 million in 2023 and 2024. The company paid $182 million in 2023 despite a $24.7 million net loss. In 2022, dividends far exceeded free cash flow (cash left after running the business) of $27 million. In 2024, free cash flow of $415 million covered them easily. The company says it may change its dividend policy at any time. No share buybacks were reported for fiscal 2021 through 2025.
The shares have fallen hard in downturns. They dropped 37.1% in the 2020 COVID crash but regained their prior high by June 5, 2020. In the 2022 market slump they fell 44.4% and did not fully recover until December 14, 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Moelis & Co make money?
Nearly all of its revenue comes from advisory fees. Moelis is an independent investment bank. It advises companies, private equity firms, governments and sovereign wealth funds on mergers and acquisitions, raising capital, restructuring debt and private fundraising. Unlike big banks, it does not make loans or trade securities. Each assignment is won and negotiated separately, usually with no long-term contract. So revenue depends on how many clients pay fees in a given period, and it swings with deal activity.
Does Moelis pay a dividend?
Yes. Moelis pays a quarterly cash dividend, and the yield was 4.46% as of October 28, 2026. Payments have not grown steadily. Total dividends paid fell from $480 million in 2021 to $175 million in 2022, then were about $184 million in 2024. The company says it may change its dividend policy at any time. It also depends on cash distributions from its operating partnership, Moelis & Company Group LP, to fund dividends.
Does Moelis have any debt?
No borrowings show up in its filings as of June 30, 2026. On that date it held $208 million in cash and investments, with total assets of $1.41 billion and shareholders' equity of $506 million. Moelis calls its model capital light: because it gives advice rather than lending or trading, it needs little money tied up on its balance sheet. Its 10-K does flag the risk of paying off any debt it takes on in the future.
Is Moelis stock volatile?
Yes, more than the broad market. As of October 28, 2026, its one-year beta was 1.43, meaning it has tended to move about 1.4 times as much as the market. The shares fell 44.4% from peak to low in the 2022 market slump. Their deepest drop over about 12.5 years of trading history was 58.3%. Profits swing too: net income of $365 million in 2021 turned into a $24.7 million loss in 2023.
How has Moelis stock performed?
Unevenly. As of October 28, 2026, the share price was down 14.9% over one year and 12.6% year to date. Over five years it rose only 1.8% a year. Over 10 years it gained 16.5% a year, or 361% in total. Calendar-year price returns swing widely: a 34.45% loss in 2022, gains of 54.85% in 2023 and 37.18% in 2024, then a 3.16% loss in 2025. At that date the shares traded at 19.8 times fiscal 2025 earnings, a measure called the price-to-earnings ratio.