2020 Annual Report 
Enduring Culture, Extraordinary People
2020 Financial Information
Baird Financial Group is the ultimate parent company of all of Baird’s global operations. Our primary businesses are wealth management, capital markets, asset management and private equity. We are privately held and employee-owned.
Net Revenues
(millions)
Operating Income
(millions)
Associates
Book Value*
(per share / including cumulative dividends)
*Represents the book value per share of Baird stock at December 31, 2020, of $59.30 plus cumulative cash dividends per share from 2011 through 2020 of $32.20 per share, representing annual dividends of $5.50, $2.50, $2.10, $7.50, $2.00, $1.85, $1.65, $1.60 and $7.50 per share in 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.
Return on Book Value**
(per share)
**For comparative purposes, book value appreciation includes an adjustment for the value of the dividends paid in December of each year.
Stockholder's Equity***
(millions / including cumulative dividends)
***Represents stockholders’ equity at December 31, 2020, of $1,288 million plus cumulative cash dividends from 2011 through 2020 of $588 million, representing annual dividends of $119 million, $55 million,$39 million, $136 million, $35 million, $32 million, $27 million, $25 million and $120 million in 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.
Baird Financial Group: Financial Highlights
| Operating Results |
Per-Share Data |
Financial Position |
Other Data |
||||
|---|---|---|---|---|---|---|---|
| Net Revenues (millions) |
Operating Income (millions) |
Book Value (fully diluted) |
Cash Dividend |
Total Assets (millions) |
Associates | Financial Advisors |
|
| 2020 | $2,330 | $360 | $59.30 | $5.50 | $3,507 | 4,508 | 1,292 |
| 2019 | $2,060 | $262 | $53.21 | $2.50 | $3,343 | 4,641 | 1,298 |
| 2018 | $1,784 | $244 | $48.77 | $0.00 | $3,235 | 3,642 | 937 |
| 2017 | $1,533 | $199 | $39.77 | $2.10 | $3,114 | 3,410 | 858 |
| 2016 | $1,390 | $155 | $34.67 | $7.50 | $2,613 | 3,410 | 877 |
| 2015 | $1,286 | $154 | $37.48 | $2.00 | $2,793 | 3,312 | 872 |
| 2014 | $1,202 | $135 | $34.87 | $1.85 | $2,635 | 3,172 | 816 |
| 2013 | $1,069 | $117 | $31.78 | $1.65 | $2,259 | 2,935 | 727 |
| 2012 | $961 | $100 | $28.98 | $1.60 | $2,340 | 2,787 | 698 |
| 2011 | $925 | $86 | $27.19 | $7.50 | $2,264 | 2,752 | 694 |
Financial information does not reflect the consolidation of certain private equity partnerships.
BOOK VALUE: Baird paid cash dividends per share of $5.50, $2.50, $2.10, $7.50, $2.00, $1.85, $1.65, $1.60 and $7.50 in December of 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012 and 2011, respectively, which resulted in corresponding decreases in book value. In addition, per-share amounts have been restated to give effect for a three-for-one stock split, effective November 30, 1999, and a two-for-one stock split, effective February 19, 2008.
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