Abacus Global Management, Inc. (ABX)

Price$9.57Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation looks moderate on cash flow and management's adjusted earnings outlook, but considerably richer on GAAP earnings because acquisition, financing and other adjustments create a wide gap between reported and adjusted profitability.

With roughly 97.8 million shares outstanding, equity value is about $0.93 billion and enterprise value is around $1.25 billion after net debt. Trailing enterprise value is roughly 11 times EBITDA and equity value is about 10 times trailing free cash flow. Management's 2026 adjusted EPS guidance implies a single-digit-to-low-double-digit earnings multiple, while trailing GAAP earnings produce a multiple above 30 times. The shares therefore look reasonably valued if fund inflows, policy gains and adjusted earnings remain durable, but less compelling if investors place greater weight on GAAP income and recurring fee revenue.

Big pictureAbacus combines life-insurance settlement origination and trading with a growing longevity-focused asset-management platform, creating high margins but also earnings that remain partly dependent on policy transaction gains.

As a licensed life-settlement provider, Abacus originates policies from insured owners through brokers, direct channels and intermediaries, then sells policies to institutional or affiliated funds or holds them on its balance sheet. It is not an insurance underwriter. At June, it held 622 policies with aggregate face value of about $683 million and fair value of $383 million. External fee-paying AUM reached approximately $3.15 billion, up 10% year over year, but second-quarter asset-management revenue declined 17.6% as fee rates and fund mix shifted. Life Solutions revenue grew strongly and remained the dominant contributor, meaning recurring management and servicing fees are growing strategically but do not yet drive most reported revenue.

Business strengthStrong policy sourcing, expanding longevity funds and improved cash generation support the model, while acquisitions have broadened distribution and wealth management at the cost of higher leverage and integration complexity.

Second-quarter revenue grew 30% year over year and adjusted EBITDA reached $39.9 million, while first-half operating cash flow increased to $130.9 million. Longevity funds raised $544.2 million during the first half, already approaching the amount raised during all of 2025. Abacus also completed a roughly $53 million strategic minority investment in Manning & Napier, gaining access to a wealth and investment platform with approximately $18 billion of AUM and establishing referral and LifeARC distribution channels. Against that growth, June cash was only $23.4 million and total debt was roughly $344 million, leaving more than $320 million of net debt and making sustained cash generation important.

What could change the storyScaling fee-paying longevity assets and successfully deploying capital could make earnings more recurring, while leverage, policy-valuation uncertainty and regulatory change are the central risks.

The bull case is that continued fund inflows, the new retail interval fund, Manning & Napier distribution and additional policy originations create a larger recurring fee base while strong realized policy gains fund debt reduction and share repurchases. The newly authorized $100 million buyback could also be accretive if executed at attractive valuations. The bear case is that life-settlement returns weaken as discount rates, financing costs or policy pricing change, insureds live longer than actuarial assumptions, or capital raising slows. Life expectancy estimates are inherently uncertain, and the industry faces state insurance regulation, privacy requirements and an evolving federal securities-law framework. Acquisitions, related-party fund activity and substantial debt add further execution and governance complexity.

AI: News

Second-quarter results showed record revenue and strong longevity-fund inflowsGrowth in Life Solutions and fundraising pushed revenue and adjusted EBITDA to quarterly records while cash generation improved sharply.

Abacus reported second-quarter revenue of $73.0 million, up 30% year over year, and adjusted EBITDA of $39.9 million. First-half longevity-fund capital raised reached $544.2 million, exceeding management's stated first-half target, while first-half operating cash flow rose to $130.9 million. GAAP net income declined year over year as acquisition-related growth, personnel and strategic spending increased, highlighting the gap between adjusted and reported profitability.

Board authorized a major share repurchase programA new repurchase authorization creates a significant capital-return lever if management judges the shares attractively valued.

In August, the board authorized repurchases of up to $100 million of common stock through May 2028. The program follows approximately $80 million of shares repurchased under earlier authorizations since December 2023. Its scale is meaningful relative to the company's equity value, although actual purchases remain discretionary and must compete with debt reduction, policy investments and acquisition opportunities for capital.

Manning & Napier investment expanded wealth-management distributionThe completed strategic minority investment gives Abacus access to a much larger advisor and asset-management ecosystem.

Abacus completed its approximately $53 million minority investment in Manning & Napier in May, using a combination of cash and newly issued shares. Manning & Napier manages approximately $18 billion and serves thousands of clients. The companies established a strategic alliance covering referrals, product distribution and joint development, and Abacus subsequently began rolling out its LifeARC platform through Manning & Napier's advisor network.

New interval fund opened longevity assets to individual investorsThe launch of ABXGX broadens the potential investor base beyond institutional and private fund structures and could increase recurring management fees over time.

In July, Abacus launched the ABX Longevity Growth and Income Fund, a registered closed-end interval fund designed to invest primarily in longevity-linked assets. The vehicle gives individual investors and financial advisors access to the strategy for the first time through a registered product. Successful asset gathering would diversify Abacus's fee base, although the fund invests in illiquid assets and its own liquidity is limited.

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Revenue

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2023

2024

2025

Net income

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2021

2022

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$235.2M	$111.9M	$66.4M	$44.7M	—	—
Gross profit	$206.4M	$100.6M	$59.9M	$38.8M	—	—
Gross margin	87.73%	89.84%	90.23%	86.84%	—	—
Operating expenses	$117.6M	$101.4M	$35.8M	$5.2M	—	—
Operating income	$88.8M	−$888,304	$24.1M	$33.7M	—	—
Operating margin	37.73%	−0.79%	36.33%	75.29%	—	—
EBITDA	$107.4M	$7.0M	$27.5M	$33.7M	—	—
EBITDA margin	45.64%	6.27%	41.47%	75.30%	—	—
Net income	$36.5M	−$24.0M	$9.5M	$31.7M	$15.8M	−$10.8M
Net profit margin	15.53%	−21.41%	14.33%	70.86%	—	—
Basic EPSper basic share	$0.38	-$0.34	$0.17	$0.63	—	—
Diluted EPSper diluted share	$0.36	-$0.34	$0.16	$0.63	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈13.12%of listed shares

McNealy Sean12.74M shares · May 8, 2026

View holders

Top 20 reported holders of ABX
Holder	% owned
McNealy Sean	≈13.12%12.74M shares
Kirby Kevin Scott	≈13.12%12.73M shares
Jackson Jay J	≈10.91%10.59M shares
Ganovsky Matthew	≈9.06%8.79M shares
ROYCE & ASSOCIATES LP	2.39%2.32M shares
BlackRock, Inc.	2.35%2.28M shares
MENDON CAPITAL ADVISORS CORP	1.85%1.8M shares
Curi Capital, LLC	1.75%1.7M shares
ASHFORD CAPITAL MANAGEMENT INC	1.72%1.67M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.65%1.6M shares
Allspring Global Investments Holdings, LLC	1.14%1.11M shares
McCauley William Hugh JR	≈1.14%1.11M shares
Alta Fundamental Advisers LLC	1.13%1.1M shares
MORGAN STANLEY	1.03%999.87K shares
CSM Advisors, LLC	0.99%965.73K shares
Plesco Elena	≈0.90%874.78K shares
STATE OF WISCONSIN INVESTMENT BOARD	0.90%872.32K shares
STATE STREET CORP	0.88%850.76K shares
GEODE CAPITAL MANAGEMENT, LLC	0.79%762.85K shares
QTR Family Wealth, LLC	0.66%641.69K shares

Percentages use 97.09M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys11$2.46M disclosed value

Sells (SEC code S)11$22.49M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 18, 2026Form 4	Ganovsky MatthewCo-Founder and President	SellCommon Stock	2.4K	$8.38	$20.0K	8.61M
Feb 18, 2026Form 4	Kirby Kevin ScottCo-Founder and President	SellCommon Stock	2.4K	$8.38	$20.0K	12.46M
Feb 18, 2026Form 4	McNealy SeanCo-Founder and President	SellCommon Stock	2.4K	$8.38	$20.0K	12.46M
Jun 4, 2025Form 4/A	McNealy SeanCo-Founder and President	BuyCommon Stock · indirect	86.2K	$5.77	$497.4K	86.2K
Jun 4, 2025Form 4/A	Kirby Kevin ScottCo-Founder and President	BuyCommon Stock · indirect	86.2K	$5.77	$497.4K	86.2K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat16 days ago
Abacus completes life-insurance securitization exceeding $400 million
Abacus Global Management ($ABX) completed a securitization backed by life-insurance policies with a total structure exceeding $400 million. The transaction includes senior Class A notes, Class B notes and a residual interest. The company sa ...
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Abacus Global Management, Inc. (ABX)

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Abacus completes life-insurance securitization exceeding $400 million