GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh (GQG) AI Stock Analysis

• Market Cap: AU$4.77B
• Dividend Yield: 10.91%
• Average Volume (3M): 8.66M
• Price to Earnings (P/E): 6.7
• Beta (1Y): 1.04
• Revenue Growth: 25.96%
• EPS Growth: 32.30%
• Country: AU
• Employees: 236
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.12
• Shares Outstanding: 2,958,001,000
• 10 Day Avg. Volume: 5,983,372
• 30 Day Avg. Volume: 8,657,266
• PEG Ratio: 0.15
• Price to Book (P/B): 9.00
• Price to Sales (P/S): 5.03
• P/FCF Ratio: 9.01
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$2.08
• Price Target Upside: 20.93% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 81 Outperform
• Price Target: AU$2.00 ▲(16.28% Upside)

The score is driven primarily by strong financial performance (high profitability, low leverage, and excellent free-cash-flow conversion) and supportive valuation (low P/E and high dividend yield). Technical indicators are mixed, with the price below the 200-day average, tempering the overall rating.

Positive Factors

High profitability and revenue growth

Sustained double-digit revenue growth alongside extremely high net margins indicates a scalable, fee-driven business that converts revenue to profit efficiently. This supports durable earnings, internal reinvestment and capacity to fund distributions even through moderate AUM cycles.

Strong cash generation and conversion

Nearly one-to-one free cash flow conversion of reported earnings and strong FCF growth provide persistent internal financing. This underpins durable dividend capacity, capital allocation flexibility, and resilience to market-driven AUM swings without relying on external funding.

Conservative balance sheet with low leverage

Very low leverage and steadily growing equity create structural financial flexibility. The conservative capital structure reduces default and refinancing risk, enables opportunistic M&A or client-focused investments, and preserves stability across market cycles.

Negative Factors

Revenue tied to AUM and market performance

Business reliance on AUM-based fees makes revenue and earnings sensitive to market returns and client flows. Structural AUM volatility can compress fees and trigger redemptions, producing cyclical revenue and pressuring long-term predictability of earnings and distributions.

Reporting anomalies and margin noise

Inconsistent or anomalous reported metrics complicate trend analysis and forecasting. Persistent data noise can obscure true margin sustainability or one-off items, undermining confidence in financial models and making it harder to assess durable profitability.

Elevated ROE that may be volatile

Very high ROE reflects strong profitability but, given a relatively modest asset base, earnings and ROE can swing sharply with AUM or performance shifts. That amplifies downside risk to reported returns and can stress dividend and capital return durability in downturns.

GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh Business Overview & Revenue Model

Company Description

GQG Partners Inc. operates as a boutique asset management company. It manages equity portfolios for investors, including insurance funds, pension/superannuation funds, sovereign wealth funds, ultra-high net worth investors, sub-advised funds, financial advisers, wealth management administration platforms, private banks, and other discretionary wealth managers. The company was founded in 2016 and is headquartered in Fort Lauderdale, Florida. GQG Partners Inc. is a subsidiary of QVFT LLC.

How the Company Makes Money

GQG Partners, Inc. generates revenue primarily through management fees and performance fees. Management fees are typically a percentage of the assets under management (AUM) and are charged to clients for the firm's investment management services. Performance fees may also be earned when the firm's investment strategies outperform certain benchmarks or achieve specific performance targets. Additionally, the company's earnings are influenced by factors such as market conditions, client inflows and outflows, and the performance of their investment strategies. GQG Partners may also benefit from strategic partnerships and collaborations that enhance their investment offerings and client reach.

GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh Financial Statement Overview

Summary

Strong fundamentals: revenue grew to 742.9M in 2024 (+15.4% YoY) with very high net margins (~58%) and robust net income (431.6M). Balance sheet is conservatively levered (debt-to-equity ~0.05) and cash generation is excellent (FCF 415.1M, ~0.99x net income), though a few margin/coverage fields appear inconsistent and add minor reporting-noise risk.

Income Statement

Revenue has scaled strongly over time, reaching 742.9M in 2024 (+15.4% YoY), following solid growth in 2022–2023. Profitability remains a key strength with very high net margins (about 58% in 2024 vs. ~56% in 2022–2023), supporting robust earnings (net income 431.6M in 2024). A watch item is the 2024 EBIT margin data point, which appears inconsistent with the reported EBIT level and prior-year margin profile, creating some reported margin noise for that year.

Balance Sheet

The balance sheet looks conservatively positioned with low leverage: debt is 19.5M against 415.2M of equity in 2024 (debt-to-equity ~0.05). Equity and assets have grown steadily alongside the business (equity up from 62.4M in 2020 to 415.2M in 2024). Returns on equity are very strong (roughly 0.76–1.05 in most years, elevated in 2020), though the level of ROE is unusually high versus typical companies and could be more volatile given the business model and relatively modest asset base.

Cash Flow

Cash generation is a standout: operating cash flow was 419.2M in 2024 and free cash flow was 415.1M, both closely tracking reported profits (free cash flow is ~0.99x net income in 2024 and ~1.0x in prior years). Free cash flow growth has been solid overall (up ~17.1% in 2024), with only one notable pullback in 2022. Cash conversion quality is strong, although one 2023 coverage metric is recorded as 0.0, which looks like a data anomaly rather than a fundamental issue given the positive cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	782.76M	742.85M	517.59M	436.83M	397.94M	227.55M
Gross Profit	774.45M	742.85M	424.55M	365.16M	345.05M	182.61M
EBITDA	33.79M	0.00	384.80M	332.47M	323.61M	169.47M
Net Income	460.52M	431.56M	282.52M	237.94M	304.87M	167.91M
Balance Sheet
Total Assets	488.15M	463.92M	389.50M	341.98M	375.86M	74.14M
Cash, Cash Equivalents and Short-Term Investments	100.28M	96.06M	64.94M	19.48M	56.79M	17.75M
Total Debt	26.10M	19.46M	19.22M	10.68M	2.15M	0.00
Total Liabilities	65.33M	48.98M	39.96M	29.88M	85.08M	11.70M
Stockholders Equity	423.99M	415.17M	349.54M	312.10M	290.78M	62.44M
Cash Flow
Free Cash Flow	436.66M	415.06M	294.46M	245.30M	301.43M	143.83M
Operating Cash Flow	442.38M	419.18M	295.15M	245.30M	302.25M	143.83M
Investing Cash Flow	-35.09M	-106.04M	-1.38M	-3.52M	-4.88M	-3.08M
Financing Cash Flow	-433.50M	-283.91M	-248.25M	-278.47M	-257.40M	-135.63M

GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.72
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GQG, the sentiment is Positive. The current price of 1.72 is above the 20-day moving average (MA) of 1.64, above the 50-day MA of 1.71, and below the 200-day MA of 1.78, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 59.42 is Neutral, neither overbought nor oversold. The STOCH value of 75.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:GQG.

GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GQG	81 Outperform	AU$4.77B	6.68	116.22%	10.91%	25.96%	32.30%
MFG	71 Outperform	€1.46B	9.43	16.50%	5.99%	-13.22%	-29.69%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PNI	61 Neutral	AU$3.84B	30.71	19.56%	3.45%	37.42%	38.37%
IFL	51 Neutral	$3.12B	192.53	0.72%	―	-15.63%	―
PPT	50 Neutral	€2.00B	-33.43	-3.34%	6.01%	2.87%	87.93%
AMP	44 Neutral	AU$4.24B	23.39	4.59%	1.65%	-14.92%	179.69%

GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh Corporate Events

GQG Partners Sets Date for 2025 Full-Year Results and Investor Call

GQG Partners Inc. has announced it will release its full-year financial results for the period ending 31 December 2025 to the Australian Securities Exchange on 13 February 2026 and will host an accompanying investor conference call. The call, featuring senior leadership including Co-Founder and Executive Chairman Rajiv Jain, Co-Founder and CEO Tim Carver, CFO Charles Falck and Managing Director of Global Distribution Steve Ford, will be held via webcast and teleconference at 10:00am AEDT the same day, offering investors and analysts an opportunity to engage directly with management about the company’s performance and outlook.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Grows FUM to US$163.9bn Despite 2025 Net Outflows

GQG Partners reported total funds under management of US$163.9 billion as at 31 December 2025, up from US$153.0 billion a year earlier, as positive investment performance of US$14.8 billion more than offset net outflows of US$3.9 billion for the year, including US$2.1 billion in net outflows in December alone. The firm said its defensively positioned portfolios, aimed at protecting client assets amid what it views as extended valuations, weakening fundamentals and macroeconomic uncertainty, led to relative underperformance versus benchmarks across all strategies, but management emphasised that recurring management fees remain the dominant revenue source and reiterated its commitment to aligning with shareholders and clients.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Sets Date and Deadlines for 2026 Annual General Meeting

GQG Partners Inc. has scheduled its 2026 Annual General Meeting for 9:00 am AEST on 15 May 2026 (7:00 pm U.S. EDT on 14 May 2026), formalising the key date for shareholder engagement and governance decisions. The company has also set 16 January 2026 as the deadline for shareholders to submit proposed business or director nominations, signalling the start of its annual governance cycle and giving investors a narrow window to influence the meeting agenda, with further details to be provided in the forthcoming Notice of Meeting.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Grants Over 31 Million Unquoted Stock Units Under Employee Incentive Plan

GQG Partners Inc. has notified the market of the issue of a substantial tranche of unquoted equity securities under its employee incentive schemes, comprising 19,490,717 restricted stock units and 11,696,608 performance stock units, both with an issue date of 23 December 2025. The new awards, which are not intended to be quoted on the ASX, signal the firm’s ongoing use of equity-based compensation to retain and motivate staff, potentially increasing overall share-based remuneration and aligning employees’ interests more closely with those of shareholders.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Reports Lapse of Equity Incentive Securities

GQG Partners Inc. has notified the cessation of several tranches of equity-based awards, including 55,253 restricted stock units and a total of 42,675 performance stock units, after the conditional rights to these securities lapsed because their vesting conditions were not met or became incapable of being satisfied in late 2025. The lapses modestly reduce potential future equity dilution for shareholders and signal that certain performance or service hurdles tied to these incentives were not achieved, which may prompt investor scrutiny of the company’s incentive structures and recent performance metrics.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Seeks ASX Quotation for 2.7 Million Additional CDIs

GQG Partners Inc. has applied to the ASX for quotation of additional CHESS Depositary Interests, representing ordinary shares of the company, under its existing code GQG. The application covers a total of 2,710,332 new CDIs, issued on 29 October 2025 and 23 December 2025, which have arisen from the exercise or conversion of existing options or other convertible securities; once quoted, these securities will expand the pool of tradeable CDIs and marginally increase the company’s free float for investors.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Sets 2026 Earnings Schedule and Dividend Timetable

GQG Partners Inc. has set out its 2026 financial reporting calendar, confirming dates for its full-year and half-year earnings releases and accompanying conference calls in February and August respectively. The firm also detailed its quarterly dividend timetable for late 2025 and 2026, specifying ex-dividend, record and payment dates for each quarter in Australian Eastern Time, providing shareholders and analysts with clear visibility on upcoming disclosures and cash distributions.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Names Veteran Executive Charles Falck as New CFO

GQG Partners Inc. has appointed experienced investment management executive Charles Falck as its new chief financial officer, effective 1 January 2026, following the retirement of long-serving CFO Melodie Zakaluk. Falck, who previously served as the firm’s deputy CFO and before that as chief operating officer overseeing GQG’s global operational infrastructure, brings more than two decades of industry experience from roles at Vontobel Asset Management, ESAE Capital Partners and Goldman Sachs, a move that underscores the company’s emphasis on continuity in leadership and operational strength as it manages more than US$166 billion for institutional clients globally.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Reports Increase in Funds Under Management Despite Net Outflows

GQG Partners Inc. reported an increase in its total funds under management (FUM) to $166.1 billion as of November 30, 2025, up from $163.7 billion the previous month. Despite the overall growth, the company experienced net outflows across its various equity strategies, with the most significant decrease in emerging markets equity. This update highlights the company’s ongoing challenges in maintaining net positive flows, which may impact its market positioning and investor confidence.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.15 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.

GQG Partners Reports Decline in October Funds Under Management

GQG Partners Inc. reported a decrease in total funds under management (FUM) from $167.2 billion in September 2025 to $163.7 billion in October 2025. This decline was primarily due to negative net flows in Global Equity and U.S. Equity segments. Despite this, the company saw a year-to-date increase in international equity, highlighting a mixed performance across different market segments. The announcement reflects the firm’s ongoing challenges and opportunities in managing diverse investment strategies, which could have implications for stakeholders and market positioning.

The most recent analyst rating on (AU:GQG) stock is a Buy with a A$2.65 price target. To see the full list of analyst forecasts on GQG Partners, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:GQG Stock Forecast page.