Affiliated Managers Group, Inc. (AMG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$7.92	$8.29	+4.7%	—	—	—
Q3 26	$8.07	$8.23	+2.0%	—	—	—
Q2 26	$5.88	$6.1	+3.7%	—	—	—
Q1 26	$5.29	$5.39	+1.9%	—	—	—
Q4 25	$5.09	$5.2	+2.2%	—	—	—
Q3 25	$6.03	$6.53	+8.3%	—	—	—
Q2 25	$4.84	$4.82	-0.4%	—	—	—
Q1 25	$4.6	$4.67	+1.5%	—	—	—
Q4 24	$5.24	$5.37	+2.5%	—	—	—
Q3 24	$6	$6.86	+14.3%	—	—	—
Q2 24	$3.74	$4.08	+9.1%	—	—	—
Q1 24	$4.23	$4.45	+5.2%	—	—	—
Q4 23	$4.15	$4.18	+0.7%	—	—	—
Q3 23	$7.04	$7.28	+3.4%	—	—	—
Q2 23	$3.91	$4.21	+7.7%	—	—	—
Q1 23	$3.97	$4.03	+1.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$25.2	—	—	$2.1B	—
FY24	—	$16.4	—	—	$2B	—
FY23	—	$19.2	—	—	$2.1B	—
FY22	—	$29.8	—	—	$2.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.2B	$2.3B	$2.4B	$2.2B	$2B	$2.4B	$2.3B	$2.1B	$2B	$2.1B
YoY change	-11.7%	+5.03%	+3.18%	-5.84%	-9.47%	+19%	-3.43%	-11.7%	-0.82%	+1.64%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.2B	2.3B	2.4B	2.2B	2B	2.4B	2.3B	2.1B	2B	2.1B
Cost of revenue	932.4M	979M	987.2M	943M	883.7M	1B	1.1B	907.5M	915.3M	1B
Gross profit	1.3B	1.3B	1.4B	1.3B	1.1B	1.4B	1.3B	1.2B	1.1B	1.1B
Gross margin	57.5%	57.5%	58.5%	57.9%	56.4%	56.6%	54%	55.9%	55.2%	50.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	398.1M	373.1M	417.7M	376.8M	321.4M	347.1M	385.5M	358.2M	376.5M	408.6M
Operating expenses	441.4M	431.1M	487.4M	433.8M	374.2M	347.1M	385.5M	358.2M	376.5M	408.6M
Operating income	691.1M	788.2M	767M	754M	662.8M	965.9M	805.2M	730.8M	706.7M	475.3M
Operating margin	31.5%	34.2%	32.2%	33.7%	32.7%	40%	34.6%	35.5%	34.6%	22.9%
Non-operating income, net	375.2M	366.7M	27.2M	-369.8M	-62.1M	286.6M	1.1B	484.4M	349.8M	847.5M
Pretax income	974.6M	1.1B	713.6M	308M	508.4M	1.1B	1.7B	1.1B	923.2M	1.2B
Income tax	235.6M	58.4M	181.3M	2.9M	81.4M	251M	358.3M	185.3M	182.6M	282.3M
Net income	739M	1B	532.3M	305.1M	427M	890.1M	1.4B	906.1M	740.6M	904M
Net margin	33.7%	43.8%	22.4%	13.6%	21.1%	36.9%	59.6%	44%	36.3%	43.6%
EBITDA	1.1B	1.2B	903.6M	524.8M	726.2M	1.2B	1.2B	1B	1B	1B
EPS	8.73	12.3	4.55	0.31	4.34	13.7	29.8	19.2	16.4	25.2
Diluted EPS	8.57	12	4.52	0.31	4.33	13.1	25.4	17.4	15.1	22.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	525.2M	502.6M	499.9M	500.3M	516.4M	524.3M	496.6M	493.2M	528M	556.6M	544.9M	640.7M
Cost of revenue	211.8M	244.5M	240.4M	215.3M	220.8M	238.8M	230.3M	263.7M	253.5M	272.2M	287.1M	316.1M
Gross profit	313.4M	258.1M	259.5M	285M	295.6M	285.5M	266.3M	229.5M	274.5M	284.4M	257.8M	324.6M
Gross margin	59.7%	51.4%	51.9%	57%	57.2%	54.5%	53.6%	46.5%	52%	51.1%	47.3%	50.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	91.1M	84.8M	91.7M	89.4M	97M	98.4M	94.7M	95.7M	100.5M	117.8M	107.4M	107.4M
Operating expenses	91.1M	84.8M	91.7M	89.4M	97M	98.4M	94.7M	95.7M	100.5M	117.8M	107.4M	107.4M
Operating income	206.8M	159.5M	157.5M	185.2M	188M	175.9M	85.5M	125M	165.1M	99.8M	98.7M	207.8M
Operating margin	39.4%	31.7%	31.5%	37%	36.4%	33.5%	17.2%	25.3%	31.3%	17.9%	18.1%	32.4%
Non-operating income, net	188M	146M	126.5M	26.6M	63.8M	133M	75.2M	81.1M	230.6M	460.4M	132.6M	140.1M
Pretax income	363.7M	274.1M	254.1M	178.3M	217.1M	273.7M	126.6M	171.6M	362.5M	525.5M	192.9M	307.4M
Income tax	77.7M	29.9M	55.4M	43.3M	31.3M	52.6M	27.4M	35.7M	71.6M	147.6M	46.5M	70M
Net income	286M	244.2M	198.7M	135M	185.8M	221.1M	99.2M	135.9M	290.9M	377.9M	146.4M	237.4M
Net margin	54.5%	48.6%	39.7%	27%	36%	42.2%	20%	27.6%	55.1%	67.9%	26.9%	37.1%
EBITDA	254.2M	156.3M	276.3M	202.9M	239.6M	302.7M	235.2M	189.4M	249.5M	364.9M	276.5M	328.9M
EPS	6.22	5.83	4.56	2.42	4.11	5.39	2.48	2.96	7.47	12.5	4.12	7.05
Diluted EPS	5.48	5.15	4.14	2.26	3.78	4.92	2.2	2.8	6.87	11.2	3.84	6.95

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.9B	11.5B	5.2B	4.3B	4.7B	—	6.1B	5.3B	—	8.2B	9.5B
Enterprise value	9.4B	12.8B	7.1B	5.9B	5.9B	—	7.5B	6.6B	—	10.2B	13.5B
Shares outstanding	54.2M	56M	53.6M	50.5M	46.5M	41.5M	38.5M	35.1M	31.1M	28.5M	28.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.7	11.4	9.81	14	11.1	—	4.39	5.87	—	9.09	12.9
P/S	3.59	4.99	2.2	1.91	2.33	—	2.62	2.58	—	3.96	4.19
P/B	1.54	2.13	1.05	0.97	1.19	—	1.31	1.07	—	1.86	3.15
EV/EBITDA	8.2	10.7	7.91	11.3	8.16	—	6.37	6.41	—	9.85	21.6
EV/Sales	4.3	5.57	3.01	2.65	2.92	—	3.21	3.2	—	4.93	5.96
Earnings yield	9.38%	8.78%	10.2%	7.13%	9.03%	—	22.8%	17%	—	11%	7.74%
FCF yield	13.1%	10%	21.5%	21.5%	21.2%	—	17.1%	16.2%	—	11.8%	2.91%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.5%	57.5%	58.5%	57.9%	56.4%	56.6%	54%	55.9%	55.2%	50.8%	50.7%
Operating margin	31.5%	34.2%	32.2%	33.7%	32.7%	40%	34.6%	35.5%	34.6%	22.9%	30.4%
Net margin	33.7%	43.8%	22.4%	13.6%	21.1%	36.9%	59.6%	44%	36.3%	43.6%	37.7%
ROE	14.5%	18.7%	10.7%	6.91%	10.7%	20.3%	29.9%	18.3%	15.9%	20.4%	24.3%
ROA	8.45%	11.6%	6.48%	3.99%	5.41%	10%	15.6%	10%	8.39%	9.82%	3.12%
ROIC	7.87%	11.1%	8.3%	12.3%	10.7%	12.8%	10.6%	9.74%	9.05%	5.62%	6.37%
Return on tangible assets	148.4%	211.2%	160.1%	-2.2K%	91.1%	-204.7%	-824.3%	233.8%	278.9%	104.3%	85.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.28	1.18	1.45	1.6	2.16	1.78	1.88	2.61	2.22	1.45	101.3
Quick ratio	1.28	1.18	1.45	1.6	2.16	1.78	1.88	2.61	2.22	1.45	1.24
Debt / equity	0.41	0.34	0.53	0.51	0.58	0.57	0.55	0.51	0.56	0.61	0.76
Debt / assets	0.24	0.21	0.32	0.29	0.29	0.28	0.29	0.28	0.3	0.29	0.32
Net debt / EBITDA	1.35	1.12	2.13	3.13	1.65	1.27	1.18	1.23	1.58	1.94	2.13
Interest coverage	11.6	13.2	9.85	5.04	6.51	11.2	16.3	9.82	7.93	9.69	10.5
Effective tax rate	24.2%	5.47%	25.4%	0.94%	16%	22%	20.5%	17%	19.8%	23.8%	24.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	40.5	41.2	44.4	44.3	43.6	58.1	60.5	58.6	65.6	72.8	83
EPS (basic)	8.73	12.3	4.55	0.31	4.34	13.7	29.8	19.2	16.4	25.2	25.2
EPS (diluted)	8.57	12	4.52	0.31	4.33	13.1	25.4	17.4	15.1	22.7	28.5
Book value per share	94.1	96.3	92.7	87.4	85.8	105.7	120.5	141.4	149.5	155.2	116.8
FCF per share	19	20.6	20.9	18.2	21.5	30.1	27.1	24.6	29.9	33.9	39.6
Cash per share	10.2	9.24	12.8	11.9	24	23.8	29.8	36.3	32.4	23.5	19.4
Capex per share	0.37	0.33	0.35	0.19	0.18	0.2	0.3	0.35	0.11	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.92%	0.8%	0.79%	0.43%	0.42%	0.35%	0.49%	0.6%	0.17%	—	—
Capex / operating cash flow	2.01%	1.88%	2.79%	2.63%	1.05%	0.7%	0.66%	1.16%	0.38%	—	—
Payout ratio	0%	4.45%	12.1%	21.4%	3.93%	0.19%	0.12%	0.17%	0.19%	0.11%	0.14%
Dividend yield	0%	0.39%	1.23%	1.53%	0.36%	—	0.03%	0.03%	—	0.01%	0.01%

Yield

0.01%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.01

ex-dividend Aug 10, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.01
May 11, 2026	$0.01
Feb 23, 2026	$0.01
Nov 13, 2025	$0.01
Aug 11, 2025	$0.01
May 19, 2025	$0.01
Feb 18, 2025	$0.01
Nov 14, 2024	$0.01

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$525.2M	$502.6M	$499.9M	$500.3M	$516.4M	$524.3M	$496.6M	$493.2M	$528M	$556.6M	$544.9M	$640.7M
YoY change	-9.23%	-6.87%	-3.38%	-2.38%	-1.68%	+4.32%	-0.66%	-1.42%	+2.25%	+6.16%	+9.73%	+29.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	553.2M	517.3M	684.8M	599M	1.1B	987M	1.1B	1.3B	1B	670.8M
Receivables	383.3M	433.8M	400.6M	417.1M	421.6M	419.2M	316M	368.4M	409.7M	496.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	936.5M	951.1M	1.1B	1B	1.5B	1.4B	1.5B	1.6B	1.4B	1.2B
Property, plant & equipment	6.6M	-900K	-13.5M	-24M	-36.9M	-39.5M	-43.4M	-41.3M	-52.4M	-58M
Goodwill & intangibles	8.3B	8.2B	7.9B	7.7B	7.4B	9.3B	9B	8.7B	8.6B	8.3B
Total assets	8.7B	8.7B	8.2B	7.7B	7.9B	8.9B	8.9B	9.1B	8.8B	9.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	779.7M	449.7M	—	—	—	—	—	—
Total current liabilities	729.3M	807.2M	746.6M	634.6M	712.4M	789.1M	778.3M	628.5M	639.1M	806.9M
Long-term debt	2.1B	1.9B	1.8B	1.8B	2.3B	2.5B	2.5B	2.5B	2.6B	2.7B
Total liabilities	3.6B	3.3B	3.3B	3.2B	3.9B	4.5B	4.2B	4.1B	4.2B	4.8B
Shareholders' equity	5.1B	5.4B	5B	4.4B	4B	4.4B	4.6B	5B	4.6B	4.4B
Total debt	2.1B	1.9B	2.6B	2.2B	2.3B	2.5B	2.5B	2.5B	2.6B	2.7B
Net debt	1.7B	1.4B	2B	1.7B	1.3B	1.6B	2.1B	1.7B	1.7B	2.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	1.3B	1.1B	1B	1.1B	1B	816.5M	361M	476.1M	670.8M	376.1M	411M
Receivables	428.9M	368.4M	525.7M	457.2M	457.1M	409.7M	581.7M	571M	667.7M	496.2M	871.4M	846.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.9B	1.6B	1.7B	1.5B	1.5B	1.4B	1.4B	932M	1.1B	1.2B	1.2B	1.3B
Property, plant & equipment	—	-41.3M	—	—	—	-52.4M	—	—	—	-58M	—	—
Goodwill & intangibles	8.6B	8.7B	8.6B	8.6B	8.7B	8.6B	8.4B	8.5B	8.5B	8.3B	8.2B	8.2B
Total assets	9B	9.1B	9B	8.8B	8.9B	8.8B	8.7B	8.8B	8.9B	9.2B	9.4B	9.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	636.2M	628.5M	634.1M	637.3M	625.7M	639.1M	665.7M	692.4M	879.7M	806.9M	1.1B	1B
Long-term debt	2.5B	2.5B	2.5B	2.5B	2.6B	2.6B	2.6B	2.6B	2.4B	2.7B	2.9B	3B
Total liabilities	4.1B	4.1B	4.1B	4.2B	4.2B	4.2B	4.2B	4.3B	4.4B	4.8B	5.1B	5.2B
Shareholders' equity	4.9B	5B	4.9B	4.7B	4.7B	4.6B	4.5B	4.5B	4.5B	4.4B	4.2B	4.2B
Total debt	2.5B	2.5B	2.5B	2.5B	2.6B	2.6B	2.6B	2.6B	2.4B	2.7B	2.9B	3B
Net debt	1.5B	1.7B	1.7B	1.7B	1.6B	1.7B	1.8B	2.3B	1.9B	2.1B	2.5B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	739M	1B	532.3M	305.1M	427M	890.1M	1.4B	906.1M	740.6M	904M
Depreciation & amortization	129.7M	106.7M	136.8M	165.8M	159.6M	52.3M	67.4M	61.3M	42.4M	170.7M
Stock-based compensation	80.4M	90.4M	101.1M	90.4M	119.2M	126.7M	113.8M	112.1M	111.6M	202.8M
Change in working capital	17.4M	-68.9M	-9M	-118.6M	74.2M	55.5M	128.6M	-39.2M	-37.6M	-77.9M
Operating cash flow	1B	982.8M	669.2M	364.8M	812.8M	1.2B	1.7B	1.1B	899.4M	973.2M
Capital expenditure	-20.2M	-18.5M	-18.7M	-9.6M	-8.5M	-8.4M	-11.4M	-12.4M	-3.4M	—
Investing cash flow	-1.3B	13.8M	-18.2M	-24.4M	-53.7M	-583.7M	-109.9M	264.5M	379.1M	-200M
Dividends paid	0	-44.9M	-64.4M	-65.3M	-16.8M	-1.7M	-1.6M	-1.5M	-1.4M	-1M
Share repurchases	-33.4M	-351.3M	-496.1M	-502.1M	-650.2M	-745.8M	-775.3M	-409.3M	-816.3M	-883M
Financing cash flow	200.9M	-1.1B	-973.4M	-934.7M	-455.4M	-798.3M	-1.4B	-758.3M	-1.2B	-1.1B
Net change in cash	-125M	-151.2M	-322.4M	-594.3M	303.7M	-173.6M	222M	576.4M	102.6M	-375.5M
Free cash flow	1B	1.2B	1.1B	919.5M	1B	1.3B	1B	861.9M	928.7M	967.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	286M	244.2M	198.7M	135.1M	185.7M	221.1M	99.2M	135.9M	291M	377.9M	146.4M	237.3M
Depreciation & amortization	15.5M	13.8M	10.3M	10.3M	10.6M	11.2M	86.1M	8.8M	9M	66.8M	51.7M	9.5M
Stock-based compensation	26M	28.7M	38.8M	27.5M	22.3M	23M	23.7M	68.6M	56.3M	54.2M	53.5M	30.3M
Change in working capital	60.7M	53.9M	-153.4M	74.1M	16.6M	25.1M	-164.2M	24.3M	-114.9M	176.9M	-391.9M	45.8M
Operating cash flow	376.5M	354.9M	123.4M	245M	250.2M	280.8M	48.1M	230.8M	277.1M	256.4M	299.3M	239M
Capital expenditure	-2.6M	-5.8M	-1M	-600K	-700K	-1.1M	-1.6M	—	—	—	—	—
Investing cash flow	186.8M	-212.7M	74.5M	240.3M	55.8M	8.5M	-35.6M	-492.3M	271.9M	54.4M	-225.2M	9.7M
Dividends paid	-400K	-300K	-300K	-400K	-300K	-400K	-300K	-200K	-300K	-200K	—	—
Share repurchases	-189.2M	-167.4M	-185.5M	-348.2M	-109.9M	-172.7M	-204.5M	-114.1M	-125.7M	-479.8M	-214.4M	-150.4M
Financing cash flow	-258.8M	-247.7M	-302.3M	-413.8M	-188M	-278.1M	-316.9M	-201.2M	-429.7M	-206.5M	-277.3M	-211.7M
Net change in cash	304.5M	-105.5M	-104.4M	71.5M	118M	11.2M	-304.4M	-462.7M	119.3M	104.3M	-203.2M	37M
Free cash flow	291.3M	249.1M	208.2M	244.6M	264.5M	211.4M	207.3M	229.4M	275.9M	254.5M	295.5M	239M

Affiliated Managers Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history