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Affiliated Managers
(NYSE:AMG)
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Rating:78Outperform
Price Target:
$421.00
â–²(17.50% Upside)
Action:Reiterated
Date:08/08/26
AMG’s score is driven primarily by strong financial performance (high margins, solid cash conversion, improving TTM revenue) and a very constructive earnings outlook from the latest call (strong YoY growth and record AUM/flows). Valuation also supports the score with a reasonable P/E. The main constraints are rising leverage and the recent decline in free cash flow growth, while technicals are positive but not exceptionally strong.
Positive Factors
Record AUM & Alternative Flows
Sustained, large net inflows and record AUM reflect durable client demand and distribution effectiveness, especially into higher‑fee alternatives. A larger AUM base increases recurring fee revenue and scale advantages, supporting multi‑quarter earnings resilience and growth optionality.
Negative Factors
Rising Leverage
Leverage approaching parity with equity reduces financial flexibility and increases fixed costs sensitivity to rate moves. If performance fees or flows weaken, higher leverage limits strategic optionality for M&A, affiliate investments or buybacks and raises refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Record AUM & Alternative Flows
Sustained, large net inflows and record AUM reflect durable client demand and distribution effectiveness, especially into higher‑fee alternatives. A larger AUM base increases recurring fee revenue and scale advantages, supporting multi‑quarter earnings resilience and growth optionality.
Read all positive factors
Affiliated Managers (AMG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.69B
Dividend Yield0.01%
Average Volume (3M)291.19K
Price to Earnings (P/E)11.8
Beta (1Y)0.88
Revenue Growth12.26%
EPS Growth108.91%
CountryUS
Employees5,600
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)31.17
Shares Outstanding26,412,085
10 Day Avg. Volume281,363
30 Day Avg. Volume291,191
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$435.80Price Target Upside21.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)36.61
Revenue Forecast (FY)$2.45B
Affiliated Managers Business Overview & Revenue Model
Company Description
Affiliated Managers Group, Inc. (AMG) functions as an asset management firm, leveraging its network of affiliates to provide comprehensive investment management solutions. Its primary clientele in the United States includes mutual funds, instituti...
How the Company Makes Money
AMG primarily makes money by earning economic interests from its partnerships and ownership stakes in affiliated investment management firms. The core revenue stream is investment management fees generated by those affiliates for managing client a...
Affiliated Managers Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 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
84
Very Positive
Balance Sheet
67
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.53B | 2.45B | 2.04B | 2.06B | 2.33B | 2.41B |
| Gross Profit | 2.02B | 2.10B | 1.13B | 1.15B | 1.26B | 1.37B |
| EBITDA | 1.67B | 1.49B | 1.10B | 1.28B | 1.93B | 1.30B |
| Net Income | 856.30M | 716.60M | 511.60M | 672.90M | 1.15B | 565.70M |
Balance Sheet | ||||||
| Total Assets | 9.40B | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B |
| Cash, Cash Equivalents and Short-Term Investments | 411.00M | 586.00M | 1.01B | 1.27B | 1.15B | 987.00M |
| Total Debt | 3.00B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B |
| Total Liabilities | 5.20B | 4.79B | 4.18B | 4.10B | 4.24B | 4.49B |
| Stockholders Equity | 3.04B | 3.24B | 3.35B | 3.59B | 3.23B | 2.79B |
Cash Flow | ||||||
| Free Cash Flow | 840.80M | 1.00B | 928.70M | 861.90M | 1.04B | 1.25B |
| Operating Cash Flow | 847.70M | 1.01B | 932.10M | 874.30M | 1.05B | 1.26B |
| Investing Cash Flow | 89.00M | -243.80M | 379.10M | 264.50M | -109.90M | -583.70M |
| Financing Cash Flow | -1.12B | -1.15B | -1.18B | -758.30M | -1.40B | -798.30M |
Affiliated Managers Technical Analysis
Positive
358.29
Price Trends
350.97
Positive
320.66
Positive
303.07
Positive
Market Momentum
6.79
Negative
54.79
Neutral
48.54
Neutral
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 358.29 is below the 20-day moving average (MA) of 365.97, above the 50-day MA of 350.97, and above the 200-day MA of 303.07, indicating a bullish trend. The MACD of 6.79 indicates Negative momentum. The RSI at 54.79 is Neutral, neither overbought nor oversold. The STOCH value of 48.54 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $4.91B | 14.84 | 31.02% | 2.67% | 6.46% | 9.92% | |
78 Outperform | $9.69B | 11.77 | 26.95% | 0.01% | 12.26% | 108.91% | |
77 Outperform | $158.90B | 28.39 | 40.87% | 3.02% | 27.99% | 20.33% | |
71 Outperform | $50.59B | 15.97 | 12.40% | 1.81% | 1.05% | 27.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $5.29B | -6.45 | 156.73% | 3.41% | 69.89% | -184.51% |
* Financial Sector Average
AMG
Affiliated Managers
369.70
158.43
74.99%
STT
State Street
184.68
76.39
70.54%
BX
Blackstone Group
137.13
-25.19
-15.52%
HLNE
Hamilton Lane
101.03
-50.39
-33.28%
STEP
StepStone Group
46.41
-10.12
-17.90%
Affiliated Managers Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Affiliated Managers Posts Strong Q2 2026 Results
Positive
Jul 30, 2026
Affiliated Managers Group reported strong financial and operating results for the second quarter and first half of 2026, with diluted EPS rising to $6.95 and Economic EPS to $8.29 for the quarter ended June 30, 2026. Net income attributable to con...
Business Operations and StrategyPrivate Placements and Financing
Affiliated Managers Establishes New $1.25 Billion Credit Facility
Positive
Jun 9, 2026
On June 9, 2026, Affiliated Managers Group, Inc. entered into a Fourth Amended and Restated Credit Agreement that establishes a $1.25 billion senior unsecured multicurrency revolving credit facility maturing on June 9, 2031, replacing its prior fa...
Executive/Board ChangesShareholder Meetings
Affiliated Managers Shareholders Reaffirm Board and Governance Structure
Positive
May 28, 2026
At its Annual Meeting of Stockholders held on May 27, 2026, Affiliated Managers Group, Inc. reported that shareholders re-elected all nominated directors to serve until the 2027 annual meeting, with each receiving at least 97% of votes cast, under...
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.