Affiliated Managers Group vs SEI Investments
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The short version
- 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 18.0x against 13.4x for Affiliated Managers Group.
| Latest fiscal year | AMG · FY25 | SEIC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $12.6B |
| 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 | 13.4x | 18.0x |
| Piotroski F-score | — | — |
Revenue
FY16
AMG $2.2B
SEIC $1.4B
FY17
AMG $2.3B
SEIC $1.5B
FY18
AMG $2.4B
SEIC $1.6B
FY19
AMG $2.2B
SEIC $1.6B
FY20
AMG $2.0B
SEIC $1.7B
FY21
AMG $2.4B
SEIC $1.9B
FY22
AMG $2.3B
SEIC $2.0B
FY23
AMG $2.1B
SEIC $1.9B
FY24
AMG $2.0B
SEIC $2.1B
FY25
AMG $2.1B
SEIC $2.3B
AMG
SEIC
Operating margin
FY16
AMG 47.1%
SEIC 26.8%
FY17
AMG 48.1%
SEIC 26.0%
FY18
AMG —
SEIC 27.2%
FY19
AMG —
SEIC 27.9%
FY20
AMG —
SEIC 26.5%
FY21
AMG —
SEIC 28.9%
FY22
AMG —
SEIC 23.9%
FY23
AMG —
SEIC 22.1%
FY24
AMG —
SEIC 26.0%
FY25
AMG —
SEIC 27.3%
AMG
SEIC
Free cash flow
FY16
AMG $1.0B
SEIC $403M
FY17
AMG $1.2B
SEIC $434M
FY18
AMG $1.1B
SEIC $559M
FY19
AMG $920M
SEIC $502M
FY20
AMG $1.0B
SEIC $434M
FY21
AMG $1.3B
SEIC $607M
FY22
AMG $1.0B
SEIC $527M
FY23
AMG $862M
SEIC $422M
FY24
AMG $929M
SEIC $590M
FY25
AMG $967M
SEIC $585M
AMG
SEIC
Return on capital
FY16
AMG 18.0%
SEIC —
FY17
AMG 21.4%
SEIC —
FY18
AMG 11.5%
SEIC —
FY19
AMG 7.5%
SEIC —
FY20
AMG 10.8%
SEIC —
FY21
AMG 19.8%
SEIC —
FY22
AMG 25.6%
SEIC —
FY23
AMG 16.0%
SEIC —
FY24
AMG 13.9%
SEIC —
FY25
AMG 16.5%
SEIC —
AMG
SEIC
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.