# Pershing Square Inc. (PS) — Stock CV

Pershing Square Inc. is a $21.8B financial services company. Revenue grew 68.3% over the last year, and it keeps 2¢ of every dollar of sales as profit. It trades at 367.0× earnings.

> Pershing Square Inc is a main alternative asset manager. It employs a disciplined, research-intensive approach to fundamental value investing to preserve and grow its permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges.

## Identity

- **Ticker**: PS
- **Sector**: Financial Services
- **Industry**: Investment Advice
- **Headquarters**: NEW YORK, NY
- **Market cap**: $21.8B
- **Last price**: $54.59
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $769M
- **Net income**: $16.1M
- **Free cash flow**: $172M
- **Net debt**: $22.1M
- **P/E**: 367.0
- **Revenue growth (YoY)**: 68.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 15 |
| Growth | 62 |
| Profitability | 43 |
| Health | 70 |
| Quality | 15 |
| Moat | 27 |

## Qualifications (beginner checklist) — 7 of 9 passed

- [x] Revenue growing — +68.3% YoY
- [x] Profitable — $16.1M TTM
- [x] Profit growing — +1865.1% YoY
- [x] Generates cash — $172M TTM
- [x] Debt under control — ~0.1y of cash flow to repay
- [x] Established company — $21.8B market cap
- [ ] Proven track record — 2/3 profitable years
- [x] Financially stable — Altman Z 32.4 — safe
- [ ] Valuation not extreme — P/E 367.0

## Experience (career milestones)

- **FY2025** — Best year on record: $250M net income
- **FY2024** — Became debt-free: cash now exceeds total debt
- **FY2023** — First recorded profitable year: $209M net income
- **2010** — Ownership of the Pershing Square Building passed to several companies
- **1945** — The Pershing Square Building was renamed the Continental Can Building when the American Can Company leased space in…
- **1923** — When the Pershing Square Building was completed in 1923, it immediately became popular among tenants
- **1921** — Construction started in 1921 and was completed in 1923
- **1919** — The 25-story building's site, and the portion of Park Avenue immediately adjacent to it, was renamed Pershing Square…
- **1918** — Though the IRT Lexington Avenue Line's 42nd Street station opened in 1918, the site above the station was not…

## Strengths

- Revenue growing 68.3% year over year
- Strong cash conversion — FCF is 22.4% of revenue
- Could repay net debt from ~1.4 years of free cash flow
- High returns on invested capital (ROIC 22.7%)
- Altman Z-Score 32.42 — low bankruptcy-risk zone

## Watch-outs

- Loss-making in 1 of the recent years
- Short reporting history — trends are less reliable

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $513M | $209M | $83.8M |
| FY2024 | $455M | -$14.2M | $293M |
| FY2025 | $763M | $250M | -$135M |

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Source: https://stockcv.com/PS — derived from company filings; may be delayed or incomplete. Information, not investment advice.