Affiliated Managers (AMG) AI Stock Analysis

• Market Cap: $8.17B
• Dividend Yield: 0.01%
• Average Volume (3M): 433.87K
• Price to Earnings (P/E): 13.5
• Beta (1Y): 0.84
• Revenue Growth: 1.08%
• EPS Growth: 8.24%
• Country: US
• Employees: 4,100
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 9.48
• Shares Outstanding: 26,684,730
• 10 Day Avg. Volume: 426,108
• 30 Day Avg. Volume: 433,867
• PEG Ratio: 0.22
• Price to Book (P/B): 2.54
• Price to Sales (P/S): 3.36
• P/FCF Ratio: 8.18
• Enterprise Value/Market Cap: 1.31
• Enterprise Value/Revenue: 4.62
• Enterprise Value/Gross Profit: 7.46
• Enterprise Value/Ebitda: 7.18
• 1Y Price Target: $410.00
• Price Target Upside: 33.91% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 32.95
• Revenue Forecast (FY): $2.34B

• Rating: 72 Outperform
• Price Target: $347.00 ▲(13.33% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven by strong earnings-call momentum and supportive technicals, reinforced by a reasonable P/E. The main limiter is financial-quality risk from the sharp 2025 cash-flow deterioration despite strong reported profitability, which increases uncertainty and keeps the overall rating from being higher.

Positive Factors

Alternatives-led AUM expansion

A 35% increase in alternative AUM and alternatives providing ~60% of run-rate EBITDA indicate a structural shift toward higher-growth, fee-stable businesses. This rebalances AMG’s revenue base toward less correlation with public markets and supports durable fee-related earnings and fundraising momentum.

Strong profitability and disciplined capital allocation

Consistently high operating and EBITDA margins plus solid ROE reflect durable earnings power and capital efficiency. When paired with >$1B of growth investments and large buybacks, this underwriting of margins supports long-term shareholder returns and reinvestment capacity.

Simplified capital structure and long-dated debt

Issuing long-dated senior notes to redeem convertible preferreds and removing dilution via the conversion premium simplifies capital structure. Lower near-term refinancing risk and defined long-term debt maturities preserve financial flexibility for buybacks and strategic investments.

Negative Factors

2025 cash-flow deterioration

A collapse to zero operating cash flow and slightly negative free cash flow in 2025 breaks prior strong cash conversion trends. This undermines reliability of reported profits, raises funding risk for buybacks/growth, and suggests potential working-capital or one-off pressures requiring monitoring.

Affiliate concentration risk

Reliance on a few affiliates for a large share of AUM and >20% of earnings concentrates operational and performance risk. Affiliate-specific underperformance, outflows, or regulatory/strategy shifts could disproportionately impair AMG’s earnings and AUM, reducing diversification benefits.

Secular outflows from active equities

Large, persistent outflows in traditional active equities reflect secular investor shifts away from long-only strategies. This erodes AUM diversity, pressures fee-related earnings outside alternatives, and forces AMG to rely more on alternatives to sustain overall growth and profits.

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 advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments. The company also offers investment products in various investment styles in the institutional distribution channel, including small, small/mid, mid, and large capitalization value and growth equity, and emerging markets. In addition, it offers quantitative, alternative, and fixed income products, and manages assets for foundations and endowments, defined benefit, and defined contribution plans for corporations and municipalities. Affiliated Managers Group provides investment management or customized investment counseling and fiduciary services. Affiliated Managers Group, Inc. was formed in 1993 and is based in West Palm Beach, Florida with additional offices in Prides Crossing, Massachusetts; Stamford, Connecticut; London, United Kingdom; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; Tokyo, Japan, Zurich, Switzerland and Delaware.

How the Company Makes Money

AMG generates revenue primarily through its equity ownership in affiliated investment management firms, which allows it to earn a portion of the management fees and performance fees generated by these affiliates. The company typically receives a percentage of the earnings based on the assets under management (AUM) by its affiliates. Additionally, AMG may earn revenues from strategic partnerships and by providing support services to its affiliates, such as distribution, marketing, and operational resources. The performance of the affiliated firms and the overall market conditions significantly influence AMG's earnings, making its revenue model closely tied to the success of its investment strategies and the growth of its AUM.

Affiliated Managers Financial Statement Overview

Summary

Profitability and returns are strong (high operating/EBITDA margins and generally strong ROE) with moderate leverage, but the 2025 cash-flow breakdown (operating cash flow at $0 and slightly negative free cash flow) is a material reliability risk that drags the overall financial profile despite the earnings rebound.

Income Statement

AMG shows strong profitability with consistently high operating and EBITDA margins across the period, and net margin generally healthy (roughly 10% to ~49%). Revenue growth has been uneven—declines in 2022–2024 followed by a strong rebound in 2025 (+19.8%)—suggesting earnings power is solid but top-line visibility can be cyclical. Net income improved in 2024–2025 versus 2021/2024, though it remains below the 2022 peak, indicating some volatility in bottom-line performance.

Balance Sheet

Leverage is moderate for the group, with debt-to-equity mostly in the ~0.71–0.89 range, and equity staying sizeable relative to assets. Returns on equity have generally been strong (low-teens to mid-30% range), reflecting good capital efficiency, though they fluctuate meaningfully year to year. Total debt has trended up since 2020, while equity has not grown as consistently, which modestly increases balance-sheet risk if markets weaken.

Cash Flow

Cash generation was very strong and well-supported by profits from 2020–2024, with operating cash flow consistently exceeding net income and free cash flow closely tracking net income in those years. However, 2025 is a major red flag: operating cash flow reported at $0 and free cash flow turned slightly negative (-$6.1M) after strong positive free cash flow in prior years, driving a sharp deterioration in cash conversion and raising questions about sustainability and/or one-time working-capital or reporting effects.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 306.18
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMG, the sentiment is Neutral. The current price of 306.18 is below the 20-day moving average (MA) of 311.00, below the 50-day MA of 306.23, and above the 200-day MA of 244.21, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 56.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AMG.

Affiliated Managers Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JHG	83 Outperform	$8.03B	9.97	16.45%	3.34%	14.48%	34.97%
HLNE	73 Outperform	$5.85B	18.83	30.59%	1.52%	13.01%	21.96%
AMG	72 Outperform	$8.17B	13.47	21.77%	0.01%	1.08%	8.24%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
STT	66 Neutral	$35.85B	13.68	11.07%	2.43%	5.62%	49.49%
BX	65 Neutral	$139.31B	29.30	35.78%	3.02%	33.12%	19.86%
STEP	51 Neutral	$5.14B	-6.21	―	2.17%	92.02%	-1386.34%

Affiliated Managers Corporate Events

Affiliated Managers Announces Board Changes and Leadership Consolidation

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 long record of civic and educational leadership in Memphis. Cates will receive standard director compensation and indemnification, with the company noting no related-party ties or arrangements underpinning his appointment.

The firm also disclosed that director Karen L. Alvingham, who has served on AMG’s board since January 2018, will retire effective April 1, 2026, after contributing during what the chair described as a pivotal period of growth and evolution for the company. In a parallel leadership move announced the same day, AMG reappointed CEO Jay C. Horgen as president effective April 1, 2026, consolidating his executive roles and signaling continuity in the firm’s strategic direction.

The most recent analyst rating on (AMG) stock is a Buy with a $457.00 price target. To see the full list of analyst forecasts on Affiliated Managers stock, see the AMG Stock Forecast page.

Affiliated Managers Reports Strong 2025 Results, Boosts Capital Returns

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 management to $813.3 billion. The board also declared a quarterly dividend of $0.01 per share payable March 9, 2026, and expanded its non-expiring share repurchase capacity to about 6 million shares after buying back $700 million of stock in 2025, underscoring management’s confidence in the firm’s shift toward high-growth alternative strategies and disciplined capital allocation.

The company highlighted that net inflows and earnings growth were driven by strong demand for its affiliates’ private markets and liquid alternatives offerings, which saw record fundraising and performance in 2025. AMG committed more than $1 billion across five new growth investments and new or deepened partnerships in private markets and alternative credit, reinforcing its competitive positioning and signaling continued emphasis on alternatives-led expansion and shareholder returns.

The most recent analyst rating on (AMG) stock is a Hold with a $341.00 price target. To see the full list of analyst forecasts on Affiliated Managers stock, see the AMG Stock Forecast page.

Affiliated Managers Announces Leadership Change and Executive Departure

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 leaders. The company has agreed to pay Wojcik $5,025,000 in 2026 for his services through the departure date and an additional $11,050,000 in early 2027 contingent on his continued compliance with non-compete and related obligations, while cancelling all unvested equity awards and excluding him from incentive compensation for 2025 and 2026, signaling a structured but definitive leadership transition and reshaping of his compensation profile.

The departure of Wojcik as president and COO will see his responsibilities distributed among other senior executives, avoiding a direct one-for-one replacement. His exit package ties significant cash payments to continued cooperation, including non-competition and non-solicitation commitments through early 2027.

Wojcik will forgo long-term and short-term incentive compensation for 2025 and 2026, with all unvested equity awards cancelled on the March 6, 2026 departure date. This structure emphasizes cash-based severance and post-employment restrictions, while limiting ongoing equity exposure and performance-based pay linked to his former role.

The most recent analyst rating on (AMG) stock is a Hold with a $341.00 price target. To see the full list of analyst forecasts on Affiliated Managers stock, see the AMG Stock Forecast page.

Affiliated Managers Completes $425M Senior Notes Issuance

On December 11, 2025, Affiliated Managers Group, Inc. completed the issuance and sale of $425 million in 5.500% Senior Notes due 2036. These notes, which are unsecured and unsubordinated, will mature on February 15, 2036, and the company plans to use the proceeds to redeem its 5.15% Convertible Trust Preferred Securities due 2037 and for general corporate purposes. The issuance is expected to impact the company’s financial operations by refinancing existing obligations and potentially improving its capital structure.

The most recent analyst rating on (AMG) stock is a Buy with a $395.00 price target. To see the full list of analyst forecasts on Affiliated Managers stock, see the AMG Stock Forecast page.

Affiliated Managers Announces Redemption of Preferred Securities

On December 8, 2025, Affiliated Managers Group, Inc. announced its plan to redeem all outstanding 5.15% Convertible Trust Preferred Securities due 2037 of AMG Capital Trust II on December 29, 2025. This redemption aims to simplify the company’s capital structure by using proceeds from a previously announced senior notes offering, although the redemption is not contingent on the offering’s completion.

The most recent analyst rating on (AMG) stock is a Buy with a $309.00 price target. To see the full list of analyst forecasts on Affiliated Managers stock, see the AMG Stock Forecast page.