Affiliated Managers Group

Investment Advice

AMGStrained9 of 11 basics passed

$387.26

+0.07%

Market cap $10.0B

$387.26

+0.07%

Market cap $10.0B

Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to mid-size boutique asset managers, receiving a fixed percentage of revenue from these firms in return.

It is a $10.0B financial services company. Revenue grew 11.8% over the last year, and it keeps 38¢ of every dollar of sales as profit. It trades at 11.7× earnings — around the middle of its own history.

Website: amg.com
Location: Jupiter, FL
Employees: 5 600
Sector: Financial Services
Founded: 1993

Share price · 3 years

$130.58 → $387.26+196.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.27B
Profit: keeps 38¢ of every $1 sold; $856M
Free cash flow: cash left after running the business; $1.06B
Net debt: debt minus cash on hand; $2.11B
P/E: years of profit in the price; 11.7
EPS: earnings per share, TTM; $25.95
Dividend: pays out 0% of profit · 0% of FCF; 0.01%
Shares: down 42% since 2016 — buybacks; 33.0M
Volatility: beta vs the market — under 1 swings less; 1.07

Revenue, last 8 years

52-week range

Low $230.78$387.26High $387.26

Today's price is 100% of the way from the year's low to its high.

P/E vs its history5y

11.7×median 11.4×

Higher than 54% of past days — around the middle of its own history.

Valuation vs own history

P/E

11.7×

45%

P/S

4.4×

EV/EBITDA

30.1×

P/B

2.4×

27%

FCF yield

10.6%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$10.0Btop 86%
Revenue growth-4%top 94%
Net margin38%top 8%
Return on equity27%top 13%
P/E11.7×top 35%
Dividend yield0.01%top 98%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability and moat; Health lags behind.

Valuation69

P/E vs own history54th pct · 12/25
FCF yield10.6% · 25/25
P/S4.4x · 20/25
EV/EBITDA20.2x · 12/25

Growth62

Revenue CAGR-3.7% · 0/25
Net income CAGR6.1% · 12/25
EPS CAGR ~5Y38.1% · 25/25
Fwd implied growth33.5% · 25/25

Profitability82

ROIC13.4% · 12/25
ROE26.9% · 25/25
Net margin37.7% · 25/25
Operating margin21.5% · 20/25

Health42

Altman Zn/a · 0/25
Current ratio1.24 · 12/25
Interest coverage6.0x · 18/25
Net cash / debtD/A 23% · 12/25

Quality66

Piotroski F5/9 · 15/25
Beneish M-2.49 · 20/25
FCF conversion124% · 25/25
Margin stabilityσ 17.3% · 6/25

Moat75

ROIC >12% years5/10 yrs · 13/25
Median gross margin55.2% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 0.7% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Best year on record
$1.15B net income
FY2018Financial
Revenue crossed $1B
$2.38B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
2010Acquisition
AMG acquired a majority stake in Pantheon Ventures
1997IPO
Nutt in Boston, Massachusetts, as a privately owned company with initial backing from TA Associates
1993Founded
Affiliated Managers Group, Inc. (AMG) is an American financial services firm founded in 1993 and headquartered in…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$25 786 today — price return only

$2.1B revenue in FY2025

Revenue up 11.8% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

5 600 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 37.7% net margin
Revenue growing 11.8% year over year
Strong cash conversion — FCF is 46.9% of revenue
Interest covered 6.0× by operating earnings

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+11.8% YoY
Profitable — makes more than it spends$856M TTM
Profit growing — earnings are higher than last year-2.4% YoY
Generates cash — cash left after running and investing$1.06B TTM
Debt under control — could handle its obligations~2.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$10.0B market cap
Not printing shares — share count not ballooning — you keep your slice-29.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 30/100
Pays a dividend — returns cash to shareholdersyield 0.01%
Valuation not extreme — price not wildly above earningsP/E 11.7

Peer comparisonAffiliated Managers Group vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AMG this company	$10.0B	11.7	+11.8%	37.7%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: AMG vs BRK.A · AMG vs BRK.B · AMG vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 5Hold 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.27B · net income $856M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.27B

YoY 11.8%

Net income (TTM)

$856M

Margin 37.7%

Operating margin

21.5%

P/E ratio

11.7

Dividend yield

0.01%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.0	2.4	2.3	2.1	2.0	2.1
Gross profit	—	1.4	1.3	1.2	1.1	1.1
Operating income (EBIT)	0.5	1.1	0.8	0.7	0.9	0.4
Net income	0.2	0.6	1.1	0.7	0.5	0.7
EPS (diluted)	4.33	12.63	23.39	15.95	14.17	21.72

Cash flowFree cash flow $1.06B · operating cash flow $1.07B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.06B

Margin 46.9%

Operating cash flow (TTM)

$1.07B

FCF margin

46.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.0	1.3	1.1	0.9	0.9	1.0
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	1.0	1.3	1.0	0.9	0.9	1.0
FCF margin	49.4%	51.8%	44.8%	41.9%	45.5%	46.6%

Balance sheetAssets $9.21B · net debt $2.11B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $9.21B of assets is financed

60%

40%

Liabilities $4.79B — borrowed moneyEquity $3.24B — owners' stake

Cash vs debt

Total debt $2.69B − cash $586M = net debt $2.11B

Cash on hand covers 22% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

6.0x

EBIT ÷ interest expense

ROE

26.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.0	0.9	0.4	0.8	0.9	0.6
Total assets	7.9	8.9	8.9	9.1	8.8	9.2
Total liabilities	3.9	4.5	4.2	4.1	4.2	4.8
Total debt	2.3	2.5	2.5	2.5	2.6	2.7
Equity	2.8	2.8	3.2	3.6	3.3	3.2
Net debt	1.3	1.6	2.1	1.7	1.7	2.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AMG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $387.26 · market cap $10.0B.