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MGR

Affiliated Managers Group, Inc.

MGR

Affiliated Managers Group, Inc. • NYSE
$21.48 ▼ -0.09% (-0.02)
Market Cap $6.33 B
52w High $23.87
52w Low $19.92
Dividend Yield 1.47%
P/E 0
Volume 5.38K
Outstanding Shares 294.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $528M ▲ $100.5M ▲ $212.4M ▲ 40.227% ▲ $7.42 ▲ $237.8M ▲
Q2-2025 $493.2M ▼ $95.7M ▲ $84.3M ▲ 17.092% ▲ $2.95 ▲ $200.8M ▲
Q1-2025 $496.6M ▼ $94.7M ▼ $72.4M ▼ 14.579% ▼ $2.48 ▼ $82.9M ▼
Q4-2024 $524.3M ▲ $98.4M ▲ $162.1M ▲ 30.917% ▲ $5.39 ▲ $178.3M ▼
Q3-2024 $516.4M $97M $123.6M 23.935% $4.11 $187M

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 $883M ▼ $8.714B ▼ $4.249B ▲ $3.188B ▼
Q4-2024 $982.3M ▼ $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 $212.4M ▲ $299.3M ▲ $248.5M ▲ $-430.2M ▼ $115.1M ▲ $298.1M ▲
Q2-2025 $135.9M ▲ $230.8M ▲ $-493.7M ▼ $-201.5M ▲ $-455.5M ▼ $229.4M ▲
Q1-2025 $72.4M ▼ $212.8M ▲ $-39.5M ▼ $-316.9M ▼ $-133.5M ▼ $211.2M ▼
Q4-2024 $162.1M ▲ $212.5M ▼ $8.5M ▼ $-271.8M ▼ $-60.7M ▼ $211.4M ▼
Q3-2024 $123.6M $267.6M $53.4M $-188M $145.2M $266.9M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly stable over the past few years, suggesting a mature, steady franchise rather than a fast‑growing one. Profitability is positive but has been quite volatile, with one year of unusually high earnings that likely reflected one‑off items rather than a new baseline. More recently, operating profit has come down from those peaks but remains healthy, pointing to a solid underlying business that is still sensitive to markets and asset flows. Overall, this looks like a fee‑based business with good margins but earnings that can swing with market conditions and performance fees.

Balance Sheet

Balance Sheet The balance sheet shows a meaningful cash cushion alongside a manageable level of debt, which helps provide financial flexibility through market cycles. Equity has edged down in recent years, consistent with a business that returns a fair amount of capital to shareholders and fine‑tunes its ownership stakes. Leverage does not appear extreme, but the company still relies on debt as part of its capital structure, so interest costs and refinancing conditions matter. In general, the balance sheet looks solid for a financial firm, but investors would want to keep an eye on how debt and equity evolve as new affiliate deals are done.

Cash Flow

Cash Flow Cash generation is a clear strength: operating cash flow has been steady over time despite earnings volatility. Capital spending needs are very low, so most of the cash generated effectively turns into free cash flow. This gives the company room to fund new affiliate investments, service debt, and return capital without straining its finances. The pattern suggests a cash‑rich, asset‑light model that depends more on investment performance and fee flows than on heavy reinvestment in hard assets.

Competitive Edge

Competitive Edge Affiliated Managers Group occupies a differentiated niche by owning stakes in a wide range of independent boutique managers rather than running one centralized platform. This partnership model helps it attract and retain entrepreneurial investment talent, while its global distribution and capital support give affiliates scale they likely could not achieve alone. The diversification across asset classes, styles, and affiliates adds resilience, but the firm still depends heavily on market levels, performance track records, and client appetite for active management. Competition from large traditional managers and low‑cost passive products remains a structural challenge, making continued outperformance and strong affiliate relationships critical to its position.

Innovation and R&D

Innovation and R&D The company does not innovate through large in‑house research labs or proprietary trading systems; instead, its main innovation is the partnership structure itself and how it supports affiliates. It invests in product development, distribution capabilities, and specialized strategies such as alternatives, private markets, and sustainable investing, often by backing expert boutiques. Technology is accessed mainly through partnerships—like its collaboration with a leading alternatives distribution platform—rather than building everything internally, which keeps it nimble and cost‑efficient. Future innovation will likely come from adding new affiliates in growth areas, enhancing distribution technology, and helping existing affiliates launch differentiated products.

Summary

Affiliated Managers Group combines a steady revenue base with solid, though sometimes volatile, profitability and consistently strong free cash flow. Its balance sheet carries manageable leverage with a notable cash buffer, supporting ongoing investments in affiliates and capital returns. The core competitive edge lies in its affiliate partnership model, which blends boutique autonomy with large‑firm resources and global reach, particularly in alternatives and ESG‑oriented strategies. Key watchpoints are the cyclicality of markets, the performance and asset flows at its affiliates, and how effectively it continues to source, integrate, and grow new partnerships in high‑demand segments.

NEWS

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