Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 12.4x · ROE 15.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.7B | $9.5B | $6.7B | $6.4B | $7.8B | $7.4B | $4.7B | $4.3B | $5.2B | $12.0B | $8.3B |
| Enterprise Value | $11.8B | $11.6B | $8.3B | $8.1B | $9.9B | $9.0B | $6.0B | $6.0B | $7.3B | $13.4B | $10.0B |
| P/E Ratio → | 16.10 | 12.68 | 12.22 | 8.69 | 6.25 | 12.61 | 23.49 | 273.35 | 21.56 | 17.06 | 16.95 |
| P/S Ratio | 4.19 | 4.12 | 3.50 | 3.30 | 3.50 | 3.20 | 2.45 | 1.98 | 2.28 | 5.42 | 3.94 |
| P/B Ratio | 2.73 | 2.15 | 1.44 | 1.29 | 1.67 | 1.68 | 1.19 | 0.97 | 1.06 | 2.23 | 1.62 |
| P/FCF | 9.63 | 9.47 | 7.19 | 7.41 | 7.44 | 5.89 | 4.75 | 4.66 | 4.67 | 10.44 | 8.04 |
| P/OCF | 9.57 | 9.41 | 7.16 | 7.31 | 7.36 | 5.85 | 4.71 | 4.62 | 4.60 | 10.28 | 7.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.03 | 4.38 | 4.20 | 4.46 | 3.89 | 3.11 | 2.77 | 3.17 | 6.06 | 4.74 |
| EV / EBITDA | 12.43 | 12.26 | 11.14 | 10.24 | 11.31 | 8.79 | 7.32 | 6.51 | 8.06 | 11.07 | 11.93 |
| EV / EBIT | 15.16 | 8.78 | 7.90 | 6.68 | 5.30 | 7.15 | 10.02 | 15.60 | 9.17 | 11.64 | 9.34 |
| EV / FCF | — | 11.56 | 8.99 | 9.41 | 9.46 | 7.16 | 6.02 | 6.52 | 6.49 | 11.67 | 9.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.0% | 86.0% | 55.2% | 55.9% | 54.0% | 56.6% | 56.4% | 57.9% | 58.5% | 57.5% | 57.5% |
| Operating Margin | 31.8% | 31.8% | 34.6% | 35.5% | 34.6% | 40.0% | 32.7% | 33.7% | 32.2% | 48.1% | 32.1% |
| Net Profit Margin | 29.3% | 29.3% | 25.1% | 32.7% | 49.2% | 23.4% | 10.0% | 0.7% | 10.2% | 29.9% | 21.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 10.6% | 14.0% | 25.4% | 13.5% | 4.8% | 0.3% | 4.7% | 13.1% | 10.0% |
| ROA | 7.9% | 7.9% | 5.7% | 7.5% | 12.9% | 6.7% | 2.6% | 0.2% | 2.9% | 7.9% | 5.7% |
| ROIC | 8.1% | 8.1% | 7.2% | 7.5% | 8.6% | 11.0% | 7.7% | 7.9% | 7.8% | 11.5% | 7.9% |
| ROCE | 9.4% | 9.4% | 8.5% | 8.8% | 9.9% | 12.7% | 9.3% | 10.4% | 10.0% | 13.9% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.56 | 0.51 | 0.55 | 0.57 | 0.58 | 0.51 | 0.53 | 0.34 | 0.41 |
| Debt / EBITDA | 2.84 | 2.84 | 3.50 | 3.20 | 2.91 | 2.45 | 2.81 | 2.44 | 2.89 | 1.53 | 2.53 |
| Net Debt / Equity | — | 0.48 | 0.36 | 0.35 | 0.45 | 0.36 | 0.32 | 0.39 | 0.41 | 0.26 | 0.33 |
| Net Debt / EBITDA | 2.22 | 2.22 | 2.23 | 2.18 | 2.41 | 1.55 | 1.55 | 1.85 | 2.26 | 1.17 | 2.01 |
| Debt / FCF | — | 2.10 | 1.80 | 2.00 | 2.02 | 1.26 | 1.27 | 1.85 | 1.82 | 1.23 | 1.63 |
| Interest Coverage | 9.69 | 9.69 | 7.93 | 9.82 | 16.27 | 11.24 | 6.51 | 5.04 | 9.85 | 13.15 | 11.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.45 | 1.18 | 1.28 |
| Quick Ratio | 1.34 | 1.34 | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.45 | 1.18 | 1.28 |
| Cash Ratio | 0.73 | 0.73 | 1.49 | 1.29 | 0.55 | 1.15 | 1.46 | 0.85 | 0.76 | 0.54 | 0.59 |
| Asset Turnover | — | 0.27 | 0.23 | 0.23 | 0.26 | 0.27 | 0.26 | 0.29 | 0.29 | 0.26 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 1.5% | 1.2% | 0.4% | — |
| Payout Ratio | 0.1% | 0.1% | 0.3% | 0.2% | 0.1% | 0.3% | 8.3% | 415.9% | 26.4% | 6.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 7.9% | 8.2% | 11.5% | 16.0% | 7.9% | 4.3% | 0.4% | 4.6% | 5.9% | 5.9% |
| FCF Yield | 10.4% | 10.6% | 13.9% | 13.5% | 13.4% | 17.0% | 21.1% | 21.4% | 21.4% | 9.6% | 12.4% |
| Buyback Yield | 7.3% | 7.4% | 12.2% | 6.4% | 10.0% | 10.1% | 13.7% | 11.7% | 9.6% | 3.3% | 0.4% |
| Total Shareholder Yield | 7.3% | 7.4% | 12.2% | 6.4% | 10.0% | 10.1% | 14.0% | 13.2% | 10.9% | 3.6% | 0.4% |
| Shares Outstanding | — | $33M | $36M | $42M | $49M | $45M | $47M | $51M | $54M | $59M | $57M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AMG stock.
Affiliated Managers Group, Inc.'s current P/E ratio is 16.1x. The historical average is 24.9x. This places it at the 23th percentile of its historical range.
Affiliated Managers Group, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Affiliated Managers Group, Inc.'s return on equity (ROE) is 15.8%. The historical average is 9.5%.
Based on historical data, Affiliated Managers Group, Inc. is trading at a P/E of 16.1x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Affiliated Managers Group, Inc.'s current dividend yield is 0.01% with a payout ratio of 0.1%.
Affiliated Managers Group, Inc. has 86.0% gross margin and 31.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Affiliated Managers Group, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
GAAP EPS volatility
Metrics are mathematically derived from official filings.
Market Prices AMG as a Commodity Active Manager
AMG trades at 2.66x book and 9.59x forward earnings, a discount to peers like Diamond Hill (2.70x P/B) but a premium to Invesco (1.12x), suggesting the market still prices it as a traditional active manager despite its alternatives shift.
The forward P/E of 9.59 implies the market expects subdued earnings growth, yet the PEG of 0.40 suggests the opposite—that growth is undervalued. This disconnect may reflect skepticism about the durability of performance fees and the ability to sustain organic growth. The P/B of 2.66 is high relative to peers, but given the asset-light model and high ROE potential, it may be justified if the alternatives pivot continues to drive fee stability.
ROE Recovery Driven by Margin Expansion
ROE improved to 4.4% in 2026Q2 from 1.6% a year earlier, per company data, as operating margins expanded to 31.9% from 15.9%, reflecting the high variable cost structure and the benefit of performance fees.
The DuPont decomposition shows that ROE is driven by asset utilization (ROA of 2.0%) and leverage (equity/assets of 0.45), but the primary swing factor is the efficiency ratio, which fell to 65.2% in 2026Q2 from 20.7% in 2025Q3. This volatility is inherent to the performance-fee model, where costs adjust with revenue. The strong economic EPS growth of 54% year-over-year, as reported in recent filings, suggests underlying profitability is improving, but the GAAP EPS miss of $1.69 versus consensus indicates that non-cash charges or one-time items may be masking the true earnings power.
Efficiency Ratio Swings on Performance Fees
AMG's efficiency ratio swung from 20.7% in 2025Q3 to 65.2% in 2026Q2, per financial statements, reflecting the timing of performance fee crystallization and one-time charges, making the metric unreliable for trend analysis.
The negative NIM of -0.3% is immaterial for an asset manager, as interest income is not a core revenue driver. The efficiency ratio's volatility is a direct consequence of the variable cost structure: when performance fees spike, the ratio compresses; when they normalize, it expands. Investors should focus on the adjusted EBITDA growth of 44% year-over-year, which indicates that the core business is generating strong operating leverage, but the GAAP efficiency ratio should be interpreted with caution.
Conservative Leverage Supports Buyback Capacity
AMG's debt-to-equity of 0.61 is low relative to peers like Invesco (0.78) and Virtus (2.74), per company data, indicating ample balance sheet capacity for continued share repurchases and M&A.
The equity/assets ratio of 0.45 is stable, and the low leverage suggests that AMG is not reliant on debt to fund growth. This conservative capital structure provides a buffer against market downturns and supports the aggressive buyback program, which totaled $179.7M in 2026Q2. However, the reported debt/equity figure contradicts historical norms, so investors should verify the calculation to ensure the true leverage is not understated.
Credit Provisions Volatile but Manageable
Loan loss provisions swung from a $21.7M benefit in 2026Q2 to a $65.0M charge in 2026Q1, per quarterly filings, indicating volatility in credit costs, but the overall impact on earnings appears manageable.
As an asset manager, AMG's credit exposure is limited, but the provision volatility suggests some mark-to-market or impairment charges on its investment portfolio. The provision benefit in 2026Q2 boosted net income, but this is not a recurring source of earnings. Investors should monitor the quality of the investment securities, which grew 27.6% year-over-year, to ensure that the shift toward alternatives does not introduce unexpected credit risk.
P/E Misleads Due to Earnings Volatility
The P/E ratio is commonly misapplied to AMG because GAAP earnings are distorted by non-cash amortization and performance fee timing, as evidenced by the 2026Q2 EPS miss of $1.69 versus consensus, per analyst estimates.
The trailing P/E of 15.66 and forward P/E of 9.59 are based on GAAP earnings, which include significant amortization of intangibles from acquisitions. This non-cash charge depresses earnings and inflates the P/E, making the stock appear more expensive than it is on an economic basis. Analysts should use Economic Net Income (ENI) or adjusted EPS, which add back amortization, to get a clearer picture of valuation. The wide gap between GAAP EPS and economic EPS suggests that the market may be overreacting to the GAAP miss, creating a potential opportunity if the economic earnings power is sustainable.