Affiliated Managers Group, Inc. (AMG) is a global asset management company headquartered in West Palm Beach, Florida. The firm operates through a unique partnership model, acquiring equity stakes in independent boutique investment management firms known as "Affiliates." AMG provides strategic, operational, and global distribution support while allowing its Affiliates to maintain their operational autonomy and distinct investment cultures.
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 2,074,400 | 2,040,900 | 2,057,800 | 2,329,600 |
| Cost of Sales | 1,019,800 | 915,300 | 907,500 | 1,071,500 |
| Gross Profit | 1,054,600 | 1,125,600 | 1,150,300 | 1,258,100 |
| Selling, General & Administrative Expenses | 408,600 | 376,500 | 358,200 | 385,500 |
| Depreciation & Amortization Expenses | 170,700 | 42,400 | 61,300 | 67,400 |
| Other Operating Expenses | 69,800 | 40,300 | 45,800 | 34,700 |
| Operating Profit | 405,500 | 666,400 | 685,000 | 770,500 |
| Interest and Investment Income | 546,000 | 390,100 | 397,100 | 448,400 |
| Interest Expense | (136,500) | (133,300) | (123,800) | (114,400) |
| Non-Operating Income | 371,300 | — | 133,100 | 641,900 |
| Total Non-Operating Income | 780,800 | 256,800 | 406,400 | 975,900 |
| Income Before Provision for Income Taxes | 1,186,300 | 923,200 | 1,091,400 | 1,746,400 |
| Provision for Income Taxes | 282,300 | 182,600 | 185,300 | 358,300 |
| Consolidated Net Income | 904,000 | 740,600 | 906,100 | 1,388,100 |
| Net Income Attributable to Minority Interests and Other | 187,400 | 229,000 | 233,200 | 242,200 |
| Net Income Attributable to Common Shareholders | 716,600 | 511,600 | 672,900 | 1,145,900 |
| Basic EPS | 25.18 | 16.45 | 19.18 | 29.77 |
| Diluted EPS | 22.74 | 15.13 | 17.42 | 25.35 |
| Basic Weighted Average Shares Outstanding | 28,500 | 31,100 | 35,100 | 38,492 |
| Diluted Weighted Average Shares Outstanding | 33,000 | 36,100 | 42,200 | 45,203 |
| Shares Outstanding | 27,000 | 29,600 | 33,200 | 35,800 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 586,000 | 950,000 | 813,600 | 429,200 |
| Short-Term Investments | — | — | — | 716,900 |
| Total Cash and Cash Equivalents | 586,000 | 950,000 | 813,600 | 1,146,100 |
| Accounts Receivable | 496,200 | 409,700 | 368,400 | 316,000 |
| Total Current Assets | 1,082,200 | 1,359,700 | 1,182,000 | 1,462,100 |
| Net Property, Plant & Equipment | — | — | 67,300 | 68,500 |
| Net Intangible Assets | 1,639,300 | 1,777,800 | 1,812,400 | 1,876,000 |
| Goodwill | 2,531,200 | 2,504,900 | 2,523,600 | 2,648,700 |
| Long-Term Investments | 3,582,000 | 2,842,200 | 3,230,400 | 2,561,100 |
| Other Long-Term Assets | 318,300 | 288,700 | 243,900 | 264,600 |
| Total Assets | 9,207,400 | 8,830,900 | 9,059,600 | 8,881,000 |
| Accounts Payable | 806,900 | 639,100 | 628,500 | 778,300 |
| Total Current Liabilities | 806,900 | 639,100 | 628,500 | 778,300 |
| Long-Term Debt | 2,691,300 | 2,620,200 | 2,537,500 | 2,535,300 |
| Other Long-Term Liabilities | 1,287,100 | 922,900 | 930,100 | 926,400 |
| Total Long-Term Liabilities | 3,978,400 | 3,543,100 | 3,467,600 | 3,461,700 |
| Total Liabilities | 4,785,300 | 4,182,200 | 4,096,100 | 4,240,000 |
| Common Stock | 600 | 600 | 600 | 600 |
| Treasury Stock | (4,886,900) | (4,124,600) | (3,376,100) | (2,980,600) |
| Additional Paid-in Capital | 616,100 | 733,100 | 741,400 | 695,500 |
| Accumulated Other Comprehensive Income | (106,800) | (163,600) | (167,600) | (203,400) |
| Retained Earnings | 7,615,400 | 6,899,800 | 6,389,600 | 5,718,200 |
| Total Common Shareholders' Equity | 3,238,400 | 3,345,300 | 3,587,900 | 3,230,300 |
| Minority Interests and Other | 1,183,700 | 1,303,400 | 1,375,600 | 1,410,700 |
| Total Shareholders' Equity | 4,422,100 | 4,648,700 | 4,963,500 | 4,641,000 |
| Total Liabilities and Shareholders' Equity | 9,207,400 | 8,830,900 | 9,059,600 | 8,881,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 904,000 | 740,600 | 906,100 | 1,388,100 |
| Intangible Amortization and Impairments | 160,300 | 29,000 | 48,300 | 51,600 |
| Depreciation and Other Amortization | 10,400 | 13,400 | 13,000 | 15,800 |
| Deferred Income Tax Expense | 83,800 | 60,600 | 31,400 | 32,000 |
| Equity Method Income, Net | (462,900) | (312,700) | (280,000) | (338,100) |
| Distributions Received from Equity Method Investments | 467,800 | 403,900 | 490,800 | 393,500 |
| Affiliate Transaction Gains | (371,300) | 0 | (133,100) | (641,900) |
| Share-Based Compensation and Affiliate Equity Expense | 202,800 | 111,600 | 112,100 | 113,800 |
| Net Realized and Unrealized Gains on Investment Securities | (55,700) | (39,300) | (84,200) | (103,500) |
| Other Non-Cash Items | 8,100 | (3,900) | (10,800) | 17,800 |
| Purchases of Securities by Consolidated Affiliate Sponsored Investment Products | (100,600) | (76,500) | (45,000) | (46,700) |
| Sales of Securities by Consolidated Affiliate Sponsored Investment Products | 72,700 | 62,200 | 54,300 | 33,800 |
| Change in Receivables | (49,800) | (44,200) | (48,400) | 87,000 |
| Change in Other Assets | (28,100) | 6,600 | 9,200 | 41,600 |
| Change in Payables, Accrued Liabilities and Other Liabilities | 131,700 | (19,200) | (189,400) | 9,900 |
| Cash from Operating Activities | 973,200 | 932,100 | 874,300 | 1,054,700 |
| Investments in Affiliates | (776,000) | (5,900) | (294,700) | (291,100) |
| Proceeds from Affiliate Transactions | 403,800 | 0 | 294,000 | 223,600 |
| Return of Capital from Equity Method Investments in Affiliates | 9,800 | 700 | 200 | 800 |
| Purchases of Fixed Assets | (6,100) | (3,400) | (12,400) | (11,400) |
| Purchases of Investment Securities | (103,800) | (510,400) | (731,100) | (312,000) |
| Maturities and Sales of Investment Securities | 266,200 | 898,100 | 1,008,500 | 280,200 |
| Cash from Investing Activities | (206,100) | 379,100 | 264,500 | (109,900) |
| Borrowings of Senior Bank Debt, Senior Notes and Junior Subordinated Notes | 899,300 | 847,600 | 25,000 | 0 |
| Repayments of Senior Bank Debt, Junior Convertible Securities and Senior Notes | (826,100) | (750,000) | (25,000) | (60,800) |
| Repurchases of Common Stock, Net | (706,300) | (709,800) | (341,900) | (713,800) |
| Dividends Paid on Common Stock | (1,000) | (1,400) | (1,500) | (1,600) |
| Distributions to Non-Controlling Interests | (252,300) | (258,000) | (271,300) | (341,900) |
| Affiliate Equity Purchases | (176,700) | (106,500) | (67,400) | (61,500) |
| Affiliate Equity Issuances | 6,400 | 6,300 | 13,400 | 15,200 |
| Subscriptions / (Redemptions) to Consolidated Affiliate Sponsored Investment Products, Net | 21,200 | (6,400) | (12,600) | 13,000 |
| Settlement of Deferred Payments, Net | 0 | (98,700) | (21,700) | (201,000) |
| Taxes Paid on Shares Withheld on Share-Based Awards | (108,000) | (87,100) | (31,400) | — |
| Other Financing Items | (5,200) | (11,900) | (23,900) | (50,500) |
| Cash from Financing Activities | (1,148,700) | (1,175,900) | (758,300) | (1,402,900) |
| Effect of Exchange Rate Changes on Cash | 11,600 | (4,200) | 6,900 | (22,600) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (370,000) | 131,100 | 387,400 | (480,700) |
| Metric | Value |
|---|---|
| Market Cap | $7.78B |
| P/E | 12.68x |
| P/S | 3.75x |
| EV/EBITDA | 19.22x |
| Return on Equity | 19.9% |
| Return on Invested Capital | 4.0% |
| Current Ratio | 1.34x |
| Dividend Yield | 0.0% |
| Free Cash Flow Margin | 46.6% |
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $641M | +29.9% | 30.4% | $194M |
| Q1 2026 | $545M | +9.7% | 14.2% | $77M |
| Q4 2025 | $557M | +6.2% | 11.6% | $65M |
| Q3 2025 | $528M | +2.2% | 28.8% | $152M |
| Q2 2025 | $493M | — | 23.3% | $115M |
| Q1 2025 | $497M | — | 14.9% | $74M |
| Q4 2024 | $524M | — | 31.9% | $167M |
| Q3 2024 | $516M | — | 34.2% | $176M |