A Business at a Glance
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AFFILIATED MANAGERS GROUP, INC.
AMG
$11.3B
Mkt Cap
$358.29
+3.02%
AFFILIATED MANAGERS GROUP, INC. (AMG) has a current P/E ratio of 15.8, compared to its historical median P/E of 13.0. The stock is currently considered Fair based on its historical valuation range.
AFFILIATED MANAGERS GROUP, INC. (AMG) has a 5-year average return on invested capital (ROIC) of 12.7%. This indicates solid capital allocation.
AFFILIATED MANAGERS GROUP, INC. (AMG) has a market capitalization of $9.9B. It is classified as a mid-cap stock.
Yes, AFFILIATED MANAGERS GROUP, INC. (AMG) pays a dividend with a trailing twelve-month yield of 0.01%. The company also returns capital through share buybacks, with a buyback yield of 7.26%.
Based on historical P/E analysis, AFFILIATED MANAGERS GROUP, INC. (AMG) appears fair. The current P/E of 15.8 is 21% above its historical median of 13.0. The estimated fair value CAGR (P/E method) is 44.4%.
AFFILIATED MANAGERS GROUP, INC. (AMG) operates in the Investment Advice industry, within the Financials sector.
AMG is a strategic partner to leading independent investment firms globally, investing in high-quality partner-owned affiliates and allocating capital to areas of highest growth and return. The company operates a distinctive partnership model that enables each affiliate's management team to retain autonomy and significant equity ownership while leveraging AMG's strategic capabilities including access to growth capital, product strategy, distribution, succession planning, and strategic advisory. AMG's affiliates manage a diversified portfolio of strategies across alternatives—including private markets, liquid alternatives, and differentiated long-only strategies spanning equities, multi-asset, and fixed income—generating significant cash flow that the company deploys toward growth investments and shareholder returns. The business model is built on the premise that independent, partner-owned firms with entrepreneurial cultures and direct equity ownership by principals possess fundamental competitive advantages in meeting client objectives, and AMG magnifies these advantages while preserving affiliate independence and ownership culture. With 40 affiliates operating across multiple strategies, products, and client channels, AMG has deliberately evolved its business toward alternatives over recent years to improve long-term organic growth and earnings prospects while enhancing cash flow stability across market cycles.
【Strategic alternatives evolution driving earnings growth】 Management expects meaningful increases in full-year economic earnings per share in 2026 driven by strong organic growth from alternative strategies, the full-year impact of new affiliate investments, and ongoing capital allocation to share repurchases. The company anticipates rising demand for infrastructure strategies as a global imperative and ongoing demand for secondary solutions across private equity, infrastructure, and credit, with institutional and individual investors increasingly attracted to absolute return strategies amid macro uncertainty. AMG expects continued organic growth momentum in liquid alternatives, particularly from tax-aware long-short strategies, and projects that AQR will contribute more than 20% to earnings in 2026 following double-digit contributions in 2025. The company will generate significantly higher levels of capital cumulatively over the next five years, with deployment toward growth investments and capital return expected to further shape and diversify the business profile and fuel earnings growth.
| Metric | Target | Period |
|---|---|---|
| Share repurchases | approximately $500 million | FY2026 |
| Net performance fee earnings | approximately $170 million | FY2026 |
| Share repurchases | at least $400 million | FY2026 |
| Economic earnings per share growth | more than 30% | FY2026 |
Share repurchases (FY2026): “For the full year, we expect to repurchase approximately $500 million, subject to market conditions and capital allocation activity.”
Net performance fee earnings (FY2026): “We expect net performance fee earnings of approximately $170 million for 2026, which is consistent with our five-year average from 2021- 2025.”
Share repurchases (FY2026): “Along these lines, we anticipate repurchasing at least $400 million in shares in 2026.”
Economic earnings per share growth (FY2026): “In 2025, economic earnings per share grew by more than 20%, and we expect that growth rate to increase to more than 30% this year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.1B | 2.1B | 2.0B | 2.1B | 2.3B | 2.4B |
| Net Income | 755M | 717M | 512M | 673M | 1.1B | 566M |
| EPS | $15.03 | $22.74 | $15.13 | $17.42 | $25.35 | $13.05 |
| Free Cash Flow | 1.1B | 967M | 929M | 862M | 1.0B | 1.3B |
| ROIC | -1.0% | 12.0% | 8.5% | 11.3% | 20.8% | 10.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.94 | 0.83 | 0.78 | 0.71 | 0.78 | 0.89 |
| Dividends/Share | $0.00 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 |
| Operating Income | -79M | -70M | -40M | -46M | 1.7B | 1.1B |
| Operating Margin | -3.7% | -3.4% | -2.0% | -2.2% | 75.0% | 47.3% |
| ROE | 24.4% | 21.8% | 14.8% | 19.7% | 38.1% | 20.3% |
| Shares Outstanding | 28M | 32M | 34M | 39M | 45M | 43M |
| Metric | 2014 | 2015 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.6B | 2.2B | 2.2B | 2.3B | 2.4B | 2.2B | 2.0B | 2.4B | 2.3B | 2.1B | 2.0B | 2.1B | 2.1B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 486M | 444M | 398M | 373M | 418M | 377M | 321M | 347M | 386M | 358M | 377M | 409M | 421M |
| EBIT | 815M | 1.1B | 1.0B | 1.1B | 714M | 308M | 508M | 1.1B | 1.7B | -46M | -40M | -70M | -79M |
| Op. Margin | 30.8% | 50.7% | 47.1% | 48.1% | 30.0% | 13.8% | 25.1% | 47.3% | 75.0% | -2.2% | -2.0% | -3.4% | -3.7% |
| Net Income | 434M | 509M | 473M | 690M | 244M | 16M | 202M | 566M | 1.1B | 673M | 512M | 717M | 755M |
| Net Margin | 16.4% | 23.0% | 21.5% | 29.9% | 10.2% | 0.7% | 10.0% | 23.4% | 49.2% | 32.7% | 25.1% | 34.5% | 35.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 642M | 133M | 0 | 371M | 371M |
| Returns on Capital | |||||||||||||
| ROIC | 25.8% | 31.1% | 11.9% | 15.1% | 4.9% | 0.3% | 4.1% | 10.9% | 20.8% | 11.3% | 8.5% | 12.0% | -1.0% |
| ROE | 18.2% | 18.6% | 14.6% | 18.5% | 6.7% | 0.5% | 7.1% | 20.3% | 38.1% | 19.7% | 14.8% | 21.8% | 24.4% |
| ROA | 6.2% | 6.6% | 5.7% | 7.9% | 2.9% | 0.2% | 2.6% | 6.7% | 12.9% | 7.5% | 5.7% | 7.9% | 8.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.4B | 1.2B | 1.1B | 1.2B | 1.1B | 929M | 1.0B | 1.3B | 1.1B | 874M | 932M | 973M | 1.1B |
| Free Cash Flow | 1.4B | 1.2B | 1.0B | 1.2B | 1.1B | 920M | 1.0B | 1.3B | 1.0B | 862M | 929M | 967M | 1.1B |
| Owner Earnings | 1.2B | 994M | 911M | 1.0B | 950M | 680M | 715M | 967M | 780M | 616M | 665M | 709M | 789M |
| CapEx | 19M | 38M | 20M | 19M | 19M | 9.6M | 8.5M | 8.4M | 11M | 12M | 3.4M | 6.1M | 8.3M |
| Maint. CapEx | 104M | 117M | 124M | 136M | 146M | 159M | 176M | 165M | 161M | 146M | 156M | 159M | 159M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 104M | 117M | 124M | 136M | 146M | 159M | 176M | 165M | 161M | 146M | 156M | 159M | 159M |
| CapEx/OCF | 1.3% | 3.1% | 1.9% | 1.6% | 1.6% | 1.0% | 0.8% | 0.7% | 1.1% | 1.4% | 0.4% | 0.6% | 0.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 45M | 64M | 65M | 17M | 1.7M | 1.6M | 1.5M | 1.4M | 1.0M | 0 |
| Dividend Yield | N/A | N/A | N/A | 0.5% | 0.8% | 1.4% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | N/A |
| Share Buybacks | 191M | 414M | 33M | 351M | 496M | 356M | 335M | 595M | 714M | 342M | 710M | 706M | 715M |
| Buyback Yield | 1.6% | 4.7% | 0.4% | 3.1% | 9.8% | 8.3% | 7.1% | 8.3% | 10.1% | 5.8% | 11.2% | 7.6% | 7.3% |
| Stock-Based Comp | 114M | 103M | 16M | 21M | 45M | 90M | 119M | 127M | 114M | 112M | 112M | 105M | 116M |
| Debt Repayment | 1.0B | 1.3B | 1.1B | 805M | 1.2B | 510M | 350M | 33M | 61M | 25M | 750M | 826M | 826M |
| Balance Sheet | |||||||||||||
| Net Debt | 132M | -120M | 315M | 292M | 1.1B | 1.2B | 1.2B | 1.6B | 1.9B | 1.3B | 1.7B | 2.0B | 2.4B |
| Cash & Equiv. | 551M | 564M | 431M | 440M | 566M | 540M | 1.0B | 909M | 429M | 814M | 950M | 586M | 475M |
| Long-Term Debt | 855M | 643M | 869M | 809M | 1.8B | 1.8B | 2.3B | 2.5B | 2.5B | 2.5B | 2.6B | 2.7B | 2.9B |
| Debt/Equity | 0.33 | 0.23 | 0.24 | 0.21 | 0.53 | 0.61 | 0.83 | 0.89 | 0.78 | 0.71 | 0.78 | 0.83 | 0.94 |
| Interest Coverage | 10.6 | 12.6 | 11.3 | 12.6 | 8.9 | 4.0 | 5.5 | 10.2 | 15.3 | -0.4 | -0.3 | -0.5 | -0.5 |
| Equity | 2.6B | 2.8B | 3.6B | 3.8B | 3.5B | 2.9B | 2.8B | 2.8B | 3.2B | 3.6B | 3.3B | 3.2B | 3.1B |
| Total Assets | 7.7B | 7.8B | 8.7B | 8.7B | 8.2B | 7.7B | 7.9B | 8.9B | 8.9B | 9.1B | 8.8B | 9.2B | 9.4B |
| Total Liabilities | 3.4B | 3.4B | 3.6B | 3.3B | 3.3B | 3.2B | 3.9B | 4.5B | 4.2B | 4.1B | 4.2B | 4.8B | 5.1B |
| Intangibles | 4.4B | 4.4B | 1.5B | 1.4B | 1.3B | 1.2B | 1.0B | 2.0B | 1.9B | 1.8B | 1.8B | 1.6B | 1.6B |
| Retained Earnings | 2.2B | 2.6B | 3.1B | 3.7B | 3.9B | 3.8B | 4.0B | 4.6B | 5.7B | 6.4B | 6.9B | 7.6B | 7.7B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 7.70 | 9.17 | 8.57 | 12.03 | 4.52 | 0.31 | 4.33 | 13.05 | 25.35 | 17.42 | 15.13 | 22.74 | 15.03 |
| Owner EPS | 21.64 | 17.88 | 16.51 | 17.68 | 17.62 | 13.42 | 15.30 | 22.31 | 17.24 | 15.95 | 19.65 | 22.51 | 28.68 |
| Book Value | 46.62 | 51.06 | 65.61 | 66.69 | 64.15 | 58.00 | 59.53 | 64.28 | 71.46 | 92.88 | 98.93 | 102.76 | 112.36 |
| Cash Flow/Share | 25.50 | 21.84 | 19.04 | 20.42 | 21.16 | 18.35 | 21.61 | 29.05 | 23.33 | 22.63 | 27.57 | 30.88 | 33.21 |
| Dividends/Share | N/A | 0.00 | 0.00 | 0.80 | 1.20 | 1.28 | 0.35 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.00 |
| Shares Out. | 56.4M | 55.6M | 55.2M | 57.3M | 53.9M | 50.6M | 46.7M | 43.3M | 45.2M | 38.6M | 33.8M | 31.5M | 27.5M |
| Valuation | |||||||||||||
| P/E Ratio | 26.9 | 17.2 | 16.2 | 16.7 | 20.8 | 272.5 | 23.4 | 12.7 | 6.2 | 8.8 | 12.4 | 13.0 | 23.8 |
| P/FCF | 8.2 | 7.5 | 7.4 | 10.0 | 4.5 | 4.7 | 4.7 | 5.8 | 6.8 | 6.8 | 6.8 | 9.6 | 9.3 |
| EV/EBIT | 14.5 | 7.7 | 7.7 | 10.7 | 12.3 | 57.7 | 15.8 | 9.4 | 5.2 | N/A | N/A | N/A | N/A |
| Price/Book | 4.4 | 3.1 | 2.1 | 3.0 | 1.5 | 1.5 | 1.7 | 2.6 | 2.2 | 1.6 | 1.9 | 2.9 | 3.2 |
| Price/Sales | 4.1 | 4.9 | 3.6 | 4.2 | 3.4 | 2.1 | 1.7 | 2.8 | 2.6 | 2.7 | 2.8 | 3.1 | 4.6 |
| FCF Yield | 12.2% | 13.4% | 13.4% | 10.0% | 22.1% | 21.5% | 21.1% | 17.4% | 14.8% | 14.6% | 14.6% | 10.4% | 10.7% |
| Market Cap | 11.7B | 8.8B | 7.7B | 11.5B | 5.1B | 4.3B | 4.7B | 7.2B | 7.1B | 5.9B | 6.3B | 9.3B | 9.9B |
| Avg. Price | 191.79 | 194.48 | 143.45 | 166.94 | 151.66 | 91.17 | 74.33 | 154.55 | 134.95 | 143.85 | 167.71 | 206.25 | 358.29 |
| Year-End Price | 206.94 | 158.04 | 139.09 | 200.87 | 94.13 | 84.48 | 101.44 | 165.92 | 155.98 | 152.58 | 187.60 | 296.06 | 358.29 |
AFFILIATED MANAGERS GROUP, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
AFFILIATED MANAGERS GROUP, INC. trades at 15.8x trailing earnings, compared to its 15-year median P/E of 13.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.9x vs a median of 6.8x. The company's 5-year average ROIC is 12.7%. Total shareholder yield (buybacks) is 7.3%. At current prices, the estimated annualized return to fair value is +8.1%.
AFFILIATED MANAGERS GROUP, INC. (AMG) reported annual revenue of $2.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
AFFILIATED MANAGERS GROUP, INC. (AMG) has a net profit margin of 34.5%. This is a strong margin indicating high profitability.
AFFILIATED MANAGERS GROUP, INC. (AMG) generated $967 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AFFILIATED MANAGERS GROUP, INC. (AMG) has a debt-to-equity ratio of 0.83. This indicates moderate leverage.
AFFILIATED MANAGERS GROUP, INC. (AMG) reported earnings per share (EPS) of $22.74 in its most recent fiscal year.
AFFILIATED MANAGERS GROUP, INC. (AMG) has a return on equity (ROE) of 21.8%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 17 years of financial data for AFFILIATED MANAGERS GROUP, INC. (AMG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AFFILIATED MANAGERS GROUP, INC. (AMG) has a book value per share of $102.76, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects meaningful increases in full-year economic earnings per share in 2026 driven by strong organic growth from alternative strategies, the full-year impact of new affiliate investments, and ongoing capital allocation to share repurchases. The company anticipates rising demand for infrastructure strategies as a global imperative and ongoing demand for secondary solutions across private equity, infrastructure, and credit, with institutional and individual investors increasingly attracted to absolute return strategies amid macro uncertainty. AMG expects continued organic growth momentum in liquid alternatives, particularly from tax-aware long-short strategies, and projects that AQR will contribute more than 20% to earnings in 2026 following double-digit contributions in 2025. The company will generate significantly higher levels of capital cumulatively over the next five years, with deployment toward growth investments and capital return expected to further shape and diversify the business profile and fuel earnings growth.
Based on recent SEC filings and earnings calls, AFFILIATED MANAGERS GROUP, INC. (AMG) has provided the following forward guidance: Share repurchases: approximately $500 million (FY2026); Net performance fee earnings: approximately $170 million (FY2026); Share repurchases: at least $400 million (FY2026); Economic earnings per share growth: more than 30% (FY2026).