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Affiliated Managers Group

AMG NYSE Asset Management & Custody Banks Financials FY2016–FY2025

Affiliated Managers Group's revenue rose 1.6% to $2.1 billion in fiscal 2025. Its net margin was 34.5%, up from 25.1% a year earlier. Free cash flow was $967 million, up 4.1%. It paid out $707 million in dividends and buybacks, 73% of free cash flow. The diluted share count fell 8.6%.

Last close · Oct 23, 2026

$383.42

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.1B
1.6% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$717M
40.1%
Free cash flow Cash from operations minus capital spending.
$967M
4.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.5%
2.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$10.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
13.4x
On $28.57 EPS (TTM)

What Affiliated Managers Group does

No business description yet.

Legal name
AFFILIATED MANAGERS GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-008665
0001004434

Revenue and margins

Affiliated Managers Group had $2.1B of revenue in fiscal 2025, up 1.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 11.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $967M in fiscal 2025, 46.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Affiliated Managers Group returned $707M to shareholders in fiscal 2025, 73% of free cash flow. The diluted share count fell 8.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Affiliated Managers Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.1B and divides by 33.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 13.4x · peers 42.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Affiliated Managers Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $909M$429M$814M$950M$586M
Debt incl. finance leases $2.5B$2.5B$2.5B$2.6B$2.7B
Debt / equity 0.9x0.8x0.7x0.8x0.8x
Interest coverage 11.2x16.3x9.8x7.7x9.6x
Total assets $8.9B$8.9B$9.1B$8.8B$9.2B
Total liabilities $4.5B$4.2B$4.1B$4.2B$4.8B
Shareholders' equity $2.8B$3.2B$3.6B$3.3B$3.2B
Net debt (− = net cash) $1.6B$2.1B$1.7B$1.7B$2.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.7M

2 insiders

Sold, 12 months

$10.2M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 8, 2026 Jay C. HorgenPresident and CEO, Director Sold 17,500 $338.27 $5.9M Form 4
Jun 1, 2026 Annette FranquiDirector Bought 750 $304.88 $0.2M Form 4
May 8, 2026 Rodriguez Felix V. MatosDirector Sold 1,000 $300.18 $0.3M Form 4
May 6, 2026 Cates G. StaleyDirector Bought 1,500 $305.83 $0.5M Form 4
May 6, 2026 David Christopher RyanDirector Sold 3,402 $305.06 $1.0M Form 4
Mar 9, 2026 Kavita PadiyarGeneral Counsel & Corp. Sec. Sold 2,200 $278.24 $0.6M Form 4
Mar 6, 2026 Thomas M WojcikPresident and COO Sold 8,000 $286.30 $2.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −2.3%−4.7%−2.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Affiliated Managers Group AMG $10.3B 1.6% — 46.6% 16.5% 13.4x —
SEI Investments SEIC $12.6B 8.1% 27.3% 25.5% — 18.0x — Compare →
Federated Hermes FHI $4.1B 10.3% 28.5% 16.4% 40.9% 10.6x 7 Compare →
Blue Owl Capital OWL $6.4B 25.0% — 41.8% 5.2% 78.0x — Compare →
TPG TPG $17.2B 33.4% — — 15.2% 66.6x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.2B $2.3B $2.4B $2.2B $2.0B $2.4B $2.3B $2.1B $2.0B $2.1B
Operating income $1.0B $1.1B — — — — — — — —
Interest expense $91.7M $87.8M $80.6M $76.2M $92.3M $111M $114M $124M $138M $138M
Pretax income $975M $1.1B $714M $308M $508M $1.1B $1.7B $1.1B $923M $1.2B
Income tax $236M $58.4M $181M $2.9M $81.4M $251M $358M $185M $183M $282M
Net income $473M $690M $244M $15.7M $202M $566M $1.1B $673M $512M $717M
Diluted EPS $8.57 $12.03 $4.52 $0.31 $4.33 $13.05 $25.35 $17.42 $15.13 $22.74
Diluted shares 0.06B 0.06B 0.05B 0.05B 0.05B 0.04B 0.05B 0.04B 0.04B 0.03B
Cash flow
Cash from operations $1.1B $1.2B $1.1B $929M $1.0B $1.3B $1.1B $874M $932M $973M
Capital expenditure $20.2M $18.5M $18.7M $9.6M $8.5M $8.4M $11.4M $12.4M $3.4M $6.1M
Free cash flow $1.0B $1.2B $1.1B $920M $1.0B $1.3B $1.0B $862M $929M $967M
Stock-based compensation $39.2M $40.4M $44.7M $90.4M $119M $127M $114M $112M $112M $59.2M
Acquisitions $116M $175M $120M $146M $315M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $33.4M $351M $496M $356M $335M $595M $714M $342M $710M $706M
Dividends paid $0.0M $44.9M $64.4M $65.3M $16.8M $1.7M $1.6M $1.5M $1.4M $1.0M
Dividends and buybacks $33.4M $396M $561M $421M $352M $597M $715M $343M $711M $707M
Balance sheet
Cash and short-term investments $431M $440M $566M $540M $1.0B $909M $429M $814M $950M $586M
Total debt $869M $809M $1.8B $1.8B $2.3B $2.5B $2.5B $2.5B $2.6B $2.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $110M $111M $104M $92.3M $79.6M $73.9M $68.5M $67.3M $57.6M $54.4M
Total assets $8.7B $8.7B $8.2B $7.7B $7.9B $8.9B $8.9B $9.1B $8.8B $9.2B
Total liabilities $3.6B $3.3B $3.3B $3.2B $3.9B $4.5B $4.2B $4.1B $4.2B $4.8B
Shareholders' equity $3.6B $3.8B $3.5B $2.9B $2.8B $2.8B $3.2B $3.6B $3.3B $3.2B
Margins
Operating margin 47.1% 48.1% — — — — — — — —
Net margin 21.5% 29.9% 10.2% 0.7% 10.0% 23.5% 49.2% 32.7% 25.1% 34.5%
FCF margin 46.9% 50.0% 47.2% 41.1% 49.4% 51.9% 44.8% 41.9% 45.5% 46.6%
Returns
Return on capital 18.0% 21.4% 11.5% 7.5% 10.8% 19.8% 25.6% 16.0% 13.9% 16.5%
Return on equity 14.7% 18.5% 6.7% 0.5% 7.1% 20.3% 38.1% 19.7% 14.8% 21.8%
Return on assets 5.7% 7.9% 2.9% 0.2% 2.6% 6.8% 12.9% 7.5% 5.7% 8.0%
Growth
Revenue growth — 5.0% 3.2% −5.8% −9.5% 19.0% −3.4% −11.7% −0.8% 1.6%
Net income growth −7.2% 45.8% −64.7% −93.6% 1,187.9% 179.8% 102.6% −41.3% −24.0% 40.1%
EPS growth −6.5% 40.4% −62.4% −93.1% 1,296.8% 201.4% 94.3% −31.3% −13.2% 50.3%
FCF growth −12.3% 11.8% −2.6% −18.0% 8.8% 25.0% −16.6% −17.4% 7.8% 4.1%
Share count change −0.4% 2.8% −8.2% −6.0% −7.7% −4.1% 9.4% −13.9% −14.5% −8.6%
Financial health
Debt / equity 0.2x 0.2x 0.5x 0.6x 0.8x 0.9x 0.8x 0.7x 0.8x 0.8x
Interest coverage 11.3x 12.6x 9.9x 5.0x 6.5x 11.2x 16.3x 9.8x 7.7x 9.6x
Capital allocation
Capex / revenue 0.9% 0.8% 0.8% 0.4% 0.4% 0.4% 0.5% 0.6% 0.2% 0.3%
Stock comp / revenue 1.8% 1.8% 1.9% 4.0% 5.9% 5.3% 4.9% 5.5% 5.5% 2.9%
Payouts / FCF 3.2% 34.4% 50.0% 45.8% 35.2% 47.7% 68.6% 39.8% 76.6% 73.1%
Quality scores
Accruals ratio −7.0% −5.5% −10.6% −11.5% −10.4% −8.3% 1.0% −2.3% −4.7% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0001004434). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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