Upside case
Bull case
$665+88.4%
AMG would need investors to value it at roughly 19x earnings — about 9x more generous than today's 10x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Affiliated Managers Group, Inc. (AMG) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
12
analysts
12 bullish · 0 bearish · 12 covering AMG
Strong Buy
0
Buy
12
Hold
0
Sell
0
Strong Sell
0
Consensus Target
$403
+14.1% vs today
Scenario Range
$318 – $665
Model bear to bull value window
Coverage
12
Published analyst ratings
Valuation Context
10.1x
Forward P/E · Market cap $9.4B
AMG price targets
Three scenarios for where AMG stock could go
Current
~$353
Confidence
50 / 100
Updated
Jun 18, 2026
Where we are now
Current · $353
Bear
$318
Base
$505
Bull
$665
Market caseClosest to today
Base case
$505+43.0%
At 14x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$318-9.9%
If investor confidence fades or macro conditions deteriorate, a 1x multiple contraction could push AMG down roughly 10% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Affiliated Managers Group, Inc.
AMG · NYSEFinancial ServicesAsset ManagementDecember year-end
Affiliated Managers Group is a multi-affiliate asset management firm that provides investment management services through a network of boutique investment firms. It generates revenue primarily through management fees — typically a percentage of assets under management — with performance fees from certain alternative strategies contributing additional income. Its key advantage is its partnership model that allows boutique managers to maintain operational autonomy while benefiting from AMG's distribution, technology, and operational support.
Market Cap
$9.4B
Revenue TTM
$2.3B
Net Income TTM
$717M
Net Margin
30.9%
AMG Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
17%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$5.39/$5.26
Revenue
$493M/$541M
Q4 2025
EPS
$6.10/$5.83
Revenue
$528M/$579M
Q1 2026
EPS
$9.48/$8.75
Revenue
$557M/$579M
Q2 2026
EPS
$8.23/$8.10
Revenue
$545M/$544M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $5.39/$5.26 | +2.5% | $493M/$541M | -8.8% |
| Q4 2025 | $6.10/$5.83 | +4.6% | $528M/$579M | -8.7% |
| Q1 2026 | $9.48/$8.75 | +8.3% | $557M/$579M | -3.8% |
| Q2 2026 | $8.23/$8.10 | +1.6% | $545M/$544M | +0.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$2.6B
+13.4% YoY
FY2
$2.9B
+11.1% YoY
EPS Outlook
FY1
$27.42
+20.5% YoY
FY2
$32.37
+18.0% YoY
Trailing FCF (TTM)$978M
FCF Margin: 42.2%
Next Earnings
July 30, 2026
Expected EPS
$7.76
Expected Revenue
$582M
AMG beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
AMG Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $1.5B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
96.1%
+0.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
UNITED STATES is the largest reported region at 96.1%, up 0.1% YoY.
AMG Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $250 — implies -29.1% from today's price.
Premium to Fair Value
29.1%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
AMG
15.5x
vs
S&P 500
24.4x
37% discount
vs Financial Services Trailing P/E
AMG
15.5x
vs
Financial Services
13.6x
+14% premium
vs AMG 5Y Avg P/E
Today
15.5x
vs
5Y Average
10.5x
+48% premium
Forward PE
10.1x
S&P 500
18.8x
-46%
Financial Services
10.7x
-5%
5Y Avg
—
—
Trailing PE
15.5x
S&P 500
24.4x
-37%
Financial Services
13.6x
+14%
5Y Avg
10.5x
+48%
PEG Ratio
0.39x
S&P 500
1.66x
-76%
Financial Services
0.95x
-59%
5Y Avg
—
—
EV/EBITDA
12.2x
S&P 500
15.2x
-20%
Financial Services
11.4x
+7%
5Y Avg
10.7x
+13%
Price/FCF
9.4x
S&P 500
20.7x
-55%
Financial Services
11.1x
-16%
5Y Avg
7.5x
+25%
Price/Sales
3.9x
S&P 500
3.1x
+25%
Financial Services
2.3x
+65%
5Y Avg
3.3x
+16%
Dividend Yield
0.01%
S&P 500
1.91%
-100%
Financial Services
2.63%
-100%
5Y Avg
—
—
| Metric | AMG | S&P 500 | Financial Services | 5Y Avg AMG |
|---|---|---|---|---|
| Forward PE | 10.1x | 18.8x-46% | 10.7x | — |
| Trailing PE | 15.5x | 24.4x-37% | 13.6x+14% | 10.5x+48% |
| PEG Ratio | 0.39x | 1.66x-76% | 0.95x-59% | — |
| EV/EBITDA | 12.2x | 15.2x-20% | 11.4x | 10.7x+13% |
| Price/FCF | 9.4x | 20.7x-55% | 11.1x-16% | 7.5x+25% |
| Price/Sales | 3.9x | 3.1x+25% | 2.3x+65% | 3.3x+16% |
| Dividend Yield | 0.01% | 1.91% | 2.63% | — |
AMG trades above S&P 500 benchmarks on 1 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolAMG Financial Health
Verdict
Exceptional
AMG generates 16.0% ROE and 8.0% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
$2.3B
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
29.5%
Net Margin
Net income divided by revenue
30.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$22.75
ROE
Return on equity — the primary profitability signal for banks
16.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.1%
ROA
Return on assets, trailing twelve months
8.0%
Cash & Equivalents
Liquid assets on the balance sheet
$586M
Net Debt
Total debt minus cash
$2.1B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
16.0%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
7.5%
Dividend
0.0%
Buyback
7.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$706M
Dividend / Share
Annualized trailing dividend per share
$0.03
Payout Ratio
Share of earnings distributed as dividends
0.1%
Shares Outstanding
Declining as buybacks retire shares
27M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageAMG Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
Based on the latest company results, valuation, and market data
High Risk
UNITED STATES exposure
UNITED STATES represents 96.1% of disclosed revenue and changed 0.1% year over year. A sharper slowdown, policy change, or competitive shift in that market would hit the revenue base quickly and could pull expectations toward the lower end of the valuation range.
Medium
Valuation de-rating
AMG trades at 15.5x trailing earnings versus 24.4x for the S&P 500 and 13.6x for its sector. If earnings delivery or sentiment slips, the stock could re-rate lower and move closer to the bear case target of $318.
Medium
Estimate execution
The next fiscal year requires Street estimates of $2.6B in revenue (13.4% growth) and $27.42 in EPS. Missing those operating targets would undermine the premium multiple investors are paying today.
Lower
Capital return support
Part of the per-share support comes from capital returns, backed by $978M in trailing free cash flow, a 7.5% buyback yield, and a 0.0% dividend yield. If cash generation softens, the EPS lift and downside cushion from repurchases can narrow.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why AMG Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
Based on recent company results and analyst estimates
High-margin cash engine
Affiliated Managers Group, Inc. already operates from a position of scale, with 62.0% gross margin, 29.5% operating margin, and $978M in trailing free cash flow. That combination gives management room to keep funding product investment without relying on outside capital.
Multiple growth levers remain
Affiliated Managers Group, Inc. still has room to compound if management converts its existing scale into steadier revenue growth and margin discipline. The bull case does not require perfection; it requires the core business to keep translating operating strength into higher per-share earnings.
Upside and capital returns align
Consensus still points to $403, or 14.1% upside, while the modeled bull target reaches $665. If $2.6B in forward revenue and $27.42 in EPS are delivered, ongoing shareholder returns running at 7.5% can amplify the equity upside.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
AMG Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$352.90
52W Range Position
94%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$179.79
+96.3% from the low
52-Week High
$363.89
-3.0% from the high
1 Month
+18.81%
3 Month
+28.02%
YTD
+22.2%
1 Year
+91.2%
3Y CAGR
+33.7%
5Y CAGR
+18.9%
10Y CAGR
+8.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
AMG vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
10.1x
vs 10.2x median
-1% below peer median
Revenue Growth
+13.4%
vs +4.6% median
+189% above peer median
Net Margin
30.9%
vs 9.0% median
+244% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
AMG AMG Affiliated Managers Group, Inc. | $9.4B | 10.1x | +13.4% | 30.9% | Buy | +14.1% |
BEN BEN Franklin Resources, Inc. | $17.2B | 12.1x | +4.7% | 9.0% | Hold | -3.2% |
IVZ IVZ Invesco Ltd. | $12.5B | 10.9x | +4.6% | -3.7% | Hold | +6.8% |
VRT VRTS Virtus Investment Partners, Inc. | $948M | 5.8x | -2.3% | 16.7% | Hold | -4.2% |
CNN CNNE Cannae Holdings, Inc. | $717M | — | -2.0% | -103.8% | Buy | +24.3% |
DHI DHIL Diamond Hill Investment Group, Inc. | $473M | 9.5x | +8.1% | 30.9% | — | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
AMG Dividend and Capital Return
AMG returns capital mainly through $706M/year in buybacks (7.5% buyback yield), with a modest 0.01% dividend — combining for 7.5% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
7.5%
Dividend + buyback return per year
Buyback Yield
7.5%
Dividend Yield
0.01%
Payout Ratio
0.1%
How AMG Splits Its Return
Buyback 7.5%
Dividend 0.01%Buybacks 7.5%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.03
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
0.0%
5Y Div CAGR
-35.2%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$706M
Estimated Shares Retired
2M
Approx. Share Reduction
7.5%
Shares Outstanding
Current diluted share count from the screening snapshot
27M
At 7.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw |
|---|---|---|
| 2026 | $0.02 | — |
| 2025 | $0.04 | 0.0% |
| 2024 | $0.04 | 0.0% |
| 2023 | $0.04 | 0.0% |
| 2022 | $0.04 | 0.0% |
FAQ
7 questionsAMG Investor Questions
Common questions answered from live analyst data and company financials.
01Is Affiliated Managers Group, Inc. (AMG) stock a buy or sell in 2026?
Affiliated Managers Group, Inc. (AMG) is rated Buy by Wall Street analysts as of 2026. Of 12 analysts covering the stock, 12 rate it Buy or Strong Buy, 0 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $403, implying +14.1% from the current price of $353. The bear case scenario is $318 and the bull case is $665.
02What is the AMG stock price target for 2026?
The Wall Street consensus price target for AMG is $403 based on 12 analyst estimates. The high-end target is $405 (+14.8% from today), and the low-end target is $400 (+13.3%). The base case model target is $505.
03Is Affiliated Managers Group, Inc. (AMG) stock overvalued in 2026?
AMG trades at 10.1x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Affiliated Managers Group, Inc. (AMG) stock in 2026?
The primary risks for AMG in 2026 are: (1) UNITED STATES exposure — UNITED STATES represents 96. (2) Valuation de-rating — AMG trades at 15. (3) Estimate execution — The next fiscal year requires Street estimates of $2. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Affiliated Managers Group, Inc.'s revenue and earnings forecast?
Analyst consensus estimates AMG will report consensus revenue of $2.6B (+13.4% year-over-year) and EPS of $27.42 (+20.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $2.9B in revenue.
06When does Affiliated Managers Group, Inc. (AMG) report its next earnings?
Affiliated Managers Group, Inc. is expected to report its next earnings on approximately 2026-07-30. Consensus expects EPS of $7.76 and revenue of $582M. Over recent quarters, AMG has beaten EPS estimates 92% of the time.
07How much free cash flow does Affiliated Managers Group, Inc. generate?
Affiliated Managers Group, Inc. (AMG) generated $978M in free cash flow over the trailing twelve months — a free cash flow margin of 42.2%. AMG returns capital to shareholders through dividends (0.0% yield) and share repurchases ($706M TTM).