Affiliated Managers Group, Inc. (AMG) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Asset Management
EV/EBITDA
↑
10.84
+1% vs avg
5yr avg: 10.75
30Y Low3.6·High17.0
P/FCF
↑
8.13
+9% vs avg
5yr avg: 7.48
30Y Low3.2·High30.1
P/B Ratio
↑
2.28
↑+39% vs avg
5yr avg: 1.65
30Y Low1.0·High6.3
ROE
↑
15.8%
-0% vs avg
5yr avg: 15.9%
30Y Low-6%·High25%
Debt/EBITDA
↑
2.84
↓-5% vs avg
5yr avg: 2.98
30Y Low0.6·High5.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AMG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Affiliated Managers Group, Inc. trades at 13.5x earnings, 28% above its 5-year average of 10.5x, sitting at the 23rd percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.4x. On a free-cash-flow basis, the stock trades at 8.1x P/FCF, 9% above the 5-year average of 7.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.2B | $9.5B | $6.7B | $6.4B | $7.8B | $7.4B | $4.7B | $4.3B | $5.2B | $12.0B | $8.3B |
| Enterprise Value | $10.3B | $11.6B | $8.3B | $8.1B | $9.9B | $9.0B | $6.0B | $6.0B | $7.3B | $13.4B | $10.0B |
| P/E Ratio → | 13.46 | 12.68 | 12.22 | 8.69 | 6.25 | 12.61 | 23.49 | 273.35 | 21.56 | 17.06 | 16.95 |
| P/S Ratio | 3.34 | 3.89 | 3.27 | 3.11 | 3.33 | 3.06 | 2.34 | 1.91 | 2.20 | 5.22 | 3.77 |
| P/B Ratio | 2.28 | 2.15 | 1.44 | 1.29 | 1.67 | 1.68 | 1.19 | 0.97 | 1.06 | 2.23 | 1.62 |
| P/FCF | 8.13 | 9.47 | 7.19 | 7.41 | 7.44 | 5.89 | 4.75 | 4.66 | 4.67 | 10.44 | 8.04 |
| P/OCF | 8.08 | 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
AMG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Affiliated Managers Group, Inc.'s enterprise value stands at 10.8x EBITDA, roughly in line with its 5-year average of 10.7x. The Financial Services sector median is 11.5x, placing the stock at a 5% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.75 | 4.09 | 3.94 | 4.24 | 3.71 | 2.97 | 2.68 | 3.06 | 5.83 | 4.54 |
| EV / EBITDA | 10.84 | 12.26 | 11.14 | 10.24 | 11.31 | 8.79 | 7.32 | 6.51 | 8.06 | 11.07 | 11.93 |
| EV / EBIT | 13.22 | 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 |
AMG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Affiliated Managers Group, Inc. earns an operating margin of 31.8%, above the Financial Services sector average of 21.4%. Operating margins have compressed from 35.5% to 31.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 15.8% indicates solid capital efficiency, compared to the sector median of 9.5%. ROIC of 8.1% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
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% |
Return on Capital
| 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 | 8.6% | 8.6% | 8.5% | 8.8% | 9.9% | 12.7% | 9.3% | 10.4% | 10.0% | 13.9% | 9.4% |
AMG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Affiliated Managers Group, Inc. carries a Debt/EBITDA ratio of 2.8x, which is moderately leveraged (31% below the sector average of 4.1x). Net debt stands at $2.1B ($2.7B total debt minus $586M cash). Interest coverage of 9.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
AMG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio has declined from 2.61x to 2.22x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.45 | 1.18 | 1.28 |
| Quick Ratio | — | — | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.45 | 1.18 | 1.28 |
| Cash Ratio | — | — | 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 | — | — | — | — | — | — | — | — | — | — | — |
AMG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Affiliated Managers Group, Inc. returns 8.7% to shareholders annually — split between a 0.0% dividend yield and 8.6% buyback yield. The payout ratio of 0.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 7.9% | 8.2% | 11.5% | 16.0% | 7.9% | 4.3% | 0.4% | 4.6% | 5.9% | 5.9% |
| FCF Yield | 12.3% | 10.6% | 13.9% | 13.5% | 13.4% | 17.0% | 21.1% | 21.4% | 21.4% | 9.6% | 12.4% |
| Buyback Yield | 8.6% | 7.4% | 12.2% | 6.4% | 10.0% | 10.1% | 13.7% | 11.7% | 9.6% | 3.3% | 0.4% |
| Total Shareholder Yield | 8.7% | 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 |
Peer Comparison
Compare AMG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AMGYou | $8B | 13.5 | 10.8 | 8.1 | 86.0% | 31.8% | 15.8% | 8.1% | 2.8 |
 BEN | $16B | 34.2 | 22.8 | 17.8 | 80.3% | 6.9% | 3.7% | 1.6% | 11.7 |
 IVZ | $12B | -17.1 | 16.5 | 8.4 | 43.2% | -10.9% | -2.0% | -2.3% | 8.2 |
 VRTS | $960M | 7.2 | 16.3 | — | 74.9% | 17.4% | 13.5% | 3.0% | 13.9 |
 CNNE | $1B | -1.5 | — | — | 12.7% | -28.2% | -29.9% | -5.7% | — |
 DHIL | $473M | 9.8 | 110.4 | — | 96.0% | 38.4% | 28.8% | 1.3% | 103.4 |
 BLK | $167B | 25.6 | 20.7 | 35.4 | 49.4% | 37.1% | 14.1% | 9.9% | 1.8 |
 STT | $43B | 18.4 | -9.2 | — | 58.5% | 15.5% | 10.9% | 4.6% | 9.2 |
 TROW | $23B | 11.5 | 7.9 | 15.6 | 62.7% | 29.9% | 17.8% | 13.3% | 0.3 |
 APAM | $3B | 9.3 | 6.9 | 15.6 | 45.7% | 33.4% | 37.9% | 26.7% | 1.0 |
 MS | $308B | 24.3 | 26.0 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
| Financial Services Median | — | 13.4 | 11.5 | 10.7 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAMG — Frequently Asked Questions
Quick answers to the most common questions about buying AMG stock.
What is Affiliated Managers Group, Inc.'s P/E ratio?
Affiliated Managers Group, Inc.'s current P/E ratio is 13.5x. The historical average is 24.9x. This places it at the 23th percentile of its historical range.
What is Affiliated Managers Group, Inc.'s EV/EBITDA?
Affiliated Managers Group, Inc.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
What is Affiliated Managers Group, Inc.'s ROE?
Affiliated Managers Group, Inc.'s return on equity (ROE) is 15.8%. The historical average is 9.5%.
Is AMG stock overvalued?
Based on historical data, Affiliated Managers Group, Inc. is trading at a P/E of 13.5x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Affiliated Managers Group, Inc.'s dividend yield?
Affiliated Managers Group, Inc.'s current dividend yield is 0.01% with a payout ratio of 0.1%.
What are Affiliated Managers Group, Inc.'s profit margins?
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.
How much debt does Affiliated Managers Group, Inc. have?
Affiliated Managers Group, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.