Pershing Square Inc. (PS)

Price$36.60Cached quoteAs of 2026-09-10 19:58 UTC

AI: Overvalued

Price checkThe market price assumes years of fast fee growth with little room for disappointment.

With 400 million shares outstanding, the observed market value is about $17.1 billion. June 30 net cash and investments were about $617 million, leaving roughly $16.4 billion attributable to the operating franchise. Last-twelve-month distributable earnings were $312.8 million before future corporate taxes, implying about 53 times recent pre-tax cash-like earnings. Assuming a 25% tax rate pushes that multiple near 70 times. At 30 times after-tax earnings, sustainable annual earnings would need to approach $550 million.

Big pictureRecurring fees are growing, but current profits remain small beside the market value.

Reported second-quarter revenue was $54.2 million, while management's normalized fee measure was $68.0 million because it adds back non-cash accounting offsets. Fee-related earnings, meaning recurring fees after core operating costs, reached $56.1 million, up 24% from a year earlier, with an 82% margin. The supplied SEC history also shows operating cash flow, cash generated from running the business, positive in both 2026 quarters. Still, accounting net income swung to a $42.7 million quarterly loss, so headline earnings poorly represent the underlying fee engine.

Business strengthPermanent capital and high margins make fees durable, while the balance sheet limits leverage risk.

Fee-paying assets were $22.3 billion at June 30 and 98% were permanent capital, reducing redemption risk during weak markets; total firm assets reached about $33 billion by July 31. Cash and investments totaled $852 million against $235 million of debt. The combined offering transferred 24.7 million Pershing Square shares to new fund investors, but pre-listing owners contributed matching shares, keeping the count at 400 million. The first public quarterly dividend requires about $48.8 million, close to second-quarter distributable earnings, leaving limited retention unless profits grow.

What could change the storyFaster fund growth could rescue the valuation; weak investment returns would expose its fragility.

The strongest bull case is scale: PSUS added about $5 billion of capital, management fees have grown rapidly, and permanent funds can compound without fundraising every year. Preferred performance fees also carry forward when fund returns are insufficient. The bear case is specific: management fees fall with fund asset values, while performance fees require returns above prior high-water marks. Future corporate taxes begin reducing distributable earnings from the third quarter. Sustained after-tax earnings above roughly $500 million would materially improve the case; otherwise, a lower valuation is easier to justify.

AI: News

Second-quarter resultsRecurring fee earnings grew strongly, while accounting losses showed how investment marks can obscure the core business.

On August 12, Pershing Square reported second-quarter fee-related earnings of $56.1 million, up 24% year over year, and fee-paying assets of $22.3 billion, 98% of them permanent. Yet it posted a $42.7 million net loss because non-cash compensation and investment valuation swings hit reported results. The shares rose 6.7% in the next session. That timing is consistent with investors favoring the normalized fee results, but it does not prove the earnings release alone caused the move.

First public dividendThe first quarterly dividend turned recurring cash earnings into a visible shareholder payout.

On July 2, the board declared its first public quarterly dividend of $0.122 per share, paid July 21. With 400 million shares outstanding, that represents about $48.8 million if paid across the full share count, close to second-quarter distributable earnings of $54.3 million. The board explicitly said future dividends may vary. The stock fell on the announcement day and rose sharply the next session, so the price sequence is notable but cannot be confidently attributed to the dividend alone.

First financial supplementNew operating disclosures gave investors their first clearer view of earnings and fund growth after listing.

On June 4, Pershing Square published its first post-listing financial supplement, including first-quarter management fee revenue of $61.2 million, fee-related earnings of $47.7 million, and distributable earnings of $47.8 million. The stock rose about 8% that day, then fell about 7% the following session. The disclosure likely mattered because investors had little public trading history, but the reversal shows that short-term price moves cannot be cleanly assigned to one release.

Combined public listingThe combined listing added a large permanent fund while establishing Pershing Square's public share structure.

The April 30 combined transaction raised about $5 billion for PSUS, not for Pershing Square Inc., and delivered Pershing Square shares to PSUS investors as an incentive. Pershing Square issued 24.7 million shares in the transaction, while pre-listing management owners contributed matching shares, leaving 400 million outstanding. PSUS's debut was weak, but it immediately created a new 2% fee permanent-capital vehicle for the manager. That new fee stream is central to later earnings growth and current valuation expectations.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024	2023
Revenue	$1.5M	$1.8M	$908,753
Operating expenses	$1.06B	$462.0M	—
Operating income	−$354.3M	−$19.7M	—
Operating margin	−24,025.08%	−1,124.73%	—
EBITDA	−$215.8M	$24.2M	—
EBITDA margin	−14,631.38%	1,385.10%	—
Net income	$123,843	$285,215	$83,410
Net profit margin	8.40%	16.29%	9.18%
Basic EPSper basic share	-$0.53	-$0.04	—
Diluted EPSper diluted share	-$0.53	-$0.04	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈46.07%of listed shares

Pershing Square Partner Group LLC184.29M shares · Apr 30, 2026

View holders

Top 20 reported holders of PS
Holder	% owned
Pershing Square Partner Group LLC	≈46.07%184.29M shares
ISRAEL RYAN	≈2.29%9.14M shares
Consulta Ltd	2.14%8.56M shares
Lamotte Nicholas M	≈2.14%8.56M shares
Coppel Calvo David	≈0.89%3.58M shares
MENORA MIVTACHIM HOLDINGS LTD.	0.83%3.32M shares
Hakim Ben	≈0.81%3.23M shares
TEACHER RETIREMENT SYSTEM OF TEXAS	0.76%3.05M shares
Coussin Halit	≈0.68%2.72M shares
Gonnella Michael	≈0.66%2.63M shares
Harel Insurance Investments & Financial Services Ltd.	0.27%1.08M shares
Migdal Insurance & Financial Holdings Ltd.	0.11%450K shares
RIVERNORTH CAPITAL MANAGEMENT, LLC	0.11%450K shares
MILLENNIUM MANAGEMENT LLC	0.10%415.06K shares
BAUPOST GROUP LLC/MA	0.10%392K shares
Alberta Investment Management Corp	0.09%352.97K shares
UBS Group AG	0.09%342.04K shares
Clal Insurance Enterprises Holdings Ltd	0.07%300K shares
Kheirallah Marco Racy	≈0.06%229.42K shares
Williams Jones Wealth Management, LLC.	0.05%199K shares

Percentages use 400M 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

Buys3$19.02M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 30, 2026Form 4	ACKMAN WILLIAM A +1CEO & Chairman	BuyCommon Stock	58.7K	$24.20	$1.42M	1.50M
Apr 30, 2026Form 4	ACKMAN WILLIAM A +1CEO & Chairman	BuyCommon Stock	659.5K	$23.88	$15.75M	1.44M
Apr 30, 2026Form 4	ACKMAN WILLIAM A +1CEO & Chairman	BuyCommon Stock	81.8K	$22.61	$1.85M	781.8K

Review ownership filings at SEC.gov ↗

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Pershing Square Inc. (PS)

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