NYSE : AMG
Affiliated Managers Group, Inc. — Financial statements
Financials · Asset Management · United States
Last price 381.57 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 9.87B
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Financial statements
Affiliated Managers Group, Inc. (AMG) reported revenue of 2.27B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.27B | 2.07B | 2.04B | 2.06B | 2.33B | 2.41B |
| Cost of Revenue | 1.13B | 1.02B | 915.30M | 907.50M | 1.07B | 1.05B |
| Gross Profit | 1.14B | 1.05B | 1.13B | 1.15B | 1.26B | 1.37B |
| Selling, General & Admin | 432.90M | 408.60M | 376.50M | 358.20M | 385.50M | 347.10M |
| Amortization of Goodwill & Intangibles | 161.20M | 160.30M | 29.00M | 48.30M | 51.60M | 35.70M |
| Other Operating Expenses | 82.80M | 69.80M | 40.30M | 45.80M | 34.70M | 73.50M |
| Operating Expenses | 686.70M | 649.10M | 459.20M | 465.30M | 487.60M | 472.90M |
| Operating Income | 454.60M | 405.50M | 666.40M | 685.00M | 770.50M | 892.40M |
| Interest Expense | -146.80M | -136.50M | -133.30M | -123.80M | -114.40M | -111.40M |
| Interest & Investment Income | 27.20M | 37.40M | 49.10M | 117.10M | 110.30M | 117.60M |
| Earnings From Equity Investments | 594.20M | 462.90M | 312.70M | 280.00M | 338.10M | 242.50M |
| EBT Excluding Unusual Items | 929.20M | 769.30M | 894.90M | 958.30M | 1.10B | 1.14B |
| Gain (Loss) on Sale of Investments | 425.10M | 417.00M | 28.30M | 133.10M | 641.90M | |
| Pretax Income | 1.39B | 1.19B | 923.20M | 1.09B | 1.75B | 1.14B |
| Income Tax Expense | 335.70M | 282.30M | 182.60M | 185.30M | 358.30M | 251.00M |
| Earnings From Continuing Operations | 1.05B | 904.00M | 740.60M | 906.10M | 1.39B | 890.10M |
| Minority Interest in Earnings | -196.30M | -187.40M | -229.00M | -233.20M | -242.20M | -324.40M |
| Net Income | 856.30M | 716.60M | 511.60M | 672.90M | 1.15B | 565.70M |
| Net Income to Common | 856.30M | 716.60M | 511.60M | 672.90M | 1.15B | 565.70M |
| Shares Outstanding (Basic) | 27.35M | 28.50M | 31.10M | 35.10M | 38.50M | 41.50M |
| Shares Outstanding (Diluted) | 30.50M | 33.00M | 36.10M | 42.20M | 49.00M | 44.80M |
| EPS (Basic) | 31.31 | 25.14 | 16.45 | 19.17 | 29.76 | 13.63 |
| EPS (Diluted) | 28.91 | 22.73 | 15.11 | 17.42 | 25.36 | 13.04 |
| Free Cash Flow | 1.06B | 967.10M | 928.70M | 861.90M | 1.04B | 1.25B |
| Free Cash Flow Per Share | 34.91 | 29.31 | 25.73 | 20.42 | 21.29 | 27.92 |
| Dividend Per Share | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Gross Margin | 50.27% | 50.84% | 55.15% | 55.90% | 54.01% | 56.59% |
| Operating Margin | 20.03% | 19.55% | 32.65% | 33.29% | 33.07% | 36.99% |
| Profit Margin | 37.72% | 34.54% | 25.07% | 32.70% | 49.19% | 23.45% |
| Free Cash Flow Margin | 46.91% | 46.62% | 45.50% | 41.88% | 44.79% | 51.85% |
| EBITDA | 625.60M | 576.20M | 708.80M | 746.30M | 837.90M | 944.70M |
| EBITDA Margin | 27.56% | 27.78% | 34.73% | 36.27% | 35.97% | 39.16% |
| D&A For EBITDA | 171.00M | 170.70M | 42.40M | 61.30M | 67.40M | 52.30M |
| EBIT | 454.60M | 405.50M | 666.40M | 685.00M | 770.50M | 892.40M |
| EBIT Margin | 20.03% | 19.55% | 32.65% | 33.29% | 33.07% | 36.99% |
| Effective Tax Rate | 24.18% | 23.80% | 19.78% | 16.98% | 20.52% | 22.00% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 411.00M | 586.00M | 950.00M | 813.60M | 429.20M | 908.50M |
| Short-Term Investments | 43.70M | 34.80M | 32.30M | 443.20M | 716.90M | 78.50M |
| Trading Asset Securities | 48.10M | 50.00M | 24.30M | 17.80M | ||
| Cash & Short-Term Investments | 502.80M | 670.80M | 1.01B | 1.27B | 1.15B | 987.00M |
| Accounts Receivable | 846.90M | 496.20M | 409.70M | 368.40M | 316.00M | 419.20M |
| Other Receivables | 68.70M | 73.30M | 67.10M | 5.90M | 11.60M | 9.00M |
| Receivables | 915.60M | 569.50M | 476.80M | 374.30M | 327.60M | 428.20M |
| Other Current Assets | 900.00K | |||||
| Total Current Assets | 1.42B | 1.24B | 1.48B | 1.65B | 1.47B | 1.42B |
| Property, Plant & Equipment | 53.40M | 54.40M | 57.60M | 67.30M | 68.50M | 73.90M |
| Long-Term Investments | 3.60B | 3.50B | 2.79B | 2.77B | 2.56B | 2.51B |
| Goodwill | 2.51B | 2.53B | 2.50B | 2.52B | 2.65B | 2.69B |
| Other Intangible Assets | 1.58B | 1.64B | 1.78B | 1.81B | 1.88B | 1.97B |
| Long-Term Deferred Tax Assets | 19.80M | 3.50M | 1.90M | |||
| Other Long-Term Assets | 239.60M | 245.00M | 221.60M | 218.20M | 249.50M | 219.30M |
| Total Assets | 9.40B | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B |
| Accrued Expenses | 329.70M | 322.30M | 309.30M | 378.70M | 545.50M | |
| Current Portion of Leases | 14.00M | 30.40M | ||||
| Current Income Taxes Payable | 224.40M | 49.60M | ||||
| Other Current Liabilities | 800.00K | |||||
| Total Current Liabilities | 14.00M | 360.10M | 322.30M | 309.30M | 603.10M | 595.90M |
| Long-Term Debt | 3.00B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B |
| Long-Term Leases | 181.00M | 132.10M | ||||
| Long-Term Deferred Tax Liabilities | 486.80M | 533.10M | 520.50M | 463.80M | 464.70M | 503.20M |
| Other Long-Term Liabilities | 1.51B | 1.07B | 719.20M | 785.50M | 636.90M | 902.40M |
| Total Liabilities | 5.20B | 4.79B | 4.18B | 4.10B | 4.24B | 4.49B |
| Common Stock | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K |
| Additional Paid-In Capital | 530.20M | 616.10M | 733.10M | 741.40M | 695.50M | 651.60M |
| Retained Earnings | 7.91B | 7.62B | 6.90B | 6.39B | 5.72B | 4.57B |
| Treasury Stock | -5.28B | -4.89B | -4.12B | -3.38B | -2.98B | -2.35B |
| Comprehensive Income & Other | -129.00M | -106.80M | -163.60M | -167.60M | -203.40M | -87.90M |
| Total Common Equity | 3.04B | 3.24B | 3.35B | 3.59B | 3.23B | 2.79B |
| Minority Interest | 1.17B | 1.18B | 1.30B | 1.38B | 1.41B | 1.60B |
| Shareholders' Equity | 4.20B | 4.42B | 4.65B | 4.96B | 4.64B | 4.38B |
| Total Liabilities & Equity | 9.40B | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B |
| Total Debt | 3.20B | 2.85B | 2.62B | 2.54B | 2.54B | 2.49B |
| Net Cash (Debt) | -2.70B | -2.18B | -1.61B | -1.26B | -1.39B | -1.50B |
| Net Cash Per Share | -88.40 | -66.15 | -44.70 | -29.93 | -28.35 | -33.56 |
| Filing Date Shares Outstanding | 25.86M | 26.68M | 29.26M | 32.79M | 35.86M | 39.78M |
| Total Common Shares Outstanding | 26.00M | 27.00M | 29.60M | 33.20M | 35.80M | 44.00M |
| Working Capital | 1.40B | 880.20M | 1.16B | 1.34B | 870.60M | 820.20M |
| Book Value Per Share | 116.85 | 119.94 | 113.02 | 108.07 | 90.23 | 63.33 |
| Tangible Book Value | -1.05B | -932.10M | -937.40M | -748.10M | -1.29B | -1.87B |
| Tangible Book Value Per Share | -40.43 | -34.52 | -31.67 | -22.53 | -36.16 | -42.48 |
| Land | 20.90M | 20.70M | 20.80M | 20.80M | 20.20M | |
| Buildings | 112.40M | 110.00M | 108.60M | 111.90M | 113.40M | |
| Machinery | 36.30M | 37.70M | 38.20M | 45.50M | 49.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 856.30M | 716.60M | 511.60M | 672.90M | 1.39B | 565.70M |
| Depreciation & Amortization | 171.00M | 170.70M | 42.40M | 61.30M | 67.40M | 52.30M |
| Loss (Gain) From Sale of Investments | -49.20M | -55.70M | -39.30M | -84.20M | -103.50M | -108.70M |
| Loss (Gain) on Equity Investments | 42.20M | 4.90M | 91.20M | 210.80M | 55.40M | 95.00M |
| Stock-Based Compensation | 194.30M | 202.80M | 111.60M | 112.10M | 113.80M | 126.70M |
| Other Operating Activities | -144.00M | -92.00M | 285.70M | 120.70M | -592.10M | 459.80M |
| Change in Accounts Receivable | -278.80M | -49.80M | -44.20M | -48.40M | 87.00M | 31.70M |
| Change in Accounts Payable | 359.50M | 131.70M | -19.20M | -189.40M | 9.90M | 64.50M |
| Change in Other Net Operating Assets | -5.30M | -28.10M | 6.60M | 9.20M | 41.60M | 23.80M |
| Operating Cash Flow | 1.07B | 973.20M | 932.10M | 874.30M | 1.05B | 1.26B |
| Capital Expenditures | -6.90M | -6.10M | -3.40M | -12.40M | -11.40M | -8.40M |
| Investment in Securities | 110.80M | -200.00M | 382.50M | 276.90M | -98.50M | -575.30M |
| Investing Cash Flow | 103.90M | -206.10M | 379.10M | 264.50M | -109.90M | -583.70M |
| Long-Term Debt Issued | 899.30M | 847.60M | 25.00M | 200.00M | ||
| Long-Term Debt Repaid | -826.10M | -750.00M | -25.00M | -60.80M | -33.00M | |
| Net Debt Issued (Repaid) | 208.60M | 73.20M | 97.60M | -60.80M | 167.00M | |
| Issuance of Common Stock | 6.40M | 6.40M | 6.30M | 13.40M | 15.20M | 117.70M |
| Repurchase of Common Stock | -1.09B | -991.00M | -903.40M | -440.70M | -775.30M | -745.80M |
| Common Dividends Paid | -1.00M | -1.00M | -1.40M | -1.50M | -1.60M | -1.70M |
| Other Financing Activities | -239.40M | -236.30M | -375.00M | -329.50M | -580.40M | -335.50M |
| Financing Cash Flow | -1.12B | -1.15B | -1.18B | -758.30M | -1.40B | -798.30M |
| Foreign Exchange Rate Adjustments | -4.20M | 11.60M | -4.20M | 6.90M | -22.60M | -800.00K |
| Miscellaneous Cash Flow Adjustments | -2.20M | 6.00M | 5.30M | -3.00M | 1.40M | -7.60M |
| Net Cash Flow | 50.00M | -364.00M | 136.40M | 384.40M | -479.30M | -131.20M |
| Free Cash Flow | 1.06B | 967.10M | 928.70M | 861.90M | 1.04B | 1.25B |
| Free Cash Flow Margin | 46.91% | 46.62% | 45.50% | 41.88% | 44.79% | 51.85% |
| Free Cash Flow Per Share | 34.91 | 29.31 | 25.73 | 20.42 | 21.29 | 27.92 |
| Levered Free Cash Flow | 277.18M | 450.23M | 394.29M | 171.25M | 688.56M | 857.92M |
| Unlevered Free Cash Flow | 368.93M | 535.54M | 477.60M | 248.62M | 760.06M | 927.55M |
| Cash Interest Paid | 137.90M | 137.90M | 138.20M | 110.40M | 109.40M | 103.00M |
| Cash Income Tax Paid | 110.70M | 110.70M | 142.50M | 314.50M | 120.20M | 87.10M |
| Change in Working Capital | 35.20M | 25.90M | -71.10M | -219.30M | 125.60M | 68.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.58B | 8.11B | 5.59B | 5.12B | 5.97B | 6.69B |
| Enterprise Value | 12.27B | 11.29B | 8.67B | 7.81B | 9.33B | 9.53B |
| Last Close Price | 370.39 | 288.25 | 184.87 | 151.34 | 158.30 | 164.33 |
| PE Ratio | 12.81 | 11.32 | 10.93 | 7.61 | 5.21 | 11.82 |
| Forward PE | 9.30 | 9.85 | 8.26 | 7.78 | 8.02 | 8.09 |
| PS Ratio | 4.22 | 3.91 | 2.74 | 2.49 | 2.56 | 2.77 |
| PB Ratio | 3.17 | 1.83 | 1.20 | 1.03 | 1.29 | 1.52 |
| P/FCF Ratio | 8.99 | 8.38 | 6.02 | 5.94 | 5.72 | 5.35 |
| P/OCF Ratio | 8.94 | 8.33 | 6.00 | 5.86 | 5.66 | 5.31 |
| PEG Ratio | 0.44 | 0.55 | 0.66 | 0.95 | 0.82 | 0.48 |
| EV/Sales Ratio | 5.41 | 5.44 | 4.25 | 3.80 | 4.00 | 3.95 |
| EV/EBITDA Ratio | 19.62 | 19.59 | 12.24 | 10.47 | 11.13 | 10.09 |
| EV/EBIT Ratio | 27.00 | 27.84 | 13.02 | 11.41 | 12.10 | 10.68 |
| EV/FCF Ratio | 11.53 | 11.67 | 9.34 | 9.07 | 8.94 | 7.62 |
| Debt / Equity Ratio | 0.76 | 0.65 | 0.56 | 0.51 | 0.55 | 0.57 |
| Debt / EBITDA Ratio | 4.90 | 4.72 | 3.70 | 3.40 | 3.03 | 2.64 |
| Debt / FCF Ratio | 3.00 | 2.95 | 2.82 | 2.94 | 2.43 | 1.99 |
| Net Debt / Equity Ratio | 0.64 | 0.49 | 0.35 | 0.25 | 0.30 | 0.34 |
| Net Debt / EBITDA Ratio | 4.31 | 3.79 | 2.28 | 1.69 | 1.66 | 1.59 |
| Net Debt / FCF Ratio | 2.53 | 2.26 | 1.74 | 1.47 | 1.33 | 1.20 |
| Asset Turnover | 0.25 | 0.23 | 0.23 | 0.23 | 0.26 | 0.29 |
| Quick Ratio | 101.31 | 3.44 | 4.60 | 5.33 | 2.44 | 2.38 |
| Current Ratio | 101.31 | 3.44 | 4.60 | 5.33 | 2.44 | 2.38 |
| Return on Equity (ROE) | 24.26% | 19.93% | 15.41% | 18.87% | 30.76% | 21.26% |
| Return on Assets (ROA) | 3.12% | 2.81% | 4.66% | 4.77% | 5.42% | 6.65% |
| Return on Invested Capital (ROIC) | 5.00% | 4.80% | 8.56% | 9.28% | 10.28% | 12.57% |
| Return on Capital Employed (ROCE) | 4.80% | 4.60% | 7.80% | 7.80% | 9.30% | 10.80% |
| Earnings Yield | 7.80% | 8.84% | 9.15% | 13.14% | 19.20% | 8.46% |
| FCF Yield | 11.12% | 11.93% | 16.62% | 16.84% | 17.48% | 18.70% |
| Dividend Yield | 0.01% | 0.01% | 0.02% | 0.03% | 0.02% | 0.03% |
| Payout Ratio | 0.14% | 0.14% | 0.27% | 0.22% | 0.14% | 0.30% |
| Buyback Yield / Dilution | 10.95% | 8.59% | 14.46% | 13.88% | -9.38% | 4.07% |
| Total Shareholder Return | 10.96% | 8.60% | 14.48% | 13.90% | -9.35% | 4.09% |