# Digitalbridge Group (DBRG.US)

Canonical: https://gigainvestors.com/s/DBRG

Analysis as of: 2026-10-16T07:27:55.562Z. Financial observations: FY2010–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $16.00 per share; close as of 2026-09-29.

Estimated value: low $6.87 per share, central $7.49 per share, high $8.32 per share. Buy at or below the central value $7.49 per share. Valuation as of 2026-10-16T07:27:55.562Z; scenarios are not confidence intervals.

Expected annual return: 5.6% at the stated quote. About 5.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 6

- Operating margin variation: 6.77×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: -0.11×

- FY2018: 0.35×

- FY2019: -1.99×

- FY2020: -0.52×

- FY2021: 0.08×

- FY2022: -0.29×

- FY2023: 0.45×

- FY2024: 0.22×

- FY2025: 3.44×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.4%

- ROIC, second-lowest year: -1.7%

- Typical minus recent gross margin: -13.1 pp

- Typical gross margin (annual median): 86.5%

- Recent gross margin (lower of latest and 3-year median): 99.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 69.7%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.7%

- FY2017: -1.4%

- FY2018: 2.3%

- FY2019: -0.8%

- FY2020: -1.7%

- FY2021: 0.5%

- FY2022: -2.7%

- FY2023: 25.7%

- FY2024: 8.5%

- FY2025: 16.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.1B

- Net income, five-year total: -$392M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -29.7 pp

- Working capital / revenue, change between three-year averages: -153.7 pp

- Working capital / revenue, final three-year average: 64.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$38M

- FY2022: -$1.5B

- FY2023: $185M

- FY2024: $101M

- FY2025: $111M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 2.3% vs 16.1%

- Per-share earnings: 2.80 to 0.47 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.8%

- Ordinary dilution, 5-year annual growth: 8.2%

- Market cap gain: $93M

- Cumulative retained earnings: -$6.5B

- Diluted shares, 10-year annual growth: 15.8%

- Diluted shares, 5-year annual growth: 8.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -19.9%

- Per-share value change: -$2.33

- Per-share value, starting three-year median: $2.80

- Per-share value, ending three-year median: $0.47

- Buybacks concentrated in cheaper years (correlation): -0.52

- Average buyback yield: 6.8%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.0B

- Cumulative net income, 10 years: -$4.7B

- ROIC, first three-year median: 2.3%

- ROIC, last three-year median: 16.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.80

- FY2017: -$1.49

- FY2018: -$4.18

- FY2019: -$8.75

- FY2020: -$22.60

- FY2021: -$2.52

- FY2022: -$2.73

- FY2023: $1.09

- FY2024: $0.42

- FY2025: $0.47

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 10.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.12×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -3.0%

- FY2018: -4.6%

- FY2019: -6.1%

- FY2020: -13.7%

- FY2021: -3.9%

- FY2022: -6.2%

- FY2023: -1.4%

- FY2024: 0.3%

- FY2025: -5.2%

## Holders

## Price story

Down 52% since Dec 2021 · sales -84.5%

Story as of 2026-10-14T09:30:23.907Z; price observation 2026-09-29.

Price needs cash profits to grow 13.2% a year for ten years

- 2025-12-29: SoftBank Group to Acquire DigitalBridge for $4 Billion to Scale Next-Gen AI Infrastructure ([finance.yahoo.com](https://finance.yahoo.com/news/softbank-group-acquire-digitalbridge-4-133000596.html))

### Sales · FY2024–2025

sales -84.5%; source https://www.sec.gov/Archives/edgar/data/1679688/000167968826000021/dbrg-20251231.htm; observed 2026-02-26.

- FY2016: $839M 

- FY2017: $2.5B 

- FY2018: $1.2B 

- FY2019: $61M 

- FY2020: $416M 

- FY2021: $388M 

- FY2022: $695M 

- FY2023: $821M 

- FY2024: $607M 

- FY2025: $94M 

### Gross margin · FY2024

gross margin 76.2%; source https://www.sec.gov/Archives/edgar/data/1679688/000167968826000021/dbrg-20251231.htm; observed 2026-02-26.

- FY2016: 94.9% 

- FY2017: 63.4% 

- FY2018: 98.1% 

- FY2019: 78.1% 

- FY2020: 67.5% 

- FY2021: 75.5% 

- FY2023: 99.6% 

- FY2024: 76.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 94 million.

- Source: https://www.sec.gov/Archives/edgar/data/1679688/000167968826000021/dbrg-20251231.htm#000167968826000021 (filed 2026-02-26); FY2025: revenue 93959000; grossProfit 411225000; margin = grossProfit / revenue.

### Why customers stay

It earns 1.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 99.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 76.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1679688/000167968826000021/dbrg-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 437.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.03670875256130513],[2017,-0.013549163682027736],[2018,0.023383517728837466],[2019,-0.008297694394409225],[2020,-0.017071184490714635],[2021,0.005263027682432132],[2022,-0.026706325507971394],[2023,0.2573776158750541],[2024,0.08465407370776125],[2025,0.16050559914674878]]; median 0.014323272705634799. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 501221000; owner earnings 298387000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 1325122000; owner earnings 1345856000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 485120000; owner earnings 1014544000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 167919000; upkeep 485551000; owner earnings 185280000. Growth capex / owner earnings = 0.9062985751295337.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 3588000; owner earnings 100640000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1679688/000167968826000021/dbrg-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 1350000; owner earnings 111334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,229544000],[2017,612338000],[2018,431221000],[2019,322697000],[2020,185843000],[2021,73384000],[2022,64031000],[2023,65238000],[2024,65412000],[2025,58641000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBRG.US SharesStats.PercentInsiders = 3.6900000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.2% yearly over ten years; actual decline was 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.17807667434275054. Price 16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.737521858254726 → FY2025 0.6335406554261294. Closing-price date 2026-09-29.

## Monthly share-price history (USD per share)

- 2016-11: $55.95 per share

- 2016-12: $55.24 per share

- 2017-01: $55.68 per share

- 2017-02: $58.72 per share

- 2017-03: $51.64 per share

- 2017-04: $52.28 per share

- 2017-05: $56.52 per share

- 2017-06: $56.36 per share

- 2017-07: $58.56 per share

- 2017-08: $52.44 per share

- 2017-09: $50.24 per share

- 2017-10: $49.12 per share

- 2017-11: $48.76 per share

- 2017-12: $45.64 per share

- 2018-01: $35.92 per share

- 2018-02: $31.12 per share

- 2018-03: $22.48 per share

- 2018-04: $24.44 per share

- 2018-05: $23.56 per share

- 2018-06: $24.96 per share

- 2018-07: $24.64 per share

- 2018-08: $24.52 per share

- 2018-09: $24.36 per share

- 2018-10: $23.48 per share

- 2018-11: $24.64 per share

- 2018-12: $18.72 per share

- 2019-01: $24.28 per share

- 2019-02: $22.24 per share

- 2019-03: $21.28 per share

- 2019-04: $20.56 per share

- 2019-05: $20.76 per share

- 2019-06: $20.00 per share

- 2019-07: $22.60 per share

- 2019-08: $18.00 per share

- 2019-09: $24.08 per share

- 2019-10: $22.40 per share

- 2019-11: $19.52 per share

- 2019-12: $19.00 per share

- 2020-01: $18.68 per share

- 2020-02: $15.84 per share

- 2020-03: $7.00 per share

- 2020-04: $9.24 per share

- 2020-05: $8.04 per share

- 2020-06: $9.60 per share

- 2020-07: $7.68 per share

- 2020-08: $10.84 per share

- 2020-09: $10.92 per share

- 2020-10: $14.24 per share

- 2020-11: $17.28 per share

- 2020-12: $19.24 per share

- 2021-01: $19.84 per share

- 2021-02: $23.68 per share

- 2021-03: $25.92 per share

- 2021-04: $28.00 per share

- 2021-05: $27.48 per share

- 2021-06: $31.60 per share

- 2021-07: $27.84 per share

- 2021-08: $27.60 per share

- 2021-09: $24.12 per share

- 2021-10: $26.80 per share

- 2021-11: $31.84 per share

- 2021-12: $33.32 per share

- 2022-01: $29.20 per share

- 2022-02: $29.00 per share

- 2022-03: $28.80 per share

- 2022-04: $27.84 per share

- 2022-05: $24.08 per share

- 2022-06: $19.52 per share

- 2022-07: $21.92 per share

- 2022-08: $17.80 per share

- 2022-09: $12.51 per share

- 2022-10: $12.80 per share

- 2022-11: $14.43 per share

- 2022-12: $10.94 per share

- 2023-01: $14.80 per share

- 2023-02: $12.27 per share

- 2023-03: $11.99 per share

- 2023-04: $12.43 per share

- 2023-05: $12.46 per share

- 2023-06: $14.71 per share

- 2023-07: $16.02 per share

- 2023-08: $17.42 per share

- 2023-09: $17.58 per share

- 2023-10: $15.85 per share

- 2023-11: $17.26 per share

- 2023-12: $17.54 per share

- 2024-01: $19.64 per share

- 2024-02: $18.37 per share

- 2024-03: $19.27 per share

- 2024-04: $16.44 per share

- 2024-05: $13.64 per share

- 2024-06: $13.70 per share

- 2024-07: $14.13 per share

- 2024-08: $12.49 per share

- 2024-09: $14.13 per share

- 2024-10: $15.69 per share

- 2024-11: $13.10 per share

- 2024-12: $11.28 per share

- 2025-01: $10.97 per share

- 2025-02: $11.37 per share

- 2025-03: $8.82 per share

- 2025-04: $8.40 per share

- 2025-05: $11.06 per share

- 2025-06: $10.35 per share

- 2025-07: $10.74 per share

- 2025-08: $11.41 per share

- 2025-09: $11.70 per share

- 2025-10: $11.83 per share

- 2025-11: $9.71 per share

- 2025-12: $15.34 per share

- 2026-01: $15.39 per share

- 2026-02: $15.45 per share

- 2026-03: $15.42 per share

- 2026-04: $15.56 per share

- 2026-05: $15.64 per share

- 2026-06: $15.78 per share

- 2026-07: $15.87 per share

- 2026-08: $15.91 per share

- 2026-09: $16.00 per share

- 2026-10: $16.00 per share

## Annual estimated value (USD per share)

- FY2016: low $39.96 per share, central $44.27 per share, high $50.00 per share

- FY2017: low $35.87 per share, central $39.91 per share, high $45.30 per share

- FY2018: low $40.20 per share, central $45.26 per share, high $51.99 per share

- FY2019: low $12.02 per share, central $12.29 per share, high $12.66 per share

- FY2020: low $15.78 per share, central $17.66 per share, high $20.17 per share

- FY2025: low $2.83 per share, central $2.97 per share, high $3.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1679688/000167968826000021/dbrg-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.