Affiliated Managers Group vs TPG
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The short version
- TPG is the larger business, with $4.7B of revenue in fiscal 2025 against $2.1B for Affiliated Managers Group, about 2.3 times as much.
- TPG grew revenue faster (33.4%, against 1.6%).
- Affiliated Managers Group earned a higher return on the capital invested in it (16.5%, against 15.2%).
- Investors pay more for each dollar of TPG’s earnings: a P/E of 66.6x against 13.4x for Affiliated Managers Group.
| Latest fiscal year | AMG · FY25 | TPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $17.2B |
| Revenue | $2.1B | $4.7B |
| Free cash flow | $967M | — |
| Net income | $717M | $185M |
| Growth | ||
| Revenue growth | 1.6% | 33.4% |
| 5-year growth | 0.5% | — |
| Share count change | −8.6% | 2.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 34.5% | 4.0% |
| FCF margin | 46.6% | — |
| Return on capital | 16.5% | 15.2% |
| Return on equity | 21.8% | 4.8% |
| Balance sheet | ||
| Net debt | $2.1B | $896M |
| Net debt / EBITDA | — | 1.0x |
| Dividends and buybacks | $707M | $0.0M |
| Valuation & quality | ||
| P/E | 13.4x | 66.6x |
| Piotroski F-score | — | — |
Revenue
FY16
AMG $2.2B
TPG —
FY17
AMG $2.3B
TPG —
FY18
AMG $2.4B
TPG —
FY19
AMG $2.2B
TPG —
FY20
AMG $2.0B
TPG —
FY21
AMG $2.4B
TPG —
FY22
AMG $2.3B
TPG $2.0B
FY23
AMG $2.1B
TPG $2.4B
FY24
AMG $2.0B
TPG $3.5B
FY25
AMG $2.1B
TPG $4.7B
AMG
TPG
Operating margin
FY16
AMG 47.1%
TPG —
FY17
AMG 48.1%
TPG —
FY18
AMG —
TPG —
FY19
AMG —
TPG —
FY20
AMG —
TPG —
FY21
AMG —
TPG —
FY22
AMG —
TPG —
FY23
AMG —
TPG —
FY24
AMG —
TPG —
FY25
AMG —
TPG —
AMG
TPG
Free cash flow
FY16
AMG $1.0B
TPG —
FY17
AMG $1.2B
TPG —
FY18
AMG $1.1B
TPG —
FY19
AMG $920M
TPG —
FY20
AMG $1.0B
TPG —
FY21
AMG $1.3B
TPG —
FY22
AMG $1.0B
TPG —
FY23
AMG $862M
TPG —
FY24
AMG $929M
TPG —
FY25
AMG $967M
TPG —
AMG
TPG
Return on capital
FY16
AMG 18.0%
TPG —
FY17
AMG 21.4%
TPG —
FY18
AMG 11.5%
TPG —
FY19
AMG 7.5%
TPG —
FY20
AMG 10.8%
TPG —
FY21
AMG 19.8%
TPG —
FY22
AMG 25.6%
TPG —
FY23
AMG 16.0%
TPG 1.9%
FY24
AMG 13.9%
TPG 1.1%
FY25
AMG 16.5%
TPG 15.2%
AMG
TPG
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.