# Ameriprise Financial (AMP.US)

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

Analysis as of: 2026-10-16T07:26:29.232Z. Financial observations: FY2000–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: $502.58 per share; close as of 2026-10-15.

Estimated value: low $678.45 per share, central $898.66 per share, high $1,034.94 per share. Buy at or below the central value $898.66 per share. Valuation as of 2026-10-16T07:26:29.232Z; scenarios are not confidence intervals.

Expected annual return: 16.7% at the stated quote. About 16.7% 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: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.21×

- FY2018: 0.22×

- FY2019: 0.18×

- FY2020: 0.15×

- FY2021: 0.31×

- FY2022: 0.27×

- FY2023: 0.20×

- FY2024: 0.24×

- FY2025: 0.26×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 52.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 23.6%

- ROIC, second-lowest year: 13.9%

- Typical minus recent gross margin: 52.1 pp

- Typical gross margin (annual median): 46.6%

- Recent gross margin (lower of latest and 3-year median): -5.5%

- Years with nonpositive capital: 10

- Capital spending / revenue: 1.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.4%

- FY2017: 15.0%

- FY2018: 22.7%

- FY2019: 18.4%

- FY2020: 13.9%

- FY2021: 34.1%

- FY2022: 34.3%

- FY2023: 24.4%

- FY2024: 31.8%

- FY2025: 30.8%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $16B

- Net income, five-year total: $16B

- Return on incremental invested capital: 13.4%

- Working capital / revenue, annual change: 8.2 pp

- Working capital / revenue, change between three-year averages: 51.4 pp

- Working capital / revenue, final three-year average: 73.0%

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

- FY2021: 1.00×

- FY2022: 0.95×

- FY2023: 0.91×

- FY2024: 0.94×

- FY2025: 1.01×

### 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: 15.0% vs 30.8%

- Per-share earnings: 8.48 to 33.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -6.1%

- Ordinary dilution, 5-year annual growth: -4.8%

- Market cap gain: $29B

- Cumulative retained earnings: $17B

- Diluted shares, 10-year annual growth: -6.1%

- Diluted shares, 5-year annual growth: -4.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.5%

- Per-share value change: $24.57

- Per-share value, starting three-year median: $8.48

- Per-share value, ending three-year median: $33.05

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 6.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.6B

- Cumulative net income, 10 years: $24B

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 30.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $7.81

- FY2017: $9.44

- FY2018: $14.20

- FY2019: $13.92

- FY2020: $12.20

- FY2021: $28.48

- FY2022: $27.70

- FY2023: $23.71

- FY2024: $33.05

- FY2025: $36.28

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: -0.1%

- FY2018: -0.4%

- FY2019: -0.3%

- FY2020: -1.9%

- FY2021: 0.1%

- FY2022: -0.8%

- FY2023: -1.2%

- FY2024: -1.8%

- FY2025: -2.5%

## Holders

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

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

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

## Price story

Price needs cash profits to shrink 3% a year for ten years · "Ameriprise Financial shares fall as net flows decline sharply" (investing.com, Jul 2025) · sales +5.5%

Story as of 2026-10-16T09:58:18.025Z; price observation 2026-10-15.

Price needs cash profits to shrink 3% a year for ten years

- 2025-07-24: Ameriprise Financial shares fall as net flows decline sharply ([investing.com](https://www.investing.com/news/earnings/ameriprise-financial-shares-fall-as-net-flows-decline-sharply-93CH-4151415))

- 2026-04-24: Ameriprise anticipates Huntington Bank onboarding to add $28B and approximately 260 advisers in Q4 ([seekingalpha.com](https://seekingalpha.com/news/4579148-ameriprise-anticipates-huntington-bank-onboarding-to-add-28b-and-approximately-260-advisers?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +5.5%; source https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm; observed 2026-02-19.

- FY2016: $12B 

- FY2017: $12B 

- FY2018: $13B 

- FY2019: $13B 

- FY2020: $12B 

- FY2021: $13B 

- FY2022: $14B 

- FY2023: $16B 

- FY2024: $18B 

- FY2025: $19B 

### Gross margin · FY2025

gross margin 50.4%; source https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm; observed 2026-02-19.

- FY2016: 45.1% 

- FY2017: 48.2% 

- FY2018: 48.6% 

- FY2019: 48.9% 

- FY2020: 99.5% 

- FY2025: 50.4% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are USD 18.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm#000082002726000011 (filed 2026-02-19); FY2025: revenue 18911000000; grossProfit 9528000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMP.US: Ameriprise Financial, Inc., together with its subsidiaries, operates as a diversified financial services company in the United States and internationally. The company offers financial planning and advice services to individual and institutional clients. It operates through Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, Corporate & Other segments. The Advice & Wealth Management segment provides financial planning and advice; brokerage products and services for retail and institutional clients; discretionary and non-discretionary investment advisory accounts; mutual funds; insurance and annuities products; cash management and banking products; and face-amount certificates. The Asset Management segment offers investment management, advice, and products to retail, high net worth, and institutional clients through third-party financial institutions, advisor network, direct retail, and its institutional sales force under the Columbia Threadneedle Investments brand name. Its products include U.S. mutual funds and their non-U.S. equivalents, exchange-traded funds, variable product funds underlying insurance, and annuity separate accounts; and institutional asset management products, such as traditional asset classes, separately managed accounts, individually managed accounts, collateralized loan obligations, hedge funds, collective funds, and property and infrastructure funds. The Retirement & Protection Solutions segment provides variable annuity products, as well as life and disability income insurance products to retail clients. Ameriprise Financial, Inc. was formerly known as American Express Financial Corporation and changed its name to Ameriprise Financial, Inc. in September 2005. The company was founded in 1894 and is based in Minneapolis, Minnesota.

### Why customers stay

It earns 23.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = -5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = -5.5%.

- Source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 50.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.1336089830817199],[2017,0.15036506487393364],[2018,0.22741564863089928],[2019,0.18430548568673036],[2020,0.13851015801354402],[2021,0.34057609887371676],[2022,0.3427296473661297],[2023,0.24380007630675316],[2024,0.3178504672897196],[2025,0.3078632116441712]]; median 0.2356078624688262. 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 2.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 92000000; owner earnings 1470000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 162000000; owner earnings 1552000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 162000000; owner earnings 2134000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 143000000; owner earnings 1933000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 147000000; owner earnings 1594000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 22000000; upkeep 98000000; owner earnings 3417000000. Growth capex / owner earnings = 0.006438396254023998.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 60726970.146224156; upkeep 121273029.85377584; owner earnings 2987726970.146224. Growth capex / owner earnings = 0.020325475102985092.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 116887985.13892485; upkeep 67112014.86107515; owner earnings 2334887985.1389246. Growth capex / owner earnings = 0.05006149583315881.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 117053999.39406085; upkeep 58946000.60593915; owner earnings 3183053999.394061. Growth capex / owner earnings = 0.03677411674961962.

- Source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 162000000; owner earnings 3613000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,479000000],[2017,491000000],[2018,506000000],[2019,504000000],[2020,497000000],[2021,511000000],[2022,534000000],[2023,550000000],[2024,574000000],[2025,596000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 2907000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMP.US SharesStats.PercentInsiders = 0.181 percentage points; cache date 2026-10-16.

### What could break it

"Changes in interest rates may affect our results of operations and financial condition." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm (filed 2026-02-19); Changes in interest rates may affect our results of operations and financial condition.

### What the price says

The price assumes cash profits shrink 3% yearly over ten years; actual growth was 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.054956876384475495. Price 502.58; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.057974792225403 → FY2025 36.79226069246436. Closing-price date 2026-10-15.

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

- 2016-10: $88.39 per share

- 2016-11: $114.21 per share

- 2016-12: $110.94 per share

- 2017-01: $112.27 per share

- 2017-02: $131.50 per share

- 2017-03: $129.68 per share

- 2017-04: $127.85 per share

- 2017-05: $120.79 per share

- 2017-06: $127.29 per share

- 2017-07: $144.88 per share

- 2017-08: $138.51 per share

- 2017-09: $148.51 per share

- 2017-10: $156.54 per share

- 2017-11: $163.23 per share

- 2017-12: $169.47 per share

- 2018-01: $168.70 per share

- 2018-02: $156.44 per share

- 2018-03: $147.94 per share

- 2018-04: $140.21 per share

- 2018-05: $138.63 per share

- 2018-06: $139.88 per share

- 2018-07: $145.67 per share

- 2018-08: $141.96 per share

- 2018-09: $147.66 per share

- 2018-10: $127.24 per share

- 2018-11: $129.75 per share

- 2018-12: $104.37 per share

- 2019-01: $126.60 per share

- 2019-02: $131.63 per share

- 2019-03: $128.10 per share

- 2019-04: $146.77 per share

- 2019-05: $138.23 per share

- 2019-06: $145.16 per share

- 2019-07: $145.51 per share

- 2019-08: $128.98 per share

- 2019-09: $147.10 per share

- 2019-10: $150.89 per share

- 2019-11: $163.87 per share

- 2019-12: $166.58 per share

- 2020-01: $165.41 per share

- 2020-02: $141.30 per share

- 2020-03: $102.48 per share

- 2020-04: $114.94 per share

- 2020-05: $140.07 per share

- 2020-06: $150.04 per share

- 2020-07: $153.63 per share

- 2020-08: $156.80 per share

- 2020-09: $154.11 per share

- 2020-10: $160.83 per share

- 2020-11: $185.24 per share

- 2020-12: $194.33 per share

- 2021-01: $197.87 per share

- 2021-02: $221.24 per share

- 2021-03: $232.45 per share

- 2021-04: $258.40 per share

- 2021-05: $259.84 per share

- 2021-06: $248.88 per share

- 2021-07: $257.56 per share

- 2021-08: $272.91 per share

- 2021-09: $264.12 per share

- 2021-10: $302.13 per share

- 2021-11: $289.60 per share

- 2021-12: $301.66 per share

- 2022-01: $304.31 per share

- 2022-02: $299.79 per share

- 2022-03: $300.36 per share

- 2022-04: $265.49 per share

- 2022-05: $276.27 per share

- 2022-06: $237.68 per share

- 2022-07: $269.92 per share

- 2022-08: $268.01 per share

- 2022-09: $251.95 per share

- 2022-10: $309.12 per share

- 2022-11: $331.95 per share

- 2022-12: $311.37 per share

- 2023-01: $350.12 per share

- 2023-02: $342.87 per share

- 2023-03: $306.50 per share

- 2023-04: $305.12 per share

- 2023-05: $298.47 per share

- 2023-06: $332.16 per share

- 2023-07: $348.45 per share

- 2023-08: $337.58 per share

- 2023-09: $329.68 per share

- 2023-10: $314.57 per share

- 2023-11: $353.51 per share

- 2023-12: $379.83 per share

- 2024-01: $386.83 per share

- 2024-02: $407.36 per share

- 2024-03: $438.44 per share

- 2024-04: $411.79 per share

- 2024-05: $436.61 per share

- 2024-06: $427.19 per share

- 2024-07: $430.07 per share

- 2024-08: $449.44 per share

- 2024-09: $469.81 per share

- 2024-10: $510.30 per share

- 2024-11: $573.97 per share

- 2024-12: $532.43 per share

- 2025-01: $543.36 per share

- 2025-02: $537.30 per share

- 2025-03: $484.11 per share

- 2025-04: $471.02 per share

- 2025-05: $509.24 per share

- 2025-06: $533.73 per share

- 2025-07: $518.19 per share

- 2025-08: $514.81 per share

- 2025-09: $491.25 per share

- 2025-10: $452.77 per share

- 2025-11: $455.74 per share

- 2025-12: $490.34 per share

- 2026-01: $527.19 per share

- 2026-02: $470.12 per share

- 2026-03: $444.40 per share

- 2026-04: $474.79 per share

- 2026-05: $445.71 per share

- 2026-06: $458.76 per share

- 2026-07: $545.84 per share

- 2026-08: $553.11 per share

- 2026-09: $492.35 per share

- 2026-10: $493.32 per share

## Annual estimated value (USD per share)

- FY2016: low $308.15 per share, central $340.40 per share, high $364.79 per share

- FY2017: low $322.60 per share, central $337.78 per share, high $357.98 per share

- FY2018: low $360.30 per share, central $378.33 per share, high $402.34 per share

- FY2019: low $413.83 per share, central $433.69 per share, high $460.12 per share

- FY2020: low $479.81 per share, central $498.92 per share, high $524.36 per share

- FY2021: low $549.02 per share, central $644.92 per share, high $700.76 per share

- FY2022: low $701.83 per share, central $823.10 per share, high $893.72 per share

- FY2023: low $810.07 per share, central $877.91 per share, high $933.57 per share

- FY2024: low $970.24 per share, central $1,085.68 per share, high $1,170.33 per share

- FY2025: low $1,131.31 per share, central $1,320.30 per share, high $1,437.26 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/820027/000082002726000011/amp-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.