Pricing Log in Create free account
Friday 6 November 2026 Export AMG’s income statement to Excel — free account

Affiliated Managers Group, Inc.

AMG Financial Asset Management

Affiliated Managers Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 1.64% from fiscal 2024.

Revenue
+29.9%
EPS
+138.2%
Free cash flow
+4.18%
Total debt
+14.6%

Quarter to June 2026, against a year earlier

361.09 10.55 +3.01%
Market cap
$9.1B
P/E
11.6×
Fwd P/E
13.7×
Dividend yield
0.01%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • United States
  • United Kingdom
  • Other

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 0.69
Sold, $m 10.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 1 — — — — —
Sell — — — 2 — 2 1 — — — — —
Insider Ownership 6.36%

Capital & Financial Ratios $m

Size
Market Cap 9,060.00
Revenue ttm 2,270.20
Net income ttm 1,052.60
Free cash flow ttm 1,064.90
Net debt Q 2,593.00
Valuation
P/E 11.58
Forward P/E 13.70
Price / sales 4.20
Forward P/S Powerpack
Price / FCF 8.95
Price / book 2.42
Financial health
Current ratio Q 1.24
Debt / equity Q 0.76
Interest coverage Q 4.80
Growth
Revenue growth Q +29.91% (above 0%: growing)
Operating income growth Q +69.13% (above 0%: growing)
EPS, this year +42.85% (at or above 15%: strong)
EPS, next year A +16.67% (at or above 15%: strong)
Revenue, next year A +19.75% (at or above 10%: strong)
EPS, past 5 yrs +39.34% (at or above 15%: strong)
EPS, next 5 yrs A +25.76% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 40.35%
10-year low 10-year high
P/S against its own 10 years 88.20%
10-year low 10-year high
P/B against its own 10 years 94.39%
10-year low 10-year high

Dividends

Yield
0.01%
Annual rate
0.04
Payout ratio
0.14%
Growth, 2017–25
−31.2%/yr
  1. 0.80 ’17
  2. 1.20 ’18 +50
  3. 1.28 ’19 +7
  4. 0.35 ’20 −73
  5. 0.04 ’21 −89
  6. 0.04 ’22 +0
  7. 0.04 ’23 +0
  8. 0.04 ’24 +0
  9. 0.04 ’25 +0
  10. 0.04 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 814 950 586 411
Receivables 368 410 496 847
Inventory — — — —
Other — — — —
1,182 1,360 1,082 1,258
2023 2024 2025 Q'26
Payables 629 639 807 1,016
ST’ Debt — — — —
Other — — — —
629 639 807 1,016

Compound Annual Growth %

10y 5y 3y
Sales (1.79%) 0.46% (3.79%)
Cash Flow (2.18%) (0.73%) (2.65%)
Earnings 3.47% 28.80% (14.48%)
Book Value 1.03% 4.71% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 7.85 Actual 8.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 5.83 6.10 Beat by 0.27
Q4 FY25 8.75 9.48 Beat by 0.73
Q1 FY26 8.10 8.23 Beat by 0.13
Q2 FY26 7.85 8.29 Beat by 0.44
Q3 FY26 8.70 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 3.84 6.95 — — —
’25 2.20 2.80 6.87 11.21 22.74
’24 4.14 2.26 3.78 4.92 15.13
’23 3.47 3.25 5.48 5.15 17.42
’22 3.44 2.68 2.80 17.40 25.35
’21 3.41 2.55 3.00 4.17 13.05
’20 (0.33) 0.65 1.53 2.54 4.33
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 545 641 — — —
’25 497 493 528 557 2,074
’24 500 500 516 524 2,041
’23 517 513 525 503 2,058
’22 607 604 579 540 2,330
’21 559 586 575 692 2,412
’20 507 471 495 554 2,028
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 299 239 — — —
’25 209 231 277 256 973
’24 209 245 265 213 932
’23 235 91 294 255 874
’22 145 362 291 257 1,055
’21 189 362 346 362 1,259
’20 86 290 251 383 1,009
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 296 239 — — —
’25 207 229 276 255 967
’24 208 245 265 211 929
’23 233 89 291 249 862
’22 141 359 288 255 1,043
’21 188 361 344 358 1,251
’20 83 288 249 381 1,001
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 49.4% a year for ten years.

Implied
49.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,195 2,305 2,378 2,240 2,028 2,412 2,330 2,058 2,041 2,074 2,270 (0.6%) 2,484 2,685 2,848 +11.1%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 975 1,067 714 308 508 1,141 1,746 1,091 923 1,186 1,388 +2.2%
EBT margin, % 44.41 46.30 30.00 13.75 25.08 47.30 74.97 53.04 45.23 57.19 61.16 +12.8 pt
Net income 739 1,009 532 305 427 890 1,388 906 741 904 1,053 +2.3%
Per share, $
Per share, $ Revenue 40.49 41.16 44.37 44.35 43.60 58.13 60.51 58.63 65.62 72.79 85.99 +6.7%
Earnings 8.73 12.30 4.55 0.31 4.34 13.65 29.77 19.18 16.45 25.18 31.17 +12.5%
Cash flow 19.38 20.90 21.28 18.40 21.71 30.34 27.39 24.91 29.97 34.15 40.60 +6.5%
Capex (0.37) (0.33) (0.35) (0.19) (0.18) (0.20) (0.30) (0.35) (0.11) (0.21) (0.26) (6.0%)
Free cash flow 19.01 20.57 20.93 18.21 21.52 30.14 27.10 24.56 29.86 33.93 40.34 +6.7%
Book value 81.67 81.76 77.14 69.29 71.34 89.41 108.46 130.20 138.21 146.50 149.00 +6.7%
Shares, m 54 56 54 51 47 42 39 35 31 29 28 (6.9%)
Valuation, ×
Valuation, × P/E 16.76 16.45 21.95 206.68 22.91 12.04 5.31 7.77 11.22 11.33 11.58 33.2
P/S 3.60 4.93 2.20 1.91 2.33 2.83 2.65 2.56 2.82 3.96 4.20 3.0
P/B 1.79 2.48 1.26 1.22 1.43 1.84 1.48 1.15 1.34 1.97 2.42 1.6
EV/Sales 4.37 5.55 3.50 3.31 4.19 4.59 4.73 4.63 4.92 6.12 — 4.6
EV/FCF 9.30 11.10 7.41 8.06 8.48 8.85 10.56 11.05 10.81 13.12 — 9.9
Cash, $m
Cash, $m Operating cash flow 1,050 1,170 1,141 929 1,009 1,259 1,055 874 932 973 1,072 (0.8%)
Capex (20) (18) (19) (10) (8) (8) (11) (12) (3) (6) (7) (12.5%)
Free cash flow 1,030 1,152 1,122 920 1,001 1,251 1,043 862 929 967 1,065 (0.7%)
Balance, $m
Balance, $m Working capital (661) (665) (1,610) (1,472) (1,563) (1,952) (2,568) 554 721 275 242 n/m
Net debt 1,679 1,415 3,042 3,128 3,760 4,245 4,836 1,724 1,670 2,105 2,593 +2.5%
Shareholders’ equity 4,427 4,579 4,135 3,499 3,317 3,711 4,176 4,570 4,298 4,175 3,934 (0.6%)
Returns, %
Returns, % ROA 5.72 7.90 2.88 0.20 2.60 6.75 12.91 7.50 5.72 7.95 9.40 +2.2 pt
ROIC 7.07 8.22 6.68 6.57 5.39 7.01 5.34 6.80 6.98 4.04 4.68 (3.0) pt
ROE 11.54 15.31 5.59 0.41 5.93 16.10 29.06 15.39 11.54 16.91 21.21 +5.4 pt
People
People Employees 4,100 4,400 4,450 4,000 3,900 4,050 3,950 4,000 4,100 5,600 — +3.5%
Revenue/emp, $m 0.54 0.52 0.53 0.56 0.52 0.60 0.59 0.51 0.50 0.37 — (4.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Affiliated Managers Group, or AMG, invests in independent investment firms that manage money for clients. It calls these firms Affiliates. AMG holds equity interests in them, while their management teams typically retain significant ownership and run their businesses day to day. Each partnership has its own operating agreement.

The Affiliates serve institutional and individual investors around the world. They manage investments in private markets, liquid alternative strategies, equities, and multi-asset and fixed income strategies. Some also provide investment counseling and fiduciary services to wealthy individuals, families and institutions.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
United States 1,487 71.68%
United Kingdom 527 25.40%
Other 61 2.92%
Gross margin 100.00%
Operating margin 19.55%
Pre-tax margin 57.19%

Revenue by segment since 2016

Affiliated Managers Group, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
CG Carlyle Group Inc. $14.2B 50.0× 14.5× +0.42% (above 0%: growing) n/m +82.56% (above 0%: growing) 100.00% 53.13% Compare
EQH Equitable Holdings, Inc. $14.2B 9.5× 15.9× +167.66% (above 0%: growing) n/m +385.71% (above 0%: growing) 73.90% 37.18% Compare
ARCC Ares Capital Corporation $14.0B 15.6× 14.9× −2.43% (below 0%: shrinking) −22.26% (below 0%: shrinking) +236.09% (above 0%: growing) 100.00% 72.74% Compare
SEIC SEI Investments Company $12.5B 17.9× 17.1× +14.44% (above 0%: growing) +6.77% (above 0%: growing) −9.48% (below 0%: shrinking) 100.00% 29.91% Compare
IVZ Invesco Ltd. $11.9B — (loss-making) 10.1× +14.19% (above 0%: growing) −1.49% (below 0%: shrinking) −24.49% (below 0%: shrinking) 65.64% 23.30% Compare
AMG Affiliated Managers Group, Inc. $9.1B 11.6× 13.7× +29.91% (above 0%: growing) +138.18% (above 0%: growing) +4.18% (above 0%: growing) 100.00% 30.36%
VCTR Victory Capital Holdings, Inc. $7.0B 20.4× 18.0× +9.79% (above 0%: growing) +32.04% (above 0%: growing) +34.94% (above 0%: growing) 100.00% 34.73% Compare
BXSL Blackstone Secured Lending Fund $5.6B 20.0× 14.3× −12.10% (below 0%: shrinking) −11.98% (below 0%: shrinking) +210.81% (above 0%: growing) 100.00% 81.57% Compare
Median of peers $13.2B 17.9× 15.4× +11.80% +2.64% +146.69% 100.00% 38.53%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Jay Horgen said AMG’s alternative strategies attracted $29 billion in quarterly net inflows, while alternatives accounted for more than 60% of earnings.
  • CFO Dava Ritchea said long-only equity strategies had $14 billion in quarterly net outflows, reflecting industry and performance headwinds.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.59%
Held by the ten largest 49.90%
Holder Shares Stake Change
BlackRock 2.77m 10.72% −94.93k
Vanguard 2.77m 10.70% +1.36k
Morgan Stanley 1.49m 5.75% −245.29k
Boston Partners 1.00m 3.87% +30.72k
ARIEL INVESTMENTS, LLC 999.68k 3.87% −64.35k
State Street 883.32k 3.42% −43.41k
Millennium Management 875.12k 3.38% +869.75k
FULLER & THALER ASSET MANAGEMENT, INC. 857.76k 3.32% +97.54k
Dimensional Fund Advisors 670.20k 2.59% −48.12k
Geode Capital Management 590.76k 2.28% −45.02k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.31m 56.03m 284.00
2024 13.03m 33.46m 182.00
2023 14.62m 4.74m 149.00
2022 13.74m 12.83m 156.00
2021 9.06m 50.60m 162.00

Ownership

Directors and executive officers, together 2.90%
BlackRock, Inc. ................................................................................................................................... 12.20%
The Vanguard Group, Inc. ................................................................................................................ 10.30%
Morgan Stanley .................................................................................................................................. 7.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Affiliated Managers Group, Inc. (AMG) Latest News

26 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

13 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

9 Oct

Impact 3 · · StockStory

8 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

6 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

23 Sep

Impact 4 · · Simply Wall St.

22 Sep

Impact 3 · · Zacks

3 Sep

Impact 3 · · The Motley Fool

20 Aug

Impact 3 ·

16 Aug

Impact 4 · · MarketBeat

3 Aug

Impact 3 ·

31 Jul

Impact 3 · · MarketBeat

30 Jul

Impact 4 · transcript
Impact 3 ·
Impact 3 ·

29 Jul

Impact 4 ·

28 Jul

Impact 4 ·

27 Jul

Impact 4 ·

23 Jul

Impact 3 ·

22 Jul

Impact 3 ·
Impact 3 ·

26 Jun

Impact 3 ·

1 Jun

Impact 3 · · StockStory

20 May

Impact 3 · · StockStory

3 May

Impact 4 · · Simply Wall St.

2 May

Impact 4 · · Moby

AMG metrics, ten years each

stockrow.com/AMG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com