Affiliated Managers Group
AMG · Asset Management & Custody Banks
$383.42
3.1%Federated Hermes
FHI · Asset Management & Custody Banks
$56.81
1.5%The short version
- Affiliated Managers Group is the larger business, with $2.1B of revenue in fiscal 2025 against $1.8B for Federated Hermes.
- Federated Hermes grew revenue faster (10.3%, against 1.6%).
- Affiliated Managers Group turned more of its sales into free cash flow (46.6% FCF margin, against 16.4% FCF margin).
- Federated Hermes earned a higher return on the capital invested in it (40.9%, against 16.5%).
- Investors pay more for each dollar of Affiliated Managers Group’s earnings: a P/E of 13.4x against 10.6x for Federated Hermes.
| Latest fiscal year | AMG · FY25 | FHI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $4.1B |
| Revenue | $2.1B | $1.8B |
| Free cash flow | $967M | $295M |
| Net income | $717M | $403M |
| Growth | ||
| Revenue growth | 1.6% | 10.3% |
| 5-year growth | 0.5% | 4.5% |
| Share count change | −8.6% | −5.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 28.5% |
| Net margin | 34.5% | 22.4% |
| FCF margin | 46.6% | 16.4% |
| Return on capital | 16.5% | 40.9% |
| Return on equity | 21.8% | 35.2% |
| Balance sheet | ||
| Net debt | $2.1B | −$234M |
| Net debt / EBITDA | — | −0.4x |
| Dividends and buybacks | $707M | $368M |
| Valuation & quality | ||
| P/E | 13.4x | 10.6x |
| Piotroski F-score | — | 7 |
FY16
AMG $2.2B
FHI $1.1B
FY17
AMG $2.3B
FHI $1.1B
FY18
AMG $2.4B
FHI $1.1B
FY19
AMG $2.2B
FHI $1.3B
FY20
AMG $2.0B
FHI $1.4B
FY21
AMG $2.4B
FHI $1.3B
FY22
AMG $2.3B
FHI $1.4B
FY23
AMG $2.1B
FHI $1.6B
FY24
AMG $2.0B
FHI $1.6B
FY25
AMG $2.1B
FHI $1.8B
AMG
FHI
FY16
AMG 47.1%
FHI 29.4%
FY17
AMG 48.1%
FHI 31.0%
FY18
AMG —
FHI 29.1%
FY19
AMG —
FHI 26.2%
FY20
AMG —
FHI 28.9%
FY21
AMG —
FHI 28.2%
FY22
AMG —
FHI 23.3%
FY23
AMG —
FHI 24.1%
FY24
AMG —
FHI 22.2%
FY25
AMG —
FHI 28.5%
AMG
FHI
FY16
AMG $1.0B
FHI $253M
FY17
AMG $1.2B
FHI $378M
FY18
AMG $1.1B
FHI $189M
FY19
AMG $920M
FHI $320M
FY20
AMG $1.0B
FHI $360M
FY21
AMG $1.3B
FHI $160M
FY22
AMG $1.0B
FHI $320M
FY23
AMG $862M
FHI $304M
FY24
AMG $929M
FHI $343M
FY25
AMG $967M
FHI $295M
AMG
FHI
FY16
AMG 18.0%
FHI —
FY17
AMG 21.4%
FHI —
FY18
AMG 11.5%
FHI —
FY19
AMG 7.5%
FHI —
FY20
AMG 10.8%
FHI —
FY21
AMG 19.8%
FHI —
FY22
AMG 25.6%
FHI 23.9%
FY23
AMG 16.0%
FHI 26.7%
FY24
AMG 13.9%
FHI 25.0%
FY25
AMG 16.5%
FHI 40.9%
AMG
FHI
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.