Affiliated Managers Group, Inc. (AMG) Balance Sheet
AMG balance sheet, 2025
December 31, 2025 · U.S. dollars$9.21B assets = $4.79B liabilities + $4.42B equity
Both columns are drawn to the same scale: what AMG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AMG financial health
Descriptive bands, not a rating. Fiscal 2025.
AMG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.75B2016 | $9.21B2025 | +0.6%/yr | |
| Total liabilities | $3.65B2016 | $4.79B2025 | +3.1%/yr | |
| Shareholders’ equity | $5.10B2016 | $3.24B2025 | −4.9%/yr | |
| Cash & short-term investments | $553.2M2016 | $586.0M2025 | +0.6%/yr | |
| Total debt | $2.17B2016 | $2.69B2025 | +2.4%/yr | |
| Net cash (debt) | −$1.62B2016 | −$2.11B2025 | −$484.6M | |
| Working capital | $207.2M2016 | $275.3M2025 | +$68.1M | |
| Book value per share | $89.472016 | $98.132025 | +1.0%/yr | |
| Current ratio | 1.282016 | 1.342025 | +0.06 | |
| Debt / equity | 0.432016 | 0.832025 | +0.40 | |
| Shares outstanding | 57.0M2016 | 33.0M2025 | −5.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMG assets
AMG liabilities and equity
AMG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AMG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $586.0M | $1.01B | $1.27B | $1.15B | $987.0M | $1.11B | $599.0M | $565.5M | $517.3M | $553.2M |
| Cash & equivalents | $586.0M | $950.0M | $813.6M | $429.2M | $908.5M | $1.04B | $539.6M | $565.5M | $439.5M | $430.8M |
| Short-term investments | $84.8M | $56.6M | $461.0M | $716.9M | $78.5M | $74.9M | $59.4M | $119.3M | $77.8M | $122.4M |
| Receivables | $496.2M | $409.7M | $368.4M | $316.0M | $419.2M | $421.6M | $417.1M | $400.6M | $433.8M | $383.3M |
| Inventory | $0 | $0 | $1.65B | $1.47B | $1 | $1 | $1 | $1.10B | $1 | $918.9M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.08B | $1.42B | $1.64B | $1.46B | $1.41B | $1.54B | $1.02B | $966.1M | $951.1M | $936.5M |
| Property, plant & equipment (net) | $54.4M | $57.6M | $67.3M | $68.5M | $73.9M | $79.6M | $92.3M | $104.3M | $111.0M | $110.1M |
| Goodwill & intangible assets | $4.17B | $4.28B | $4.34B | $4.52B | $4.66B | $3.71B | $3.83B | $3.94B | $4.11B | $4.13B |
| Long-term investments | $3.50B | $2.79B | $2.77B | $2.56B | $2.51B | $2.33B | $2.41B | $2.99B | $3.47B | $3.52B |
| Other non-current assets | $403.1M | $288.7M | $243.9M | $264.6M | $231.1M | $230.9M | $304.0M | $213.3M | $58.1M | $61.2M |
| Total assets | $9.21B | $8.83B | $9.06B | $8.88B | $8.88B | $7.89B | $7.65B | $8.22B | $8.70B | $8.75B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $778.3M | $789.1M | $712.4M | $634.6M | $746.6M | $807.2M | $729.3M |
| Short-term debt | $0 | $0 | $39.1M | $38.5M | $38.9M | $40.5M | $449.7M | $51.5M | $51.4M | $64.3M |
| Deferred revenue | — | — | — | $464.7M | — | $423.0M | $450.0M | −$576.4M | −$617.5M | −$597.1M |
| Total current liabilities | $806.9M | $639.1M | $628.5M | $778.3M | $789.1M | $712.4M | $634.6M | $746.6M | $807.2M | $729.3M |
| Long-term debt | $2.69B | $2.62B | $2.54B | $2.54B | $2.49B | $2.31B | $1.79B | $1.83B | $1.85B | $2.11B |
| Other long-term liabilities | $1.29B | $922.9M | $930.1M | $926.4M | $1.21B | $875.6M | $809.3M | $674.3M | $649.8M | $810.2M |
| Total liabilities | $4.79B | $4.18B | $4.10B | $4.24B | $4.49B | $3.90B | $3.24B | $3.25B | $3.31B | $3.65B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $809.2M | $1.07B |
| Retained earnings (deficit) | $7.62B | $6.90B | $6.39B | $5.72B | $4.57B | $4.01B | $3.82B | $3.88B | $3.70B | $3.05B |
| Treasury stock | — | — | — | −$2.98B | −$2.35B | −$1.86B | −$1.48B | −$1.15B | −$663.7M | −$386.0M |
| Accumulated other comprehensive income | −$106.8M | −$163.6M | −$167.6M | −$203.4M | −$87.9M | −$98.3M | −$108.8M | −$109.0M | −$21.8M | −$122.9M |
| Minority interest | $1.18B | $1.30B | $1.38B | $945.3M | $924.2M | $537.6M | $561.6M | $677.5M | $756.3M | $806.9M |
| Total shareholders' equity | $3.24B | $3.35B | $3.59B | $4.64B | $4.38B | $3.99B | $4.42B | $4.97B | $5.39B | $5.10B |
| Key figures | ||||||||||
| Total debt | $2.69B | $2.62B | $2.54B | $2.57B | $2.53B | $2.35B | $2.24B | $1.88B | $1.91B | $2.17B |
| Net cash (debt) | −$2.11B | −$1.61B | −$1.26B | −$1.43B | −$1.54B | −$1.24B | −$1.64B | −$1.32B | −$1.39B | −$1.62B |
| Working capital | $275.3M | $777.2M | $1.01B | $683.8M | $617.1M | $823.8M | $381.5M | $219.5M | $143.9M | $207.2M |
| Tangible book value | −$932.1M | −$937.4M | −$748.1M | $116.3M | −$271.1M | $278.6M | $582.1M | $1.03B | $1.28B | $974.5M |
| Book value per share | $98.13 | $92.67 | $85.02 | $94.71 | $97.87 | $85.41 | $87.27 | $92.35 | $91.99 | $89.47 |
| Shares outstanding | 33.0M | 36.1M | 42.2M | 49.0M | 44.8M | 46.7M | 50.6M | 53.8M | 58.6M | 57.0M |
| Current ratio | 1.34 | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.29 | 1.18 | 1.28 |
| Quick ratio | 1.34 | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.29 | 1.18 | 1.28 |
| Debt / equity | 0.83 | 0.78 | 0.71 | 0.55 | 0.58 | 0.59 | 0.51 | 0.38 | 0.35 | 0.43 |
| Equity / assets | 35.2% | 37.9% | 39.6% | 52.3% | 49.4% | 50.6% | 57.7% | 60.5% | 61.9% | 58.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $411.0M | $376.1M | $586.0M | $476.1M | $361.0M | $816.5M | $1.01B | $1.08B | $1.03B | $1.14B | $1.27B | $1.46B |
| Cash & equivalents | $411.0M | $376.1M | $586.0M | $476.1M | $361.0M | $816.5M | $950.0M | $1.01B | $865.5M | $793.4M | $813.6M | $999.2M |
| Short-term investments | — | — | $84.8M | — | — | $41.3M | $56.6M | $66.1M | $167.3M | $348.9M | $461.0M | $462.3M |
| Receivables | $846.9M | $871.4M | $496.2M | $667.7M | $571.0M | $581.7M | $409.7M | $457.1M | $457.2M | $525.7M | $368.4M | $428.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1.65B | $1.90B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.26B | $1.25B | $1.08B | $1.14B | $932.0M | $1.40B | $1.42B | $1.53B | $1.49B | $1.67B | $1.64B | $1.89B |
| Property, plant & equipment (net) | $72.2M | $69.7M | $54.4M | $55.2M | $56.7M | $56.9M | $57.6M | $61.0M | $62.8M | $65.6M | $67.3M | $63.8M |
| Goodwill & intangible assets | $4.09B | $4.11B | $4.17B | $4.23B | $4.25B | $4.22B | $4.28B | $4.34B | $4.31B | $4.32B | $4.34B | $4.32B |
| Long-term investments | $3.69B | $3.69B | $3.50B | $3.19B | $3.26B | $2.75B | $2.79B | $2.68B | $2.69B | $2.74B | $2.77B | $2.49B |
| Other non-current assets | $289.5M | $282.7M | $403.1M | $308.9M | $302.8M | $290.3M | $288.7M | $287.8M | $288.6M | $234.2M | $243.9M | $238.1M |
| Total assets | $9.40B | $9.40B | $9.21B | $8.93B | $8.81B | $8.71B | $8.83B | $8.90B | $8.85B | $9.02B | $9.06B | $9.00B |
| Liabilities | ||||||||||||
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $19.4M | $29.6M | $39.1M | $10.1M |
| Total current liabilities | $1.02B | $1.10B | $806.9M | $879.7M | $692.4M | $665.7M | $639.1M | $625.7M | $637.3M | $634.1M | $628.5M | $636.2M |
| Long-term debt | $3.00B | $2.92B | $2.69B | $2.37B | $2.62B | $2.62B | $2.62B | $2.62B | $2.53B | $2.52B | $2.54B | $2.54B |
| Other long-term liabilities | $2.20B | $1.13B | $1.29B | $1.14B | $1.02B | $962.6M | $922.9M | $986.5M | $1.03B | $952.1M | $930.1M | $934.0M |
| Total liabilities | $5.20B | $5.15B | $4.79B | $4.39B | $4.33B | $4.25B | $4.18B | $4.23B | $4.19B | $4.11B | $4.10B | $4.11B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 |
| Retained earnings (deficit) | $7.91B | $7.73B | $7.62B | $7.27B | $7.06B | $6.97B | $6.90B | $6.74B | $6.61B | $6.54B | $6.39B | $6.19B |
| Accumulated other comprehensive income | −$129.0M | −$117.7M | −$106.8M | −$108.6M | −$125.0M | −$175.7M | −$163.6M | −$139.2M | −$163.7M | −$157.8M | −$167.6M | −$179.9M |
| Minority interest | $1.17B | $1.16B | $1.18B | $1.20B | $1.24B | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.04B | $3.09B | $3.24B | $3.34B | $3.24B | $3.19B | $3.35B | $3.32B | $3.33B | $3.59B | $3.59B | $3.50B |
| Key figures | ||||||||||||
| Total debt | $3.00B | $2.92B | $2.69B | $2.37B | $2.62B | $2.62B | $2.62B | $2.62B | $2.53B | $2.52B | $2.54B | $2.54B |
| Net cash (debt) | −$2.59B | −$2.54B | −$2.11B | −$1.90B | −$2.26B | −$1.80B | −$1.61B | −$1.54B | −$1.49B | −$1.38B | −$1.26B | −$1.08B |
| Working capital | $242.0M | $150.0M | $275.3M | $264.1M | $239.6M | $732.5M | $777.2M | $908.2M | $852.7M | $1.03B | $1.01B | $1.25B |
| Tangible book value | −$1.05B | −$1.02B | −$932.1M | −$888.1M | −$1.01B | −$1.03B | −$937.4M | −$1.02B | −$980.8M | −$729.6M | −$748.1M | −$823.5M |
| Book value per share | $112.94 | $112.36 | $102.81 | $101.32 | $100.27 | $97.80 | $92.92 | $94.75 | $94.36 | $89.53 | $86.87 | $80.53 |
| Shares outstanding | 26.9M | 27.5M | 31.5M | 33.0M | 32.3M | 32.6M | 36.0M | 35.0M | 35.3M | 40.1M | 41.3M | 43.4M |
| Current ratio | 1.24 | 1.14 | 1.34 | 1.30 | 1.35 | 2.10 | 2.22 | 2.45 | 2.34 | 2.63 | 2.61 | 2.97 |
| Quick ratio | 1.24 | 1.14 | 1.34 | 1.30 | 1.35 | 2.10 | 2.22 | 2.45 | 2.34 | 2.63 | 2.61 | 2.97 |
| Debt / equity | 0.99 | 0.94 | 0.83 | 0.71 | 0.81 | 0.82 | 0.78 | 0.79 | 0.76 | 0.70 | 0.71 | 0.73 |
| Equity / assets | 32.3% | 32.9% | 35.2% | 37.4% | 36.8% | 36.6% | 37.9% | 37.2% | 37.7% | 39.8% | 39.6% | 38.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
AMG financial position
At the end of fiscal 2025 (December 31, 2025), Affiliated Managers had total assets of $9.2 billion (up 4.3% from a year earlier), total liabilities of $4.8 billion and shareholders' equity of $3.2 billion. It held $586.0 million in cash and short-term investments against $2.7 billion of debt, net debt of $2.1 billion. Its current ratio was 1.34. In the latest quarter (ended June 30, 2026) total assets were $9.4 billion and equity $3.0 billion.
Related: AMG income statement, AMG cash flow statement, AMG key metrics. See the AMG stock overview for the latest quote and news.
AMG balance sheet FAQ
What are Affiliated Managers's total assets?
Affiliated Managers reported total assets of $9.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.8 billion a year earlier.
How much debt does Affiliated Managers have?
Affiliated Managers had $2.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.83.
How much cash does Affiliated Managers have?
Affiliated Managers held $586.0 million in cash and short-term investments at the end of fiscal 2025; with $2.7 billion of debt that is net debt of $2.1 billion.
What is Affiliated Managers's book value?
Affiliated Managers's shareholders' equity (book value) was $3.2 billion at the end of fiscal 2025, or $98.13 per share.
What is Affiliated Managers's current ratio?
Affiliated Managers had current assets of $1.1 billion and current liabilities of $806.9 million, a current ratio of 1.34 (it can cover its short-term obligations).
How much goodwill does Affiliated Managers have?
Affiliated Managers carried $4.2 billion of goodwill and intangible assets, 45.3% of total assets, at the end of fiscal 2025.