Founded in 1986, Bright Horizons Family Solutions (NYSE:BFAM | BFAM Price Prediction) is a leading provider of early education and childcare, and just beat fourth-quarter earnings estimates, but the market’s reaction told a different story. The stock dropped roughly 19% in a single day after management revealed plans to close 45 to 50 centers in 2026, nearly double the original estimate of 25 to 30. Shares have since recovered slightly but remain down 24.6% year-to-date and 39.67% over the past year.
The Beat That Didn’t Matter Looking deeper into the numbers, the company announced its adjusted EPS came in at $1.15, above the $1.12 estimate, while revenue of $733.7 million beat expectations of $728.77 million. But GAAP net income collapsed 25% year-over-year to $21.74 million, weighed down by $45.1 million in impairment and lease termination costs tied to the full-service center segment. Adjusted EBITDA rose 12% to $123.45 million, but investors focused on what the closures signal about the underlying business.
Why So Many Centers Are Closing As for why so many centers are closing, CFO Elizabeth Boland described the closures as a mix of lease expirations, chronic underperformance, and unworkable economics. “The decision to close centers has been influenced by several factors, including some centers being within one to three years of the end of their lease, underperformance, falling enrollment, and the overall economics of operations that do not justify the fixed costs,” In some cases, conditions were severe enough to exit even with years remaining on a lease: “There are also situations where the underperformance is so significant that we chose to cease operations, even if the lease has several more years to run.”
The biggest concern focuses on centers operating below 40% occupancy, which declined from 16% to 12% of the portfolio between Q4 2024 and Q4 2025, and, after early 2026 closures, has since fallen to approximately 70 centers. Overall occupancy remains in the mid-60s, and management does not expect it to exceed that level by year-end 2026. The closures carry a roughly 200-basis-point headwind to full-service revenue growth in 2026.
Back-Up Care Carries the Weight While center-based care is being trimmed, back-up care continues to outperform. Full-year 2025 back-up care revenue exceeded $725 million, and the segment posted a 37% operating margin in Q3 2025. CEO Stephen Kramer framed the strategy around this strength: “We will continue to operate in locations that are important to our client partners, are strategic in delivering back-up care, and in areas with strong supply-demand dynamics.”
Legal Pressure and the Buyback Signal The closure announcement triggered securities fraud investigations from multiple law firms, including Bronstein, Gewirtz & Grossman and Pomerantz LLP, citing the near-doubling of closure estimates and the resulting stock decline.
A New York Times report from February 4, 2026 alleging issues at certain facilities added further scrutiny. Against that backdrop, Bright Horizons authorized a new $600 million share repurchase program on March 9, 2026, replacing a prior $500 million program. The analyst consensus target is $97.11, against a current price of $76.46, with a forward P/E of roughly 15x.
For 2026, management has indicated it expects guided revenue between $3.075 billion and $3.125 billion and adjusted EPS of $4.90 to $5.10. Whether the leaner portfolio delivers the promised margin improvement, or whether the closures reflect a structural retreat from center-based care, is the question investors will be watching over the rest of the year.
Data Sources
Bright Horizons Q4 2025 earnings data and segment results from Fuse API stock data and earnings endpoints Earnings call transcript quotes from CFO Elizabeth Boland and CEO Stephen Kramer via Alpha Vantage earnings call transcript data Securities fraud investigation details and buyback announcement from Alpha Vantage news sentiment data (February-March 2026) Stock price performance metrics from Fuse API price performance data as of March 16, 2026
Philadelphia, Pennsylvania--(Newsfile Corp. - March 27, 2026) - Kehoe Law Firm, P.C. is investigating potential breaches of fiduciary duty by certain officers and directors of Bright Horizons Family Solutions Inc. ("Bright Horizons") (NYSE: BFAM).
The investigation focuses on whether certain officers or directors breached their fiduciary duties in connection with a February 4, 2026 report by The New York Times which stated, among other things, that "[i]n New York City, health officials have moved to shut down one center where workers were charged with child abuse. Records show that problems extend across the network."
According to The New York Times, "New York City health officials have moved to permanently shut down a Manhattan branch of the child care giant Bright Horizons where prosecutors say employees committed disturbing acts of child abuse, documents show."
Additional information available at https://kehoelawfirm.com/bright-horizons-stock/.
ABOUT KEHOE LAW FIRM, P.C.
Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.
Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.
This press release may constitute attorney advertising.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290219
Source: Kehoe Law Firm, P.C.
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Bright Horizons Family Solutions Inc. (NYSE:BFAM – Get Free Report) has earned an average rating of “Hold” from the ten ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $107.1111.
Several equities research analysts have commented on BFAM shares. BMO Capital Markets cut their price objective on Bright Horizons Family Solutions from $124.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. The Goldman Sachs Group lowered their price target on Bright Horizons Family Solutions from $130.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Wall Street Zen cut Bright Horizons Family Solutions from a “buy” rating to a “hold” rating in a research report on Sunday, November 30th. Robert W. Baird set a $100.00 price objective on Bright Horizons Family Solutions in a research note on Friday, February 13th. Finally, Zacks Research lowered Bright Horizons Family Solutions from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th.
View Our Latest Analysis on BFAM
Hedge Funds Weigh In On Bright Horizons Family Solutions Several hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its holdings in Bright Horizons Family Solutions by 34.4% in the 4th quarter. Signaturefd LLC now owns 426 shares of the company’s stock valued at $43,000 after acquiring an additional 109 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Bright Horizons Family Solutions by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 18,128 shares of the company’s stock worth $1,968,000 after purchasing an additional 110 shares during the last quarter. Cibc World Market Inc. boosted its holdings in shares of Bright Horizons Family Solutions by 2.2% during the 3rd quarter. Cibc World Market Inc. now owns 6,504 shares of the company’s stock worth $706,000 after purchasing an additional 137 shares during the last quarter. Xponance LLC grew its position in shares of Bright Horizons Family Solutions by 3.9% in the fourth quarter. Xponance LLC now owns 3,686 shares of the company’s stock valued at $374,000 after purchasing an additional 137 shares in the last quarter. Finally, Inspire Advisors LLC grew its position in shares of Bright Horizons Family Solutions by 2.3% in the third quarter. Inspire Advisors LLC now owns 6,582 shares of the company’s stock valued at $715,000 after purchasing an additional 147 shares in the last quarter.
Bright Horizons Family Solutions Stock Performance BFAM opened at $78.02 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.56. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 1.49 and a beta of 1.42. Bright Horizons Family Solutions has a 52-week low of $63.68 and a 52-week high of $132.99. The firm’s fifty day simple moving average is $80.69 and its two-hundred day simple moving average is $94.73.
Bright Horizons Family Solutions (NYSE:BFAM – Get Free Report) last released its earnings results on Thursday, February 12th. The company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $727.44 million. Bright Horizons Family Solutions had a net margin of 6.58% and a return on equity of 17.41%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. Bright Horizons Family Solutions has set its FY 2026 guidance at 4.900-5.100 EPS. Equities analysts anticipate that Bright Horizons Family Solutions will post 3.61 earnings per share for the current fiscal year.
About Bright Horizons Family Solutions (Get Free Report)
Bright Horizons Family Solutions, Inc (NYSE: BFAM) is a leading provider of employer-sponsored child care and early education services, offering a range of solutions designed to support working families and organizations. Through a network of on-site, near-site and center-based programs, the company partners with corporate and nonprofit clients to deliver infant, toddler, preschool and school-age care. Services emphasize age-appropriate curriculum, developmental milestones and community engagement to ensure high-quality learning experiences.
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Bright Horizons Family Solutions (BFAM - Free Report) , which belongs to the Zacks Business - Services industry.
This child care and early education services provider has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 10.35%.
For the last reported quarter, Bright Horizons came out with earnings of $1.15 per share versus the Zacks Consensus Estimate of $1.13 per share, representing a surprise of 1.77%. For the previous quarter, the company was expected to post earnings of $1.32 per share and it actually produced earnings of $1.57 per share, delivering a surprise of 18.94%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Bright Horizons. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Bright Horizons currently has an Earnings ESP of +0.84%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Investors interested in stocks from the Business - Services sector have probably already heard of Bright Horizons Family Solutions (BFAM - Free Report) and APi (APG - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Right now, Bright Horizons Family Solutions is sporting a Zacks Rank of #2 (Buy), while APi has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that BFAM likely has seen a stronger improvement to its earnings outlook than APG has recently. But this is just one factor that value investors are interested in.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
BFAM currently has a forward P/E ratio of 16.51, while APG has a forward P/E of 27.12. We also note that BFAM has a PEG ratio of 1.30. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. APG currently has a PEG ratio of 2.71.
Another notable valuation metric for BFAM is its P/B ratio of 3.54. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, APG has a P/B of 5.55.
These are just a few of the metrics contributing to BFAM's Value grade of B and APG's Value grade of C.
BFAM has seen stronger estimate revision activity and sports more attractive valuation metrics than APG, so it seems like value investors will conclude that BFAM is the superior option right now.
Bright Horizons Family Solutions (BFAM - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Bright Horizons is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Bright Horizons, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Bright HorizonsThis child care and early education services provider is expected to earn $5.08 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Bright Horizons. Over the past three months, the Zacks Consensus Estimate for the company has increased 0.1%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Bright Horizons to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.
By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.
However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.
Our proprietary system currently recommends Bright Horizons Family Solutions (BFAM - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).
Here are three of the most important factors that make the stock of this child care and early education services provider a great growth pick right now.
Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Bright Horizons is 31.9%, investors should actually focus on the projected growth. The company's EPS is expected to grow 11.6% this year, crushing the industry average, which calls for EPS growth of 10.1%.
Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.
Right now, year-over-year cash flow growth for Bright Horizons is 20.2%, which is higher than many of its peers. In fact, the rate compares to the industry average of 9.5%.
While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 11.5% over the past 3-5 years versus the industry average of 9.5%.
Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
There have been upward revisions in current-year earnings estimates for Bright Horizons. The Zacks Consensus Estimate for the current year has surged 1.2% over the past month.
Bottom LineBright Horizons has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination positions Bright Horizons well for outperformance, so growth investors may want to bet on it.
Bright Horizons (BFAM) is positioned for a re-rating if it delivers on full-year guidance after closing 5% of loss-making centers. BFAM's high-margin back-up care segment drives growth, while full-service closures enhance the overall operating profile and margin mix. The stock trades at a beaten-down forward P/E of 15.5x, with a price target of $121 (43% upside) based on 22x $5.50 EPS.
NEWTON, Mass.--(BUSINESS WIRE)--As employers reset priorities for spring planning and performance reviews, data from EdAssist by Bright Horizons (NYSE:BFAM) shows that skills gaps, particularly around artificial intelligence, are emerging as one of the biggest constraints on productivity and workforce confidence. According to the 2025 EdAssist by Bright Horizons Education Index, conducted by The Harris Poll among more than 2,000 U.S. employees, AI is reshaping roles faster than workers feel pre.
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended March 31, 2026 on Tuesday, May 5, 2026, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the first quarter 2026, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-844-53.
On April 23, 2026, Bright Horizons Family Solutions Inc (BFAM) shares fell 3.9% today, closing at $81.70. The stock has fluctuated within a 52-week range of $63
Bright Horizons Family Solutions has delivered strong top- and bottom-line growth despite reducing its number of childcare locations. Management's strategy centers on closing underperforming centers, raising tuition rates, and boosting occupancy, driving improved profitability and cash flow. BFAM is currently rated "Hold" due to its valuation, which straddles the line between fairly valued and undervalued compared to peers.
Investors interested in Business - Services stocks are likely familiar with Bright Horizons Family Solutions (BFAM) and APi (APG). But which of these two stocks is more attractive to value investors?
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) today announced financial results for the first quarter of 2026 and reaffirmed financial guidance for 2026 initially provided on February 12, 2026. Bright Horizons is a leading provider of high-quality early education and child care, comprehensive back-up care solutions, and educational advisory services. Our offerings support both working families and employers' workforce strategies by supporting their employee.
For the quarter ended March 2026, Bright Horizons Family Solutions (BFAM - Free Report) reported revenue of $712.22 million, up 7% over the same period last year. EPS came in at $0.82, compared to $0.77 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $711.5 million, representing a surprise of +0.1%. The company delivered an EPS surprise of +3.37%, with the consensus EPS estimate being $0.79.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Bright Horizons performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Number of Centers EOP (education and child care): 988 million versus the two-analyst average estimate of 992.5 million.Revenue- Full service center-based child care: $540.63 million versus the two-analyst average estimate of $539.22 million. The reported number represents a year-over-year change of +5.9%.Revenue- Educational advisory and other services: $26.92 million versus the two-analyst average estimate of $27.16 million. The reported number represents a year-over-year change of +2.1%.Revenue- Back-up care: $144.67 million compared to the $144.05 million average estimate based on two analysts. The reported number represents a change of +12.5% year over year.Adjusted income from operations- Full service center-based child care: $36.91 million compared to the $34.4 million average estimate based on two analysts.Adjusted income from operations- Educational advisory and other services: $2.47 million versus $1.63 million estimated by two analysts on average.Adjusted income from operations- Back-up care: $25.57 million compared to the $25.21 million average estimate based on two analysts.View all Key Company Metrics for Bright Horizons here>>>
Shares of Bright Horizons have returned -4.2% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Bright Horizons Family Solutions (BFAM - Free Report) came out with quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.77 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.37%. A quarter ago, it was expected that this child care and early education services provider would post earnings of $1.13 per share when it actually produced earnings of $1.15, delivering a surprise of +1.77%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Bright Horizons, which belongs to the Zacks Business - Services industry, posted revenues of $712.22 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.10%. This compares to year-ago revenues of $665.53 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Bright Horizons shares have lost about 20.2% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Bright Horizons?While Bright Horizons has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Bright Horizons was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.20 on $772.03 million in revenues for the coming quarter and $5.08 on $3.11 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Services is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, AMN Healthcare Services (AMN - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This health care staffing company is expected to post quarterly earnings of $1.60 per share in its upcoming report, which represents a year-over-year change of +255.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
AMN Healthcare Services' revenues are expected to be $1.23 billion, up 78.7% from the year-ago quarter.
Recognized as a Top Massachusetts Employer Fostering Exceptional Workplace Culture
NEWTON, Mass.--(BUSINESS WIRE)--The Boston Business Journal has named Bright Horizons to its 2026 Best Places to Work list — the BBJ’s exclusive ranking of the Massachusetts companies that have built outstanding work environments for their people. The 90 companies honored in 2026 range in size and industry, with winners from the technology sector, retail industry, health care space, commercial real estate and more.
“This recognition reflects the strength of our culture and the dedication of our people,” said Bright Horizons Chief Human Resources Officer Sara Lester.
Share Headquartered in Newton, MA, Bright Horizons is a leading provider of high-quality early education and child care, back-up care solutions, and educational advisory services. The company employs more than 32,000 people globally, including more than 2,000 employees across more than 65 locations in Massachusetts, and has partnered with employers for 40 years to support working families.
Bright Horizons is dedicated to fostering a supportive and inclusive workplace for its employees. This commitment spans the entire employee experience—from onboarding and culture and inclusion initiatives to continued investment in learning and professional development programs, including 100 Days of HEART, the company’s award-winning teacher orientation program designed to support educators throughout their first 100 days, and the first-of-its-kind Horizons CDA and Degree Program, which enables educators to earn associate and bachelor’s degrees in early education at no cost to them. That support also extends beyond the workplace through the Bright Horizons Foundation for Children, which empowers employees to give back to the communities where they live and work through volunteer projects, grants, and its signature Bright Spaces program.
“This recognition reflects the strength of our culture and the dedication of our people,” said Bright Horizons Chief Human Resources Officer Sara Lester. “We are committed to creating a workplace where every employee feels valued and supported in their growth, and where their work makes a meaningful impact on the families and communities we serve.”
"This year’s companies once again have set the bar for employees looking to retain their top talent,” said Carolyn Jones, Market President and Publisher of the Boston Business Journal. “In such a competitive hiring environment, the Best Places to Work employers continue to outshine their peers and competitors.”
The businesses that met criteria for office location and size participated in employee-engagement surveys distributed by Business Journal partner Quantum Workplace. Employees were asked to rate their work environment, work-life balance, job satisfaction, advancement opportunities, management, compensation, and benefits.
Based on the results of those surveys, businesses were assigned a score out of 100 percent and ranked by Quantum. The top-rated companies are listed in five size categories — extra small (20 to 49 employees), small (50 to 99 employees), medium (100 to 249 employees), large (250 to 499 employees) and extra-large (500 or more).
The special publication will appear in the June 12th weekly edition of the Boston Business Journal.
About Bright Horizons Family Solutions Inc.
Bright Horizons® is a leading provider of high-quality early education and child care, comprehensive back-up care solutions, and educational advisory services. For 40 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates more than 1,000 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,450 of the world’s leading employers. For more information, go to www.brighthorizons.com.
About the Boston Business Journal
The Boston Business Journal is the region's premier business media organization, one of 44 markets owned by American City Business Journals.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P SmallCap 600 effective prior to the opening of trading on Thursday, May 14:
Bright Horizons Family Solutions Inc. (NYSE: BFAM) will replace Tri Pointe Homes Inc. (NYSE: TPH). Sumitomo Forestry Group (TSE: 1911) is acquiring Tri Pointe Homes in a deal expected to close soon, pending final closing conditions. Remitly Global Inc. (NASD: RELY) will replace Apellis Pharmaceuticals Inc. (NASD: APLS). S&P 500 constituent Biogen Inc. (NASD: BIIB) is acquiring Apellis Pharmaceuticals in a deal expected to close soon, pending final closing conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date:
Effective Date
Index Name
Action
Company Name
Ticker
GICS Sector
May 14, 2026
S&P SmallCap 600
Addition
Bright Horizons Family Solutions
BFAM
Consumer Discretionary
May 14, 2026
S&P SmallCap 600
Deletion
Tri Pointe Homes
TPH
Consumer Discretionary
May 14, 2026
S&P SmallCap 600
Addition
Remitly Global
RELY
Financials
May 14, 2026
S&P SmallCap 600
Deletion
Apellis Pharmaceuticals
APLS
Health Care
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, /PRNewswire/ -- Homethrive, the leading family caregiving support platform, today announced a partnership with Bright Horizons Family Solutions Inc. (NYSE: BFAM) to power its new Care Advising solution, enabling employers to support the entire caregiving journey through a single platform and unified employee experience.
As caregiving becomes the #2 reason employees leave the workforce, organizations are under immense pressure to provide more than just traditional perks and offer trusted solutions to their employees. However, HR leaders often lack the capacity to manage a myriad of fragmented, standalone vendors. Bright Horizons Care Advising supports families across a range of complex needs, including helping aging adults remain safely at home, navigating healthcare systems like Medicare, supporting neurodiverse individuals, and guiding families through end-of-life planning and loss.
"Many working families today are navigating deeply personal and often complex caregiving challenges, and employers are looking for a more streamlined way to connect their employees to meaningful support," said Phil Barr, Chief Development Officer at Bright Horizons. "In partnership with Homethrive and their deep expertise in senior care and neurodiversity, Care Advising gives organizations a meaningful way to support their people with both guidance and direct care during critical moments, while strengthening overall workforce well-being."
"This partnership reflects a broader shift we're seeing from large employers who are moving away from fragmented point solutions and toward a few trusted platforms that make it easier for employees to find and get the support they need," said Dave Jacobs, CEO of Homethrive. "Bright Horizons has built one of the most trusted family care platforms in the market, and by embedding Homethrive into that experience, we're bringing high-impact caregiving support to millions of employees in a way that's easier to access, easier to use, and ultimately more valuable for both employers and their people."
Together, Bright Horizons and Homethrive are redefining how employers support working families bringing care into a more connected, accessible experience that better reflects how families actually navigate caregiving today.
About Homethrive
Homethrive is the only all-in-one caregiving platform combining predictive technology with 1:1 support from credentialed Care Guides to help families navigate the full spectrum of care. Our comprehensive solution addresses every caregiving need, including backup and ongoing childcare, eldercare, neurodivergence, chronic conditions, and aging, while also providing integrated estate planning services along with hands-on support through loss and bereavement. Homethrive saves members an average of 16.4 hours of care coordination each month and delivers industry-leading utilization. Distributed through leading employers, insurers, health plans, financial institutions and partner platforms, Homethrive helps organizations support the 73% of adults navigating caregiving responsibilities -improving engagement, outcomes, and measurable business impact. Learn more at www.homethrive.com.
About Bright Horizons Family Solutions
Bright Horizons® is a leading provider of high-quality early education and child care, back-up care, and workforce education services. For 40 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,000 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,450 of the world's leading employers. Bright Horizons' early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.
NEW YORK & BURLINGTON, Mass.--(BUSINESS WIRE)--KKR and CIRCOR International (“CIRCOR” or the “Company”), a global manufacturer of flow control products for industrial, naval, and aerospace markets, today announced the signing of a definitive agreement to sell CIRCOR Aerospace, the Company's aerospace division, to Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, for $2.55 billion. Funds managed by KKR first acquired CIRCOR for $1.8 billion in 2023 and.
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
CompaniesMay 21 (Reuters) - U.S. investment firm KKR (KKR.N), opens new tab said on Thursday it would sell aerospace division of Circor to motion control products maker Parker-Hannifin (PH.N), opens new tab for $2.55 billion.
Circor Aerospace, which makes components for commercial aircraft, is expected to strengthen Parker-Hannifin's presence in high-margin aerospace systems.
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The deal is projected to close in the second half of 2026.
Upon closing, all Circor employees will receive a dividend funded by a portion of the sale proceeds, in recognition of the strong performance of its industrial and naval businesses.
KKR said it sees significant potential to further expand both businesses.
KKR, which acquired Circor through its North America Fund XIII in 2023, said it will retain ownership of the company’s naval and industrial businesses, maintaining exposure to strategically important end markets.
The deal is KKR's fourth industrials exit this year.
Parker-Hannifin, which supplies airframes and engine components to Boeing (BA.N), opens new tab and Airbus (AIR.PA), opens new tab, raised annual profit forecast last month after beating quarterly estimates on strong demand for its aerospace and motion control products.
(This story has been corrected to say that the deal is for Circor Aerospace, not the whole firm, in the headline and in paragraphs 1 and 2)
Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Shreya Biswas
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Key Takeaways KKR's AUM grew from $252B in 2020 to $758B in Q1 2026, reflecting an 18% CAGR.KKR expanded into credit, infrastructure and insurance to diversify fee-generating growth.KKR targets $1T in AUM by 2030, supported by acquisitions and private wealth expansion. KKR & Co. Inc.’s (KKR - Free Report) $758 billion in assets under management (“AUM”) in the first quarter of 2026 highlights its transformation into a scaled, diversified global investment platform. Its AUM is spread across Credit & Liquid Strategies, Private Equity and Real Assets, showing that growth is no longer dependent on traditional private equity alone. This broad mix gives KKR multiple channels to raise capital, deploy funds and generate management fees across different market cycles.
In its May 2026 Investor Presentation, KKR noted that AUM has grown rapidly. Its AUM witnessed a compound annual growth rate (“CAGR”) of 18% from 2010 to first-quarter 2026. Meanwhile, management fees rose at a CAGR of 26% from 2020 to first quarter 2026. These figures suggest that KKR’s scale is translating into recurring earnings power, not just larger asset totals.
AUM Growth Trend
Image Source: KKR & Co.
KKR is diversifying across infrastructure, real estate, private credit, asset-based finance and insurance-linked investments to drive AUM growth toward its $1 trillion target by 2030. The acquisition of Arctos Partners expanded KKR’s reach across private markets, while its insurance platform, Global Atlantic and private wealth push further strengthen long-term growth prospects.
Private credit concerns may moderately slow KKR’s near-term AUM growth amid weaker investor sentiment and rising sector redemptions. However, KKR’s diversified AUM base, recurring fee streams, acquisitions and expanded distribution support its long-term growth strategy. AUM growth should remain key to the earnings trajectory, with projections to rise 23.5% over the next three to five years, above the industry’s 6.03% average.
AUM Performance of KKR’s PeersApollo Global Management’s (APO - Free Report) AUM witnessed a CAGR of 19.6% over the past three years (2022-2025), with the rising trend continuing in the first quarter of 2026. The increase in Apollo’s AUM is primarily driven by growth in its retirement services client assets, subscriptions across the platform and new financing facilities.
The acquisition of Bridge Investment Group Holding nearly doubled Apollo’s real estate AUM to more than $110 billion. By 2029, Apollo expects the total AUM to reach $1.5 trillion by scaling its private equity business.
Similarly, Blackstone Inc. (BX - Free Report) has been witnessing a rise in its AUM balance. Over the past five years (2020-2025), total AUM and fee-earning AUM have recorded a CAGR of 15.6% and 14.4%, respectively.
Blackstone’s robust AUM base supports the long-term earnings growth by providing a larger pool of fee-generating capital across its private equity, real estate, credit and infrastructure platforms.
KKR Price Performance & Zacks RankThe company’s shares have gained 2.8% in the past three months compared with the industry’s 2.4% rise.
Price Performance
Image Source: Zacks Investment Research
Currently, KKR carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
New office reflects KKR’s localisation strategy and opportunity in Italy’s evolving investment landscape
MILAN--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced plans to open an office in Milan, further strengthening its long-term commitment to Italy and expanding its local presence in one of Europe’s largest economies. The office will support the firm’s investment activity across Private Equity, Real Assets, Credit and Insurance, while deepening client partnerships and advancing the continued development of KKR’s private wealth business in Italy.
Italy has been an important market for KKR for over two decades, with over €10 billion of capital deployed since 2005 across Private Equity, Real Assets and Credit. The firm’s investments include FiberCop, Europe’s first wholesale-only, open-access fibre network, Enilive, a key player in advancing Italy’s energy transition, and CMC, a sustainable packaging leader using robotics to drive innovation. These investments reflect KKR’s focus on partnering with businesses in sectors critical to long-term economic growth and transformation, and on supporting Italy’s role as a key industrial and economic engine within Europe.
The office will be led by Marco Fontana, Partner in KKR’s Infrastructure team, who will relocate from London. Nicolò Della Casa, Director in KKR’s Private Equity team, will also relocate to Milan to lead the firm’s Private Equity activities in Italy. Together with members of KKR’s Client Solutions team, they will drive the continued expansion of KKR’s local presence as the firm grows its investment activities and client partnerships in the market.
Joe Bae and Scott Nuttall, Co-CEOs of KKR, commented: “Italy has been an important market for KKR for many years. The country’s focus on strengthening its economic foundations, supporting key industries and creating the conditions for long-term investment is increasingly evident, and we see a growing opportunity for private capital to play a constructive role. Opening an office in Milan reflects our commitment to being closer to our partners and to supporting investment across sectors that are central to Italy’s long-term growth.”
Mattia Caprioli and Tara Davies, Co-Heads of KKR EMEA, said: “We are seeing a clear and consistent focus on competitiveness, investment and economic modernisation in Italy, which is creating a positive environment for long-term capital. Establishing an office in Milan is a natural step in our EMEA strategy, where we are increasingly localising our business by bringing more of our people into key markets. We believe this is a real differentiator and will allow us to deepen our engagement in Italy while connecting it to the full breadth of KKR’s global platform.”
Marco Fontana, Partner, Infrastructure and Head of the Milan Office, added: “We are proud to be establishing a dedicated presence in Milan. Italy presents significant opportunity across areas such as digital infrastructure, energy transition and broader economic transformation. At the same time, we are building a team on the ground with deep local expertise and strong relationships across the market. Being present locally will allow us to work more closely with companies, clients and stakeholders, and to continue developing long-term partnerships in Italy.”
Nicolò Della Casa, Director and Head of Private Equity in Italy, stated: “Italy's entrepreneurial ecosystem, with its depth of founder- and family-owned businesses across a broad range of industries, presents a distinctly attractive environment for KKR's Private Equity strategy. Establishing a presence in Milan will allow us to engage more directly with these businesses, supporting them in accelerating their growth and realising their international ambitions.”
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
CompaniesROME, May 28 (Reuters) - KKR & Co (KKR.N), opens new tab said on Thursday it would open an office in Milan as the U.S. private equity firm looks to expand its presence in Italy after significant investments in the telecoms and energy sectors.
Over the past two years, a KKR-led consortium bought Telecom Italia's (TLIT.MI), opens new tab fixed-line network for €19 billion ($22 billion), while KKR took a 30% stake in Eni's (ENI.MI), opens new tab biofuel unit Enilive for around €3.6 billion.
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The new office will cover KKR's activities across private equity, real assets, credit and insurance, as well as its private wealth business in Italy, the firm said in a statement.
It will be led by Marco Fontana, a partner in KKR's infrastructure team. Nicolo Della Casa, a director in the private equity team, will lead the firm's private equity activities in Italy.
($1 = 0.8616 euros)
Writing by Alvise Armellini, editing by Giulia Segreti
Our Standards: The Thomson Reuters Trust Principles., opens new tab
NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) announced today that Raj Agrawal, Partner and Global Head of Real Assets, will present at the Morgan Stanley US Financials Conference on Wednesday, June 10, 2026 at 8:15 AM ET. A live webcast of the presentation will be available on the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. For those unable to listen to the live webcast, a replay will be available on the website shortly after the event. Any.
6% to 8% yield range is where investors can find quite many opportunities without losing their sleep at night. 8%+ (and certainly 10%+) allocations increase risks exponentially. However, high risk isn't the same as certain value destruction.
Shares in KKR, Blackstone and other sector peers tumbled on Wednesday after Switzerland's Partners Group moved to restrict investor withdrawals from one of its funds, stoking fresh fears over private market valuations.
Shares in Carlyle Group and KKR dropped more than 5% and 4%, respectively. Blackstone and Ares Management each slipped around 4%, while Blue Owl Capital shed more than 3%.
Shares in Partners Group — the Swiss asset management giant active in private equity, private credit, infrastructure and real estate markets — plunged more than 16%, reaching a 52-week low on Wednesday.
Partners Group.
The Zurich-listed firm has moved to curb investor redemptions in its Global Value SICAV fund, an $8.6 billion so-called 'evergreen' private equity vehicle, at 5% of net asset value, after redemption requests hit 9.8%, according to a Bloomberg report.
The fund represents about 4.8% of Partners Group's total asset base.
David Layton, Partners Group CEO, told Bloomberg that the redemption pressure seen in private credit is now spreading into other asset classes.
The cap chimes with similar measures taken by several U.S. private equity outfits in recent months, where firms have halted or restricted investors from pulling out their money, amid a growing rush for the exits.
Retail investors have sought to redeem their money amid growing concerns over liquidity mismatches and deteriorating asset quality in private fund structures.
Shares of private market investment firms came under pressure on Wednesday after Switzerland-based Partners Group announced it was capping withdrawals from one of its flagship private equity funds, reviving investor concerns about liquidity across the alternative asset management industry.
Partners Group shares fell 16% in Zurich trading after the company confirmed that redemption requests for its $8.6 billion Global Value SICAV fund had exceeded a pre-defined threshold, automatically triggering withdrawal limits.
The selloff spread across the sector, weighing on both European and US-listed alternative asset managers.
In the United States, Blackstone shares BX fell 4.46%, KKR declined 4.18%, Ares Management lost 4.3%, and Blue Owl Capital dropped 2.9%.
Partners Group said total net redemption requests submitted during the second quarter exceeded 5% of the fund's net asset value, activating withdrawal restrictions under the vehicle's governing structure.
According to the company, the cap was triggered by elevated investor withdrawals rather than any operational issue with the fund itself.
Bloomberg reported that nearly twice the allowable level of redemption requests had been submitted.
Chief Executive Officer David Layton said individual investors accounted for most of the withdrawal pressure, despite institutional clients representing roughly 80% of the firm's investor base.
“This feature of capping redemption requests at 5% of the fund is a key attribute of this fund,” Layton said. “It’s known that in an environment where investors get a little bit more skittish, like today, you won’t see huge amounts of outflows.”
The fund contains a combination of private equity investments and other private market assets.
According to a March filing, four of its 10 largest direct holdings are technology companies.
Partners Group said volatility that initially emerged in private credit vehicles has increasingly begun affecting private equity investments as well.
The announcement reinforced broader concerns surrounding liquidity in private market funds, where investors often face restrictions on withdrawals due to the illiquid nature of underlying assets.
The alternative asset management industry has faced growing scrutiny this year as investors assess exposure to highly leveraged software companies and other assets that could face pressure from artificial intelligence-driven disruption.
Limited transparency into the underlying holdings of many private credit and private equity funds has added to investor caution, making it difficult for markets to fully assess portfolio quality.
The impact was felt across Europe, where shares of EQT fell 6.5%, CVC Capital Partners dropped 7.5%, and Bridgepoint Group declined around 9.8%.
Despite the increase in redemption requests, Partners Group said the underlying fund's liquidity remains within its targeted range, supported by ongoing investment distributions and access to an undrawn credit facility.
The firm added that both the Global Value Fund and its underlying vehicle remain open to new investments.
KKR shares were also weighed down by company-specific concerns tied to its credit operations.
Investor sentiment weakened after a Fitch report maintained a negative outlook on FS KKR Capital Corp., citing ongoing asset quality issues.
Legal developments and class action reminders related to alleged portfolio overvaluation within certain managed funds have also added to the cautious tone.
In addition, analysts have recently lowered earnings expectations for KKR, while the firm's $900 million debt offering priced at a 7.5% interest rate has highlighted rising funding costs that could pressure future returns.
Key Takeaways KKR fell 4.7% due to reports of rising redemption pressure in private-credit funds.BX, APO and OWL shares dropped as investors scrutinized liquidity in private-credit vehicles.BLK earlier restricted withdrawals, while Blackstone raised its redemption cap to 7%. The global private credit market, long praised for delivering attractive yields in a low-interest-rate environment, is facing a significant stress test as rising investor withdrawal requests expose a fundamental challenge: the mismatch between illiquid assets and periodic liquidity promises.
The concerns intensified after a Seeking Alpha report published on MSN revealed that Cliffwater’s Corporate Lending Fund, which manages approximately $31 billion in assets, received second-quarter redemption requests totaling about 17% of outstanding shares. Under its standard quarterly liquidity program, the fund repurchased only 5% of shares, leaving a substantial portion of investors unable to fully withdraw their capital. The surge in redemption requests, up from roughly 14% in the first quarter, underscores growing caution among investors toward private-credit vehicles.
The news weighed on shares of major alternative asset managers, including KKR & Co. (KKR - Free Report) , Blackstone, Inc. (BX - Free Report) , Blue Owl Capital (OWL - Free Report) , Apollo Global Management (APO - Free Report) and BlackRock (BLK - Free Report) . Yesterday, KKR shares fell 4.2%, Blackstone declined 4%, Apollo Global fell 3.4%, and Blue Owl and BlackRock plunged 3.8% and 2.8%, respectively.
Private Credit: Redemption Wave and Rising Investor Anxiety
Private credit expanded rapidly in recent years as investors sought higher yields and asset managers pushed products beyond traditional institutional buyers into the wealth-management channel. However, the industry-wide wave of withdrawals stems from lingering market unease over loan quality, as well as investor fears surrounding exposure to software and middle-market companies vulnerable to artificial intelligence disruptions.
While many private-credit funds offer periodic redemption windows to enhance accessibility, their portfolios consist largely of privately negotiated loans that cannot be readily sold without potential discounts. As a result, elevated withdrawal requests are highlighting liquidity constraints that have remained largely untested during the industry's growth phase.
The pressure is not limited to Cliffwater. Earlier this year, BlackRock restricted withdrawals from a flagship private-credit fund after redemption requests surged, while Blackstone increased its redemption cap from 5% to 7% in response to rising investor demand for liquidity. These steps have intensified scrutiny of semi-liquid private-market vehicles and raised questions about whether such structures are suitable for investors seeking regular access to capital.
The recent surge in redemption requests has put the private-credit industry under increased scrutiny, forcing leading alternative asset managers, including BLK, BX, APO, OWL and KKR, to navigate a more cautious investor environment. The trend has reignited concerns about whether direct-lending vehicles are well-suited for investors who expect periodic liquidity despite the illiquid nature of the underlying assets.
Going forward, a key question will be whether redemption activity moderates or spreads more broadly across the sector. Sustained outflows could compel asset managers to maintain larger cash reserves, slow the pace of new lending, or rethink fund structures to better align liquidity terms with portfolio holdings. Such adjustments could weigh on returns and temper growth in a market that has emerged as a major profit driver for Wall Street.
A month has gone by since the last earnings report for KKR & Co. Inc. (KKR - Free Report) . Shares have lost about 10.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is KKR & Co. due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
KKR & Co. Q1 Earnings Beat Estimates, AUM Rises Y/YKKR & Co. reported first-quarter 2026 net income per share of $1.39, surpassing the Zacks Consensus Estimate of $1.28. The bottom line rose from $1.15 in the prior-year quarter.
Results have primarily reflected impressive growth in assets under management and transaction fees for the capital markets business. However, an increase in expenses acted as a headwind.
Net income attributable to the company (GAAP basis) was $364.8 million against a net loss of $185.9 million in the year-ago quarter.
Segmental Revenues & Expenses IncreaseTotal segment revenues amounted to $1.47 billion, increasing 22.4% on a year-over-year basis. The top line surpassed the Zacks Consensus Estimate of $1.43 billion.
Total segment expenses increased 19.9% year over year to $452.6 million.
As of March 31, 2026, total AUM grew 14.1% year over year to $757.9 billion.
Fee-paying AUM summed $614.8 billion, which increased 16.8% from the year-ago quarter.
Total Operating Earnings & Fee-Related Earnings RiseTotal operating earnings grew 19.1% year over year to $1.3 billion.
The company posted fee-related earnings of $1 billion, up 23.5% year over year.
Capital Distribution UpdateThe company declared a quarterly dividend of 19.5 cents per share of common stock, representing a 5.4% increase from the previous quarterly dividend of 18.5 cents per share. This dividend will be paid on May 29, 2026, to shareholders of record as of the close of business on May 15, 2026.
The company also approved a $500 million increase to its existing share repurchase program, with the authorization set to automatically increase once the remaining capacity falls to $50 million or less.
2026 OutlookManagement expects fee-related earnings per share of more than $4.50.
Total operating earnings per share are projected to be more than $7.
Adjusted net income per share is anticipated to be below $7 (previous guidance was $7-$8).
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -7.56% due to these changes.
VGM ScoresCurrently, KKR & Co. has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise KKR & Co. has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerKKR & Co. belongs to the Zacks Financial - Investment Management industry. Another stock from the same industry, Affiliated Managers Group (AMG - Free Report) , has gained 1.8% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Affiliated Managers reported revenues of $544.9 million in the last reported quarter, representing a year-over-year change of +9.7%. EPS of $8.23 for the same period compares with $5.20 a year ago.
Affiliated Managers is expected to post earnings of $7.58 per share for the current quarter, representing a year-over-year change of +40.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +2.8%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Affiliated Managers. Also, the stock has a VGM Score of A.
Investing in companies that invest other people’s money can be a shrewd move. Investors comparing a private equity giant against a mutual fund titan face two very different paths. This article evaluates KKR & Co., Inc. (KKR +0.29%) and T. Rowe Price Group (NASDAQ:TROW) to find the better buy.
KKR focuses on alternative investments like private equity and infrastructure, which are typically off-limits to small investors except through these public shares. T. Rowe Price Group specializes in active management of public stocks and bonds, particularly for retirement plan participants and individual wealth management clients. Both are heavyweights in the investment world, but they offer exposure to different types of market activity and client demographics.
The case for KKR & Co.KKR operates as a global investment firm specializing in alternative asset management and capital markets solutions across private equity, infrastructure, real estate, and credit. It serves a diverse client base, including institutional investors, global wealth clients, and family offices seeking specialized strategies not found in traditional public markets. By managing these unique assets, the firm aims to provide diversified returns that help investors navigate complex global economic shifts.
During FY 2025, the firm’s total revenue reached nearly $19.3 billion, a decrease of approximately 11% from the prior fiscal year. With lower top-line results, the company also reported net income of nearly $2.3 billion, resulting in a net margin of 12.3% for the period, down from about $3.1 billion in 2024. This highlights the business’s sensitivity to transaction volumes and market timing during specific economic cycles.
Assets under management (AUM) for KKR showed a positive trend, however. AUM rose 17% year-over-year to $744 billion. With money managers, AUM is a crucial statistic to watch, since it’s the base on which they earn future fees.
The case for T. Rowe Price GroupT. Rowe Price Group provides a broad range of investment management services for individual investors, financial advisors, and large retirement plan sponsors. It specializes in active management across equity and fixed income markets and remains a prominent name among financial stocks globally. Retirement assets represent a core part of its business model, accounting for roughly 67% of its total assets under management as of its latest reporting in early 2026.
In FY 2025, the firm generated revenue of nearly $7.3 billion, representing approximately 3% growth over the prior fiscal year. The company reported net income of close to $2.2 billion, resulting in a robust net margin of 28.5% through efficient management of its fund operations. This level of profitability reflects the company's ability to maintain high service levels while navigating the demands of a changing investment landscape.
T. Rowe Price Group’s AUM ended 2025 at nearly $1.77 trillion, up 8.3% from its 2024 level.
Risk profile comparisonKKR faces significant risks from shifting market conditions and interest rate changes, which can directly affect the valuation and exit potential of its private holdings. The business is also highly dependent on retaining key investment professionals, whose departures could harm client relationships and the firm's ability to raise new capital. Furthermore, the firm must manage liquidity carefully to satisfy redemption requests from its various insurance and investment vehicles while navigating complex global regulations.
T. Rowe Price Group operates in a competitive environment where passive investment products from firms like BlackRock (BLK +0.58%) and State Street (STT +1.88%) continue to gain significant market share. This competition often leads to fee compression, which can limit the revenue growth potential of active management firms even when markets are performing well. Additionally, any significant damage to the firm's reputation from service errors or investment underperformance could lead to a rapid loss of client assets.
Valuation comparisonT. Rowe Price Group appears to be the more value-oriented choice as it trades at lower multiples than KKR. A Forward P/E measures a stock price against future earnings estimates, while a P/S ratio measures price against total revenue.
MetricKKR &T. Rowe Price GroupSector BenchmarkForward P/E15.5x11.2x16.6xP/S ratio4.4x3.1xSector benchmark uses the SPDR XLF sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
As the saying goes, you have to have money to make money. KKR & Co., Inc. and T. Rowe Price Group have the money — assets under management — in spades. As a private equity specialist, KKR has a reputation for historically making huge profits, while T. Rowe Price is best known as one of the larger players in the relatively sleepy world of managing 401 (k) accounts.
Yet KKR’s reputation is running headlong into the evolving reality of PE: failure to outperform the market means KKR’s core clients, institutions like pension funds, insurance companies, and the ultrawealthy, are quick to pull their money to avoid paying PE’s outsize fees.
T. Rowe Price Group’s focus on mutual funds, ETFs, and retirement account management for Americans (92% of its assets are owned by U.S. citizens) means it collects fewer fees per dollar than KKR. But it’s a more reliable business, in which customers are less likely to quickly withdraw their money after a bad quarter and more likely to view the assets they entrust to T. Rowe Price as very long-term investments.
While managing retirement assets is a highly competitive business with constant pressure on money manager fees, T. Rowe Price is making strides in two areas where it has lagged competitors. One is introducing its own ETFs, which incur additional fees, while broadening offerings for customers. Last quarter, the company introduced two more ERTFs, bringing its offerings to 32 funds with $25 billion in assets. Management is planning to expand its ETFs into Europe later this year. The business is also seeing strong demand for separately managed accounts (SMAs), which are bespoke investment vehicles used by the very wealthy rather than buying mutual funds or ETFs.
Given that TROW trades below the industry average P/E of 16.6, its 11.2 P/E makes it an attractive way to invest in money managers this year.
NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today released “The Divergence Conundrum,” the 2026 Mid-Year Global Macro Outlook by Henry McVey, CIO of KKR's Balance Sheet and Head of Global Macro and Asset Allocation (GMAA). In the report, McVey and his team argue that the global economy is still expanding, but doing so unevenly as it enters a period of intensifying divergence. “The cycle is not over, but it is becoming more selective,” McVey writes, as the team sees economi.
NEW YORK--(BUSINESS WIRE)--KKR, together with the Kuwait Investment Authority (KIA), NVIDIA (NASDAQ: NVDA) and Vistra (NYSE: VST) today announced the launch of Helix Digital Infrastructure (“Helix”), a new company designed to deliver integrated infrastructure at the speed and scale required for hyperscalers to meet accelerating artificial intelligence (AI) demand. As building AI infrastructure becomes increasingly complex, Helix will serve as a single coordination point for hyperscalers' data c.
Helix Digital Infrastructure will “serve as a single coordination point for hyperscalers' data centers, power, connectivity and related needs,” KKR said.
Helix Digital Infrastructure will “serve as a single coordination point for hyperscalers' data centers, power, connectivity and related needs,” KKR said.
Achieved quarterly net sales of $464 million, a 10% GAAP increase and a 3% organic increase year-over-year Generated GAAP operating income of $93 million, or 20.1% of sales, and adjusted operating income of $101 million, or 21.8% of sales Recorded GAAP net income of $71 million, or $1.83 per diluted share, and adjusted earnings of $77 million, or $1.99 per diluted share Returned a total of $71 million to shareholders via $50 million of share repurchases and $21 million of dividends; authorized a new $500 million share repurchase program Maintain a strong balance sheet and ample liquidity to support Accelerate strategy , /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) today reported financial results for the first quarter of 2026.
"Our first quarter performance reflects the resilience of our diverse business, and a solid start to the year," said Steve Blanco, President and CEO of MSA Safety. "We continued to execute our Accelerate strategy and leverage the MSA Business System (MBS) to drive profitable growth, while navigating the current macroeconomic and geopolitical landscape. Strong operational execution in our Americas segment drove our sales and margin performance, more than offsetting short-term challenges in Europe and the Middle East, which are part of our International segment. The team remains focused on achieving our strategic commitments, serving our customers, and delivering on our mission."
Financial Highlights
Three Months Ended March 31,
(In millions, except per share data and percentages)
2026
2025
% Change (a)
Net Sales
$ 463.6
$ 421.3
10 %
GAAP
Operating income
93.0
77.8
20 %
% of Net sales
20.1 %
18.5 %
160 bps
Net income
71.3
59.6
20 %
Diluted EPS
1.83
1.51
21 %
Non-GAAP
Adjusted EBITDA
$ 115.9
$ 101.5
14 %
% of Net sales
25.0 %
24.1 %
90 bps
Adjusted operating income
101.1
87.5
16 %
% of Net sales
21.8 %
20.8 %
100 bps
Adjusted earnings
77.5
66.4
17 %
Adjusted diluted EPS
1.99
1.68
18 %
Free cash flow
65.1
51.0
28 %
Free cash flow conversion
91 %
86 %
Americas Segment
Net sales
$ 325.2
$ 293.2
11 %
GAAP operating income
95.8
76.5
25 %
% of Net sales
29.4 %
26.1 %
330 bps
Adjusted operating income
98.1
78.7
25 %
% of Net sales
30.2 %
26.8 %
340 bps
International Segment
Net sales
$ 138.4
$ 128.2
8 %
GAAP operating income
12.5
17.3
(28) %
% of Net sales
9.0 %
13.5 %
(450) bps
Adjusted operating income
14.5
18.7
(22) %
% of Net sales
10.5 %
14.6 %
(410) bps
(a) Percentage change may not calculate exactly due to rounding.
"The team delivered solid organic growth and profit pull-through in the first quarter, resulting in 18% adjusted EPS growth," stated Julie Beck, MSA Safety's Chief Financial Officer. "Our gross margin expansion reflects MBS-driven execution. The balance sheet and free cash flow generation remain strong, and we returned cash to shareholders. We announced a new $500 million share repurchase authorization in February and maintain an active M&A pipeline. Given the solid start to the year and our healthy order book, we are maintaining our mid-single-digit 2026 organic sales growth outlook. We also recognize the potential challenges posed by the volatile geopolitical and macroeconomic operating environment," Ms. Beck added.
The company returned a total of $71 million to shareholders via dividends of $21 million and executing $50 million of share repurchases, while investing $11 million in capital expenditures. MSA maintains a strong liquidity position with net debt at the end of the first quarter of $433 million. The company's net leverage ratio was 0.9x at March 31, 2026. MSA's strong financial profile, including ample liquidity of $1.2 billion, continues to provide optionality around execution of strategic growth initiatives, including acquisitions.
Conference Call
MSA Safety will host a conference call on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time to discuss its first quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.
MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
Net sales
$ 463,632
$ 421,340
Cost of products sold
244,051
227,945
Gross profit
219,581
193,395
Selling, general and administrative
107,684
93,965
Research and development
16,355
15,669
Restructuring charges
2,329
1,924
Currency exchange losses, net
199
4,076
Operating income
93,014
77,761
Interest expense
7,703
6,835
Other income, net
(7,681)
(7,023)
Total other expense (income), net
22
(188)
Income before income taxes
92,992
77,949
Provision for income taxes
21,723
18,344
Net income
$ 71,269
$ 59,605
Earnings per share attributable to common shareholders:
Basic
$ 1.83
$ 1.51
Diluted
$ 1.83
$ 1.51
Basic shares outstanding
38,859
39,334
Diluted shares outstanding
38,986
39,501
MSA Safety Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
March 31, 2026
December 31, 2025
Assets
Cash and cash equivalents
$ 180,158
$ 165,067
Trade receivables, net
325,011
306,452
Inventories
352,314
343,035
Other current assets
34,189
54,738
Total current assets
891,672
869,292
Property, plant and equipment, net
278,056
283,063
Prepaid pension cost
285,283
279,450
Goodwill
727,440
731,592
Intangible assets, net
291,991
299,127
Other noncurrent assets
89,544
91,850
Total assets
$ 2,563,986
$ 2,554,374
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net
$ 8,074
$ 8,225
Accounts payable
118,348
110,775
Other current liabilities
154,845
170,211
Total current liabilities
281,267
289,211
Long-term debt, net
605,075
572,709
Pensions and other employee benefits
141,788
143,834
Deferred tax liabilities
127,000
127,540
Other noncurrent liabilities
53,496
54,068
Total shareholders' equity
1,355,360
1,367,012
Total liabilities and shareholders' equity
$ 2,563,986
$ 2,554,374
MSA Safety Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended March 31,
2026
2025
Net income
$ 71,269
$ 59,605
Depreciation and amortization
18,352
16,251
Change in working capital and other operating
(13,934)
(14,023)
Cash flow from operating activities
75,687
61,833
Capital expenditures
(10,587)
(10,784)
Property disposals and other investing
34
18
Cash flow used in investing activities
(10,553)
(10,766)
Change in debt
33,760
(7,466)
Cash dividends paid
(20,561)
(20,033)
Company stock purchases under repurchase program
(50,447)
(9,996)
Other financing
(9,975)
(8,117)
Cash flow used in financing activities
(47,223)
(45,612)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(2,568)
743
Increase in cash, cash equivalents and restricted cash
$ 15,343
$ 6,198
MSA Safety Incorporated
Sales by Product Group (Unaudited)
(In thousands, except percentages)
Three Months Ended March 31, 2026
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection(a)
$ 180,842
39 %
$ 123,975
38 %
$ 56,867
41 %
Fire Service(b)
159,271
34 %
116,092
36 %
43,179
31 %
Industrial PPE and Other(c)
123,519
27 %
85,171
26 %
38,348
28 %
Total
$ 463,632
100 %
$ 325,238
100 %
$ 138,394
100 %
Three Months Ended March 31, 2025
Consolidated
Americas
International
Dollars
Percent
Dollars
Percent
Dollars
Percent
Detection(a)
$ 161,070
38 %
$ 109,891
37 %
$ 51,179
40 %
Fire Service(b)
150,616
36 %
105,907
36 %
44,709
35 %
Industrial PPE and Other(c)
109,654
26 %
77,362
27 %
32,292
25 %
Total
$ 421,340
100 %
$ 293,160
100 %
$ 128,180
100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted operating income (Unaudited)
Adjusted EBITDA (Unaudited)
(In thousands)
Three Months Ended March 31,
2026
2025
Adjusted EBITDA from reportable segments
$ 127,399
$ 111,137
Less:
Depreciation and amortization
14,742
13,736
Adjusted operating income from reportable segments
112,657
97,401
Less:
Corporate expenses
11,536
9,899
Adjusted operating income
101,121
87,502
Less:
Currency exchange losses, net
199
4,076
Restructuring charges
2,329
1,924
Acquisition-related amortization
3,392
2,286
Transaction costs (a)
2,187
1,455
GAAP operating income
93,014
77,761
Less:
Interest expense
7,703
6,835
Other income, net
(7,681)
(7,023)
Income before income taxes
92,992
77,949
Provision for income taxes
21,723
18,344
Net income
$ 71,269
$ 59,605
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding currency exchange gains / losses, restructuring charges, acquisition-related amortization, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted diluted earnings per share (Unaudited)
(In thousands, except per share amounts and percentages)
Three Months Ended March 31,
2026
2025
%
Change
Net income
$ 71,269
$ 59,605
20 %
Currency exchange losses, net
199
4,076
Restructuring charges
2,329
1,924
Acquisition-related amortization
3,392
2,286
Transaction costs (a)
2,187
1,455
Asset related losses
160
8
Income tax expense on adjustments
(2,084)
(2,916)
Adjusted earnings
$ 77,452
$ 66,438
17 %
Adjusted diluted earnings per share
$ 1.99
$ 1.68
18 %
Diluted shares outstanding
38,986
39,501
(a)Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Management believes that adjusted earnings and adjusted diluted earnings per share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)
Twelve Months Ended
March 31,
2026
Operating income
$ 387,071
Depreciation and amortization
59,319
Currency exchange losses, net
11,924
Restructuring charges
4,302
Acquisition-related amortization
13,721
Transaction costs (a)
11,199
Adjusted EBITDA
$ 487,536
Total end-of-period debt
613,149
Debt to adjusted EBITDA
1.3
Total end-of-period debt
$ 613,149
Total end-of-period cash and cash equivalents
180,158
Net debt
$ 432,991
Net debt to adjusted EBITDA
0.9
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.
About MSA Safety:
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.
The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
MSA Safety (MSA - Free Report) reported $463.63 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 10%. EPS of $1.99 for the same period compares to $1.68 a year ago.
The reported revenue represents a surprise of +2.83% over the Zacks Consensus Estimate of $450.86 million. With the consensus EPS estimate being $1.85, the EPS surprise was +7.8%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how MSA Safety performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Geographic Revenue- International: $138.4 million versus $140.54 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +8% change.Geographic Revenue- Americas: $325.2 million versus the two-analyst average estimate of $309.37 million. The reported number represents a year-over-year change of +10.9%.Net sales by Product Category- Fire Service: $159.27 million versus $158.89 million estimated by three analysts on average.Net sales by Product Category- Industrial PPE and Other: $123.52 million versus the three-analyst average estimate of $112.24 million.Net sales by Product Category- Detection: $180.84 million compared to the $180.49 million average estimate based on three analysts.View all Key Company Metrics for MSA Safety here>>>
Shares of MSA Safety have returned +0.4% over the past month versus the Zacks S&P 500 composite's +10% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
MSA Safety (MSA - Free Report) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.85 per share. This compares to earnings of $1.68 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.80%. A quarter ago, it was expected that this maker of safety products would post earnings of $2.26 per share when it actually produced earnings of $2.38, delivering a surprise of +5.31%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
MSA Safety, which belongs to the Zacks Security and Safety Services industry, posted revenues of $463.63 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.83%. This compares to year-ago revenues of $421.34 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
MSA Safety shares have added about 3.5% since the beginning of the year versus the S&P 500's gain of 5.6%.
What's Next for MSA Safety?While MSA Safety has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for MSA Safety was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.13 on $502.71 million in revenues for the coming quarter and $8.74 on $1.99 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Security and Safety Services is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, SoundThinking (SSTI - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.
This maker of gunfire detection systems is expected to post quarterly loss of $0.24 per share in its upcoming report, which represents a year-over-year change of -100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
SoundThinking's revenues are expected to be $24.46 million, down 13.7% from the year-ago quarter.
Acquisition expands MSA's global fire and gas detection capabilities, strengthening MSA's position as a total solution provider in critical infrastructure and high-hazard applications and expanding MSA's total addressable market into a growing $3 billion+ market With 2025 revenue of approximately $160 million, Autronica is highly complementary to MSA's technology portfolio, enhancing MSA's ability to participate earlier in project design and deliver fully integrated fire and gas safety solutions across mission-critical applications Transaction valued at approximately $555 million, expected to be accretive to MSA adjusted EPS in year one; aligned with MSA's Mission, Vision, and Accelerate strategy , /PRNewswire/ -- MSA Safety Incorporated (NYSE: MSA), a global leader in the development of advanced industrial safety technology products and solutions that protect people and facility infrastructure, today announced it has entered into a definitive agreement to acquire Autronica Fire and Security ("Autronica") for approximately $555 million.
Founded in 1957, Autronica is a designer, manufacturer, and supplier of fire detection, gas detection, and alarm systems. Autronica serves the critical infrastructure, energy, and maritime sectors. Based in Trondheim, Norway, Autronica employs approximately 500 employees globally.
"We are excited to welcome Autronica to the MSA Safety family," said Steve Blanco, MSA Safety President and CEO. "This acquisition accelerates our fixed detection growth strategy by adding a highly complementary, scaled fire and gas systems business. Autronica enhances our ability to participate earlier in project design and to deliver more integrated safety solutions across critical infrastructure, energy, and marine applications. The acquisition marks another key pillar of our Accelerate strategy, reinforcing our focus on expanding our detection platform and advancing our portfolio through strategic acquisitions," he said.
"With Autronica's strong technological expertise and leadership in fire and gas safety systems, we expect to leverage the combined portfolio to further enhance our ability to meet demanding customer safety requirements across high–hazard and regulated environments," Mr. Blanco continued. "The combination positions MSA to expand into a large, growing addressable market supported by regulatory drivers, technical complexity, and long renewal cycles for mission–critical assets. In addition, Autronica's complementary geographic footprint enables both organizations to leverage regional strengths, expand global reach, and deliver greater value to customers worldwide. Autronica's mission statement, zero loss of lives, is strategically aligned with MSA's Mission, Vision and Values."
Commenting on the transaction, Autronica CEO, Sindre Utne said, "Joining MSA Safety marks an exciting next step for Autronica. MSA's leadership position in safety and detection technologies, its strong systems and solutions capabilities, and its long-standing customer relationships make it an ideal owner as we work to maximize our growth potential." He added, "By leveraging MSA's global market reach, distribution channels, and deep detection expertise, we see a significant opportunity to expand and combine our solution offering, deepen engagement with customers earlier in the project lifecycle, and extend our reach well beyond the installed base and the markets we serve."
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals, and will be funded through a combination of cash on hand and borrowings under MSA's existing credit facility. The acquisition is expected to be accretive to growth and margins, with synergies. Autronica is a capital-efficient business that generates significant free cash flow and is expected to be accretive to adjusted EPS in the first full year of ownership. In 2025, the company recorded approximately $160 million in sales with an adjusted EBITDA margin of approximately 20%.
BofA Securities is acting as exclusive financial advisor to MSA Safety, and Sidley Austin LLP is acting as legal advisor.
About MSA Safety
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.
About Autronica
Autronica, headquartered in Trondheim, Norway, is a leading innovator and provider of fire and gas detection systems. Serving the maritime, oil & gas, infrastructure, and industrial sectors, Autronica's mission is to protect life, environment, and property through cutting-edge safety technology and dependable service. For more information, please visit www.autronicafire.com.
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance, benefits and synergies of the transaction, future opportunities for the combined company and any other statements about MSA's and Autronica's managements' future expectations, beliefs, goals, plans or prospects. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward-looking statements, including without limitation the ability of MSA to successfully integrate Autronica's operations and employees, unexpected costs, changes or expenses resulting from the transaction, risks that the transaction disrupts the current plans and operations of MSA and Autronica, the ability to realize anticipated synergies, MSA's ability to successfully grow Autronica's business, potential adverse reactions or changes in business relationships resulting from the announcement of the transaction, the retention of key employees, global economic conditions, spending patterns of government agencies, competitive pressures, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 12, 2026. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward-looking statements contained herein, except as required by law.
Strategic Divestiture of Global Leader in Fire, Smoke, and Gas Detection Solutions
, /PRNewswire/ -- Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, today announced that it has signed a definitive agreement to sell Autronica Fire and Security, a standalone unit of its Spectrum Safety Solutions platform, to MSA Safety (NYSE: MSA), a global leader in safety products and technology. The transaction is valued at approximately $555 million.
Headquartered in Trondheim, Norway, Autronica is a designer, manufacturer, and supplier of fire detection, gas detection, and alarm systems for many critical infrastructure, energy, and maritime applications. Autronica holds numerous regulatory certifications for harsh environments, with a mission to protect life, environment, and property.
Sentinel acquired Autronica in 2024 in a carveout of Carrier Global Corporation's industrial fire business, now Spectrum Safety Solutions. In March 2026, Sentinel also agreed to sell Spectrum's Marioff division, a provider of high-pressure water mist fire suppression solutions, to private equity firm Inflexion. The divestitures of Autronica and Marioff position Spectrum to focus on its U.S.-headquartered detection and monitoring businesses, Det-Tronics and Fireye.
"We appreciate Sentinel's support and strategic guidance over the past two years," said Sindre Utne, Autronica's CEO. "Their partnership helped us scale thoughtfully and expand geographically while staying true to our culture and commitment to excellence."
"We're proud to have partnered with Sindre and the entire Autronica team," said Eric Bommer, Sentinel's Co-Managing Partner. "It's been rewarding to participate in the company's growth and development. Autronica is well positioned to continue its impressive growth trajectory as part of MSA Safety."
Sentinel's experience in industrials includes investments in Alemite (industrial lubrication equipment and components); Chromalox (commercial and industrial electric heating products and systems); ECM Industries, NSI Industries, and Power Products (electrical products); IEP Technologies (systems and services that suppress, isolate, and vent combustible dust or vapor explosions); and RotoMetrics (rotary tooling products).
Citi and J.P. Morgan are serving as exclusive financial advisors to Sentinel, and Kirkland & Ellis is providing legal counsel.
About Sentinel Capital Partners
Sentinel is a leading midmarket private equity firm. Working collaboratively with portfolio companies, Sentinel offers operational resources and strategic advice that help its management teams solve challenges, capitalize on opportunities, and build stronger, more valuable businesses. Sentinel also provides junior capital solutions as a minority investor.
Sentinel focuses on niche markets across the business services, consumer, healthcare services, and industrial sectors. Since its inception in 1995, Sentinel has raised more than $11.2 billion of capital. To learn more, please visit sentinelpartners.com.
About Autronica
Autronica, headquartered in Trondheim, Norway, is a leading innovator and provider of fire and gas detection systems. Serving the maritime, oil & gas, infrastructure, and industrial sectors, Autronica's mission is to protect life, environment, and property through cutting-edge safety technology and dependable service. For more information, visit https://www.autronicafire.com/.
About MSA Safety
MSA Safety Incorporated (NYSE: MSA) is a global leader in the development, manufacture, and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems, and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product portfolio includes fixed gas and flame detection systems, portable gas detection instruments, self-contained breathing apparatuses, industrial head protection, and fall protection devices. MSA employs approximately 5,000 people worldwide and is headquartered in Cranberry Township, Pennsylvania. For more information, visit https://us.msasafety.com/.
Contact: Roland Tomforde
Broadgate Consultants
212-232-2356
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, /PRNewswire/ -- MSA Safety Incorporated (NYSE: MSA), a global leader in the development of advanced industrial safety technology products and solutions that protect people and facility infrastructure, announced its participation in the following upcoming investor conferences.
Conference
26th Annual B. Riley Securities Institutional Investor Conference
Date
May 20, 2026
Format
1x1 Investor Meetings
MSA Participants
Julie Beck, Senior Vice President and Chief Financial Officer
Stephanie Sciullo, Senior Vice President and President, MSA Americas
Larry De Maria, Executive Director, Investor Relations
Conference
46th Annual William Blair Growth Stock Conference
Date
June 2, 2026
Format
Presentation and Fireside Chat
Presentation Time
11:00 a.m. ET
MSA Participants
Julie Beck, Senior Vice President and Chief Financial Officer
Larry De Maria, Executive Director, Investor Relations
Conference
9th Annual Stifel Cross Sector Conference
Date
June 3, 2026
Format
1x1 Investor Meetings
MSA Participants
Julie Beck, Senior Vice President and Chief Financial Officer
Larry De Maria, Executive Director, Investor Relations
Conference
Baird 2026 Global Consumer, Technology & Services Conference
Date
June 4, 2026
Format
1x1 Investor Meetings
MSA Participants
Gustavo Lopez, Vice President, Product Strategy and Development
Larry De Maria, Executive Director, Investor Relations
Sessions that offer a listen-only audio webcast will be accessible for 90 days on the "Events & Presentations" section of the MSA Safety Investor Relations website at http://investors.MSASafety.com.
About MSA Safety
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.
