Affiliated Managers Group (AMG)
NYSE:AMG
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Affiliated Managers
(NYSE:AMG)
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Rating:75Outperform
Price Target:
$346.00
â–²(17.30% Upside)
Action:Reiterated
Date:05/29/26
AMG scores well primarily on strong financial profitability/earnings quality and a notably upbeat earnings call with strong growth guidance and record AUM/flows. Technicals add support via an upward trend above key moving averages. The main offsets are rising leverage, a recent pullback in free cash flow growth, and a valuation profile that is reasonable but not boosted by a high dividend yield.
Positive Factors
Record AUM & Net Flows
Sustained, large net inflows and record AUM provide a durable fee base across affiliates. Higher AUM compounds management fee revenue, funds scale distribution economics, and gives AMG structural revenue resilience versus firms reliant on single strategies or episodic fundraising.
Negative Factors
Rising Leverage
An upward drift in leverage reduces balance sheet flexibility for opportunistic M&A or cushioning in downturns. Higher debt levels increase fixed obligations and can constrain capital allocation choices like buybacks or partner investments if markets weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Record AUM & Net Flows
Sustained, large net inflows and record AUM provide a durable fee base across affiliates. Higher AUM compounds management fee revenue, funds scale distribution economics, and gives AMG structural revenue resilience versus firms reliant on single strategies or episodic fundraising.
Read all positive factors
Affiliated Managers (AMG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.13B
Dividend Yield0.01%
Average Volume (3M)323.94K
Price to Earnings (P/E)10.8
Beta (1Y)0.89
Revenue Growth4.59%
EPS Growth88.44%
CountryUS
Employees4,100
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)27.07
Shares Outstanding26,412,085
10 Day Avg. Volume276,903
30 Day Avg. Volume323,941
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 Cap1.30
Enterprise Value/Revenue4.46
Enterprise Value/Gross Profit6.54
Enterprise Value/Ebitda6.89
Forecast
1Y Price Target
$404.80Price Target Upside37.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)34.49
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 01, 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
67
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.37B | 2.45B | 2.04B | 2.06B | 2.33B | 2.41B |
| Gross Profit | 1.61B | 2.10B | 1.13B | 1.15B | 1.26B | 1.37B |
| EBITDA | 1.53B | 1.49B | 1.10B | 1.28B | 1.93B | 1.30B |
| Net Income | 754.70M | 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 | 376.10M | 586.00M | 1.01B | 1.27B | 1.15B | 987.00M |
| Total Debt | 2.92B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B |
| Total Liabilities | 5.15B | 4.79B | 4.18B | 4.10B | 4.24B | 4.49B |
| Stockholders Equity | 3.09B | 3.24B | 3.35B | 3.59B | 3.23B | 2.79B |
Cash Flow | ||||||
| Free Cash Flow | 1.07B | 1.00B | 928.70M | 861.90M | 1.04B | 1.25B |
| Operating Cash Flow | 1.08B | 1.01B | 932.10M | 874.30M | 1.05B | 1.26B |
| Investing Cash Flow | -414.40M | -243.80M | 379.10M | 264.50M | -109.90M | -583.70M |
| Financing Cash Flow | -1.11B | -1.15B | -1.18B | -758.30M | -1.40B | -798.30M |
Affiliated Managers Technical Analysis
Positive
294.98
Price Trends
290.83
Positive
298.77
Positive
273.90
Positive
Market Momentum
3.19
Negative
54.18
Neutral
74.16
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 294.98 is below the 20-day moving average (MA) of 300.66, above the 50-day MA of 290.83, and above the 200-day MA of 273.90, indicating a bullish trend. The MACD of 3.19 indicates Negative momentum. The RSI at 54.18 is Neutral, neither overbought nor oversold. The STOCH value of 74.16 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $8.13B | 10.76 | 23.38% | 0.01% | 4.59% | 88.44% | |
75 Outperform | $7.98B | 10.06 | 15.40% | 3.34% | 27.93% | 102.14% | |
72 Outperform | $5.05B | 14.44 | 29.51% | 1.52% | 6.46% | 9.92% | |
71 Outperform | $43.71B | 14.32 | 11.09% | 2.43% | 1.43% | 10.86% | |
70 Outperform | $144.14B | 29.79 | 36.16% | 3.02% | 17.79% | 17.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $6.21B | -7.51 | 245.82% | 2.17% | 69.89% | -184.51% |
* Financial Sector Average
AMG
Affiliated Managers
302.85
126.88
72.10%
STT
State Street
155.64
61.98
66.18%
BX
Blackstone Group
116.97
-16.93
-12.64%
HLNE
Hamilton Lane
87.13
-59.37
-40.52%
JHG
Janus Henderson Group
51.71
16.05
45.01%
STEP
StepStone Group
49.31
-7.04
-12.49%
Affiliated Managers Corporate Events
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...
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...
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.