Forensic Analysis · Asset Management / Investment Advisory · as of Nov 8, 2026
AlTi Global, Inc. (ALTI)
A forensic read on AlTi Global, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Not applicable
Earnings quality
6
Forensic signals
-19.0%
ROE
28.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
AlTi Global, Inc. earns a D (Weak — demands caution) forensic quality grade. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-10.1%
FY2025
Return on invested capital.Return on invested capital is -10.1% in the latest fiscal year and slipping across FY2023–FY2025 from -7.3%. After-tax operating profit was ($38M) in FY2023 and ($58M) in FY2025, with operating income at -21.8% of revenue in FY2023, -29.7% in FY2024 and -29.0% in FY2025. The capital base behind it grew +10% across FY2023–FY2025, from $523M to $577M, while the return fell 2.8 points, so the dollars added over that window earned less than the -7.3% the older base was already earning. FY2023's operating profit carried a $154M goodwill write-off and a $9M asset write-down that took about 24.6 points off that year's return, and FY2025's carried a $36M asset write-down that took about 4.9 points off the latest; so, net of each other, the two charges add about 19.7 points to the -2.8-point change across FY2023–FY2025. FY2024's operating profit carried a $29M goodwill write-off and a $69,100 asset write-down that alone took about 4.2 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+27.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +63% over the last 2 years to FY2025 (+27.5%/yr). The count is growing — 61.4M shares in FY2023, 99.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~27.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~39%.
stopped
FY2023→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $8M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.
-$214.3M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $205.1M against operating cash flow of -$214.3M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue in FY2025 — about $0.32 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 27.5% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$183M
FY2023–FY2024
Goodwill impairments.Took $183M of goodwill writedowns across 2 years (FY2023 ($154M), FY2024 ($29M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$255.0M
Revenue Growth YoY+28.5%
Revenue CAGR (2yr)+7.4%
Net Margin-46.9%
Free Cash Flow-$52.2M
Return on Equity-19.0%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from AlTi Global, Inc.'s actual 10-K/10-Q/8-K filings?