Affiliated Managers Group, Inc. MGR

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 18.70 USD on Nov 2, 2026, −5.9% year to date

Quant rating

Quant rating A Rank 110 of 799 in Financials

Growth B 287 of 799
Valuation A 50 of 799
Quality A 89 of 799
Revisions A 46 of 799
Momentum D 700 of 799

Wall Street consensus Strong Buy (1.50)Average target 460.00 USD +2,359.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.6B
Enterprise value: 13.3B
52-week range: 18.39 – 21.99
3-year range: 18.39 – 25.10
Dividend yield: 7.85%
Beta (5 years): 0.62
Shares outstanding: 25.9M
Next earnings: Nov 2, 2026

About the company

Affiliated Managers Group, Inc. is a global independent investment management company. The Company is focused on investing in independent partner-owned investment firms, known as Affiliates. Its Affiliates provide a diverse range of differentiated investment strategies designed to assist institutional and wealth clients in achieving their investment objectives. Its Affiliates also provide investment management and customized investment counseling and fiduciary services to high-net worth individuals and families and institutional clients. It manages its assets across a range of private markets, liquid alternative and differentiated long-only investment strategies. The Company’s Affiliates operate in a diverse number of areas with long-term structural tailwinds, long-dated capital commitments, and the growing potential to generate and realize carried interest over time.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,074	2,041	2,058	2,330	2,412	–
Revenue growth	1.6%	−0.8%	−11.7%	−3.4%	19.0%	0.5%
EPS (basic, normalized)	26.05	19.43	19.48	20.14	18.28	–
EPS growth	34.0%	−0.2%	−3.3%	10.2%	–	–
Gross margin	–	–	–	–	–	–
Net margin	34.5%	25.1%	32.7%	49.2%	23.4%	33.0%
ROE	–	20.2%	21.1%	26.7%	28.0%	24.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	411
Current ratio	–
Long-term debt (mil)	3,004
Net debt (mil)	3,759
Total equity (mil)	3,038
Net debt / equity	1.24x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	2,074	+1.6%	6.4x	119.94	+17.4%	0.2x	26.05	+34.0%	0.7x
2026	2,484	+19.7%	5.4x	148.44	+23.8%	0.1x	37.19	+42.8%	0.5x
2027	2,685	+8.1%	5.0x	–	–	–	43.15	+16.0%	0.4x
2028	2,848	+6.0%	4.7x	–	–	–	50.10	+16.1%	0.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,484	+0.2%	+0.6%	+5.8%	37.19	+0.5%	+1.1%	+6.9%
2027	2,685	0.0%	−0.6%	+3.0%	43.15	+0.9%	+2.4%	+10.4%
2028	2,848	+1.0%	−1.0%	+4.0%	50.10	+1.1%	+5.2%	+16.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	500	500	516	524	497	493	528	557	545	641
Sales mean (mil)	527	518	522	531	504	509	543	579	545	591
Surprise	−5.1%	−3.4%	−1.0%	−1.2%	−1.4%	−3.1%	−2.8%	−3.8%	−0.1%	+8.4%
EPS reported	5.37	4.67	4.82	5.72	5.20	5.39	6.10	9.48	8.23	8.29
EPS mean	5.23	4.61	4.84	6.02	5.10	5.29	5.89	8.84	8.07	7.92
Surprise	+2.6%	+1.4%	−0.4%	−5.1%	+1.9%	+2.0%	+3.6%	+7.3%	+1.9%	+4.7%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MGR Affiliated Managers Group, Inc.	9.6B	3.49x	34.5%	3.17x	0.5x	0.4x	10.1x	9.4x
AMG Affiliated Managers Group, Inc.	9.6B	3.49x	34.5%	3.17x	10.0x	8.6x	10.1x	9.4x
MGRB Affiliated Managers Group, Inc.	9.6B	3.49x	34.5%	3.17x	0.4x	0.4x	10.1x	9.4x
MGRD Affiliated Managers Group, Inc.	9.6B	3.49x	34.5%	3.17x	0.4x	0.3x	10.1x	9.4x
MGRE Affiliated Managers Group, Inc.	9.6B	3.49x	34.5%	3.17x	0.6x	0.5x	10.1x	9.4x
ASXFY ASX Ltd	9.2B	–	38.4%	3.24x	24.6x	24.5x	3.8x	3.7x
Mean		3.49x	35.2%	3.18x	6.1x	5.8x	9.1x	8.4x
Median		3.49x	34.5%	3.17x	0.5x	0.5x	10.1x	9.4x

Technical analysis

1M−2.3%
3M−5.5%
1Y−6.5%
3Y+8.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Affiliated Managers Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,074	2,041	2,058	2,330	2,412	2,028
Cost of revenue	–	–	–	–	–	–
Gross profit	2,074	2,041	2,058	2,330	2,412	2,028
Selling, general & administrative expenses	1,428	1,292	1,266	1,457	1,394	1,205
Research & development	–	–	–	–	–	–
Depreciation/amortization	171	42.4	61.3	67.4	52.3	160
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	69.8	40.3	45.8	34.7	73.5	52.8
Operating income	406	666	685	770	892	610
Net interest income (expense)	410	257	273	334	249	−102
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	371	0	133	642	0	0
Net income before taxes	1,186	923	1,091	1,746	1,141	508
Provision for taxes	282	183	185	358	251	81.4
Minority interest	−187	−229	−233	−242	−324	−225
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	717	512	673	1,146	566	202
Extraordinary items	–	–	–	–	–	–
Net income	717	512	673	1,146	566	202
EBIT, normalized	406	666	685	770	892	610
EBITDA, normalized	576	709	746	838	945	770
Basic EPS, normalized	26.05	19.43	19.48	20.14	18.28	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Affiliated Managers Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	586	950	814	429	908	1,040
Receivables	496	410	368	316	419	422
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	54.4	57.6	67.3	68.5	73.9	79.6
Goodwill	2,531	2,505	2,524	2,649	2,689	2,661
Intangibles	1,639	1,778	1,812	1,876	1,966	1,049
Long-term investments	3,582	2,842	3,230	3,278	2,588	2,407
Note receivable	–	–	–	–	–	–
Other long-term assets	1,400	1,648	1,426	1,010	1,559	1,692
Total assets	9,207	8,831	9,060	8,881	8,876	7,889
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	807	639	566	554	789	712
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,691	2,620	2,538	2,535	2,490	2,312
Minority interest	1,184	1,303	1,376	1,411	1,598	1,209
Other liabilities	2,094	1,562	1,559	1,705	2,002	1,588
Total liabilities	5,969	5,486	5,472	5,651	6,090	5,109
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	616	733	741	696	652	729
Retained earnings (accumulated deficit)	7,615	6,900	6,390	5,718	4,570	4,006
Treasury stock	−4,887	−4,125	−3,376	−2,981	−2,347	−1,857
Other equity	−107	−164	−168	−203	−87.9	−98.3
Total equity	3,238	3,345	3,588	3,230	2,786	2,780
Total liabilities & shareholders' equity	9,207	8,831	9,060	8,881	8,876	7,889

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Affiliated Managers Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	904	741	906	1,388	890	427
Depreciation, depletion & amortization	171	42.4	61.3	67.4	52.3	160
Deferred taxes	83.8	60.6	31.4	32.0	91.2	26.8
Non-cash items	−679	−244	−396	−952	−180	160
Changes in working capital	500	338	268	520	398	234
Cash from operations	979	937	871	1,056	1,252	1,007
Investing activities
Capital expenditures	−6.1	−3.4	−12.4	−11.4	−8.4	−8.5
Other investing cash flows	−200	382	277	−98.5	−575	−45.2
Cash from investing	−206	379	264	−110	−584	−53.7
Financing activities
Financing cash flow items	−344	−462	−361	−580	−336	−333
Cash dividends paid	−1.0	−1.4	−1.5	−1.6	−1.7	−16.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−803	−712	−396	−821	−461	−105
Cash from financing	−1,149	−1,176	−758	−1,403	−798	−455
Foreign exchange effects	11.6	−4.2	6.9	−22.6	−0.8	2.1
Net change in cash	−364	136	384	−479	−131	500
Free cash flow	973	934	859	1,045	1,243	999

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.