# Pinnacle Investment Management Group (PNI.AU)

Canonical: https://gigainvestors.com/s/PNI.AU

Analysis as of: 2026-10-16T07:40:19.648Z. Financial observations: FY2004–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

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

Share price: AUD 13.56 per share; close as of 2026-10-15.

Estimated value: low AUD 7.02 per share, central AUD 7.94 per share, high AUD 9.16 per share. Buy at or below the central value AUD 7.94 per share. Valuation as of 2026-10-16T07:40:19.648Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 3.58×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.43×

- FY2018: 0.01×

- FY2019: -0.18×

- FY2020: -0.23×

- FY2021: 0.04×

- FY2022: 0.12×

- FY2023: 0.28×

- FY2024: 0.05×

- FY2025: 1.90×

- FY2026: 0.14×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.6%

- ROIC, second-lowest year: -2.3%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 89.3%

- Recent gross margin (lower of latest and 3-year median): 90.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 17.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -8.9%

- FY2018: 0.2%

- FY2019: -2.3%

- FY2020: -1.9%

- FY2021: 0.5%

- FY2022: 1.0%

- FY2023: 2.9%

- FY2024: 0.7%

- FY2025: 13.4%

- FY2026: 1.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 436M

- Net income, five-year total: AUD 554M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 14.2 pp

- Working capital / revenue, change between three-year averages: 99.0 pp

- Working capital / revenue, final three-year average: -57.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.72×

- FY2024: 0.81×

- FY2025: 0.92×

- FY2026: 0.60×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -2.3% vs 1.4%

- Per-share earnings: 0.08 to 0.60 (three-year endpoint medians)

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.7%

- Ordinary dilution, 5-year annual growth: 3.7%

- Market cap gain: AUD 3.4B

- Cumulative retained earnings: AUD 139M

- Diluted shares, 10-year annual growth: 4.7%

- Diluted shares, 5-year annual growth: 3.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 28.7%

- Per-share value change: AUD 0.52

- Per-share value, starting three-year median: AUD 0.08

- Per-share value, ending three-year median: AUD 0.60

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 5.1%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 927M

- Cumulative net income, 10 years: AUD 721M

- ROIC, first three-year median: -2.3%

- ROIC, last three-year median: 1.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.08

- FY2018: AUD 0.13

- FY2019: AUD 0.17

- FY2020: AUD 0.18

- FY2021: AUD 0.35

- FY2022: AUD 0.39

- FY2023: AUD 0.39

- FY2024: AUD 0.44

- FY2025: AUD 0.60

- FY2026: AUD 0.77

### accounting: pass

- Sloan accruals: 4.7%

- Receivables to sales index (DSRI): 0.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 37.3%

- FY2018: 2.5%

- FY2019: 5.1%

- FY2020: -0.2%

- FY2021: 3.7%

- FY2022: 0.9%

- FY2023: 3.2%

- FY2024: 2.3%

- FY2025: 1.0%

- FY2026: 4.7%

## Holders

## Price story

Down 47% since Jan 2025 · sales +25.5%

Story as of 2026-10-16T10:00:11.382Z; price observation 2026-10-15.

Price needs cash profits to grow 7.9% a year for ten years

### Sales · FY2025–2026

sales +25.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 11M 

- FY2018: AUD 17M 

- FY2019: AUD 21M 

- FY2020: AUD 21M 

- FY2021: AUD 32M 

- FY2022: AUD 42M 

- FY2023: AUD 54M 

- FY2024: AUD 48M 

- FY2025: AUD 76M 

- FY2026: AUD 95M 

### Gross margin · FY2026

gross margin 93.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 21.3% 

- FY2019: 11.4% 

- FY2020: 88.2% 

- FY2021: 92.6% 

- FY2022: 94.5% 

- FY2023: 97.1% 

- FY2024: 14.2% 

- FY2025: 90.3% 

- FY2026: 93.2% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are AUD 95.2 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2026: revenue 95226000; grossProfit 88788000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PNI.AU: Pinnacle Investment Management Group Limited operates as an investment management company in Australia. The company offers third party distribution, and fund infrastructure and support services to its affiliates and various investment managers. It also operates as a corporate trustee and responsible entity for retail and wholesale investment trusts. The company was formerly known as Wilson Group Limited and changed its name to Pinnacle Investment Management Group Limited in August 2016. Pinnacle Investment Management Group Limited was founded in 1895 and is based in Sydney, Australia with additional offices in Brisbane, Australia, Melbourne, Australia, and London, United Kingdom.

### Why customers stay

Margins ranged from 14.2% to 93.2% during 2024–26; it earns 0.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2024: grossProfit / revenue = 14.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2025: grossProfit / revenue = 90.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2026: grossProfit / revenue = 93.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); 10-year return on capital observations [[2017,-0.08879134153901287],[2018,0.002051755533328204],[2019,-0.02345878348471719],[2020,-0.018625265984518368],[2021,0.005225702478020137],[2022,0.010115842042938784],[2023,0.029463518355769994],[2024,0.006641244044036678],[2025,0.13412856394522188],[2026,0.013967095094615072]]; median 0.005933473261028407. 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 2026-10-16T07:40:19.648Z); FY2017: growth capex 0; upkeep 55000; owner earnings 13111000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2018: growth capex 0; upkeep 43000; owner earnings 23501000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2019: growth capex 0; upkeep 53000; owner earnings 30568000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2020: growth capex 0; upkeep 2698000; owner earnings 32003000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2021: growth capex 0; upkeep 55000; owner earnings 51206000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2022: growth capex 0; upkeep 2013000; owner earnings 76674000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2023: growth capex 0; upkeep 9000; owner earnings 55334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2024: growth capex 0; upkeep 36000; owner earnings 73509000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2025: growth capex 0; upkeep 326000; owner earnings 124011000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); FY2026: growth capex 0; upkeep 672000; owner earnings 106898000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); Dividend observations: [[2017,11907000],[2018,13694000],[2019,21465000],[2020,27847000],[2021,36880000],[2022,65881000],[2023,63079000],[2024,71008000],[2025,125475000],[2026,121874000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 34.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PNI.AU SharesStats.PercentInsiders = 34.784 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.9% yearly over ten years; actual growth was 31.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:19.648Z); Ten-year compound average after fade. Initial solved rate 0.09983843037128559. Price 13.56; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.031017993949597103 → FY2026 0.468757536876429. Closing-price date 2026-10-15.

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

- 2016-10: AUD 2.10 per share

- 2016-11: AUD 2.50 per share

- 2016-12: AUD 2.43 per share

- 2017-01: AUD 2.56 per share

- 2017-02: AUD 2.25 per share

- 2017-03: AUD 2.34 per share

- 2017-04: AUD 2.28 per share

- 2017-05: AUD 2.35 per share

- 2017-06: AUD 2.90 per share

- 2017-07: AUD 3.26 per share

- 2017-08: AUD 3.28 per share

- 2017-09: AUD 3.13 per share

- 2017-10: AUD 3.25 per share

- 2017-11: AUD 3.70 per share

- 2017-12: AUD 3.71 per share

- 2018-01: AUD 4.62 per share

- 2018-02: AUD 4.60 per share

- 2018-03: AUD 4.26 per share

- 2018-04: AUD 4.51 per share

- 2018-05: AUD 5.25 per share

- 2018-06: AUD 5.37 per share

- 2018-07: AUD 6.19 per share

- 2018-08: AUD 7.37 per share

- 2018-09: AUD 7.93 per share

- 2018-10: AUD 5.50 per share

- 2018-11: AUD 5.56 per share

- 2018-12: AUD 4.39 per share

- 2019-01: AUD 4.60 per share

- 2019-02: AUD 5.10 per share

- 2019-03: AUD 5.30 per share

- 2019-04: AUD 6.10 per share

- 2019-05: AUD 5.25 per share

- 2019-06: AUD 4.38 per share

- 2019-07: AUD 4.35 per share

- 2019-08: AUD 4.41 per share

- 2019-09: AUD 4.40 per share

- 2019-10: AUD 4.92 per share

- 2019-11: AUD 4.96 per share

- 2019-12: AUD 4.66 per share

- 2020-01: AUD 4.79 per share

- 2020-02: AUD 5.23 per share

- 2020-03: AUD 2.83 per share

- 2020-04: AUD 3.96 per share

- 2020-05: AUD 4.27 per share

- 2020-06: AUD 3.92 per share

- 2020-07: AUD 5.05 per share

- 2020-08: AUD 5.38 per share

- 2020-09: AUD 5.07 per share

- 2020-10: AUD 5.06 per share

- 2020-11: AUD 6.14 per share

- 2020-12: AUD 7.10 per share

- 2021-01: AUD 7.38 per share

- 2021-02: AUD 9.17 per share

- 2021-03: AUD 9.22 per share

- 2021-04: AUD 10.60 per share

- 2021-05: AUD 10.33 per share

- 2021-06: AUD 11.97 per share

- 2021-07: AUD 13.14 per share

- 2021-08: AUD 17.23 per share

- 2021-09: AUD 15.72 per share

- 2021-10: AUD 17.16 per share

- 2021-11: AUD 16.51 per share

- 2021-12: AUD 15.61 per share

- 2022-01: AUD 11.28 per share

- 2022-02: AUD 10.26 per share

- 2022-03: AUD 10.60 per share

- 2022-04: AUD 9.51 per share

- 2022-05: AUD 8.25 per share

- 2022-06: AUD 7.03 per share

- 2022-07: AUD 10.01 per share

- 2022-08: AUD 10.31 per share

- 2022-09: AUD 8.31 per share

- 2022-10: AUD 8.14 per share

- 2022-11: AUD 8.66 per share

- 2022-12: AUD 8.73 per share

- 2023-01: AUD 10.40 per share

- 2023-02: AUD 9.23 per share

- 2023-03: AUD 7.85 per share

- 2023-04: AUD 8.22 per share

- 2023-05: AUD 8.94 per share

- 2023-06: AUD 9.98 per share

- 2023-07: AUD 10.50 per share

- 2023-08: AUD 9.36 per share

- 2023-09: AUD 9.00 per share

- 2023-10: AUD 7.74 per share

- 2023-11: AUD 8.83 per share

- 2023-12: AUD 10.08 per share

- 2024-01: AUD 10.25 per share

- 2024-02: AUD 11.22 per share

- 2024-03: AUD 11.63 per share

- 2024-04: AUD 11.33 per share

- 2024-05: AUD 13.18 per share

- 2024-06: AUD 14.18 per share

- 2024-07: AUD 16.40 per share

- 2024-08: AUD 17.49 per share

- 2024-09: AUD 18.05 per share

- 2024-10: AUD 20.13 per share

- 2024-11: AUD 23.44 per share

- 2024-12: AUD 22.85 per share

- 2025-01: AUD 25.59 per share

- 2025-02: AUD 22.81 per share

- 2025-03: AUD 17.56 per share

- 2025-04: AUD 18.08 per share

- 2025-05: AUD 20.13 per share

- 2025-06: AUD 20.54 per share

- 2025-07: AUD 22.38 per share

- 2025-08: AUD 21.47 per share

- 2025-09: AUD 17.95 per share

- 2025-10: AUD 19.76 per share

- 2025-11: AUD 18.26 per share

- 2025-12: AUD 17.15 per share

- 2026-01: AUD 16.98 per share

- 2026-02: AUD 15.72 per share

- 2026-03: AUD 14.13 per share

- 2026-04: AUD 14.82 per share

- 2026-05: AUD 15.40 per share

- 2026-06: AUD 17.11 per share

- 2026-07: AUD 15.98 per share

- 2026-08: AUD 16.87 per share

- 2026-09: AUD 13.28 per share

- 2026-10: AUD 13.88 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.35 per share, central AUD 0.36 per share, high AUD 0.38 per share

- FY2018: low AUD 1.39 per share, central AUD 1.55 per share, high AUD 1.78 per share

- FY2019: low AUD 2.10 per share, central AUD 2.35 per share, high AUD 2.69 per share

- FY2020: low AUD 1.92 per share, central AUD 2.17 per share, high AUD 2.51 per share

- FY2021: low AUD 3.19 per share, central AUD 3.56 per share, high AUD 4.06 per share

- FY2022: low AUD 3.75 per share, central AUD 4.25 per share, high AUD 4.90 per share

- FY2023: low AUD 4.68 per share, central AUD 5.31 per share, high AUD 6.14 per share

- FY2024: low AUD 4.79 per share, central AUD 5.32 per share, high AUD 6.04 per share

- FY2025: low AUD 7.40 per share, central AUD 10.52 per share, high AUD 12.34 per share

- FY2026: low AUD 7.44 per share, central AUD 8.41 per share, high AUD 9.71 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

Prior published observations retained from 2026-10-15T06:45:54.064Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.