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MGRB

Affiliated Managers Group, Inc.

MGRB

Affiliated Managers Group, Inc. • NYSE
$17.39 ▲ 0.23% (+0.04)
Market Cap $6.25 B
52w High $19.75
52w Low $16.13
Dividend Yield 1.19%
P/E 0
Volume 100
Outstanding Shares 359.54M

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 Revenue has been broadly stable over the past few years, with a small step down from an earlier peak rather than a structural collapse. Profitability remains solid, but earnings are noticeably more volatile than sales, suggesting that performance fees, market swings, and product mix play a big role in the bottom line. The company enjoyed an especially strong profit year in the middle of the period, followed by a normalization to more typical levels. Recent years show healthy margins but lower net income per share than the peak, pointing to some pressure on fees and returns, yet still well above the early-2020 starting point.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady and balanced. Total assets have grown modestly from the early part of the period and then held roughly flat, indicating a mature, stable platform. Cash levels have moved around but remain comfortable, giving the company room to maneuver. Debt has crept up but not in an alarming way, while shareholders’ equity has steadily increased, showing that the business has retained value over time. Overall, the company appears reasonably capitalized, though continued discipline around leverage will matter if it keeps doing deals or returning capital.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently solid through different market conditions, and free cash flow is very close to operating cash flow because the business is capital‑light and spends little on physical investments. This pattern is typical for asset managers and underlines the quality of the earnings: a large share of reported profit turns into actual cash. That cash gives the company flexibility to invest in new affiliates, support product launches, and return money to shareholders, although it remains tied to the health of financial markets and client assets.

Competitive Edge

Competitive Edge Affiliated Managers Group competes on the uniqueness of its partnership model rather than on being a single, monolithic asset manager. By owning stakes in many independent, specialized firms, it gains diversification across strategies, geographies, and client types. Affiliates keep meaningful autonomy and ownership, which helps attract and retain entrepreneurial investment teams that might avoid a fully centralized parent. The company adds value through capital, distribution, and strategic support, including global reach and help with succession planning. This ecosystem and reputation create a real barrier to entry. At the same time, the firm still faces industry‑wide pressures: competition from large asset managers and low‑cost passive products, the need to keep top investment talent inside its affiliates, and ongoing fee and regulatory pressure, especially in active management and alternatives.

Innovation and R&D

Innovation and R&D Innovation here is about structure and product design more than laboratories and patents. The key innovation is the partnership model itself: letting affiliates run independently while AMG provides capital, strategic input, and scale. On top of that, the firm leans into newer growth areas such as alternatives, private markets, and ESG, often by partnering with or acquiring specialists rather than building everything in‑house. It also uses strategic fintech relationships to expand access to private markets and supports data‑driven and quantitative managers. Cybersecurity and technology support are provided at the group level, helping boutiques keep up with rising tech demands. Looking ahead, the main innovation questions are whether AMG can keep identifying high‑quality new affiliates, continue to launch differentiated products in growth segments, and evolve its U.S. wealth platform to capture more demand for complex, high‑value strategies.

Summary

Overall, Affiliated Managers Group looks like a mature, cash‑generative asset manager built around an unconventional and scalable partnership structure. Financially, revenue has leveled off from earlier highs but remains steady, while profits have normalized from an especially strong year to still‑healthy levels. The balance sheet appears sound, with growing equity and manageable debt, and cash flow is a notable bright spot, supporting ongoing investments and capital returns. Competitively, the company benefits from diversification across many affiliates, strong alignment with investment teams, and a growing presence in higher‑demand areas like alternatives and ESG, but it also shares the sector’s exposure to market cycles, talent risk, and fee pressure. Future performance will hinge on its ability to keep attracting top‑tier affiliates, innovate in product and distribution, and allocate capital prudently without stretching its balance sheet.