# Affiliated Managers Group (AMG.US)

Canonical: https://gigainvestors.com/s/AMG

Analysis as of: 2026-10-16T07:26:27.910Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $383.04 per share; close as of 2026-10-15.

Estimated value: low $379.40 per share, central $430.18 per share, high $497.79 per share. Buy at or below the central value $430.18 per share. Valuation as of 2026-10-16T07:26:27.910Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.32×

- FY2017: 0.48×

- FY2018: 0.32×

- FY2019: 0.34×

- FY2020: 0.33×

- FY2021: 0.40×

- FY2022: 0.35×

- FY2023: 0.36×

- FY2024: 0.35×

- FY2025: 0.37×

### moat: pass

- ROIC, median of available years: 29.3%

- ROIC, second-lowest year: 21.0%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 57.1%

- Recent gross margin (lower of latest and 3-year median): 55.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 12.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.5%

- FY2017: 41.1%

- FY2018: 26.7%

- FY2019: 38.7%

- FY2020: 41.0%

- FY2021: 46.0%

- FY2022: 31.9%

- FY2023: 26.1%

- FY2024: 23.1%

- FY2025: 21.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.9B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -2.4 pp

- Working capital / revenue, change between three-year averages: -26.2 pp

- Working capital / revenue, final three-year average: -12.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 1.04×

- FY2023: 1.05×

- FY2024: 1.05×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 26.7% vs 23.1%

- Per-share earnings: 8.91 to 15.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.4%

- Ordinary dilution, 5-year annual growth: -6.7%

- Market cap gain: $1.0B

- Cumulative retained earnings: $4.6B

- Diluted shares, 10-year annual growth: -5.4%

- Diluted shares, 5-year annual growth: -6.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: $7.04

- Per-share value, starting three-year median: $8.91

- Per-share value, ending three-year median: $15.95

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 6.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $945M

- Cumulative net income, 10 years: $5.2B

- ROIC, first three-year median: 26.7%

- ROIC, last three-year median: 23.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $8.29

- FY2017: $11.77

- FY2018: $4.53

- FY2019: $0.31

- FY2020: $4.33

- FY2021: $12.63

- FY2022: $23.39

- FY2023: $15.95

- FY2024: $14.17

- FY2025: $21.72

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 20.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.6%

- FY2017: -5.5%

- FY2018: -10.9%

- FY2019: -6.1%

- FY2020: 24.0%

- FY2021: -7.7%

- FY2022: 1.0%

- FY2023: -2.2%

- FY2024: -4.8%

- FY2025: -3.2%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 0.6% a year for ten years · sales +1.6%

Story as of 2026-10-16T09:58:17.666Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.6% a year for ten years

### Sales · FY2024–2025

sales +1.6%; source https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm; observed 2026-02-17.

- FY2016: $2.2B 

- FY2017: $2.3B 

- FY2018: $2.4B 

- FY2019: $2.2B 

- FY2020: $2.0B 

- FY2021: $2.4B 

- FY2022: $2.3B 

- FY2023: $2.1B 

- FY2024: $2.0B 

- FY2025: $2.1B 

### Gross margin · FY2024

gross margin 55.2%; source https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm; observed 2026-02-17.

- FY2016: 57.5% 

- FY2017: 57.5% 

- FY2018: 58.5% 

- FY2019: 57.9% 

- FY2020: 56.4% 

- FY2021: 56.6% 

- FY2022: 54.0% 

- FY2023: 55.9% 

- FY2024: 55.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm#000162828026008665 (filed 2026-02-17); FY2025: revenue 2074400000; grossProfit 2104300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMG.US: 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.

### Why customers stay

It earns 29.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 55.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 55.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 101.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.20473188735871067],[2017,0.4109347094811597],[2018,0.26740184504961745],[2019,0.38693500976565787],[2020,0.4104394255835445],[2021,0.45955324884745885],[2022,0.3185194913282189],[2023,0.26070959285234674],[2024,0.23101939640865052],[2025,0.21047018648084148]]; median 0.2929606681889182. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 706.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 20200000; owner earnings 542856292.2868742. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 18500000; owner earnings 749789382.3733518. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 18700000; owner earnings 297646890.85102385. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 9600000; owner earnings 23737823.664372336. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 8000000; owner earnings 273988103.0444965. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 8000000; owner earnings 593854712.9536008. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 11400000; owner earnings 1192128946.0413516. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 12400000; owner earnings 709214766.582055. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 3400000; owner earnings 538540858.763165. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 6100000; owner earnings 847078274.3362832. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,1350000000],[2017,44900000],[2018,64400000],[2019,65300000],[2020,16000000],[2021,1000000],[2022,1600000],[2023,1500000],[2024,1400000],[2025,1000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 706300000 USD.

### Are managers owners

Insiders own 4.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMG.US SharesStats.PercentInsiders = 4.234 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.6% yearly over ten years; actual growth was 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate -0.021194113890420974. Price 383.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.933017234654514 → FY2025 25.669038616251008. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $132.66 per share

- 2016-11: $148.10 per share

- 2016-12: $145.30 per share

- 2017-01: $152.36 per share

- 2017-02: $167.93 per share

- 2017-03: $163.94 per share

- 2017-04: $165.59 per share

- 2017-05: $153.85 per share

- 2017-06: $165.86 per share

- 2017-07: $185.83 per share

- 2017-08: $176.69 per share

- 2017-09: $189.83 per share

- 2017-10: $186.50 per share

- 2017-11: $198.67 per share

- 2017-12: $205.25 per share

- 2018-01: $199.63 per share

- 2018-02: $189.36 per share

- 2018-03: $189.58 per share

- 2018-04: $164.86 per share

- 2018-05: $159.26 per share

- 2018-06: $148.67 per share

- 2018-07: $160.01 per share

- 2018-08: $146.09 per share

- 2018-09: $136.72 per share

- 2018-10: $113.66 per share

- 2018-11: $111.12 per share

- 2018-12: $97.44 per share

- 2019-01: $104.95 per share

- 2019-02: $109.61 per share

- 2019-03: $107.11 per share

- 2019-04: $110.92 per share

- 2019-05: $83.82 per share

- 2019-06: $92.14 per share

- 2019-07: $85.79 per share

- 2019-08: $76.63 per share

- 2019-09: $83.35 per share

- 2019-10: $79.88 per share

- 2019-11: $85.37 per share

- 2019-12: $84.74 per share

- 2020-01: $79.85 per share

- 2020-02: $75.22 per share

- 2020-03: $59.14 per share

- 2020-04: $69.96 per share

- 2020-05: $66.62 per share

- 2020-06: $74.56 per share

- 2020-07: $68.79 per share

- 2020-08: $68.65 per share

- 2020-09: $68.38 per share

- 2020-10: $75.37 per share

- 2020-11: $87.12 per share

- 2020-12: $101.70 per share

- 2021-01: $110.19 per share

- 2021-02: $139.97 per share

- 2021-03: $149.03 per share

- 2021-04: $161.17 per share

- 2021-05: $164.00 per share

- 2021-06: $154.21 per share

- 2021-07: $158.44 per share

- 2021-08: $170.11 per share

- 2021-09: $151.09 per share

- 2021-10: $167.88 per share

- 2021-11: $170.13 per share

- 2021-12: $164.51 per share

- 2022-01: $146.21 per share

- 2022-02: $138.36 per share

- 2022-03: $140.95 per share

- 2022-04: $125.57 per share

- 2022-05: $133.62 per share

- 2022-06: $116.60 per share

- 2022-07: $126.38 per share

- 2022-08: $127.36 per share

- 2022-09: $111.85 per share

- 2022-10: $124.16 per share

- 2022-11: $160.42 per share

- 2022-12: $158.43 per share

- 2023-01: $172.74 per share

- 2023-02: $159.41 per share

- 2023-03: $142.42 per share

- 2023-04: $144.38 per share

- 2023-05: $139.09 per share

- 2023-06: $149.89 per share

- 2023-07: $138.64 per share

- 2023-08: $134.01 per share

- 2023-09: $130.34 per share

- 2023-10: $122.76 per share

- 2023-11: $135.55 per share

- 2023-12: $151.42 per share

- 2024-01: $148.84 per share

- 2024-02: $156.31 per share

- 2024-03: $167.47 per share

- 2024-04: $156.10 per share

- 2024-05: $162.60 per share

- 2024-06: $156.23 per share

- 2024-07: $185.62 per share

- 2024-08: $173.83 per share

- 2024-09: $177.80 per share

- 2024-10: $193.90 per share

- 2024-11: $187.54 per share

- 2024-12: $184.92 per share

- 2025-01: $187.94 per share

- 2025-02: $170.85 per share

- 2025-03: $168.03 per share

- 2025-04: $165.63 per share

- 2025-05: $176.00 per share

- 2025-06: $196.77 per share

- 2025-07: $209.87 per share

- 2025-08: $224.82 per share

- 2025-09: $238.43 per share

- 2025-10: $237.96 per share

- 2025-11: $268.83 per share

- 2025-12: $288.28 per share

- 2026-01: $313.09 per share

- 2026-02: $306.18 per share

- 2026-03: $276.70 per share

- 2026-04: $294.67 per share

- 2026-05: $302.85 per share

- 2026-06: $338.40 per share

- 2026-07: $366.73 per share

- 2026-08: $368.19 per share

- 2026-09: $365.61 per share

- 2026-10: $383.04 per share

## Annual estimated value (USD per share)

- FY2016: low $98.54 per share, central $111.33 per share, high $128.37 per share

- FY2017: low $103.82 per share, central $117.37 per share, high $135.42 per share

- FY2018: low $114.91 per share, central $130.14 per share, high $150.43 per share

- FY2019: low $111.20 per share, central $126.45 per share, high $146.76 per share

- FY2020: low $75.02 per share, central $83.86 per share, high $95.63 per share

- FY2021: low $92.85 per share, central $103.82 per share, high $118.42 per share

- FY2022: low $88.75 per share, central $98.43 per share, high $111.32 per share

- FY2023: low $152.91 per share, central $171.00 per share, high $195.08 per share

- FY2024: low $181.54 per share, central $204.02 per share, high $233.95 per share

- FY2025: low $249.88 per share, central $282.53 per share, high $325.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1004434/000162828026008665/amg-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.