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Holding company taking minority stakes in independent asset management firms across active and alternative strategies.
Holding company taking minority stakes in independent asset management firms across active and alternative strategies.
Takes a stake in each affiliate firm and receives a contractual share of its revenue, while the firm's own managers keep the rest and run it independently, so AMG earns more as affiliates grow without carrying their full costs. It has been steering new investments toward alternatives such as private markets.
Moat: narrow (distribution, scale). Its multi-affiliate model lets boutique managers keep autonomy while AMG provides distribution/capital, a differentiated structure.
Headquarters: West Palm Beach, Florida, US · Founded: 1993 · Employees: 5,600
Size Affiliated Managers (AMG) is a United States Financials company (Investment Managers) with a market value of $9.39B, the 807th largest of 3,117 United States companies the cockpit tracks. Shares closed at $362.96 on 6 Nov 2026.
Performance Over six months the shares gained 19.9%, against +2.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +12.4%); the operating margin is 21.7% (peer median 34.9%).
Valuation It trades at 9.1× forward earnings against a peer median of 14.0× (3rd cheapest of 20).
Credit Affiliated Managers has 3 bonds outstanding ($1.18B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 112 bp.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.28B | $2.08B | $2.04B | $2.09B | $2.37B |
| Revenue growth | — | +2% | -2% | -12% | — |
| Gross profit | $2.14B | $1.91B | $2.00B | $2.03B | $2.31B |
| EBITDA | $630M | $584M | $666M | $776M | $940M |
| Net income | $856M | $717M | $512M | $673M | $1.15B |
| Free cash flow | $1.11B | $1.00B | $944M | $853M | $1.28B |
| Capital expenditure | $6.90M | $6.10M | $3.40M | $12.4M | $11.4M |
| Total debt | $3.00B | $2.71B | $2.65B | $2.75B | $2.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Affiliated Managers AMG | $9.39B | +20% | +12% | 22% | 9.1× | n/a |
| Franklin Resources BEN | $17.1B | +10% | +8% | 15% | 10.6× | n/a |
| Victory Capital VCTR | $7.38B | +40% | +50% | 46% | 14.0× | n/a |
| T. Rowe Price TROW | $23.1B | +4% | +7% | 36% | 10.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.2% | +2.0% | 3rd lowest of 21 |
| 6-month return | +19.9% | +2.4% | 5th highest of 20 |
| Distance from 52-week high | -9.3% | -14.7% | 8th highest of 21 |
| Revenue growth (TTM) | +11.7% | +12.4% | 10th lowest of 21 |
| Operating margin | 21.7% | 34.9% | 3rd lowest of 21 |
| Forward P/E | 9.1× | 14.0× | 3rd cheapest of 20 |
| Bond spread | 112 bp | 126 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Affiliated Managers AMG | United States | $9.39B | +20% | +12% | 22% | 9.1× | n/a | n/a |
| HealthEquity HQY | United States | $8.57B | +22% | +7% | 26% | 20.5× | n/a | n/a |
| Stifel Financial SF | United States | $10.7B | -7% | +8% | 22% | 10.3× | n/a | n/a |
| SBI Funds Management SBIFUNDS.NS | India | $10.8B | n/a | +21% | 89% | 31.1× | n/a | n/a |
| VZ Holding AG VZN.SW | Switzerland | $8.03B | +17% | +9% | 45% | 24.1× | n/a | n/a |
| Banca Generali BGN.MI | Italy | $7.73B | +4% | +17% | 38% | 15.3× | n/a | n/a |
| Invesco IVZ | United States | $11.9B | -1% | +17% | 24% | 8.6× | n/a | n/a |
| Victory Capital VCTR | United States | $7.38B | +40% | +50% | 46% | 14.0× | n/a | n/a |
| HDFC Asset Management HDFCAMC.NS | India | $12.0B | -7% | +12% | 80% | 35.5× | n/a | n/a |
| ICG ICG.L | United Kingdom | $7.32B | +2% | +6% | 60% | 11.9× | n/a | n/a |
| Nippon Life India Asset Management NAM-INDIA.NS | India | $7.22B | -4% | +23% | 68% | 39.1× | n/a | n/a |
| China Industrial Securities 601377.SS | China | $7.12B | -9% | -11% | 29% | 13.2× | n/a | n/a |
| SEI Investments SEIC | United States | $12.5B | +15% | +13% | 30% | 15.3× | n/a | n/a |
| iA Financial IAG.TO | Canada | $13.1B | +29% | +13% | 59% | 13.9× | n/a | n/a |
| IGM Financial IGM.TO | Canada | $13.3B | +7% | +20% | 36% | 14.0× | n/a | n/a |
| Guosen Securities 002736.SZ | China | $13.9B | -16% | -10% | 34% | 7.9× | n/a | n/a |
| ChinaLin Securities 002945.SZ | China | $6.27B | 0% | +15% | 25% | n/a | n/a | n/a |
| EFG International EFGN.SW | Switzerland | $6.26B | -1% | -1% | 26% | 14.4× | n/a | n/a |
| Carlyle CG | United States | $14.1B | -22% | -44% | 14% | 10.2× | n/a | n/a |
| Vontobel VONN.SW | Switzerland | $6.18B | +36% | +11% | 25% | 12.6× | n/a | n/a |
| DWS Group GmbH & Co. KGaA DWS.DE | Germany | $14.7B | +7% | +24% | 37% | 12.6× | n/a | n/a |
Affiliated Managers has 3 bonds outstanding with $1.18B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.83%, a spread of 112 bp over government bonds.