Affiliated Managers Group, Inc. (AMG) Stock Analysis
Financial Services · Asset Management · NYSE
Affiliated Managers Group, Inc. (AMG) posted $2.07B in revenue for fiscal 2025 (up 1.6% year over year), at a 34.5% net margin, and has compounded revenue about 0.5%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Affiliated Managers Group, Inc.
Affiliated Managers Group, Inc. has grown revenue from $2.19B to $2.07B over the last 10 fiscal years, compounding about 0.5% a year. The most recent year was up 1.6%, so growth is actually accelerating.
Net margin sits at 34.5%, up 9.4 points year over year. It carries about $2.69B of total debt.
At today's valuation the market is pricing in roughly -3% annual free-cash-flow growth — versus the -0.7% it actually delivered over the last five years, broadly in line with what it has delivered. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from Affiliated Managers Group, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Affiliated Managers Group, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.19B | $2.31B | $2.38B | $2.24B | $2.03B | $2.41B | $2.33B | $2.06B | $2.04B | $2.07B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $472.80M | $689.50M | $243.60M | $15.70M | $202.20M | $565.70M | $1.15B | $672.90M | $511.60M | $716.60M |
| Net margin | 21.5% | 29.9% | 10.2% | 0.7% | 10.0% | 23.4% | 49.2% | 32.7% | 25.1% | 34.5% |
Source: Affiliated Managers Group, Inc. SEC filings (10-K). 18 years of history available in the interactive view.
Affiliated Managers Group, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 49.2% to 34.5% over ~3 years — profitability is compressing.
What growth is priced into AMG stock?
At today's market cap of $8.90B, Affiliated Managers Group, Inc. is priced for free-cash-flow growth of about -3% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $967.10M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.7%/yr over the last five fiscal years and revenue 0.5%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Affiliated Managers Group, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Affiliated Managers Group, Inc. financial history by metric
Compare Affiliated Managers Group, Inc. with peers
About Affiliated Managers Group, Inc.
Affiliated Managers Group, Inc., through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds. These funds are distributed to retail, high net worth and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments. The company also offers investment products in various investment styles in the institutional distribution channel, including small, small/mid, mid, and large capitalization value and growth equity, and emerging markets. In addition, it offers quantitative, alternative, and fixed income products, and manages assets for foundations and endowments, defined benefit, and defined contribution plans for corporations and municipalities. Affiliated Managers Group provides investment management or customized investment counseling and fiduciary services. Affiliated Managers Group, Inc. was formed in 1993 and is based in West Palm Beach, Florida with additional offices in Prides Crossing, Massachusetts; Stamford, Connecticut; London, United Kingdom; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; Tokyo, Japan, Zurich, Switzerland and Delaware.
Affiliated Managers Group, Inc. — frequently asked questions
What is Affiliated Managers Group, Inc.'s revenue?
Affiliated Managers Group, Inc. (AMG) reported revenue of $2.07B for fiscal year 2025, up 1.6% from the prior year, according to its SEC filings.
Is Affiliated Managers Group, Inc. profitable?
Yes. AMG earned net income of $716.60M in fiscal 2025, a net margin of 34.5%.
What is AMG's P/E ratio?
Affiliated Managers Group, Inc. trades at a price-to-earnings ratio of about 13.8 based on the latest data in our nightly-refreshed cache.
How fast is Affiliated Managers Group, Inc. growing?
AMG's revenue grew at roughly 0.5% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Affiliated Managers Group, Inc. have?
As of fiscal year 2025, AMG carried roughly $2.69B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Affiliated Managers Group, Inc.'s market cap?
Affiliated Managers Group, Inc. (AMG) has a market capitalization of about $8.90B, based on the latest data in our nightly-refreshed cache.
When does Affiliated Managers Group, Inc.'s fiscal year end?
AMG's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into AMG stock?
At today's market cap of $8.90B, Affiliated Managers Group, Inc. is priced for free-cash-flow growth of about -3% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $967.10M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.7%/yr over the last five fiscal years and revenue 0.5%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Affiliated Managers Group, Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.