AMP (AMP) AI Stock Analysis

• Market Cap: AU$3.16B
• Dividend Yield: 1.65%
• Average Volume (3M): 5.30M
• Price to Earnings (P/E): 23.8
• Beta (1Y): 1.35
• Revenue Growth: -14.92%
• EPS Growth: 179.69%
• Country: AU
• Employees: 2,366
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.06
• Shares Outstanding: 2,531,739,700
• 10 Day Avg. Volume: 6,364,522
• 30 Day Avg. Volume: 5,300,436
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$1.75
• Price Target Upside: 32.87% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.11
• Revenue Forecast (FY): AU$1.38B

• Rating: 44 Neutral
• Price Target: AU$1.50 ▲(13.64% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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

Underlying earnings growth

Sustained underlying NPAT and EPS improvement indicates the core wealth and advice operations are generating stronger recurring profits. This enhances cash generation potential over the medium term, supports reinvestment and capital returns, and provides a more resilient earnings base versus one-off items.

Platform cash flows & AUM growth

Material net inflows and higher AUM reflect adviser traction and client retention, strengthening the recurring fee revenue stream. Higher platform scale improves operating leverage and fee stability, making platform earnings more durable even if markets are volatile over the medium term.

Improved capital position

A stronger CET1 surplus and the retirement of credit facilities reduce near-term regulatory and liquidity risk. This gives management more optionality to prioritize buybacks or measured dividends and increases resilience to shocks, supporting medium-term strategic execution.

Negative Factors

High leverage

A debt-to-equity ratio near 7x materially constrains financial flexibility. High leverage raises refinancing and interest-rate sensitivity, limits the firm's ability to fund growth or absorb shocks without raising costly capital, and amplifies downside risk through the cycle.

Volatile, negative cash generation

Large swings and recent negative operating and free cash flow undermine sustainable funding of dividends, buybacks and debt servicing. Persistent cash volatility increases reliance on external funding and heightens refinancing risk, particularly given the company's elevated leverage.

Bank returns & margin pressure

A banking arm that earns below its cost of capital is structurally value dilutive unless margins or capital allocation change. Persistent NIM pressure and below‑target ROC limit the group's overall return profile and force trade-offs between supporting the bank and maximising shareholder returns.

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, retirement income, and managed investments products, as well as offers superannuation, retirement, and investment solutions; wealth management solutions for retail and corporate; and financial advice and equity investments services. The AMP Bank segment provides residential mortgages, deposits, and transaction banking; and focuses on investing in technology. The AMP Capital segment offers real estate, equities, fixed interest, diversified, multi-manager, and multi-asset funds. The New Zealand wealth management segment provides wealth management solutions, such as KiwiSaver, corporate superannuation, retail investments, and operates wrap investment management platform. AMP Limited was founded in 1849 and is based in Sydney, Australia.

How the Company Makes Money

AMP generates revenue through multiple key streams, primarily from fees associated with its financial products and services. These include management fees from investment products, commissions from insurance policies, and advisory fees charged for financial planning services. Additionally, AMP earns revenue from the administration of superannuation funds and investment platforms. Significant partnerships with financial advisors, institutions, and technology providers also enhance its service offerings, enabling AMP to attract and retain clients while optimizing operational efficiency. The company continuously seeks to innovate its product offerings and expand its market reach, which contributes to its overall earnings.

AMP Financial Statement Overview

Summary

Overall financial quality is weak due to very high leverage (debt-to-equity ~7x) and highly volatile cash generation, including negative operating and free cash flow in 2025. While net income is positive in recent years, revenue has contracted sharply and profitability has been inconsistent across the cycle, reducing confidence in earnings durability.

Income Statement

Earnings are positive in most recent years (net income of $133M in 2025 vs. $150M in 2024), but the top line is volatile and recently weak, with revenue down sharply in 2025 (-38.21%) following declines in 2024. Profitability is also inconsistent across the cycle, including periods of negative operating profit (e.g., 2023 and 2021), which lowers confidence in the durability of earnings despite occasional strong years.

Balance Sheet

Leverage is the key constraint: total debt is very high relative to equity (debt-to-equity around ~7x in recent annual periods), which limits flexibility if operating conditions soften. Equity is positive and fairly stable (~$3.6B–$4.2B range), but the capital structure remains debt-heavy, and returns on equity have been modest and uneven (including a loss year), keeping balance-sheet quality below average.

Cash Flow

Cash generation is inconsistent, with negative operating and free cash flow in 2025 (operating cash flow -$1.38B; free cash flow -$1.45B) after a positive 2024. Prior years also show meaningful swings, including large negatives (e.g., 2020) and positives (e.g., 2021–2022), suggesting elevated volatility in cash conversion and funding needs.

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

• Technical Analysis Sentiment: Negative
• Last Price: 1.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AMP, the sentiment is Negative. The current price of 1.32 is below the 20-day moving average (MA) of 1.50, below the 50-day MA of 1.68, and below the 200-day MA of 1.61, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 34.56 is Neutral, neither overbought nor oversold. The STOCH value of 28.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:AMP.

AMP Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MFG	71 Outperform	AU$1.37B	10.31	16.50%	5.99%	-13.22%	-29.69%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PNI	61 Neutral	AU$3.26B	26.07	19.56%	3.45%	37.42%	38.37%
CNI	56 Neutral	AU$1.65B	13.64	5.59%	6.26%	38.64%	-21.14%
IFL	53 Neutral	$3.12B	27.93	0.72%	―	-15.63%	―
PPT	50 Neutral	AU$1.95B	-33.06	-3.34%	6.01%	2.87%	87.93%
AMP	44 Neutral	AU$3.16B	23.76	4.59%	1.65%	-14.92%	179.69%

AMP Corporate Events

AMP updates Sydney share registry address for investor documentation

AMP has advised that its share registry provider, Computershare Investor Services, has changed the address of its Sydney office to Level 4, 44 Martin Place, Sydney NSW 2000. All future lodgment of documentation by member organisations, securityholders and other parties must now be directed to this updated registry address, with operational processes expected to transition accordingly.

The change in registry address is largely administrative but is important for ensuring accurate and timely handling of shareholder communications, transfers and other registry-related matters. Stakeholders who interact with AMP’s registry will need to update their records to reflect the new location to avoid disruption in service or delays in processing documentation.

The most recent analyst rating on (AU:AMP) stock is a Buy with a A$2.10 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP Resets Cost Allocation and Cost-to-Income Metrics Ahead of FY25 Results

AMP Limited has revised how it allocates technology and property-related costs across its business units and group centre to better align with its simplified operating structure, following an extensive transformation and cost-reduction program. The changes do not alter AMP’s total controllable cost base or overall NPAT, but they do lead to a restatement of underlying NPAT for individual business units in FY24 and 1H25 as more costs are reallocated from Group to the operating units. Looking ahead, AMP expects FY25 costs to remain within existing guidance, and forecasts FY26 controllable costs of A$630–640 million, reflecting 3–4% inflation and higher expenses from scaling its AMP Bank GO platform. The company is also revising its cost-to-income methodology to align with peers by excluding investment income, resulting in higher reported CTI ratios for prior periods, a move aimed at giving markets a more comparable and transparent view of the group’s efficiency and business unit performance.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP names CFO Blair Vernon as new CEO as Alexis George retires

AMP Limited has appointed current Chief Financial Officer Blair Vernon as its new Group Chief Executive Officer, effective following the retirement of incumbent CEO Alexis George on 30 March 2026, after a five-year tenure marked by significant transformation and growth. The board highlighted Vernon’s central role in tightening financial management, steering the capital return program and executing key divestments, including the separation of AMP Capital and the sale of the AMP Advice business, positioning him to ensure continuity of strategy and maintain the company’s positive operational momentum. The leadership transition underscores AMP’s intent to build on the simplified, customer-centric platform established under George’s tenure, with a focus on delivering stronger performance for customers, shareholders and other stakeholders, while the company commences a process to recruit a new Chief Financial Officer.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP Reports Lapse of 461,724 Conditional Rights

AMP Limited has notified the market that 461,724 AMPAB conditional rights have lapsed as of 31 December 2025 after the conditions attached to those rights were not, or could no longer be, satisfied. The cessation of these securities reduces the company’s pool of potential future equity issuance tied to those rights, marginally affecting its issued capital structure and reflecting the non-fulfilment of performance or service conditions linked to this tranche of rights.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP sets out key 2026 financial calendar dates

AMP Limited has released its key financial calendar dates for 2026, outlining the timetable for major corporate and reporting events in the year ahead. The schedule includes the deadline for director nominations on 4 February, the release of 2025 full-year financial results on 12 February, the annual general meeting on 10 April, and the 2026 half-year results on 6 August. The publication of these dates provides investors and other stakeholders with visibility over AMP’s upcoming governance and reporting milestones, although the company cautions that the timetable may be adjusted if circumstances require.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP Limited Updates ASX on Minor Reduction in Its Intra‑Group Shareholding

AMP Limited has filed a notice under subsection 259C(2) of the Corporations Act outlining its current interest in AMP Ltd shares held through its controlled entities. The filing shows that AMP’s controlled entities currently hold or control 20,124,869 ordinary shares, representing 0.79% of total voting shares, down from 20,618,359 shares or 0.81% at the time of the previous notice in September 2025, indicating a small reduction in its intra-group shareholding and confirming there is no net derivative or other economic exposure beyond these voting shares.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP Limited Completes Redemption of Capital Notes 2

AMP Limited has completed the redemption of all its AMP Capital Notes 2, effectively removing them from the market. This action marks the fulfillment of a prior redemption notice and ensures that all holders have been compensated with the face value and final distribution. This move may streamline AMP’s capital structure and potentially impact its financial strategy moving forward.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP Settles $29 Million Class Action Over Historical Commissions

AMP has reached an agreement in principle to settle a class action lawsuit concerning commissions for advice and insurance advice, initiated in 2020. The settlement, amounting to $29 million, addresses historical commission payments from July 2014 to February 2021 and involves AMP Limited, its advice licensee subsidiaries, and Resolution Life Australasia. This settlement, which requires court approval, signifies AMP’s effort to resolve past legal issues and concentrate on future growth and customer service.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.

AMP Limited to Suspend and Remove AMP Capital Notes 2

AMP Limited has announced the suspension and upcoming removal of its AMP Capital Notes 2 from quotation on the ASX, pending redemption. This action is specific to the AMP Capital Notes 2 and does not affect any other securities of AMP, indicating a targeted adjustment in their financial instruments.

The most recent analyst rating on (AU:AMP) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on AMP stock, see the AU:AMP Stock Forecast page.