Affiliated Managers Group vs TPG
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KIRAβs take AI analyst
I put Affiliated Managers Group and TPG side by side, using each oneβs latest annual report. Here is what stands out:
- 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 TPGβs earnings: a P/E of 66.9x against 13.7x for Affiliated Managers Group.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Affiliated Managers Group
AMG
4/5
Net marginReturn on capitalReturn on equityShare count change
TPG
TPG
1/5
Revenue growth
Side by side
Best in the row
| Latest fiscal year | AMG FY25 | TPG FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.5B | $17.3B |
| Revenue | $2.1B | $4.7B |
| Free cash flow | $967M | β |
| Net income | $717M | $185M |
| Growth | ||
| Revenue growth | 1.6% | 33.4% |
| 5-year growth | 0.5% | β |
| Share count change | β8.6% | 2.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 34.5% | 4.0% |
| FCF margin | 46.6% | β |
| Return on capital | 16.5% | 15.2% |
| Return on equity | 21.8% | 4.8% |
| Balance sheet | ||
| Net debt | $2.1B | $896M |
| Net debt / EBITDA | β | 1.0x |
| Dividends and buybacks | $707M | $0.0M |
| Valuation & quality | ||
| P/E | 13.7x | 66.9x |
| Piotroski F-score | β | β |
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.