Affiliated Managers Group (AMG)
NYSE:AMG
Top Page
Affiliated Managers
(NYSE:AMG)
Select Model
Select Model
Rating:72Outperform
Price Target:
$306.00
â–²(13.76% Upside)
Action:ReiteratedDate: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 mix and AUM growth
AMG's sizable shift into alternatives (a ~35% increase in alternative AUM) meaningfully repositions revenue toward higher-fee, less beta-sensitive strategies. A 60% contribution to run-rate EBITDA diversifies earnings away from cyclical active equities and supports more durable fee revenue and margin profiles over the medium term.
Negative Factors
2025 cash-flow deterioration
A sudden collapse in operating cash flow and negative free cash flow represent a material reliability risk: cash conversion strains liquidity for investments, repurchases, or affiliate support. If driven by structural shifts (working capital or timing) it could impair capital allocation flexibility and raise refinancing or funding pressure in stress periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Alternatives mix and AUM growth
AMG's sizable shift into alternatives (a ~35% increase in alternative AUM) meaningfully repositions revenue toward higher-fee, less beta-sensitive strategies. A 60% contribution to run-rate EBITDA diversifies earnings away from cyclical active equities and supports more durable fee revenue and margin profiles over the medium term.
Read all positive factors
Affiliated Managers (AMG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.18B
Dividend Yield0.01%
Average Volume (3M)425.04K
Price to Earnings (P/E)11.5
Beta (1Y)0.88
Revenue Growth1.08%
EPS Growth8.24%
CountryUS
Employees4,100
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)9.48
Shares Outstanding26,684,730
10 Day Avg. Volume381,906
30 Day Avg. Volume425,044
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 Cap1.35
Enterprise Value/Revenue4.17
Enterprise Value/Gross Profit6.73
Enterprise Value/Ebitda6.48
Forecast
1Y Price Target
$416.60Price Target Upside54.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)33.56
Revenue Forecast (FY)$2.34B
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:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance driven by a strategic pivot into alternatives: record or near-record metrics (economic EPS, adjusted EBITDA growth, large alternative inflows, and strong fundraising) and disciplined capital allocation (>$1B invested, $700M repurchases). These positives offset notable challenges including substantial equity outflows, concentration risk in a few large affiliates, variability in performance fees, and one-time costs to simplify the capital structure, plus a leadership transition. On balance, the momentum in alternatives, shareholder returns, and earnings growth dominate the narrative.Positive Updates
Record Economic Earnings Per Share and Strong EPS Growth
Full-year economic earnings per share of $26.05 (CFO disclosure) and fourth-quarter economic EPS of $9.48; economic EPS grew ~22% year-over-year for the full year and ~45% year-over-year in Q4, driven by organic growth and share repurchases.
Negative Updates
Significant Outflows in Active Equities
Active equities experienced meaningful redemptions: approximately $12.0B of net outflows in Q4 and ~$45.0B of net outflows for the full year 2025, reflecting industry headwinds for long-only equity strategies.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Economic Earnings Per Share and Strong EPS Growth
Full-year economic earnings per share of $26.05 (CFO disclosure) and fourth-quarter economic EPS of $9.48; economic EPS grew ~22% year-over-year for the full year and ~45% year-over-year in Q4, driven by organic growth and share repurchases.
Read all positive updates
Company Guidance
For Q1 2026 the company guided adjusted EBITDA of $310 million to $330 million (based on current AUM and a market blend up 3% QTD as of Feb. 11), which includes $40 million to $60 million of net performance fees and implies economic earnings per share of $7.98 to $8.52 assuming an adjusted weighted‑average share count of 27.4 million; management also provided Q1 fee‑related earnings of $270 million (adjusted EBITDA less net performance fees), which represents ~30% quarterly fee‑related earnings growth versus Q1 2025. Looking to full‑year 2026, AMG expects net performance fee earnings of approximately $170 million (in line with its 2021–2025 five‑year average), expects AQR to contribute north of 20% of earnings, and said two recently announced transactions (including the Highbrook/Garda activity) should add about $20 million of adjusted EBITDA on a full‑year basis (with a portion in Q1). Capital actions driving near‑term EPS upside include $175 million of committed, immediately accretive growth investments, a $174 million conversion premium (which removed ~600,000 adjusted diluted shares at $293 and simplifies the capital structure), a Q1 share count guidance of 27.4 million, and an announced plan to repurchase at least $400 million of shares in 2026 (beyond the conversion premium).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
Negative
268.98
Price Trends
302.33
Negative
288.57
Negative
254.12
Positive
Market Momentum
-7.52
Negative
40.62
Neutral
48.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMG, the sentiment is Negative. The current price of 268.98 is below the 20-day moving average (MA) of 284.83, below the 50-day MA of 302.33, and above the 200-day MA of 254.12, indicating a neutral trend. The MACD of -7.52 indicates Negative momentum. The RSI at 40.62 is Neutral, neither overbought nor oversold. The STOCH value of 48.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $7.92B | 4.52 | 16.35% | 3.34% | 14.48% | 34.97% | |
73 Outperform | $5.29B | 21.34 | 29.38% | 1.52% | 13.01% | 21.96% | |
72 Outperform | $7.18B | 11.47 | 22.04% | 0.01% | 1.08% | 8.24% | |
69 Neutral | $132.09B | 39.87 | 36.17% | 3.02% | 33.12% | 19.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $34.15B | 12.46 | 10.76% | 2.43% | 5.62% | 49.49% | |
51 Neutral | $5.42B | -10.33 | 783.65% | 2.17% | 92.02% | -1386.34% |
* Financial Sector Average
AMG
Affiliated Managers
268.98
101.80
60.89%
STT
State Street
122.52
36.07
41.72%
BX
Blackstone Group
108.07
-25.49
-19.09%
HLNE
Hamilton Lane
94.77
-49.84
-34.46%
JHG
Janus Henderson Group
51.38
16.45
47.09%
STEP
StepStone Group
45.49
-4.96
-9.84%
Affiliated Managers Corporate Events
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.