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MGRD

Affiliated Managers Group, Inc.

MGRD

Affiliated Managers Group, Inc. • NYSE
$15.72 ▲ 0.19% (+0.03)
Market Cap $6.28 B
52w High $17.43
52w Low $14.61
Dividend Yield 1.05%
P/E 0
Volume 4.89K
Outstanding Shares 399.61M

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 MGRD’s revenue looks relatively steady over the past several years, with a small step down after an earlier peak. This signals a mature asset manager that is no longer in rapid expansion mode but still maintains a solid top line. Profitability has been more up and down. Earnings swelled earlier in the period and then eased back, which is typical for an asset manager whose fees and performance revenues move with markets and fund flows. Operating and EBITDA margins remain healthy, suggesting the core business is still efficient and reasonably well managed, even if bottom‑line results are not on a straight upward path. Overall, the income statement shows a company that can be quite profitable, but whose earnings are meaningfully exposed to market cycles, investment performance, and industry fee pressure.

Balance Sheet

Balance Sheet The balance sheet appears stable and fairly conservative for a financial firm. Total assets have been broadly flat in recent years, implying no aggressive balance‑sheet expansion. Debt levels are meaningful but not excessive and have only inched up over time, while shareholders’ equity has generally grown. This combination suggests a measured use of leverage rather than a highly stretched profile. Cash balances move around year to year but remain sizable relative to the business, giving some flexibility to handle volatility or pursue opportunities. In short, the balance sheet underpins the business reasonably well, but investors should remember that the real economic risk sits in the asset management franchises and market conditions, not just the reported metrics.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong, and capital spending needs are minimal, so most of that cash effectively flows through as free cash flow. This low capital‑intensity model is typical for asset managers and gives management a lot of optionality: returning capital to shareholders, reducing debt, or funding new affiliate partnerships. The key sensitivity is not the cost base or investment needs, but rather the durability of fee income and performance fees through different market environments. Overall, the cash‑flow picture shows a business that throws off ample cash in normal conditions, with risk centered on external markets rather than internal reinvestment demands.

Competitive Edge

Competitive Edge MGRD’s competitive edge comes from its multi‑boutique partnership model. Instead of running one big, centralized brand, it owns stakes in many independent investment firms and lets each keep its own culture, process, and leadership. This structure is attractive to high‑quality managers who want both autonomy and access to global resources. The model provides diversification across strategies, asset classes, and geographies, which can soften the blow when one area is out of favor. It also helps with talent retention because affiliate principals remain significant owners in their own businesses. On the other hand, MGRD operates in a fiercely competitive space, facing pressure from low‑fee passive products, mega‑managers with huge scale, and the constant need to deliver strong performance. The firm’s growing tilt toward alternatives and specialized strategies is a differentiator, but it also raises dependence on more complex, sometimes less liquid, product areas that can be cyclical and sensitive to investor sentiment.

Innovation and R&D

Innovation and R&D Innovation at MGRD is less about traditional R&D and more about evolving its business model and partnerships. The core “innovation” is the decentralized affiliate structure itself, which is hard to copy at scale and has proven appealing to entrepreneurial investment teams. MGRD supports affiliates with global distribution, centralized operations and compliance, and access to growth capital. It also partners with technology platforms like iCapital to help affiliates deliver alternative products more efficiently, rather than building all technology in‑house. Strategically, the company has pushed into ESG and sustainable investing and has added affiliates with strong positions in private markets and quantitative and systematic strategies. Future innovation will likely focus on adding new affiliates in high‑growth niches, deepening ESG capabilities, and leveraging data and third‑party technology to expand access to private and alternative investments, especially for wealth‑management clients.

Summary

MGRD looks like a mature, cash‑generative asset manager built around a distinctive multi‑boutique partnership model. Revenue has plateaued after earlier growth, and earnings are clearly sensitive to market cycles, but profitability and margins remain solid. The balance sheet and cash‑flow profile are supportive: leverage is present but not extreme, cash levels are healthy, and the business requires very little capital spending, allowing strong free‑cash generation in normal conditions. Strategically, MGRD’s main strengths are its ability to attract and retain top‑tier boutique managers, its diversification across affiliates and strategies, and its growing footprint in alternatives and ESG. Key risks revolve around market volatility, fee pressure, investment performance at its affiliates, and competition from both low‑cost passive products and larger traditional managers. Overall, the company combines a resilient economic model and distinctive structure with inherent exposure to the ups and downs of global capital markets and investor demand for active management and alternatives.