Abacus Global Management
ABX on NYSE. Investment advice. Market value $806m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 9 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.85.
Profit per $100 you pay: $3.50.
Quality score: 62 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$8.24 a share, 65% above its 1-year low
Over the past year the price has ranged from $5.00 to $12.44.
Dividend: 2.4% a year
Paid in its latest year
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $45m | $66m | $112m | $235m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | n/a | 0.06bn | 0.07bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 73.9% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $73 million last quarter, up 30% on a year ago.
- Profit: $7 million, down 62% on a year ago.
- Spare cash over the past 12 months: $89 million. A year earlier it spent $131 million more than it brought in.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $28m |
| December 2024 | $33m |
| March 2025 | $44m |
| June 2025 | $56m |
| September 2025 | $63m |
| December 2025 | $72m |
| March 2026 | $59m |
| June 2026 | $73m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | -$18m |
| March 2025 | $5m |
| June 2025 | $18m |
| September 2025 | $7m |
| December 2025 | $7m |
| March 2026 | $7m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 149 funds in all.
- Oasis ManagementSeth Fischer
- Value
- $246,330
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $25m | 0.2% | Added |
| Oasis ManagementSeth Fischer | $246,330 | <0.1% |
Largest holders overall
- Royce & Associates$25mAdded
- BlackRock$24mCut
- Mendon Capital Advisors$19mCut
- Curi Capital$18mCut
- Ashford Capital Management$18mAdded
- Vanguard Capital Management$17mCut
- Allspring Global Investments Holdings$13mCut
- Alta Fundamental Advisers$12m
- Morgan Stanley$11mCut
- CSM Advisors$10mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $3m.
- McCauley William Hugh JRCOO and CFOSold
- Date
- 20 August 2026
- Shares
- 125,000
- Price
- $9.10
- Value
- $1m
- Jackson Jay JChief Executive Officer, DirectorSold
- Date
- 12 August 2026
- Shares
- 196,000
- Price
- $8.77
- Value
- $2m
- Ganovsky MatthewCo-Founder and PresidentSold
- Date
- 18 February 2026
- Shares
- 2,386
- Price
- $8.38
- Value
- $19,995
- Kirby Kevin ScottCo-Founder and PresidentSold
- Date
- 18 February 2026
- Shares
- 2,386
- Price
- $8.38
- Value
- $19,995
- McNealy SeanCo-Founder and President, DirectorSold
- Date
- 18 February 2026
- Shares
- 2,386
- Price
- $8.38
- Value
- $19,995
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 August 2026 | McCauley William Hugh JR COO and CFO | Sold | 125,000 | $9.10 | $1m |
| 12 August 2026 | Jackson Jay J Chief Executive Officer, Director | Sold | 196,000 | $8.77 | $2m |
| 18 February 2026 | Ganovsky Matthew Co-Founder and President | Sold | 2,386 | $8.38 | $19,995 |
| 18 February 2026 | Kirby Kevin Scott Co-Founder and President | Sold | 2,386 | $8.38 | $19,995 |
| 18 February 2026 | McNealy Sean Co-Founder and President, Director | Sold | 2,386 | $8.38 | $19,995 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 10 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 16, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of Abacus Global Management, Inc., (the “Company”) approved the dismissal of Grant Thornton, LLP (“GT”) as the Company’s independent registered public accounting firm, effective immediately.”
From an 8-K filed 18 March 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.