Affiliated Managers Group, Inc.AMG
NYSE•Financial Services•Asset Management
Affiliated Managers Group, Inc., through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds. These funds are distributed to retail, high net worth and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments. The company also offers investment products in various investment styles in the institutional distribution channel, including small, small/mid, mid, and large capitalization value and growth equity, and emerging markets. In addition, it offers quantitative, alternative, and fixed income products, and manages assets for foundations and endowments, defined benefit, and defined contribution plans for corporations and municipalities. Affiliated Managers Group provides investment management or customized investment counseling and fiduciary services. Affiliated Managers Group, Inc. was formed in 1993 and is based in West Palm Beach, Florida with additional offices in Prides Crossing, Massachusetts; Stamford, Connecticut; London, United Kingdom; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; Tokyo, Japan, Zurich, Switzerland and Delaware.
Affiliated Managers Group, Inc. (AMG) reported trailing twelve months revenue of $2.12B as of March 2026, a 4.2% increase year-over-year. Quarterly revenue reached $544.90M, reflecting continued top-line momentum.
Affiliated Managers Group, Inc. generated $754.60M in TTM net income, with quarterly EBITDA of $112.00M. The operating margin expanded from 10.4% to 11.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.1%) and net margin (20.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.6% a year ago, signaling stronger bottom-line efficiency.
AMG trades at a P/E of 12.5x (below the broader market average) and a P/S of 4.5x. The price-to-book ratio of 3.1x reflects a moderate premium to book value.
The company generated $295.50M in free cash flow over the trailing twelve months, a 42.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.40B in total assets with $2.92B in long-term debt against $3.09B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~29.1%, suggesting durable pricing power and cost discipline.
ROE averages 17.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~33.5% — no sign of cost or pricing stress.
FCF covers net income by 2.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 14.9% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation