Affiliated Managers Group vs SEI Investments
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KIRA’s take AI analyst
I put Affiliated Managers Group and SEI Investments side by side, using each one’s latest annual report. Here is what stands out:
- SEI Investments is the larger business, with $2.3B of revenue in fiscal 2025 against $2.1B for Affiliated Managers Group.
- SEI Investments grew revenue faster (8.1%, against 1.6%).
- Affiliated Managers Group turned more of its sales into free cash flow (46.6% FCF margin, against 25.5%).
- Investors pay more for each dollar of SEI Investments’s earnings: a P/E of 18.2x against 13.7x for Affiliated Managers Group.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Affiliated Managers Group
AMG
3/6
Net marginFCF marginShare count change
SEI Investments
SEIC
3/6
Revenue growth5-year growthReturn on equity
Side by side
Best in the row
| Latest fiscal year | AMG FY25 | SEIC FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.5B | $12.7B |
| Revenue | $2.1B | $2.3B |
| Free cash flow | $967M | $585M |
| Net income | $717M | $715M |
| Growth | ||
| Revenue growth | 1.6% | 8.1% |
| 5-year growth | 0.5% | 6.4% |
| Share count change | −8.6% | −3.5% |
| Profitability | ||
| Gross margin | — | 35.2% |
| Operating margin | — | 27.3% |
| Net margin | 34.5% | 31.1% |
| FCF margin | 46.6% | 25.5% |
| Return on capital | 16.5% | — |
| Return on equity | 21.8% | 30.4% |
| Balance sheet | ||
| Net debt | $2.1B | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $707M | $752M |
| Valuation & quality | ||
| P/E | 13.7x | 18.2x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.