Logo

AMG

Affiliated Managers Group, Inc.

AMG

Affiliated Managers Group, Inc. • NYSE
$268.83 ▲ 0.46% (+1.23)
Market Cap $7.56 B
52w High $271.48
52w Low $139.22
Dividend Yield 0.04%
P/E 16.08
Volume 116.78K
Outstanding Shares 28.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $528M ▲ $109.4M ▲ $212.4M ▲ 40.227% ▲ $7.42 ▲ $404.7M ▲
Q2-2025 $493.2M ▼ $104.5M ▼ $84.3M ▲ 17.092% ▲ $2.95 ▲ $214.9M ▼
Q1-2025 $496.6M ▼ $180.8M ▲ $72.4M ▼ 14.579% ▼ $2.48 ▼ $246.8M ▼
Q4-2024 $524.3M ▲ $109.6M ▲ $162.1M ▲ 30.917% ▲ $5.39 ▲ $320.1M ▲
Q3-2024 $516.4M $107.6M $123.6M 23.935% $4.11 $262.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $476.1M ▲ $8.928B ▲ $4.388B ▲ $3.343B ▲
Q2-2025 $361M ▼ $8.808B ▲ $4.333B ▲ $3.239B ▲
Q1-2025 $816.5M ▼ $8.714B ▼ $4.249B ▲ $3.188B ▼
Q4-2024 $1.007B ▼ $8.831B ▼ $4.182B ▼ $3.345B ▲
Q3-2024 $1.077B $8.903B $4.232B $3.316B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $291M ▲ $277.1M ▲ $270.7M ▲ $-430.2M ▼ $115.1M ▲ $275.9M ▲
Q2-2025 $135.9M ▲ $230.8M ▲ $-493.7M ▼ $-201.5M ▲ $-455.5M ▼ $229.4M ▲
Q1-2025 $99.2M ▼ $208.9M ▼ $-35.6M ▼ $-316.9M ▼ $-133.5M ▼ $207.3M ▼
Q4-2024 $221.1M ▲ $212.5M ▼ $8.5M ▼ $-271.8M ▼ $-60.7M ▼ $211.4M ▼
Q3-2024 $185.7M $265.2M $55.8M $-188M $145.2M $264.5M

Five-Year Company Overview

Income Statement

Income Statement AMG’s revenue has been broadly steady over the last few years, with a mild drift down since the post‑pandemic peak. Profitability remains solid for an asset manager, but earnings have been quite volatile: results were very strong a few years ago, then stepped down and have not yet returned to those highs. This pattern is typical for a firm tied to market levels, performance fees, and client flows. Operating margins are still healthy, suggesting the core business model remains profitable, but the swings in net income and earnings per share highlight exposure to market cycles, performance fees, and one‑off items rather than a smooth growth story.

Balance Sheet

Balance Sheet The balance sheet looks generally sound and stable. Total assets have grown gradually, and shareholder equity has built up over time, which points to retained value creation despite earnings volatility. Debt levels have been fairly steady rather than rising sharply, so leverage does not appear aggressive for a mature asset manager. Cash balances move around from year to year but have stayed at a comfortable level, giving the company flexibility for investments, buybacks, or acquisitions. Overall, the financial foundation appears solid, not stretched.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has been consistently positive and robust over the last five years, with free cash flow tracking very closely behind because the business requires very little spending on physical assets. This “asset‑light” structure means much of the accounting profit converts into actual cash, which can support shareholder returns, debt service, and new affiliate investments. The stability of cash flow contrasts with the ups and downs in reported earnings and suggests the underlying franchise continues to generate dependable cash over time.

Competitive Edge

Competitive Edge AMG’s edge comes from its partnership model with independent asset managers rather than from being a traditional, centrally run fund house. By taking stakes in high‑quality boutique firms and letting them keep their brands, cultures, and investment autonomy, AMG can attract entrepreneurial managers who might resist being fully acquired. In return, AMG offers distribution, capital, and strategic support those boutiques would struggle to build alone. This creates a network of specialized managers across many asset classes, with a growing tilt toward alternatives. Key risks are intense competition from giant multi‑asset managers, the industry shift toward low‑fee passive products, and dependence on a relatively small number of highly skilled investment teams and principals.

Innovation and R&D

Innovation and R&D Innovation at AMG is mostly about structure and partnerships, not big internal research labs. Its core “innovation” is the affiliate model itself—aligning economic incentives while preserving independence. Around that, AMG is pushing into higher‑growth, higher‑fee areas such as private markets, liquid alternatives, and specialized strategies. It supplements this with targeted technology partnerships, like working with platforms that improve access to private markets and with quantitative or systematic managers that rely heavily on data and tech. New products in areas such as alternative credit, infrastructure, and renewable energy infrastructure show a willingness to back emerging themes, while keeping product development primarily inside its affiliates rather than at the holding company level.

Summary

AMG combines a steady, cash‑generative asset‑management platform with a distinctive, partnership‑driven business model. Financially, revenue is relatively stable, profits are solid but variable, and cash flow is consistently strong, supported by an asset‑light structure and a moderate balance sheet. Strategically, its network of independent affiliates—especially in alternatives—gives it differentiation versus more centralized competitors. The main opportunities lie in expanding further into private markets, alternative strategies, and wealth channels, while the main risks come from market downturns, performance slumps at key affiliates, fee pressure across active management, and competition for top investment talent. Overall, AMG looks like a mature but still evolving platform, using partnerships and selective innovation to navigate a changing asset‑management landscape.

NEWS

November 14, 2025 · 6:59 AM UTC

AMG Announces Conversion Rate Adjustment for its 5.15% Junior Convertible Trust Preferred Securities Due 2037

Read more

November 3, 2025 · 6:59 AM UTC

AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended 2025

Read more

October 27, 2025 · 5:00 PM UTC

AMG to Announce Third Quarter Results on November 3, 2025

Read more

October 1, 2025 · 6:59 AM UTC

AMG and Brown Brothers Harriman Announce Strategic Collaboration

Read more