Affiliated Managers Group (AMG)
NYSE:AMG
Want to see AMG full AI Analyst Report?
Top Page
Affiliated Managers
(NYSE:AMG)
Select Model
Select Model
Rating:69Neutral
Price Target:
$319.00
â–²(8.14% Upside)
Action:DowngradedDate:05/04/26
The score is driven primarily by solid underlying profitability and balance-sheet positioning, plus a notably strong and confident earnings outlook with record AUM/flows and aggressive repurchases. The biggest offset is the sharp deterioration in reported 2025 cash-flow conversion, which raises quality/sustainability questions despite strong reported earnings; technicals and valuation are broadly neutral.
Positive Factors
Alternatives-driven AUM growth
A sustained pivot into alternatives meaningfully reweights AMG toward higher‑fee, less correlation‑to‑beta strategies. The large inflows and a 60% EBITDA contribution profile increase predictable fee income and long‑term earnings power from private markets and liquid alts, supporting durable top‑line mix and margin expansion.
Negative Factors
Cash‑flow deterioration (2025)
A collapse in operating cash flow and a negative free‑cash result in 2025 materially weakens the link between accounting profits and cash generation. This raises persistence risk for capital returns and growth investments, could force more debt‑funded actions or reduced buybacks, and warrants scrutiny over one‑time vs structural drivers over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Alternatives-driven AUM growth
A sustained pivot into alternatives meaningfully reweights AMG toward higher‑fee, less correlation‑to‑beta strategies. The large inflows and a 60% EBITDA contribution profile increase predictable fee income and long‑term earnings power from private markets and liquid alts, supporting durable top‑line mix and margin expansion.
Read all positive factors
Affiliated Managers (AMG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.95B
Dividend Yield0.01%
Average Volume (3M)359.60K
Price to Earnings (P/E)16.8
Beta (1Y)0.87
Revenue Growth4.62%
EPS Growth88.44%
CountryUS
Employees4,100
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)25.43
Shares Outstanding26,684,730
10 Day Avg. Volume373,724
30 Day Avg. Volume359,601
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.54
Price to Sales (P/S)3.36
P/FCF Ratio8.18
Enterprise Value/Market Cap1.32
Enterprise Value/Revenue4.52
Enterprise Value/Gross Profit7.30
Enterprise Value/Ebitda7.02
Forecast
1Y Price Target
$404.80Price Target Upside37.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)34.3
Revenue Forecast (FY)$2.33B
Affiliated Managers Business Overview & Revenue Model
Company Description
Affiliated Managers Group, Inc., through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advi...
How the Company Makes Money
AMG makes money primarily through its economic interests in its affiliated investment management firms. The core revenue model is tied to the affiliates’ asset-management businesses: (1) Management fees: The largest and most recurring source of ea...
Affiliated Managers Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based growth with record AUM, record flows into alternatives, double-digit organic momentum and very strong year-over-year profitability and EPS growth. Management highlighted disciplined capital allocation, active M&A/partnership activity and large share repurchases, underpinning confidence in future growth. Notable headwinds include equity outflows, some near-term market volatility and expected seasonally lower performance fees in Q2, but these were framed as manageable relative to the firm’s diversified alternatives-driven momentum.Positive Updates
Record Adjusted EBITDA
Adjusted EBITDA of approximately $317 million in Q1 2026, representing year-over-year growth of 39%.
Negative Updates
Equities Outflows
Net outflows in equities of approximately $9 billion in the quarter driven by industry and performance headwinds, representing a notable drag on that asset class.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Adjusted EBITDA
Adjusted EBITDA of approximately $317 million in Q1 2026, representing year-over-year growth of 39%.
Read all positive updates
Company Guidance
AMG guided second‑quarter adjusted EBITDA of $290–$305 million, assuming seasonally lower net performance fees of up to $10 million and a market blend that was up ~5% quarter‑to‑date as of April 30; using an adjusted weighted‑average share count of 26.7 million, management expects Q2 economic earnings per share of $7.60–$8.01 (midpoint ≈45% growth versus Q2 2025). For context, AMG reported Q1 adjusted EBITDA of ~$317 million and economic EPS of $8.23 (up 39% and 58% year‑over‑year, respectively), AUM of $882 billion, record Q1 net client cash inflows of >$22 billion (12‑month net flows $52 billion), repurchased ~$186 million of stock in Q1 (>$700 million over the past 12 months, reducing shares outstanding ~10%), expects full‑year repurchases of ~ $500 million, settled a $174 million conversion premium that effectively removed ~600,000 adjusted diluted shares, and said after‑tax cash flows run at roughly $1 billion annually.Affiliated Managers Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.45B | 2.04B | 2.06B | 2.33B | 2.41B |
| Gross Profit | 2.10B | 1.13B | 1.15B | 1.26B | 1.37B |
| EBITDA | 1.49B | 1.10B | 1.28B | 1.93B | 1.30B |
| Net Income | 716.60M | 511.60M | 672.90M | 1.15B | 565.70M |
Balance Sheet | |||||
| Total Assets | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B |
| Cash, Cash Equivalents and Short-Term Investments | 586.00M | 1.01B | 1.27B | 1.15B | 987.00M |
| Total Debt | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B |
| Total Liabilities | 4.79B | 4.18B | 4.10B | 4.24B | 4.49B |
| Stockholders Equity | 3.24B | 3.35B | 3.59B | 3.23B | 2.79B |
Cash Flow | |||||
| Free Cash Flow | 1.00B | 928.70M | 861.90M | 1.04B | 1.25B |
| Operating Cash Flow | 1.01B | 932.10M | 874.30M | 1.05B | 1.26B |
| Investing Cash Flow | -243.80M | 379.10M | 264.50M | -109.90M | -583.70M |
| Financing Cash Flow | -1.15B | -1.18B | -758.30M | -1.40B | -798.30M |
Affiliated Managers Technical Analysis
Positive
294.98
Price Trends
292.03
Positive
292.68
Positive
261.26
Positive
Market Momentum
2.73
Negative
56.66
Neutral
80.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMG, the sentiment is Positive. The current price of 294.98 is above the 20-day moving average (MA) of 281.31, above the 50-day MA of 292.03, and above the 200-day MA of 261.26, indicating a bullish trend. The MACD of 2.73 indicates Negative momentum. The RSI at 56.66 is Neutral, neither overbought nor oversold. The STOCH value of 80.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMG.
Affiliated Managers Risk Analysis
Affiliated Managers disclosed 23 risk factors in its most recent earnings report. Affiliated Managers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Affiliated Managers Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $7.96B | 4.52 | 16.35% | 3.34% | 26.68% | 105.93% | |
76 Outperform | $41.18B | 11.53 | 11.09% | 2.43% | 1.43% | 10.86% | |
74 Outperform | $4.96B | 21.34 | 29.38% | 1.52% | 10.37% | 4.67% | |
69 Neutral | $7.95B | 16.79 | 22.04% | 0.01% | 4.62% | 88.44% | |
69 Neutral | $149.34B | 34.66 | 36.16% | 3.02% | 20.63% | 17.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $6.46B | -10.33 | 783.65% | 2.17% | 54.12% | -316.77% |
* Financial Sector Average
AMG
Affiliated Managers
297.76
116.63
64.39%
STT
State Street
148.78
57.28
62.61%
BX
Blackstone Group
122.33
-12.58
-9.32%
HLNE
Hamilton Lane
88.96
-71.01
-44.39%
JHG
Janus Henderson Group
51.68
16.28
45.99%
STEP
StepStone Group
54.18
0.28
0.52%
Affiliated Managers Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Affiliated Managers Reports Record AUM and Strong Q1 2026
Positive
May 1, 2026
Affiliated Managers Group, a global partner to independent asset managers, reported record assets under management of $882 billion and strong first-quarter 2026 performance driven by demand for liquid alternatives and private markets strategies. T...
Business Operations and StrategyExecutive/Board Changes
Affiliated Managers Announces Board Changes and Leadership Consolidation
Positive
Feb 26, 2026
On February 26, 2026, Affiliated Managers Group announced that veteran investor G. Staley Cates will join its board as an independent director effective April 1, 2026, bringing four decades of experience from Southeastern Asset Management and a lo...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Affiliated Managers Reports Strong 2025 Results, Boosts Capital Returns
Positive
Feb 12, 2026
On February 12, 2026, AMG reported that 2025 was among its strongest years, with diluted EPS of $22.74, Economic EPS of $26.05, net income of $717 million, and approximately $29 billion of net client inflows, lifting year-end assets under manageme...
Executive/Board Changes
Affiliated Managers Announces Leadership Change and Executive Departure
Neutral
Feb 12, 2026
Affiliated Managers Group, Inc. announced on February 12, 2026, that President and Chief Operating Officer Thomas M. Wojcik will step down from his roles effective March 6, 2026, with his responsibilities to be redistributed among other senior lea...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.