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Affiliated Managers
(NYSE:AMG)
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Rating:80Outperform
Price Target:
$431.00
â–²(17.99% Upside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by strong financial profitability/cash conversion and a very positive earnings call with confident guidance, record AUM, and sizeable repurchases. Technicals are supportive with price above key moving averages, while valuation appears reasonable on P/E but offers a modest dividend yield; leverage and the recent FCF decline remain the main financial risks.
Positive Factors
Alternative Strategies Growth
Strong alternative-strategy inflows are shifting AMG toward higher-fee businesses with greater earnings contribution. This mix change can support durable organic growth, stronger margins and less reliance on traditional long-only products.
Negative Factors
Long-Only Equity Outflows
Persistent outflows from long-only equity products can pressure assets under management and fee revenue, while also raising reliance on alternatives. Management expects gradual improvement, so the drag may remain relevant as the business mix transitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Alternative Strategies Growth
Strong alternative-strategy inflows are shifting AMG toward higher-fee businesses with greater earnings contribution. This mix change can support durable organic growth, stronger margins and less reliance on traditional long-only products.
Read all positive factors
Affiliated Managers (AMG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.58B
Dividend Yield0.01%
Average Volume (3M)291.19K
Price to Earnings (P/E)11.9
Beta (1Y)0.86
Revenue Growth11.74%
EPS Growth108.91%
CountryUS
Employees5,600
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)31.17
Shares Outstanding25,859,934
10 Day Avg. Volume281,363
30 Day Avg. Volume291,191
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.54
Price to Sales (P/S)3.36
P/FCF Ratio8.18
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$435.80Price Target Upside19.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)36.95
Revenue Forecast (FY)$2.45B
Affiliated Managers Business Overview & Revenue Model
Company Description
Affiliated Managers Group, Inc. (AMG) functions as an asset management firm, leveraging its network of affiliates to provide comprehensive investment management solutions. Its primary clientele in the United States includes mutual funds, instituti...
How the Company Makes Money
AMG primarily makes money by earning economic interests from its partnerships and ownership stakes in affiliated investment management firms. The core revenue stream is investment management fees generated by those affiliates for managing client a...
Affiliated Managers Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveys a strongly positive tone driven by record earnings, double-digit organic growth in alternatives, a record $942 billion AUM, large alternative inflows ($29B in Q2; ~$100B LTM), robust cash generation (~$1B after-tax), active capital deployment and sizeable share repurchases. Headwinds are concentrated in differentiated long-only equity outflows ($14B) and seasonal fixed-income flows ($2B), alongside some short‑term market sensitivity (market blend down ~2% QTD) that could limit variable fee upside. Overall, the positive operational momentum, growing contribution from higher‑fee alternatives, strong balance sheet and confident guidance materially outweigh the limited flow and seasonality headwinds.Positive Updates
Record Quarterly Earnings and Strong YoY Growth
Adjusted EBITDA of approximately $316 million, up 44% year-over-year; economic earnings per share of $8.29, up 54% year-over-year. Fee-related earnings grew 39% year-over-year. Net performance fee earnings were $10 million (up $5 million YoY) with ~ $7 million of incremental catch-up fees.
Negative Updates
Differentiated Long‑Only Equity Outflows
Differentiated long-only equity strategies experienced $14 billion of net outflows in the quarter due to industry and performance headwinds; long-only exposure now represents ~35% of the business and management expects gradual improvement over the medium to long term.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Earnings and Strong YoY Growth
Adjusted EBITDA of approximately $316 million, up 44% year-over-year; economic earnings per share of $8.29, up 54% year-over-year. Fee-related earnings grew 39% year-over-year. Net performance fee earnings were $10 million (up $5 million YoY) with ~ $7 million of incremental catch-up fees.
Read all positive updates
Company Guidance
AMG guided third-quarter adjusted EBITDA of $315 million to $325 million (vs. Q2 adjusted EBITDA of ~$316M), driven by recurring fee‑related earnings of $315M (up from $299M in Q2), no material private‑market catch‑up fees and net performance fees of up to $10M; assuming an adjusted weighted average share count of 26.3 million, management expects Q3 economic EPS of $8.43–$8.71 (midpoint ≈40% growth vs. Q3 2025), with guidance based on current AUM and a market blend down ~2% quarter‑to‑date as of July 29. On capital allocation, AMG has repurchased ~$189M in Q2 and ~$375M year‑to‑date, expects full‑year repurchases of ~ $600M, has deployed nearly $800M of capital in H1 for growth and returns, and has reduced its economic share count (down ~1.8M shares YTD and >10% vs. the prior year).Affiliated Managers Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
67
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.53B | 2.45B | 2.04B | 2.06B | 2.33B | 2.41B |
| Gross Profit | 2.02B | 2.10B | 1.13B | 1.15B | 1.26B | 1.37B |
| EBITDA | 1.67B | 1.49B | 1.10B | 1.28B | 1.93B | 1.30B |
| Net Income | 856.30M | 716.60M | 511.60M | 672.90M | 1.15B | 565.70M |
Balance Sheet | ||||||
| Total Assets | 9.40B | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B |
| Cash, Cash Equivalents and Short-Term Investments | 411.00M | 586.00M | 1.01B | 1.27B | 1.15B | 987.00M |
| Total Debt | 3.00B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B |
| Total Liabilities | 5.20B | 4.79B | 4.18B | 4.10B | 4.24B | 4.49B |
| Stockholders Equity | 3.04B | 3.24B | 3.35B | 3.59B | 3.23B | 2.79B |
Cash Flow | ||||||
| Free Cash Flow | 1.09B | 1.00B | 928.70M | 861.90M | 1.04B | 1.25B |
| Operating Cash Flow | 1.10B | 1.01B | 932.10M | 874.30M | 1.05B | 1.26B |
| Investing Cash Flow | 76.10M | -243.80M | 379.10M | 264.50M | -109.90M | -583.70M |
| Financing Cash Flow | -1.12B | -1.15B | -1.18B | -758.30M | -1.40B | -798.30M |
Affiliated Managers Technical Analysis
Positive
365.28
Price Trends
360.57
Positive
334.16
Positive
311.91
Positive
Market Momentum
1.76
Negative
55.81
Neutral
78.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMG, the sentiment is Positive. The current price of 365.28 is below the 20-day moving average (MA) of 367.17, above the 50-day MA of 360.57, and above the 200-day MA of 311.91, indicating a bullish trend. The MACD of 1.76 indicates Negative momentum. The RSI at 55.81 is Neutral, neither overbought nor oversold. The STOCH value of 78.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMG.
Affiliated Managers Risk Analysis
Affiliated Managers disclosed 23 risk factors in its most recent earnings report. Affiliated Managers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Affiliated Managers Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $9.58B | 11.90 | 26.95% | 0.01% | 11.74% | 108.91% | |
80 Outperform | $5.90B | 15.99 | 31.02% | 2.67% | 24.01% | 25.97% | |
77 Outperform | $178.38B | 31.64 | 40.87% | 3.02% | 22.60% | 20.33% | |
71 Outperform | $53.12B | 16.77 | 12.40% | 1.81% | 1.05% | 27.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $6.06B | -6.52 | 156.73% | 3.41% | 51.09% | -150.23% |
* Financial Sector Average
AMG
Affiliated Managers
370.87
146.08
64.99%
STT
State Street
193.33
81.25
72.49%
BX
Blackstone Group
142.39
-22.33
-13.56%
HLNE
Hamilton Lane
106.04
-45.18
-29.88%
STEP
StepStone Group
50.32
-9.95
-16.50%
Affiliated Managers Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Affiliated Managers Posts Strong Q2 2026 Results
Positive
Jul 30, 2026
Affiliated Managers Group reported strong financial and operating results for the second quarter and first half of 2026, with diluted EPS rising to $6.95 and Economic EPS to $8.29 for the quarter ended June 30, 2026. Net income attributable to con...
Business Operations and StrategyPrivate Placements and Financing
Affiliated Managers Establishes New $1.25 Billion Credit Facility
Positive
Jun 9, 2026
On June 9, 2026, Affiliated Managers Group, Inc. entered into a Fourth Amended and Restated Credit Agreement that establishes a $1.25 billion senior unsecured multicurrency revolving credit facility maturing on June 9, 2031, replacing its prior fa...
Executive/Board ChangesShareholder Meetings
Affiliated Managers Shareholders Reaffirm Board and Governance Structure
Positive
May 28, 2026
At its Annual Meeting of Stockholders held on May 27, 2026, Affiliated Managers Group, Inc. reported that shareholders re-elected all nominated directors to serve until the 2027 annual meeting, with each receiving at least 97% of votes cast, under...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.