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MGRE

Affiliated Managers Group, Inc.

MGRE

Affiliated Managers Group, Inc. • NYSE
$24.38 ▲ 0.00% (+0.00)
Market Cap $6.24 B
52w High $25.67
52w Low $22.51
Dividend Yield 1.69%
P/E 0
Volume 4.21K
Outstanding Shares 256.09M

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 several years, with a slight drift down from its recent peak, which is common for a mature asset manager exposed to market cycles and fee pressure. Profitability at the operating level remains solid, showing that the core business model still generates healthy margins. However, net income and per‑share earnings have been more volatile, with a noticeable step down from the unusually strong year a couple of years ago. This pattern suggests the business is structurally profitable but sensitive to market performance, flows, and performance fees, so results can swing meaningfully from year to year.

Balance Sheet

Balance Sheet The balance sheet looks steady and fairly conservative for a financial firm. Total assets have been stable, equity has generally trended upward, and cash levels are comfortable though not excessive. Debt is meaningful but has not been growing aggressively, indicating a controlled use of leverage. Overall, the company appears to have a solid capital base to support its affiliates and strategic investments, but it does carry enough debt that a prolonged downturn or sharp earnings decline would still matter.

Cash Flow

Cash Flow Cash generation is a key strength. The business consistently produces healthy operating cash flow, and because it is asset‑light, very little is required for capital spending. As a result, free cash flow closely tracks operating cash flow and has been reliable over several years. This gives the company flexibility to fund affiliate investments, buy back stock, pay dividends, or reduce debt, while still having room to maneuver through market volatility.

Competitive Edge

Competitive Edge The company occupies a differentiated niche within asset management through its partnership model with independent affiliates. By taking stakes in specialized boutiques rather than fully integrating them, it preserves local autonomy and investment cultures, which helps attract and retain high‑quality managers. Its broad network across asset classes and geographies provides diversification and “stickier” client relationships, especially in separately managed accounts and institutional mandates. Key risks include heavy dependence on the investment performance and key people at affiliates, continued fee pressure across the industry, and the possibility that rivals try to copy elements of this model. Still, long experience with succession planning and a strong reputation as a partner create meaningful barriers to entry.

Innovation and R&D

Innovation and R&D Innovation here is less about laboratories and more about structure, product mix, and data. The partnership-centric model itself is a strategic innovation that aligns incentives between affiliates and the parent. Looking ahead, the company is clearly tilting toward higher‑growth, higher‑fee areas such as private markets, hedge funds, and other alternative strategies, as well as sustainable and ESG products. It is also leaning into quantitative and systematic approaches and using technology and data analytics to support affiliates. The main opportunity is to deepen its edge in alternatives and ESG while expanding global distribution; the main risks are overpaying for new affiliates, integration missteps, or regulatory shifts around complex and ESG‑labeled products.

Summary

Overall, MGRE (Affiliated Managers Group) comes across as a structurally profitable, cash‑rich, asset‑light asset manager built on a distinctive affiliate partnership model. Earnings have been choppy rather than steadily rising, reflecting exposure to markets, flows, and performance fees, but underlying margins and cash generation remain strong. The balance sheet is sound, with a measured level of debt and a growing equity base. Strategically, the firm is leaning into alternatives, ESG, and quantitative strategies, using its reputation and distribution platform to attract specialized managers. The key things to monitor going forward are investment performance at major affiliates, the pace and pricing of new affiliate deals, how well the firm navigates industry fee pressure and regulation, and whether the tilt toward alternatives and sustainable investing translates into more durable growth without adding outsized risk.