Affiliated Managers (AMG) | Financial Analysis & Statements
Affiliated Managers Group Inc. Mid-cap Financial Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
556.6M
Gross Profit
284.4M
51.10%
Operating Income
99.8M
17.93%
Net Income
377.9M
67.89%
EPS (Diluted)
$11.21
Balance Sheet Metrics
Total Assets
9.2B
Total Liabilities
4.8B
Shareholders Equity
4.4B
Debt to Equity
1.08
Cash Flow Metrics
Operating Cash Flow
724.4M
Free Cash Flow
254.5M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Affiliated Managers Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 2.1B | 2.0B | 2.1B | 2.3B | 2.4B |
| Cost of Goods Sold | 1.0B | 915.3M | 907.5M | 1.1B | 1.0B |
| Gross Profit | 1.1B | 1.1B | 1.2B | 1.3B | 1.4B |
| Gross Margin % | 50.8% | 55.2% | 55.9% | 54.0% | 56.6% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 408.6M | 376.5M | 358.2M | 385.5M | 347.1M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 408.6M | 376.5M | 358.2M | 385.5M | 347.1M |
| Operating Income | 475.3M | 706.7M | 730.8M | 805.2M | 965.9M |
| Operating Margin % | 22.9% | 34.6% | 35.5% | 34.6% | 40.0% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | 136.5M | 133.3M | 123.8M | 114.4M | 111.4M |
| Other Non-Operating Income | 847.5M | 349.8M | 484.4M | 1.1B | 286.6M |
| Pre-tax Income | 1.2B | 923.2M | 1.1B | 1.7B | 1.1B |
| Income Tax | 282.3M | 182.6M | 185.3M | 358.3M | 251.0M |
| Effective Tax Rate % | 23.8% | 19.8% | 17.0% | 20.5% | 22.0% |
| Net Income | 904.0M | 740.6M | 906.1M | 1.4B | 890.1M |
| Net Margin % | 43.6% | 36.3% | 44.0% | 59.6% | 36.9% |
| Key Metrics | |||||
| EBITDA | 1.0B | 1.0B | 1.0B | 1.2B | 1.2B |
| EPS (Basic) | $25.18 | $16.45 | $19.18 | $29.77 | $13.65 |
| EPS (Diluted) | $22.74 | $15.13 | $17.42 | $25.35 | $13.05 |
| Basic Shares Outstanding | 28500000 | 31100000 | 35100000 | 38500000 | 41500000 |
| Diluted Shares Outstanding | 28500000 | 31100000 | 35100000 | 38500000 | 41500000 |
Income Statement Trend
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Affiliated Managers Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 586.0M | 950.0M | 813.6M | 429.2M | 908.5M |
| Short-term Investments | 84.8M | 56.6M | 461.0M | 716.9M | 78.5M |
| Accounts Receivable | 496.2M | 409.7M | 368.4M | 316.0M | 419.2M |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | 1.2B | 1.4B | 1.6B | 1.5B | 1.4B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 18.7M | 20.2M | 20.7M | 25.6M | 30.6M |
| Goodwill | 6.7B | 6.8B | 6.9B | 7.2B | 7.3B |
| Intangible Assets | 1.6B | 1.8B | 1.8B | 1.9B | 2.0B |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 318.3M | 288.7M | 243.9M | 264.6M | 231.1M |
| Total Non-Current Assets | 8.0B | 7.4B | 7.4B | 7.4B | 7.5B |
| Total Assets | 9.2B | 8.8B | 9.1B | 8.9B | 8.9B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | - | - | - | - | - |
| Short-term Debt | - | - | - | - | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 806.9M | 639.1M | 628.5M | 778.3M | 789.1M |
| Non-Current Liabilities | |||||
| Long-term Debt | 2.7B | 2.6B | 2.5B | 2.5B | 2.5B |
| Deferred Tax Liabilities | 533.1M | 520.5M | 463.8M | 464.7M | 503.2M |
| Other Non-Current Liabilities | 754.0M | 402.4M | 466.3M | 461.7M | 709.2M |
| Total Non-Current Liabilities | 4.0B | 3.5B | 3.5B | 3.5B | 3.7B |
| Total Liabilities | 4.8B | 4.2B | 4.1B | 4.2B | 4.5B |
| Equity | |||||
| Common Stock | 600.0K | 600.0K | 600.0K | 600.0K | 600.0K |
| Retained Earnings | 7.6B | 6.9B | 6.4B | 5.7B | 4.6B |
| Treasury Stock | 4.9B | 4.1B | 3.4B | 3.0B | 2.3B |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 4.4B | 4.6B | 5.0B | 4.6B | 4.4B |
| Key Metrics | |||||
| Total Debt | 2.7B | 2.6B | 2.5B | 2.5B | 2.5B |
| Working Capital | 360.1M | 777.2M | 1.0B | 683.8M | 617.1M |
Balance Sheet Composition
Affiliated Managers Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 904.0M | 740.6M | 906.1M | 1.4B | 890.1M |
| Depreciation & Amortization | 170.7M | 42.4M | 61.3M | 67.4M | 52.3M |
| Stock-Based Compensation | 202.8M | 111.6M | 112.1M | 113.8M | 126.7M |
| Working Capital Changes | -77.9M | -37.6M | -39.2M | 128.6M | 55.5M |
| Operating Cash Flow | 1.3B | 899.4M | 1.1B | 1.7B | 1.2B |
| Investing Activities | |||||
| Capital Expenditures | -6.1M | -3.4M | -12.4M | -11.4M | -8.4M |
| Acquisitions | -362.4M | -5.2M | 200.0K | -66.7M | -558.2M |
| Investment Purchases | -103.8M | -510.4M | -731.1M | -312.0M | -73.5M |
| Investment Sales | 266.2M | 898.1M | 1.0B | 280.2M | 56.4M |
| Investing Cash Flow | -206.1M | 379.1M | 264.5M | -109.9M | -583.7M |
| Financing Activities | |||||
| Share Repurchases | -883.0M | -816.3M | -409.3M | -775.3M | -745.8M |
| Dividends Paid | -1.0M | -1.4M | -1.5M | -1.6M | -1.7M |
| Debt Issuance | 899.3M | 847.6M | 25.0M | 0 | 200.0M |
| Debt Repayment | -826.1M | -750.0M | -25.0M | -60.8M | -33.0M |
| Financing Cash Flow | -1.1B | -1.2B | -758.3M | -1.4B | -798.3M |
| Free Cash Flow | 967.1M | 928.7M | 861.9M | 1.0B | 1.3B |
| Net Change in Cash | -91.2M | 102.6M | 576.4M | 222.0M | -173.6M |
Cash Flow Trend
Affiliated Managers Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
12.75
Forward P/E
7.70
Price to Book
2.65
Price to Sales
3.71
PEG Ratio
0.10
Profitability Ratios
Profit Margin
34.54%
Operating Margin
11.62%
Return on Equity
19.93%
Return on Assets
2.81%
Financial Health
Current Ratio
3.44
Debt to Equity
64.54
Beta
1.20
Per Share Data
EPS (TTM)
$22.75
Book Value per Share
$109.41
Revenue per Share
$72.79
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| AMG | 7.6B | 12.75 | 2.65 | 19.93% | 34.54% | 64.54 |
| BlackRock | 162.5B | 26.32 | 2.90 | 9.02% | 24.40% | 24.37 |
| Brookfield | 102.6B | 92.57 | 2.32 | 1.95% | 1.68% | 164.04 |
| Janus Henderson | 7.9B | 9.85 | 1.55 | 16.20% | 26.34% | 8.25 |
| Brookfield Business | 6.9B | 6.88 | 3.08 | 2.37% | -0.10% | 291.12 |
| StepStone | 6.9B | 106.60 | 8.40 | -65.12% | -30.66% | 72.53 |
Financial data is updated regularly. All figures are in the company's reporting currency.






