Affiliated Managers Group, Inc. (AMG) Key Metrics
AMG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.92B
- Enterprise value
- $12.06B
- P/E (TTM)
- 13.4 10-yr median 15.4
- Forward P/E
- 8.8
- PEG ratio
- 0.61
- Price / sales
- 4.4 10-yr median 3.2
- Price / book
- 3.1 10-yr median 1.7
- EV / EBITDA
- 7.2 10-yr median 7.7
- Dividend yield
- 0.01% $0.04 a year
- Beta
- 1.07
AMG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAMG valuation Price multiples at each fiscal year-end price.
AMG returns How much profit the business earns on the capital it uses.
AMG per-share figures Results divided by the shares outstanding at year-end.
AMG financial health Debt, liquidity and how easily interest is covered.
AMG efficiency & capital use Working capital cycle and where the cash goes.
AMG valuation history
AMG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AMG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AMG cash returned to shareholders
AMG price vs earnings per share
AMG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.51B | $6.68B | $6.39B | $7.76B | $7.37B | $4.75B | $4.29B | $5.24B | $12.03B | $8.28B |
| Enterprise value | $11.62B | $8.29B | $7.65B | $9.19B | $8.91B | $5.99B | $5.93B | $6.56B | $13.42B | $9.90B |
| P/E ratio | 13.3 | 13.0 | 9.5 | 6.8 | 13.0 | 23.5 | 273.1 | 21.5 | 17.4 | 17.5 |
| Price / sales | 3.9 | 3.3 | 3.1 | 3.3 | 3.1 | 2.3 | 1.9 | 2.2 | 5.2 | 3.8 |
| Price / book | 2.9 | 2.0 | 1.8 | 1.7 | 1.7 | 1.2 | 1.0 | 1.1 | 2.2 | 1.6 |
| Price / free cash flow | 9.5 | 7.2 | 7.4 | 7.4 | 5.9 | — | 9.0 | 4.7 | 10.4 | 8.0 |
| Price / operating cash flow | 9.4 | 7.2 | 7.3 | 7.3 | 5.9 | — | 8.9 | 4.6 | 10.3 | 7.9 |
| EV / sales | 4.8 | 4.1 | 3.7 | 3.9 | 3.7 | 3.0 | 2.6 | 2.8 | 5.8 | 4.5 |
| EV / EBITDA | 7.8 | 7.5 | 6.0 | 4.8 | 6.8 | 7.9 | 10.8 | 7.0 | 10.6 | 8.3 |
| EV / free cash flow | 11.6 | 8.9 | 8.9 | 8.8 | 7.2 | — | 12.5 | 5.8 | 11.6 | 9.6 |
| Earnings yield | 7.5% | 7.7% | 10.5% | 14.8% | 7.7% | 4.3% | 0.4% | 4.6% | 5.7% | 5.7% |
| Free cash flow yield | 10.6% | 13.9% | 13.5% | 13.5% | 16.9% | −35.9% | 11.1% | 21.4% | 9.6% | 12.4% |
| Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 1.5% | 1.2% | 0.4% | 16.3% |
| Shareholder yield (dividends + buybacks) | 7.4% | 12.2% | 6.4% | 9.2% | 8.1% | 7.4% | 9.8% | 10.9% | 3.6% | 16.7% |
| Share price at fiscal year-end | $288.28 | $184.92 | $151.42 | $158.43 | $164.51 | $101.70 | $84.74 | $97.44 | $205.25 | $145.30 |
| Per share | ||||||||||
| Revenue per share | $74.11 | $56.53 | $48.76 | $47.54 | $53.85 | $43.42 | $44.26 | $44.21 | $39.33 | $38.50 |
| Earnings per share | $21.72 | $14.17 | $15.95 | $23.39 | $12.63 | $4.33 | $0.31 | $4.53 | $11.77 | $8.29 |
| Operating cash flow per share | $30.63 | $25.82 | $20.72 | $21.56 | $27.92 | −$36.30 | $9.57 | $21.20 | $19.97 | $18.43 |
| Free cash flow per share | $30.45 | $25.73 | $20.42 | $21.33 | $27.74 | −$36.47 | $9.38 | $20.85 | $19.66 | $18.07 |
| Cash per share | $17.76 | $27.88 | $30.20 | $23.39 | $22.03 | $23.87 | $11.84 | $10.51 | $8.83 | $9.71 |
| Book value per share | $98.13 | $92.67 | $85.02 | $94.71 | $97.87 | $85.41 | $87.27 | $92.35 | $91.99 | $89.47 |
| Tangible book value per share | −$28.25 | −$25.97 | −$17.73 | $2.37 | −$6.05 | $5.97 | $11.50 | $19.06 | $21.81 | $17.10 |
| Dividends per share | $0.03 | $0.04 | $0.04 | $0.03 | $0.02 | $0.34 | $1.29 | $1.20 | $0.77 | $23.68 |
| Capex per share | $0.18 | $0.09 | $0.29 | $0.23 | $0.18 | $0.17 | $0.19 | $0.35 | $0.32 | $0.35 |
| Debt per share | $81.55 | $72.58 | $60.13 | $52.53 | $56.46 | $50.38 | $44.34 | $34.96 | $32.53 | $38.14 |
| Shares outstanding | 33.0M | 36.1M | 42.2M | 49.0M | 44.8M | 46.7M | 50.6M | 53.8M | 58.6M | 57.0M |
| Change in shares outstanding | −8.6% | −14.5% | −13.9% | +9.4% | −4.1% | −7.7% | −5.9% | −8.2% | +2.8% | −0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 21.8% | 14.8% | 16.4% | 25.4% | 13.5% | 4.8% | 0.3% | 4.7% | 13.1% | 10.0% |
| Return on invested capital (ROIC) | 11.5% | 11.6% | 11.1% | 10.7% | 13.5% | 9.9% | 12.1% | 8.8% | 15.5% | 8.7% |
| Return on assets (ROA) | 7.9% | 5.7% | 7.5% | 12.9% | 6.7% | 2.6% | 0.2% | 2.9% | 7.9% | 5.7% |
| Return on tangible assets | 14.2% | 11.2% | 14.2% | 26.3% | 13.4% | 4.8% | 0.4% | 5.7% | 15.0% | 10.2% |
| Free cash flow margin | 41.1% | 45.5% | 41.9% | 44.9% | 51.5% | −84.0% | 21.2% | 47.2% | 50.0% | 46.9% |
| Income quality (OCF / net income) | 1.41 | 1.82 | 1.30 | 0.92 | 2.21 | −8.38 | 30.84 | 4.68 | 1.70 | 2.22 |
| Financial health | ||||||||||
| Total debt | $2.69B | $2.62B | $2.54B | $2.57B | $2.53B | $2.35B | $2.24B | $1.88B | $1.91B | $2.17B |
| Cash & short-term investments | $586.0M | $1.01B | $1.27B | $1.15B | $987.0M | $1.11B | $599.0M | $565.5M | $517.3M | $553.2M |
| Net debt | $2.11B | $1.61B | $1.26B | $1.43B | $1.54B | $1.24B | $1.64B | $1.32B | $1.39B | $1.62B |
| Debt / equity | 0.83 | 0.78 | 0.71 | 0.55 | 0.58 | 0.59 | 0.51 | 0.38 | 0.35 | 0.43 |
| Debt / assets | 0.29 | 0.30 | 0.28 | 0.29 | 0.28 | 0.30 | 0.29 | 0.23 | 0.22 | 0.25 |
| Net debt / EBITDA | 1.41 | 1.47 | 0.99 | 0.74 | 1.18 | 1.63 | 2.99 | 1.41 | 1.10 | 1.36 |
| 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 | −0.01 | −0.01 | 1.78 | 2.16 | 1.60 | −0.18 | 1.18 | 0.02 |
| Interest coverage | 5.7 | 5.3 | 5.9 | 7.0 | 8.7 | 7.2 | 9.9 | 9.5 | 12.6 | 7.7 |
| Working capital | $275.3M | $777.2M | $1.01B | $683.8M | $617.1M | $823.8M | $381.5M | $219.5M | $143.9M | $207.2M |
| Invested capital | $5.34B | $4.96B | $4.85B | $6.07B | $5.93B | $5.23B | $6.06B | $6.28B | $6.78B | $6.72B |
| Tangible asset value | $251.6M | $366.0M | $627.5M | $116.3M | −$271.1M | $278.6M | $582.1M | $1.03B | $1.28B | $974.5M |
| Net current asset value | −$3.70B | −$2.77B | −$2.45B | −$2.78B | −$3.09B | −$2.36B | −$2.22B | −$2.28B | −$2.36B | −$2.71B |
| Graham number | $218.97 | $171.90 | $174.65 | $223.24 | $166.75 | $91.22 | $24.68 | $97.00 | $156.05 | $129.22 |
| Graham net-net per share | −$115.97 | −$79.45 | −$40.78 | −$43.27 | −$71.22 | −$52.88 | −$45.97 | −$34.08 | −$42.13 | −$41.21 |
| Capital allocation | ||||||||||
| Dividends paid | $1.0M | $1.4M | $1.5M | $1.6M | $1.0M | $16.0M | $65.3M | $64.4M | $44.9M | $1.35B |
| Share buybacks (net) | $706.3M | $816.3M | $409.3M | $713.8M | $595.0M | $335.0M | $356.1M | $505.8M | $393.2M | $33.4M |
| Dividend payout ratio | 0.1% | 0.3% | 0.2% | 0.1% | 0.2% | 7.9% | 415.9% | 26.4% | 6.5% | 285.5% |
| Dividends + buybacks / free cash flow | 70.4% | 88.0% | 47.7% | 68.4% | 48.0% | — | 88.8% | 50.8% | 38.0% | 134.3% |
| Capex / revenue | 0.2% | 0.2% | 0.6% | 0.5% | 0.3% | 0.4% | 0.4% | 0.8% | 0.8% | 0.9% |
| Capex / operating cash flow | 0.6% | 0.4% | 1.4% | 1.1% | 0.6% | — | 2.0% | 1.6% | 1.6% | 1.9% |
| Capex / depreciation | 0.04 | 0.08 | 0.20 | 0.22 | 0.23 | 0.06 | 0.07 | 0.14 | 0.17 | 0.16 |
| Stock-based compensation / revenue | 8.3% | 5.5% | 5.4% | 4.9% | 5.2% | 5.9% | 4.0% | 4.3% | 3.9% | 3.7% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 58.4% | 18.4% | 17.4% | 62.5% | 57.8% | 15.8% | 16.8% | 17.6% | 16.2% | 18.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 67.6 | 69.6 | 60.7 | 57.6 | 63.6 | 75.5 | 66.6 | 64.0 | 64.7 | 64.4 |
| Days of inventory on hand | — | — | 628.0 | 251.0 | 0.0 | 0.0 | 213.2 | 203.6 | 171.3 | 175.4 |
| Days payables outstanding | — | — | — | 267.0 | 261.7 | 278.2 | 267.3 | 287.2 | 286.4 | 285.5 |
| Cash conversion cycle (days) | — | — | — | 41.6 | -198.1 | -202.7 | 12.5 | -19.6 | -50.4 | -45.7 |
| Receivables turnover | 5.40 | 5.25 | 6.01 | 6.34 | 5.74 | 4.83 | 5.48 | 5.70 | 5.64 | 5.67 |
| Payables turnover | — | — | — | 1.37 | 1.39 | 1.31 | 1.37 | 1.27 | 1.27 | 1.28 |
| Inventory turnover | — | — | 0.58 | 1.45 | 1,047,100,000.00 | 883,700,000.00 | 1.71 | 1.79 | 2.13 | 2.08 |
| Asset turnover | 0.27 | 0.23 | 0.23 | 0.26 | 0.29 | 0.26 | 0.28 | 0.28 | 0.26 | 0.27 |
| Average receivables | $452.9M | $389.1M | $342.2M | $367.6M | $420.4M | $419.4M | $408.9M | $417.2M | $408.6M | $387.2M |
| Average payables | — | — | — | $783.7M | $750.8M | $673.5M | $690.6M | $776.9M | $768.2M | $729.4M |
| Average inventory | — | — | $1.56B | $736.9M | $1 | $1 | $550.8M | $550.8M | $459.5M | $448.1M |
| Intangibles / total assets | 45.3% | 48.5% | 47.9% | 50.9% | 52.4% | 47.0% | 50.1% | 48.0% | 47.3% | 47.2% |
Computed from AMG's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AMG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Affiliated Managers traded at 13.3 times earnings, against a 10-year median of 15.4. Based on the latest twelve months, the trailing P/E is 13.4 and the forward P/E is 8.8. Affiliated Managers earned a return on equity of 21.8% and a return on invested capital of 11.5% in fiscal 2025. It ended the year with $2.7 billion of debt and $586.0 million in cash and short-term investments, net debt of $2.1 billion. It returned $707.3 million to shareholders: $1.0 million in dividends and $706.3 million in share buybacks, 70% of free cash flow. The share count fell 42.1% from 57.0M to 33.0M over 9 years.
See the AMG income statement, the AMG chart for price history, or the AMG stock overview for the latest quote and news.
AMG key metrics FAQ
What is Affiliated Managers's P/E ratio?
Affiliated Managers's trailing P/E ratio is 13.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.8. At the end of fiscal 2025 it was 13.3, compared with a 10-year median of 15.4.
What is Affiliated Managers's EV/EBITDA?
Affiliated Managers's enterprise value was 7.8 times EBITDA at the end of fiscal 2025 (enterprise value $11.6 billion, EBITDA $1.5 billion); the current EV/EBITDA is 7.2.
What is Affiliated Managers's return on equity?
Affiliated Managers's return on equity (ROE) was 21.8% in fiscal 2025: net income of $716.6 million on average shareholders' equity of $3.3 billion.
What is Affiliated Managers's ROIC?
Affiliated Managers's return on invested capital was 11.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Affiliated Managers have?
Affiliated Managers had total debt of $2.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.83 and $2.1 billion of net debt (1.41 times EBITDA).
What is Affiliated Managers's dividend yield?
Affiliated Managers's forward dividend yield is 0.01%. Affiliated Managers paid $1.0 million in dividends in fiscal 2025 ($0.03 per share), a payout ratio of 0.1%.
Does Affiliated Managers buy back its shares?
Yes. Affiliated Managers spent $706.3 million on net share repurchases in fiscal 2025 Shares outstanding changed −8.6% over the year, to 33.0M..
What is Affiliated Managers's free cash flow yield?
Affiliated Managers generated $1.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 10.6% on its market value at year-end ($9.5 billion).
What is Affiliated Managers's current ratio?
Affiliated Managers's current ratio was 1.34 at the end of fiscal 2025: current assets were 1.34 times current liabilities.