AMP Limited (AU:AMP)
ASX:AMP
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AMP
(Sydney:AMP)
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Rating:44Neutral
Price Target:
AU$1.50
▲(5.63% Upside)
Action:Reiterated
Date:02/18/26
The score is held down primarily by weak financial fundamentals—high leverage and volatile/negative cash flow—alongside bearish technicals with the stock trading below key moving averages. The earnings call provides partial offset due to improving underlying earnings, cash-flow momentum, and cost reductions, but valuation remains only modestly supportive given the higher P/E and moderate yield.
Positive Factors
Platform scale and net flows
Growing AUM and materially stronger platform net cash flows indicate durable, recurring fee revenue and adviser traction. Larger platform scale improves fee base stability and operating leverage, making fee income less volatile and supporting medium-term margin sustainability.
Negative Factors
Very high leverage
Debt-to-equity near 7x materially constrains financial flexibility, raises refinancing and interest-rate sensitivity, and increases the risk of capital strain during downturns. High leverage limits capacity for organic investment, acquisitions, or sustained dividends without deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform scale and net flows
Growing AUM and materially stronger platform net cash flows indicate durable, recurring fee revenue and adviser traction. Larger platform scale improves fee base stability and operating leverage, making fee income less volatile and supporting medium-term margin sustainability.
Read all positive factors
AMP (AMP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$4.03B
Dividend Yield1.65%
Average Volume (3M)5.30M
Price to Earnings (P/E)34.6
Beta (1Y)1.16
Revenue Growth-14.25%
EPS Growth-25.71%
CountryAU
Employees2,366
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.05
Shares Outstanding2,531,739,700
10 Day Avg. Volume6,364,522
30 Day Avg. Volume5,300,436
Financial Highlights & Ratios
PEG Ratio-4.93
Price to Book (P/B)1.23
Price to Sales (P/S)2.73
P/FCF Ratio-3.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.73Price Target Upside21.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.11
Revenue Forecast (FY)AU$1.32B
AMP Business Overview & Revenue Model
Company Description
AMP Limited operates as a wealth management company in Australia and internationally. It operates through Australian wealth management (AWM), AMP Bank, AMP Capital, and New Zealand wealth management segments. The AWM segment provides advice, retir...
How the Company Makes Money
AMP primarily makes money through (1) fees from wealth management and platform activities and (2) net interest income from banking.
1) Wealth management / platforms and administration fees: AMP earns recurring revenue by providing investment and ...
AMP Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive operating and financial update: strong underlying earnings growth, notable improvement in platform cash flows, meaningful cost reductions and improved capital position. Key positives include a 21% rise in underlying NPAT, 85% jump in platform net cash flows and improved partnership dividends. However, material challenges remain — bank return on capital is weak and below cost of capital, margins are under pressure from product mix shifts and managed portfolio growth, and there is residual legal/regulatory and partnership concentration risk. Management reiterated disciplined capital management, a conservative dividend approach (with buybacks as the preferred additional return mechanism) and guidance that balances growth ambitions with capital efficiency.Positive Updates
Underlying NPAT and EPS Growth
Underlying NPAT up ~21% to $285 million for FY'25; EPS increased >25%, demonstrating strong earnings growth on a comparable basis.
Negative Updates
Platform and S&I Margin Compression
Platform margins contracted ~2 bps (net AUM) / ~3 bps (gross) driven by mix shift from managed funds to managed portfolios, tiered fee structures and fee caps. S&I gross margins down ~1 bp and admin margin compression noted.
Read all updates
Q4-2025 Updates
Positive
Negative
Underlying NPAT and EPS Growth
Underlying NPAT up ~21% to $285 million for FY'25; EPS increased >25%, demonstrating strong earnings growth on a comparable basis.
Read all positive updates
Company Guidance
Guidance for FY26 (subject to market conditions) included platform margins of 40–41 basis points and Superannuation & Investments margins of 60–61 basis points; AMP Bank GO is targeting $1.0 billion of deposits and AMP Bank NIM is guided to 125–130 basis points; partnerships are expected to deliver about 10% p.a. over the medium term; controllable costs are forecast at $630–640 million with the business simplification program on track to complete in FY26 (with a further $20 million of investment); management also signalled consistency in its dividend approach (FY25 dividends totaled $0.04 per share, including a $0.02 final) and indicated on‑market buybacks would be the preferred additional capital return given limited franking credits.AMP Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
32
Negative
Cash Flow
25
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.69B | 856.00M | 2.58B | 2.24B | 1.65B |
| Gross Profit | 232.00M | 856.00M | 2.73B | 864.00M | 2.25B |
| EBITDA | 1.75B | 1.92B | 1.19B | 625.00M | 285.00M |
| Net Income | 133.00M | 150.00M | 265.00M | 387.00M | -252.00M |
Balance Sheet | |||||
| Total Assets | 34.21B | 33.16B | 33.88B | 34.95B | 32.20B |
| Cash, Cash Equivalents and Short-Term Investments | 7.36B | 7.18B | 1.44B | 1.82B | 2.92B |
| Total Debt | 29.64B | 28.71B | 28.92B | 29.53B | 26.25B |
| Total Liabilities | 30.47B | 29.51B | 30.00B | 30.77B | 28.22B |
| Stockholders Equity | 3.74B | 3.65B | 3.87B | 4.17B | 3.98B |
Cash Flow | |||||
| Free Cash Flow | -1.45B | 169.00M | -137.00M | 933.00M | 1.63B |
| Operating Cash Flow | -1.38B | 216.00M | -105.00M | 963.00M | 1.68B |
| Investing Cash Flow | -472.00M | -478.00M | 1.25B | -1.32B | -565.00M |
| Financing Cash Flow | 1.82B | 201.00M | -1.74B | -511.00M | -722.00M |
AMP Technical Analysis
Positive
1.42
Price Trends
1.41
Positive
1.47
Positive
1.59
Positive
Market Momentum
0.05
Negative
68.14
Neutral
85.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AMP, the sentiment is Positive. The current price of 1.42 is below the 20-day moving average (MA) of 1.53, above the 50-day MA of 1.41, and below the 200-day MA of 1.59, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 68.14 is Neutral, neither overbought nor oversold. The STOCH value of 85.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:AMP.
AMP Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$1.57B | 6.19 | 14.31% | 5.99% | -12.42% | -36.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$3.45B | 14.10 | 13.61% | 3.45% | 11.69% | -15.05% | |
58 Neutral | AU$2.74B | 1.91 | 58.96% | 23.72% | 215.38% | -82.04% | |
50 Neutral | AU$1.85B | 9.75 | -1.00% | 6.01% | 2.23% | 96.71% | |
44 Neutral | AU$4.03B | 34.62 | 3.56% | 1.65% | -14.25% | -25.71% |
* Financial Sector Average
AU:AMP
AMP
1.59
0.37
30.11%
AU:MFG
Magellan Financial Group Ltd
8.52
0.91
11.94%
AU:PPT
Perpetual Limited
15.95
-0.79
-4.73%
AU:L1G
Platinum Asset Management Ltd
1.06
0.52
94.50%
AU:PNI
Pinnacle Investment Management Group Limited
14.88
-4.21
-22.07%
AMP Corporate Events
AMP Updates Market on Daily Progress of On-Market Share Buy-Back
May 26, 2026
AMP Limited has disclosed an update on its on-market share buy-back program for its ordinary fully paid shares listed on the ASX under the code AMP. The company reported cumulative repurchases of 52,044,579 shares prior to the latest trading day, ...
AMP Continues On-Market Buy-Back, Lifts Total Repurchased Shares
May 24, 2026
AMP Limited has disclosed an update to its on-market share buy-back program, confirming that it is repurchasing its ordinary fully paid shares on the ASX as part of a broader capital management initiative. The company reported that a total of 49,5...
AMP appoints seasoned dealmaker Jackie Cleary as new CFO to support capital-focused strategy
May 22, 2026
AMP Limited has appointed seasoned financial services executive Jackie Cleary as its new Chief Financial Officer, reporting to Chief Executive Officer Blair Vernon and joining the company’s executive team in Sydney. Cleary, who brings more t...
AMP Updates Market on Progress of On‑Market Share Buy‑Back
May 21, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 45,587,025 shares had been repurchased prior to the most recent trading ...
AMP Updates Market on Progress of Daily On-Market Share Buy-Back
May 12, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update confirms that, as of 13 May 2026, the company has repurchased a cumulative 35,083,234 shares befor...
AMP Updates Market on Daily Progress of On‑Market Share Buy‑Back
May 11, 2026
AMP Limited has disclosed an update to its on-market share buy-back program, covering ordinary fully paid shares under the ASX code AMP. The update forms part of its ongoing capital management, with the company providing daily notifications as it ...
AMP continues on‑market share buy‑back with daily update
May 10, 2026
AMP Limited has continued its on‑market share buy‑back of ordinary fully paid shares, disclosing that a total of 30,467,318 securities had been repurchased before the previous trading day. The company reported that a further 2,696,119 ...
Perpetual exits substantial shareholder status in AMP Limited
May 8, 2026
AMP Limited has disclosed that Perpetual Limited and its related bodies corporate have ceased to be substantial shareholders in the company as of 6 May 2026. The change, lodged with the corporate regulator, indicates Perpetual’s voting inter...
AMP Steps Up Daily On-Market Share Buy-Back Reporting
May 8, 2026
AMP Limited has provided an updated notification on its ongoing on-market share buy-back of ordinary fully paid shares, reporting that a total of 28,501,939 securities had been repurchased prior to the latest trading day. The company disclosed tha...
AMP Updates Market on Progress of Ongoing On-Market Share Buy-Back
May 7, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The filing reports that a total of 25,971,005 shares had been repurchased before the previous trading day, wi...
AMP Updates Market on Progress of On‑Market Share Buy‑Back
May 5, 2026
AMP Limited has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that a cumulative 23,876,001 shares had been repurchased prior...
AMP Updates Market on Progress of Ongoing On-Market Share Buy-Back
May 4, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 22,510,328 shares prior to the la...
AMP Steps Up On-Market Buy-Back With Fresh Daily Update
May 3, 2026
AMP Limited has updated the market with a daily notification on its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest filing shows that a total of 20,787,379 shares had been repurchased prior to the previous t...
AMP Updates Market on Progress of On-Market Share Buy-Back
Apr 30, 2026
AMP Limited has provided an updated notification on its on-market share buy-back, confirming that it repurchased 2,803,741 ordinary fully paid shares on the previous trading day. This brings the total number of shares bought back under the program...
AMP Updates Market on Progress of On‑Market Share Buy‑Back
Apr 30, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares under the code AMP. The update, dated 30 April 2026, follows the initial buy‑back notificati...
AMP Continues On‑Market Buy‑Back With Latest Daily Share Purchases
Apr 28, 2026
AMP Limited has updated the market on progress of its on‑market share buy‑back, confirming that a total of 12,983,668 ordinary fully paid shares had been repurchased prior to the latest reporting day. The company reported that it bough...
AMP Expands On-Market Share Buy-Back With Daily Purchases
Apr 26, 2026
AMP Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares on the ASX, disclosing that a total of 9,662,254 shares had been repurchased prior to the latest reporting day. The company repor...
AMP updates description of on-market share buy-back
Apr 24, 2026
AMP Limited has updated the description of its on-market share buy-back for its ordinary fully paid shares listed on the ASX under ticker AMP. The revised notification reflects a change in the detailed description of the buy-back in a specific sec...
AMP updates market on progress of on-market share buy-back
Apr 22, 2026
AMP Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares. The latest filing, dated 23 April 2026, confirms that a total of 5,008,471 shares had been repurchased prior to the ...
AMP updates market on progress of on-market share buy-back
Apr 21, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The latest filing confirms that the company continues to execute the program first notified in late March 202...
AMP Issues Daily Update on Ongoing On‑Market Share Buy‑Back
Apr 20, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The latest update, dated 21 April 2026, reports that AMP had repurchased a cumulative 930,541 sha...
AMP Corrects Pricing Detail in On-Market Share Buy-Back Update
Apr 20, 2026
AMP Limited has issued an update to its previously lodged buy-back notification, clarifying details of an on-market share repurchase of its ordinary fully paid shares. The company reported that it bought back 930,541 securities on the previous tra...
AMP Reports Daily Progress on On‑Market Share Buy‑Back
Apr 19, 2026
AMP Limited has notified the market of an on‑market share buy‑back involving its ordinary fully paid shares, under an existing program first disclosed in late March 2026. The company reported that 930,541 shares were repurchased on the...
AMP Grants Additional Long-Term Incentive Rights to Executive Blair Vernon
Apr 16, 2026
AMP Limited has disclosed a change in the equity interests of executive Blair Vernon, confirming an increase in his holding of performance rights in the company. Vernon’s ordinary shareholding remains unchanged, but his rights have risen to ...
AMP Issues 1.6 Million Unquoted Rights Under Employee Incentive Scheme
Apr 16, 2026
AMP Limited has notified the market of the issue of 1,595,366 unquoted rights under its employee incentive scheme, with an issue date of 10 April 2026. The new rights, which are not intended to be quoted on the ASX, form part of AMP’s ongoin...
AMP boosts platform inflows, ramps up digital wealth and bank growth
Apr 15, 2026
AMP Limited reported a strong first-quarter 2026 performance in its wealth and banking businesses, highlighted by a 45% rise in platforms net cashflows to $1.1 billion and an improvement in superannuation and investments net cash outflows to $80 m...
AMP investors back all resolutions at 2026 annual meeting
Apr 10, 2026
AMP shareholders have strongly backed all resolutions at the 2026 annual general meeting, with each item comfortably passing by large majorities on a poll. Investors supported the election of new director Linda Elkins, the re-election of directors...
AMP’s new CEO sets three‑pillar growth plan at 2026 AGM
Apr 9, 2026
AMP Limited used its 2026 Annual General Meeting to highlight leadership transition and strategic priorities, as new Chief Executive Officer Blair Vernon formally takes over from Alexis George. Chair Mike Hirst said the board is confident the new ...
AMP Updates Market on Cessation of AMPAB Rights Securities
Apr 8, 2026
AMP Limited has notified the market of the cessation of a tranche of its listed rights securities, identified under the ASX code AMPAB, effective 26 March 2026. The announcement outlines that 107,899 of these rights have lapsed or otherwise ceased...
AMP Reports Lapse of 509,083 Conditional Rights, Clarifying Capital Structure
Apr 8, 2026
AMP Limited has notified the market of the cessation of 509,083 AMPAB rights, which lapsed after the conditions required for conversion into securities were not, or could no longer be, satisfied as of March 31, 2026. The lapse slightly reduces the...
AMP issues 709,756 unquoted rights under employee incentive scheme
Apr 8, 2026
AMP Limited has notified the market of the issue of 709,756 unquoted rights securities (AMPAB) under its employee incentive scheme, effective 26 March 2026. The new rights, which are not intended to be quoted on the ASX, form part of AMP’s o...
AMP Limited Issues 6.5 Million New Shares on Conversion of Unquoted Securities
Apr 8, 2026
AMP Limited has notified the market of the issue of 6,491,103 ordinary fully paid shares arising from the conversion of previously unquoted options or other unquoted convertible securities. The new shares, which were issued on 24 February 2026 and...
AMP appoints Blair Vernon to board with significant direct shareholding
Apr 2, 2026
AMP Limited has announced the appointment of Blair Vernon as a director effective 30 March 2026, marking a change in the composition of its board. The filing discloses that Vernon holds 2,298,600 ordinary shares and 2,008,012 rights in AMP, with n...
AMP discloses final director interest as Alexis George departs board
Apr 2, 2026
AMP Limited has notified the ASX that Alexis Ann George ceased to be a director on 29 March 2026, triggering a final disclosure of her relevant interests in the company’s securities. The notice details that George directly holds 5,725,663 or...
AMP CEO Alexis George Receives Additional Equity Rights Under Incentive Plan
Apr 2, 2026
AMP Limited disclosed a change in the interests of its chief executive officer, Alexis Ann George, with an updated notice to the Australian Securities Exchange. The filing details her direct and indirect holdings of ordinary shares and rights in t...
AMP launches new on-market share buy-back program
Mar 27, 2026
AMP Limited has notified the market of a new on-market share buy-back of its ordinary fully paid shares, trading under the ASX code AMP. The company lodged the formal Appendix 3C notice on 27 March 2026, confirming that the buy-back will be execut...
AMP launches A$150m on-market share buyback after regulatory approval
Mar 27, 2026
AMP Limited has announced an on-market buyback of up to A$150 million of its ordinary shares, following receipt of the necessary regulatory approvals. The program is scheduled to begin after the release of the company’s first-quarter cashflo...
AMP names Adrian Ryan Acting CFO as leadership reshuffle continues
Mar 25, 2026
AMP Limited has appointed Adrian Ryan as Acting Chief Financial Officer effective 30 March 2026, following the elevation of current CFO Blair Vernon to Chief Executive Officer on the same date. Ryan currently serves as Director, Group Finance and ...
AMP Limited updates notice on interest in its own shares
Mar 12, 2026
AMP Limited, the Australian financial services group listed on the ASX, has disclosed an updated notice of its interest in its own ordinary shares under an exemption in subsection 259C(2) of the Corporations Act. The group, including its controlle...
AMP sets hybrid 2026 AGM with expanded shareholder access
Mar 4, 2026
AMP Limited has scheduled its 2026 Annual General Meeting for 10 April 2026 at the Wesley Conference Centre in Sydney, with a simultaneous online option, continuing its hybrid format to accommodate both in-person and virtual shareholder participat...
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.