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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. In the quarter to June 2026, revenue grew 29.9%, EPS grew 138.2%, free cash flow grew 4.18% and total debt rose 14.6%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

383.76 0.72 +0.19%
Market cap
$9.9B
P/E
12.3×
Fwd P/E
14.3×
Dividend yield
0.01%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.69
Total sells 10.16
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 1 1 — — — —
Sell — — — — 2 — 2 1 — — — —
Insider Ownership 6.36%

Capital & Financial Ratios $m

Market Cap 9,910.00
Revenue 2,270.20
Net Income 1,052.60
Free Cash Flow 1,064.90
Net Debt 2,593.00
Current Ratio 1.24
Debt/Equity 0.76
P/E ratio 12.31
Fwd P/E 14.30
P/S ratio 4.46
P/B ratio 2.58
Past 5Y EPS Growth 39.34% (at or above 15%: strong)
This Y EPS Growth 42.85% (at or above 15%: strong)
Next Y EPS Growth 16.67% (at or above 15%: strong)
Next Y revenue growth 19.75% (at or above 10%: strong)
Next 5Y EPS Growth 25.76% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 45.70%
10-year low 10-year high
P/S against its own 10 years 93.62%
10-year low 10-year high
P/B against its own 10 years 99.52%
10-year low 10-year high

Dividends

Payout Ratio 0.00
Annual Dividend Rate 0.04
Annual Dividend Yield 0.01%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.04
0.01
0.01
0.01
2025 0.04
0.01
0.01
0.01
0.01
2024 0.04
0.01
0.01
0.01
0.01
2023 0.04
0.01
0.01
0.01
0.01
2022 0.04
0.01
0.01
0.01
0.01
2021 0.04
0.01
0.01
0.01
0.01
2020 0.35
0.32
0.01
0.01
0.01
2019 1.28
0.32
0.32
0.32
0.32
2018 1.20
0.30
0.30
0.30
0.30
2017 0.80
0.20
0.20
0.20
0.20
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 115.97 139.52 88.47 71.08 44.37 98.88 108.12 120.22 145.36 139.22

Analyst estimates 2026–2028

Powerpack
High 179.85 207.67 217.00 115.75 103.34 191.62 171.39 180.63 199.52 299.69
People
People Employees 4,100 4,400 4,450 4,000 3,900 4,050 3,950 4,000 4,100 5,600
Revenue/emp, $m 0.54 0.52 0.53 0.56 0.52 0.60 0.59 0.51 0.50 0.37
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
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 975 1,067 714 308 508 1,141 1,746 1,091 923 1,186
EBT margin, % 44.41 46.30 30.00 13.75 25.08 47.30 74.97 53.04 45.23 57.19
Net income 739 1,009 532 305 427 890 1,388 906 741 904
Depreciation 130 107 137 166 160 52 67 61 42 171
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
Earnings 8.73 12.30 4.55 0.31 4.34 13.65 29.77 19.18 16.45 25.18
Cash flow 19.38 20.90 21.28 18.40 21.71 30.34 27.39 24.91 29.97 34.15
Capex (0.37) (0.33) (0.35) (0.19) (0.18) (0.20) (0.30) (0.35) (0.11) (0.21)
Free cash flow 19.01 20.57 20.93 18.21 21.52 30.14 27.10 24.56 29.86 33.93
Book value 81.67 81.76 77.14 69.29 71.34 89.41 108.46 130.20 138.21 146.50
Shares, m 54 56 54 51 47 42 39 35 31 29
Valuation, ×
Valuation, × P/E 16.76 16.45 21.95 206.68 22.91 12.04 5.31 7.77 11.22 11.33
P/S 3.60 4.93 2.20 1.91 2.33 2.83 2.65 2.56 2.82 3.96
P/B 1.79 2.48 1.26 1.22 1.43 1.84 1.48 1.15 1.34 1.97
EV/Sales 4.37 5.55 3.50 3.31 4.19 4.59 4.73 4.63 4.92 6.12
EV/FCF 9.30 11.10 7.41 8.06 8.48 8.85 10.56 11.05 10.81 13.12
Cash, $m
Cash, $m Operating cash flow 1,050 1,170 1,141 929 1,009 1,259 1,055 874 932 973
Capex (20) (18) (19) (10) (8) (8) (11) (12) (3) (6)
Free cash flow 1,030 1,152 1,122 920 1,001 1,251 1,043 862 929 967
Balance, $m
Balance, $m Working capital (661) (665) (1,610) (1,472) (1,563) (1,952) (2,568) 554 721 275
Total debt 2,110 1,855 3,608 3,668 4,800 5,153 5,265 2,538 2,620 2,691
Net debt 1,679 1,415 3,042 3,128 3,760 4,245 4,836 1,724 1,670 2,105
Shareholders’ equity 4,427 4,579 4,135 3,499 3,317 3,711 4,176 4,570 4,298 4,175
Returns, %
Returns, % ROA 5.72 7.90 2.88 0.20 2.60 6.75 12.91 7.50 5.72 7.95
ROIC 7.07 8.22 6.68 6.57 5.39 7.01 5.34 6.80 6.98 4.04
ROE 11.54 15.31 5.59 0.41 5.93 16.10 29.06 15.39 11.54 16.91
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $15.4B 20.1× 7.5× +43.58% (above 0%: growing) n/m +83.01% (above 0%: growing) 31.27% 4.68% Compare
EQH Equitable Holdings, Inc. $14.6B — (loss-making) 6.8× −29.81% (below 0%: shrinking) n/m +89.52% (above 0%: growing) 50.84% (26.36%) Compare
OWL Blue Owl Capital Inc. $14.0B 73.8× 28.8× +7.10% (above 0%: growing) −33.33% (below 0%: shrinking) +9.82% (above 0%: growing) 100.00% 15.46% Compare
ARCC Ares Capital Corporation $13.6B 13.9× 12.0× +3.09% (above 0%: growing) −53.85% (below 0%: shrinking) +254.13% (above 0%: growing) 100.00% 75.65% Compare
CG Carlyle Group Inc. $13.1B 36.0× 11.9× −28.57% (below 0%: shrinking) −57.30% (below 0%: shrinking) +82.56% (above 0%: growing) 100.00% 39.97% Compare
IVZ Invesco Ltd. $12.7B — (loss-making) 11.1× +20.46% (above 0%: growing) n/m +32.67% (above 0%: growing) 65.65% 19.95% Compare
SEIC SEI Investments Company $12.6B 18.0× 15.6× +14.66% (above 0%: growing) −10.44% (below 0%: shrinking) +30.30% (above 0%: growing) 100.00% 30.71% Compare
AMG Affiliated Managers Group, Inc. $9.9B 12.3× 14.3× +29.91% (above 0%: growing) +138.18% (above 0%: growing) +4.18% (above 0%: growing) 100.00% 30.36%
VCTR Victory Capital Holdings, Inc. $6.7B 19.8× 15.3× +23.96% (above 0%: growing) +146.38% (above 0%: growing) +1,893.46% (above 0%: growing) 100.00% 44.50% Compare
Median of peers $13.4B 19.9× 12.0× +10.88% −33.33% +82.79% 100.00% 25.33%

All 120 Asset Management stocks →

Affiliated Managers Group, Inc. (AMG) key facts

  • Strength: Affiliated Managers Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 1.64% from fiscal 2024.
  • Strength: Net income was $904.0 million, or $25.18 per share (basic), a net margin of 34.5%.
  • Affiliated Managers Group, Inc. (AMG) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, AMG traded at $383.76, a market capitalization of $9.9 billion.
  • At that price the stock trades at 12.3× trailing-twelve-month earnings and 4.5× sales; its P/E is higher than 46% of its own readings over the past ten years.
  • Affiliated Managers Group, Inc. pays an annual dividend of $0.04 per share, a yield of 0.01%, with a payout ratio of 0.14%.
  • Return on equity was 16.9% and debt-to-equity 0.76.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Affiliated Managers Group, Inc. (AMG) Latest News

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