Affiliated Managers Group, Inc. (AMG) vs Victory Capital Holdings, Inc. (VCTR)

Affiliated Managers Group, Inc. and Victory Capital Holdings, Inc. are both Asset Management companies. Affiliated Managers Group, Inc. is the larger, with a market value of $9.9B against $6.7B — 1.5× the size. Affiliated Managers Group, Inc. trades at the lower P/E: 12.3× against 19.8×. Victory Capital Holdings, Inc. grew revenue faster over the last twelve months: 51.5% against 11.8%. Affiliated Managers Group, Inc. has the higher net margin (37.7% vs 22.7%) and the lower return on invested capital (4.68% vs 12.3%). Both pay a dividend; Victory Capital Holdings, Inc. yields more (1.82% vs 0.01%). Across the 20 metrics below, Affiliated Managers Group, Inc. leads on 11 and Victory Capital Holdings, Inc. on 9.

Valuation

Metric AMG VCTR Asset Management median
P/E 12.31 19.78 13.99
P/S 4.46 4.33 2.76
P/B 2.58 2.84 0.85
Price to free cash flow 9.51 11.98 8.32
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.12% 5.06% 4.72%
Free cash flow yield 10.51% 8.35% 4.44%

Profitability

Metric AMG VCTR Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 21.52% 41.33% 33.42%
Net margin 37.71% 22.65% 13.37%
Free cash flow margin 46.91% 36.16% 12.36%
Return on equity 21.21% 14.59% 4.79%
Return on assets 9.40% 8.38% 1.55%
Return on invested capital 4.68% 12.30% 2.97%

Growth

Metric AMG VCTR Asset Management median
Revenue growth (TTM) 11.80% 51.50% 7.42%
EPS growth (last fiscal year) 50.30% (6.85%) (6.67%)
Revenue growth, 5-year CAGR 0.46% 10.99% 12.51%
Net income growth, 5-year CAGR 28.80% 4.92% 0.00%

Health

Metric AMG VCTR Asset Management median
Debt to equity 0.76 0.41 0.44
Current ratio 1.24 1.29 1.30
Net debt to EBITDA 3.65 1.46 1.02

Dividend

Metric AMG VCTR Asset Management median
Dividend yield 0.01% 1.82% 6.60%
Payout ratio 0.00 0.36 0.94

Size

Metric AMG VCTR Asset Management median
Market cap 9.91b 6.72b 694.86m

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