AMP Limited (AU:AMP)
ASX:AMP
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AMP
(Sydney:AMP)
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Rating:44Neutral
Price Target:
AU$1.00
▼(-28.06% Downside)
Action:ReiteratedDate: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 momentum
A sustained rise in underlying NPAT and EPS reflects improved core operating performance and cost discipline. Over 2–6 months this underpins stronger recurring profitability, increases internal capital generation and provides management flexibility to invest, de-risk legacy issues or support returns.
Negative Factors
High leverage
Very high debt relative to equity materially limits financial flexibility and raises refinancing and interest-rate sensitivity. In adverse market conditions this leverage can force asset sales, restrict capital returns, and limit the firm's ability to invest or absorb regulatory or litigation shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Underlying earnings momentum
A sustained rise in underlying NPAT and EPS reflects improved core operating performance and cost discipline. Over 2–6 months this underpins stronger recurring profitability, increases internal capital generation and provides management flexibility to invest, de-risk legacy issues or support returns.
Read all positive factors
AMP (AMP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.45B
Dividend Yield1.65%
Average Volume (3M)5.30M
Price to Earnings (P/E)32.9
Beta (1Y)1.27
Revenue Growth-14.92%
EPS Growth179.69%
CountryAU
Employees2,366
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.06
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$1.68Price Target Upside20.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.11
Revenue Forecast (FY)AU$1.33B
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 makes money primarily by earning fees and margins from its wealth management and banking activities. In wealth management, revenue is generated through administration and management fees charged on funds and retirement products under administr...
AMP Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 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
Neutral
1.39
Price Trends
1.34
Positive
1.54
Negative
1.59
Negative
Market Momentum
<0.01
Negative
62.97
Neutral
89.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AMP, the sentiment is Neutral. The current price of 1.39 is above the 20-day moving average (MA) of 1.27, above the 50-day MA of 1.34, and below the 200-day MA of 1.59, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 62.97 is Neutral, neither overbought nor oversold. The STOCH value of 89.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$1.74B | 6.19 | 14.31% | 5.99% | -13.22% | -29.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$3.17B | 14.10 | 13.61% | 3.45% | 37.42% | 38.37% | |
58 Neutral | AU$2.79B | 1.91 | 58.96% | 23.72% | -26.58% | -86.02% | |
53 Neutral | AU$3.20B | 9.67 | 0.72% | ― | -15.63% | ― | |
50 Neutral | AU$1.84B | 9.75 | -1.00% | 6.01% | 2.87% | 87.93% | |
44 Neutral | AU$3.45B | 32.88 | 3.56% | 1.65% | -14.92% | 179.69% |
* Financial Sector Average
AU:AMP
AMP
1.39
0.32
29.79%
AU:IFL
Insignia Financial Ltd
4.79
1.19
33.06%
AU:MFG
Magellan Financial Group Ltd
9.41
2.79
42.12%
AU:PPT
Perpetual Limited
15.91
-0.25
-1.54%
AU:L1G
Platinum Asset Management Ltd
1.06
0.52
94.50%
AU:PNI
Pinnacle Investment Management Group Limited
14.50
-1.02
-6.55%
AMP Corporate Events
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...
AMP CEO Alexis George’s Equity Holdings Updated After Incentive Vesting
Feb 27, 2026
AMP Limited has disclosed changes to the equity interests of its chief executive, Alexis Ann George, reflecting adjustments under the company’s long-term incentive arrangements. Following the scheduled vesting of equity awards on 24 February...
AMP Issues 6.9 Million New Shares on Conversion of Unquoted Equity
Feb 27, 2026
AMP Limited has notified the market of the issue of 6,927,959 new ordinary fully paid shares following the conversion or exercise of previously unquoted equity securities. The additional stock, issued on 24 February 2026, marginally increases AMP&...
AMP updates Sydney share registry address for investor documentation
Feb 9, 2026
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, securityhol...
AMP Resets Cost Allocation and Cost-to-Income Metrics Ahead of FY25 Results
Jan 28, 2026
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. Th...
AMP names CFO Blair Vernon as new CEO as Alexis George retires
Jan 19, 2026
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 tra...
AMP Reports Lapse of 461,724 Conditional Rights
Jan 7, 2026
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 co...
AMP sets out key 2026 financial calendar dates
Jan 6, 2026
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 ...
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.