MGR

MKT CAP:$6B

Affiliated Managers Group, Inc.

Market Cap

$6B

Financial Services·Investment - Banking & Investment Services·🇺🇸 United States·NYSE

Financials·Investment·🇺🇸·NYSE

Stock Price

$20.22-$0.96 (-4.53%)

Apr 24, 2026

Company Details

Affiliated Managers Group, Inc. engages in the provision of investment management services. It offers strategies across a range of return-oriented asset classes and product structures. The company was founded by William J. Nutt in December ...

CEO

None

IPO Date

Mar 29, 2019

Website

www.amg.com

Key Metrics TTM

Revenue

$2.1B

+1.8% YoY

Net Income

$571M

EPS (Diluted)

$17.35

Free Cash Flow

$988M

Revenue / Share

$62.58

Gross Margin

54.3%

Operating Margin

35.4%

Net Margin

27.6%

FCF Margin

47.8%

P/S

2.9x

P/E

10.5x

Earnings Reports

Q4 2025

May 4, 2026

PENDING

Q3 2025

Nov 6, 2025

$528M+2.2%EPS $6.87

Q1 2025

May 8, 2025

$497M-0.7%EPS $2.20

FY 2024

Feb 14, 2025

$2.0B-0.8%EPS $15.11

Q4 2024

Feb 14, 2025

$524M+4.3%EPS $4.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$575M	$319M	$236M
Q4 21	$692M	$397M	$300M
Q1 22	$607M	$352M	$263M
Q2 22	$604M	$336M	$243M
Q3 22	$579M	$305M	$212M
Q4 22	$540M	$265M	$155M
Q1 23	$517M	$295M	$198M
Q2 23	$513M	$284M	$198M
Q3 23	$525M	$313M	$222M
Q4 23	$503M	$258M	$173M
Q1 24	$500M	$260M	$168M
Q2 24	$500M	$285M	$196M
Q3 24	$516M	$296M	$199M
Q4 24	$524M	$286M	$187M
Q1 25	$497M	$266M	$172M
Q3 25	$528M	$275M	$174M

Valuation

Quarter	P/S	P/E
Q3 21	2.6x	11.9x
Q4 21	2.5x	10.6x
Q1 22	2.4x	10.7x
Q2 22	2.4x	10.6x
Q3 22	2.4x	11.0x
Q4 22	2.6x	5.2x
Q1 23	2.7x	5.3x
Q2 23	2.8x	5.2x
Q3 23	2.9x	4.8x
Q4 23	2.9x	8.9x
Q1 24	2.9x	8.7x
Q2 24	3.0x	9.4x
Q3 24	3.0x	11.0x
Q4 24	2.9x	11.7x
Q1 25	2.9x	13.8x
Q3 25	2.9x	10.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$346M	$344M
Q4 21	$369M	$365M
Q1 22	$145M	$141M
Q2 22	$362M	$359M
Q3 22	$291M	$288M
Q4 22	$484M	$482M
Q1 23	$232M	$230M
Q2 23	$90M	$88M
Q3 23	$291M	$288M
Q4 23	$255M	$249M
Q1 24	$200M	$199M
Q2 24	$265M	$265M
Q3 24	$268M	$267M
Q4 24	$213M	$211M
Q1 25	$213M	$211M
Q3 25	$299M	$298M

Capital Expenditures

Quarter	CapEx
Q3 21	$3M
Q4 21	$4M
Q1 22	$4M
Q2 22	$2M
Q3 22	$3M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$3M
Q4 23	$6M
Q1 24	$1M
Q2 24	$600.0K
Q3 24	$700.0K
Q4 24	$1M
Q1 25	$2M
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+16.2%	+18.4%
Q4 21	+24.8%	+18.6%
Q1 22	+8.6%	+5.7%
Q2 22	+3.0%	+7.1%
Q3 22	+0.6%	+8.2%
Q4 22	-22.0%	-1.9%
Q1 23	-14.8%	-7.3%
Q2 23	-15.2%	-13.1%
Q3 23	-9.2%	-17.5%
Q4 23	-6.9%	-14.3%
Q1 24	-3.4%	+4.0%
Q2 24	-2.4%	-3.0%
Q3 24	-1.7%	+4.9%
Q4 24	+4.3%	+2.4%
Q1 25	-0.7%	-2.1%
Q3 25	+5.5%	+16.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$33M	5.7%
Q4 21	$0	0.0%
Q1 22	$31M	5.1%
Q2 22	$26M	4.3%
Q3 22	$24M	4.2%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$29M	5.7%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$39M	7.4%
Q1 25	$24M	4.8%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$501M	$81M	$582M
Q2 22	$607M	$67M	$673M
Q3 22	$623M	$184M	$807M
Q4 22	$429M	$0	$429M
Q1 23	$833M	$458M	$1.3B
Q2 23	$786M	$444M	$1.2B
Q3 23	$999M	$462M	$1.5B
Q4 23	$814M	$461M	$1.3B
Q1 24	$793M	$349M	$1.1B
Q2 24	$866M	$167M	$1.0B
Q3 24	$1.0B	$66M	$1.1B
Q4 24	$950M	$32M	$982M
Q1 25	$817M	$41M	$858M
Q2 25	$361M	$0	$361M
Q3 25	$476M	$0	$476M
Q4 25	$586M	$0	$586M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	44M	-0.7%	-4.7%
Q4 21	44M	-0.9%	-7.6%
Q1 22	47M	+6.8%	+3.3%
Q2 22	45M	-5.1%	-0.2%
Q3 22	44M	-2.2%	-1.8%
Q4 22	46M	+5.7%	+4.8%
Q1 23	40M	-13.3%	-14.9%
Q2 23	42M	+5.5%	-5.4%
Q3 23	43M	+3.1%	-0.2%
Q4 23	41M	-4.8%	-10.2%
Q1 24	40M	-2.9%	+0.5%
Q2 24	35M	-12.0%	-16.2%
Q3 24	35M	-0.8%	-19.4%
Q4 24	36M	+2.9%	-12.8%
Q1 25	33M	-9.4%	-18.7%
Q3 25	33M	+1.2%	-6.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$147.5K	4K
Q4 21	$170.8K	4K
Q1 22	$150.0K	4K
Q2 22	$149.2K	4K
Q3 22	$142.9K	4K
Q4 22	$136.6K	4K
Q1 23	$131.0K	4K
Q2 23	$129.7K	4K
Q3 23	$133.0K	4K
Q4 23	$125.7K	4K
Q1 24	$125.0K	4K
Q2 24	$125.1K	4K
Q3 24	$129.1K	4K
Q4 24	$127.9K	4K
Q1 25	$121.1K	4K
Q3 25	$128.8K	4K

Revenue / Employee