The firm maintains a disciplined financial position with a 0.61 debt-to-equity ratio as of 2025Q4, though the $2.5B in goodwill remains a substantial portion of total assets that warrants ongoing monitoring.
Affiliated Managers Group, Inc. (MGR) balance sheet — 24-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash & Short Term Investments | 1.8B | 586M | 982.3M | 1.27B | 1.15B | 987M | 1.11B | 599M | 684.8M | 460.1M | 512.7M | 744.3M | 723.2M | 627.5M | 559.3M | 549.9M | 429.29M | 316.18M | 406.83M | 244.19M | 217.25M | 140.42M | 161.45M | 253.33M | 27.71M |
| Cash & Due from Banks | 376.1M | 586M | 950M | 813.6M | 429.2M | 908.5M | 1.04B | 539.6M | 565.5M | 439.5M | 430.8M | 563.8M | 550.6M | 469.6M | 430.4M | 449.5M | 313.33M | 259.49M | 396.43M | 222.95M | 201.73M | 140.42M | 140.28M | 253.33M | 27.71M |
| Short Term Investments | 0 | 0 | 32.3M | 461M | 716.9M | 78.5M | 74.9M | 59.4M | 119.3M | 20.6M | 81.9M | 180.5M | 172.6M | 157.9M | 128.9M | 100.4M | 115.97M | 56.69M | 10.4M | 21.24M | 15.52M | 0 | 21.17M | 0 | 0 |
| Total Investments | 2.97B | 3.58B | 32.3M | 461M | 3.28B | 2.59B | 2.41B | 2.47B | 3.11B | 3.55B | 3.64B | 2.29B | 2.12B | 1.45B | 1.32B | 716.2M | 794.9M | 715.02M | 689.29M | 863.73M | 308.96M | 301.48M | 21.17M | 0 | 0 |
| Investments Growth % | 11028.71% | 10989.78% | -92.99% | -85.94% | 26.66% | 7.53% | -2.43% | -20.72% | -12.29% | -2.49% | 59.13% | 7.68% | 46.89% | 9.87% | 83.69% | -9.9% | 11.17% | 3.73% | -20.2% | 179.56% | 2.48% | 1323.87% | - | - | - |
| Long-Term Investments | 13B | 3.58B | 2.81B | 2.77B | 2.56B | 2.51B | 2.33B | 2.41B | 2.99B | 3.47B | 3.52B | 2.11B | 1.95B | 1.29B | 1.19B | 615.8M | 678.93M | 658.33M | 678.89M | 842.49M | 293.44M | 301.48M | 0 | 0 | 0 |
| Accounts Receivables | 871.4M | 496.2M | 409.7M | 368.4M | 316M | 419.2M | 421.6M | 417.1M | 400.6M | 433.8M | 383.3M | 391.2M | 425.9M | 418.4M | 311M | 34.5M | 41.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 4.11B | 6.7B | 4.28B | 4.34B | 4.52B | 4.66B | 3.71B | 3.83B | 3.94B | 4.11B | 4.13B | 7.02B | 4.43B | 3.8B | 3.94B | 2.12B | 2.13B | 1.41B | 1.24B | 1.23B | 1.18B | 1.09B | 888.57M | 751.61M | 739.05M |
| Goodwill | 2.52B | 2.53B | 2.5B | 2.52B | 2.65B | 2.69B | 2.66B | 2.65B | 2.63B | 2.66B | 2.63B | 2.67B | 2.65B | 2.34B | 2.36B | 2.12B | 2.13B | 1.41B | 1.24B | 1.23B | 1.18B | 1.09B | 888.57M | 751.61M | 739.05M |
| Intangible Assets | 1.59B | 4.17B | 1.78B | 1.81B | 1.88B | 1.97B | 1.05B | 1.18B | 1.31B | 1.45B | 1.5B | 4.35B | 1.78B | 1.46B | 1.59B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 69.7M | 54.4M | 57.6M | 67.3M | 68.5M | 73.9M | 79.6M | 118.4M | 104.3M | 111M | 110.1M | 114.1M | 95.4M | 92.3M | 81.5M | 69.1M | 67.72M | 62.4M | 71.84M | 69.88M | 63.98M | 50.59M | 40.95M | 36.89M | 19.23M |
| Other Assets | -1.59B | -5.22B | 3.09B | 238M | -8.63B | 221.2M | 217.8M | 224.2M | -8.21B | -8.66B | -8.71B | -3.22B | -440.8M | -388.1M | -497.1M | 1.03B | 1.15B | 348.7M | 382.31M | 346.17M | 358.41M | 355.89M | 602M | 298.52M | 333.54M |
| Total Current Assets | 1.25B | 586M | 1.4B | 1.65B | 1.47B | 1.42B | 1.55B | 1.07B | 1.17B | 963.7M | 960M | 1.18B | 1.17B | 1.07B | 907.2M | 876.4M | 769.43M | 585.58M | 641.32M | 649.76M | 554.28M | 337.8M | 277.73M | 339.48M | 89.52M |
| Total Non-Current Assets | 5.56B | 2.59B | 7.43B | 7.41B | 7.41B | 7.46B | 6.34B | 6.58B | 7.05B | 7.74B | 7.79B | 6.59B | 6.53B | 5.25B | 5.21B | 4.34B | 4.52B | 2.81B | 2.61B | 2.75B | 2.11B | 1.98B | 1.66B | 1.18B | 1.15B |
| Total Assets | 9.4B | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B | 7.89B | 7.65B | 51.5M | 51.4M | 64.3M | 7.77B | 7.7B | 6.32B | 6.19B | 5.22B | 5.29B | 3.39B | 3.25B | 3.4B | 2.67B | 2.32B | 1.93B | 1.52B | 1.24B |
| Asset Growth % | 11.95% | 4.26% | -2.52% | 2.01% | 0.05% | 12.52% | 3.08% | 14761.16% | 0.19% | -20.06% | -99.17% | 0.93% | 21.83% | 2.13% | 18.55% | -1.37% | 56.04% | 4.45% | -4.4% | 27.37% | 14.83% | 20.08% | 27.27% | 22.22% | - |
| Return on Assets (ROA) | 8.31% | 7.95% | 5.72% | 7.5% | 12.91% | 6.75% | 2.6% | 0.41% | 1386.98% | 1844.6% | 24.88% | 6.59% | 6.19% | 5.77% | 3.05% | 6.84% | 6.62% | 6.42% | 0.7% | 6% | 6.07% | 5.6% | 4.47% | 4.38% | 4.5% |
| Accounts Payable | 0 | 0 | 0 | 0 | -503.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 3.12B | 2.69B | 2.65B | 2.75B | 2.77B | 2.49B | 2.31B | 1.79B | 77.8M | 45.7M | 38.3M | 1.88B | 1.89B | 1.39B | 340M | 0 | 0 | 0 | 0 | 0 | 413.36M | 424.23M | 423.96M | 435.08M | 471.37M |
| Net Debt | 2.74B | 2.11B | 1.7B | 1.94B | -176.2M | 1.58B | 1.27B | 1.25B | -487.7M | -393.8M | -392.5M | 1.32B | 1.34B | 916.6M | -90.4M | -449.5M | -313.33M | -259.49M | -396.43M | -222.95M | 211.63M | 283.81M | 283.68M | 181.75M | 443.66M |
| Long-Term Debt | 2.92B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B | 2.31B | 1.79B | 0 | 0 | 0 | 0 | 1.89B | 1.39B | 1.63B | 0 | 0 | 0 | 0 | 0 | 413.36M | 424.23M | 423.96M | 423.34M | 459.02M |
| Short-Term Debt | 0 | 0 | 0 | 39.1M | 38.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.74M | 12.35M |
| Other Liabilities | 2.03B | 1.54B | 990.9M | 709.9M | 1.1B | 1.41B | 1.19B | 990.4M | 2.73B | 2.75B | 3.12B | 2.83B | 936M | 828.3M | -1.63B | 1.85B | 2.1B | 1.31B | 1.73B | 2.29B | 1.2B | 678.27M | 582.32M | 338.85M | 87.86M |
| Total Current Liabilities | 21.8M | 0 | 357M | 39.1M | 603.1M | 595.9M | 402.3M | 453.5M | 511.6M | 467.4M | 660.8M | 554.3M | 578.5M | 317.8M | 273.2M | 417.6M | 407.46M | 227.12M | 212.57M | 316.35M | 287.81M | 256.59M | 132.08M | 101.45M | 93.75M |
| Total Non-Current Liabilities | 5.13B | 4.79B | 4.18B | 4.06B | 3.64B | 3.9B | 3.5B | 2.78B | 2.73B | 2.75B | 3.12B | 2.83B | 2.83B | 2.21B | 1.63B | 1.85B | 2.1B | 1.31B | 1.73B | 2.29B | 1.61B | 1.1B | 1.01B | 762.19M | 546.88M |
| Total Liabilities | 5.15B | 4.79B | 4.18B | 4.1B | 4.24B | 4.49B | 3.9B | 3.24B | 600K | 600K | 600K | 3.39B | 3.41B | 2.53B | 2.67B | 2.27B | 2.5B | 1.54B | 1.94B | 2.6B | 1.9B | 1.36B | 1.14B | 863.64M | 640.63M |
| Total Equity | 4.25B | 4.42B | 4.65B | 4.96B | 4.64B | 4.38B | 3.99B | 4.42B | 9.36B | 10.1B | 10.35B | 4.38B | 4.29B | 3.79B | 3.52B | 2.32B | 2.21B | 1.48B | 1.09B | 469.2M | 499.22M | 817.38M | 707.69M | 614.77M | 571.86M |
| Equity Growth % | -16.39% | -4.87% | -6.34% | 6.95% | 5.85% | 9.92% | -9.67% | -52.84% | -7.26% | -2.41% | 136.12% | 2.17% | 13.26% | 7.6% | 51.82% | 5.06% | 49.2% | 35.34% | 132.85% | -6.01% | -38.92% | 15.5% | 15.12% | 7.5% | - |
| Equity / Assets (Capital Ratio) | 45.21% | 48.03% | 52.64% | 54.79% | 52.26% | 49.4% | 50.56% | 57.7% | 18182.33% | 19643.39% | 16090.2% | 56.4% | 55.71% | 59.92% | 56.87% | 44.41% | 41.7% | 43.61% | 33.65% | 13.82% | 18.73% | 35.21% | 36.6% | 40.47% | 46.01% |
| Return on Equity (ROE) | 17.07% | 15.8% | 10.64% | 14.01% | 25.39% | 13.51% | 4.81% | 0.23% | 7.33% | 10.44% | 13.23% | 11.75% | 10.75% | 9.87% | 5.96% | 15.9% | 15.59% | 16.56% | 2.97% | 37.58% | 22.98% | 15.61% | 11.67% | 10.2% | 9.78% |
| Book Value per Share | 154.47 | 142.61 | 128.77 | 117.62 | 94.71 | 97.87 | 85.41 | 87.27 | 174.05 | 172.30 | 181.51 | 76.60 | 73.44 | 66.78 | 66.39 | 43.73 | 44.66 | 0.03 | 0.03 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 |
| Tangible BV per Share | 5.02 | -73.52 | 10.14 | 14.87 | 2.37 | -6.05 | 5.97 | 11.50 | 100.75 | 102.12 | 109.13 | -46.18 | -2.44 | -0.28 | -7.96 | 3.78 | 1.52 | 0.00 | -0.00 | -0.02 | -0.02 | -0.01 | -0.00 | -0.01 | -0.01 |
| Common Stock | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 0 | 0 | 0 | 600K | 600K | 500K | 500K | 500K | 539K | 458K | 458K | 390K | 390K | 390K | 387K | 235K | 235K |
| Additional Paid-in Capital | 554.7M | 616.1M | 733.1M | 741.4M | 695.5M | 651.6M | 728.9M | 707.2M | 0 | 808.6M | 1.07B | 694.9M | 672.2M | 479.9M | 868.5M | 927.5M | 980.47M | 612.09M | 939.54M | 662.45M | 609.37M | 593.09M | 566.78M | 0 | 0 |
| Retained Earnings | 7.73B | 7.62B | 6.9B | 6.39B | 5.72B | 4.57B | 4.01B | 3.82B | 3.46B | 3.82B | 3.62B | 2.58B | 2.16B | 1.71B | 1.35B | 1.18B | 1.01B | 873.14M | 859.6M | 836.43M | 654.47M | 503.19M | 384.12M | 306.97M | 246.44M |
| Accumulated OCI | -117.7M | -106.8M | -163.6M | -167.6M | 4.64B | -87.9M | -98.3M | -108.8M | 4.97B | 5.39B | 5.1B | 273.6M | 31.8M | 74M | 79.1M | 50M | 100.46M | 45.96M | -4.08M | 64.74M | 14.67M | 16.76M | 1.54M | 944K | -244K |
| Treasury Stock | -5.07B | -4.89B | -4.12B | -3.38B | -2.98B | -2.35B | -1.86B | -1.48B | 0 | -663.7M | -386M | -421.9M | -240.9M | -131.4M | -214.6M | -288.7M | -293.28M | -421.95M | -702.95M | -1.09B | -779.67M | -296.04M | -245.13M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 5.72B | 0 | 0 | 0 | 3.88B | 3.7B | 3.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MGR stock.
As of 2025, Affiliated Managers Group, Inc. (MGR) had total assets of $9.21B including $586.0M in current assets.
Affiliated Managers Group, Inc. (MGR) carries total debt of $2.69B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Affiliated Managers Group, Inc. (MGR) has total shareholders' equity (book value) of $3.24B ($142.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Key Metrics
Top Statement Risk
Market Beta Sensitivity
Metrics are mathematically derived from official filings.
Capital Base Stability Amid Fluctuations
According to recent financial statements, MGR's total assets have remained relatively stable, hovering near $9B, while the firm's equity base has seen a slight contraction from $3.6B in 2024Q1 to $3.1B in 2026Q1, suggesting a disciplined approach to capital management despite ongoing market volatility.
The stability in total assets indicates that the firm is not aggressively expanding its footprint through capital-intensive acquisitions, but rather maintaining its existing boutique portfolio. Investors should monitor whether this plateau in asset growth reflects a lack of attractive deployment opportunities or a strategic pivot toward capital return.
Conservative Leverage Supports Financial Flexibility
As reported in quarterly filings, MGR has maintained a disciplined debt-to-equity ratio of approximately 0.61 as of 2025Q4, which underscores a conservative approach to leverage that provides the firm with significant dry powder for potential strategic acquisitions or opportunistic share repurchases in volatile markets.
The reduction in total debt from $2.8B in 2025Q2 to zero in 2026Q1 is a notable shift that warrants further investigation into whether this represents a permanent deleveraging strategy or a temporary liquidity management decision. This low-leverage profile suggests that the firm is well-positioned to navigate market downturns without the pressure of significant debt service obligations.
Cash Position Volatility Warrants Monitoring
Based on reported figures, MGR's cash reserves have experienced significant swings, dropping from a peak of $1.3B in 2023Q4 to $376.1M in 2026Q1, which highlights the impact of aggressive capital return programs and the timing of affiliate-related cash flows on the firm's immediate liquidity buffer.
While the current cash position remains sufficient for operational needs, the downward trend in liquidity suggests that the firm is prioritizing shareholder returns over maintaining a large cash cushion. Investors should monitor whether this reduced liquidity profile limits the firm's ability to act quickly on future M&A opportunities.
Goodwill Concentration Risks Remain Persistent
According to historical balance sheet data, MGR carries a consistent $2.5B in goodwill, which represents a substantial portion of total assets and suggests that the firm's valuation is heavily reliant on the long-term performance and retention of its acquired investment boutique talent.
The persistence of this goodwill balance indicates that the firm has not faced significant impairment charges, which may imply that its acquisitions are performing as expected. However, any material decline in the performance of key affiliates could trigger a reassessment of these intangible assets, potentially impacting the firm's equity base.