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

356.89 6.35 +1.81%
Market cap
$9.1B
P/E
11.3×
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

Affiliated Managers Group, Inc. (AMG) valuation and DCF model

What the price implies · reverse DCF

At $356.89 the price implies more than 60% a year of growth for ten years.

The dividend a share grew −39.0% a year over the last five years. Return on equity averaged 12.8% over ten years; the price implies 18.1% for good.

In December 2017 the price assumed 45.6% a year; Affiliated Managers Group, Inc. went on to grow the dividend a share −4.0% a year to FY2025.

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
Its base case
−10.0% a year for five years, then −6.0%
$0.23
99.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Affiliated Managers Group, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Affiliated Managers Group, Inc.’s own cost of capital: risk-free 4.3% + beta 1.05 × equity premium 4.5% = 9.0% cost of equity; weighted, 9.0%.

Use 9.0%
Base case value per share $0.23 ten years discounted, and what follows
Current price $356.89 market price per share
Below today’s price 99.9% downside at the base case’s assumptions

How we got there$0.14 10 years of dividends+$0.10 terminal value=$0.23 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 11.31× 9.39× 32.70× 65% below 13.38× 15% below
P/FCF 8.74× 7.09× 6.48× 35% above 7.79× 12% above
P/B 2.37× 1.66× 1.65× 43% above 0.91× 160% above
EV/EBITDA — 14.76× 12.86× — 3.38× —
EV/Sales — 5.00× 4.59× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
6.57×66.69×126.82×186.95×10Y avg 32.70×2017201820192020202120222023202420252026

AMG trades at 11.31× P/E, against a 10-year average of 32.70× (range 5.31×–206.68×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $1,031.66 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.