Latest Ratios: P/E Ratio 0.9x · EV/EBITDA 2.6x · ROE 15.8%. (2002–2025 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 | $550M | $651M | $796M | $951M | $1.0B | $1.2B | $1.3B | $1.4B | — | — | — |
| Enterprise Value | $2.7B | $2.8B | $2.5B | $2.9B | $842M | $2.8B | $2.6B | $2.6B | — | — | — |
| P/E Ratio → | 0.87 | 0.91 | 1.46 | 1.41 | 0.82 | 2.07 | 6.41 | 87.11 | — | — | — |
| P/S Ratio | 0.24 | 0.28 | 0.39 | 0.46 | 0.44 | 0.50 | 0.64 | 0.61 | — | — | — |
| P/B Ratio | 0.14 | 0.15 | 0.17 | 0.19 | 0.22 | 0.28 | 0.32 | 0.31 | — | — | — |
| P/FCF | 0.55 | 0.65 | 0.84 | 1.11 | 0.98 | 0.93 | 1.29 | 1.45 | — | — | — |
| P/OCF | 0.54 | 0.64 | 0.84 | 1.10 | 0.97 | 0.92 | 1.28 | 1.43 | — | — | — |
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 | — | 1.19 | 1.22 | 1.40 | 0.36 | 1.16 | 1.27 | 1.17 | — | — | — |
| EV / EBITDA | 2.56 | 2.66 | 3.15 | 3.38 | 0.90 | 2.61 | 2.62 | 2.42 | — | — | — |
| EV / EBIT | 3.37 | 3.06 | 3.74 | 4.21 | 1.09 | 3.13 | 4.21 | 3.76 | — | — | — |
| EV / FCF | — | 2.74 | 2.64 | 3.38 | 0.81 | 2.14 | 2.57 | 2.77 | — | — | — |
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 | 62.0% | 62.0% | 55.2% | 55.9% | 54.0% | 56.6% | 56.4% | 57.9% | 94.3% | 59.1% | 57.5% |
| Operating Margin | 34.0% | 34.0% | 36.7% | 38.5% | 37.5% | 42.2% | 40.6% | 41.1% | 40.8% | 41.3% | 32.1% |
| Net Profit Margin | 30.9% | 30.9% | 25.1% | 32.7% | 49.2% | 23.4% | 10.0% | 0.7% | 29.9% | 46.3% | 44.4% |
| 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% | 0.2% | 7.3% | 10.4% | 13.2% |
| ROA | 7.9% | 7.9% | 5.7% | 7.5% | 12.9% | 6.7% | 2.6% | 0.4% | 1387.0% | 1844.6% | 24.9% |
| ROIC | 8.2% | 8.2% | 7.5% | 7.9% | 9.2% | 11.6% | 9.9% | 8.8% | 7.5% | 7.0% | 6.4% |
| ROCE | 8.7% | 8.7% | 8.6% | 9.2% | 10.5% | 12.9% | 11.2% | 27.3% | — | — | 21.3% |
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 | 0.57 | 0.55 | 0.60 | 0.57 | 0.58 | 0.41 | 0.01 | 0.00 | 0.00 |
| Debt / EBITDA | 2.60 | 2.60 | 3.34 | 3.22 | 2.95 | 2.33 | 2.35 | 1.65 | 0.03 | 0.02 | 0.02 |
| Net Debt / Equity | — | 0.48 | 0.36 | 0.39 | -0.04 | 0.36 | 0.32 | 0.28 | -0.05 | -0.04 | -0.04 |
| Net Debt / EBITDA | 2.03 | 2.03 | 2.14 | 2.27 | -0.19 | 1.48 | 1.30 | 1.16 | -0.18 | -0.15 | -0.17 |
| Debt / FCF | — | 2.10 | 1.80 | 2.27 | -0.17 | 1.21 | 1.27 | 1.33 | -0.39 | -0.34 | -0.39 |
| Interest Coverage | — | — | — | — | 6.74 | 8.01 | — | — | 8.60 | 8.68 | 7.11 |
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 | — | — | 3.92 | 42.17 | 2.44 | 2.38 | 3.85 | 2.36 | 2.28 | 2.06 | 1.45 |
| Quick Ratio | — | — | 3.92 | 42.17 | 2.44 | 2.38 | 3.85 | 2.36 | 2.28 | 2.06 | 1.45 |
| Cash Ratio | — | — | 2.66 | 20.81 | 0.71 | 1.52 | 2.58 | 1.19 | 1.11 | 0.94 | 0.65 |
| Asset Turnover | — | 0.25 | 0.23 | 0.23 | 0.26 | 0.27 | 0.26 | 0.29 | 46.32 | 44.84 | 34.13 |
| 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 | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 1.3% | 4.8% | — | — | — |
| Payout Ratio | — | — | 0.3% | — | 0.1% | — | 8.3% | — | 9.0% | 4.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 109.9% | 68.6% | 70.8% | 122.0% | 48.3% | 15.6% | 1.1% | — | — | — |
| FCF Yield | 100.0% | 154.2% | 118.6% | 89.7% | 102.5% | 107.7% | 77.2% | 69.1% | — | — | — |
| Buyback Yield | 100.0% | 100.0% | 89.2% | 36.0% | 76.1% | 49.2% | 50.2% | 26.0% | — | — | — |
| Total Shareholder Yield | 100.0% | 100.0% | 89.4% | 36.1% | 76.3% | 49.4% | 51.5% | 30.8% | — | — | — |
| Shares Outstanding | — | $31M | $36M | $42M | $49M | $45M | $47M | $51M | $54M | $59M | $57M |
Market Beta Sensitivity
Based on reported figures, MGR trades at a P/E of 0.87 and an EV/EBITDA of 2.56, which represents a significant valuation discount compared to peers like Franklin Resources, suggesting the market may be heavily discounting the firm's future growth prospects or its reliance on market-sensitive performance fees.
The current valuation multiples appear to imply a market expectation of secular decline in active management, despite MGR's recent 13.59% revenue growth. Investors should monitor whether this discount is a structural mispricing of the firm's boutique model or a rational response to the inherent volatility of performance-based revenue streams.
As reported in financial statements, MGR's ROIC has struggled to exceed 3.3% over the last ten quarters, indicating that the firm's ability to compound capital through its boutique acquisitions is currently constrained by the high cost of maintaining these diverse, autonomous investment platforms.
The low ROIC relative to historical norms suggests that the firm's decentralized model may be facing diminishing returns on new capital deployments. This warrants further investigation into whether the current affiliate mix is effectively generating alpha or if the cost of acquiring and retaining talent is eroding the underlying economic returns.
According to recent SEC filings, MGR's asset turnover has remained stagnant at 0.06, while DSO has fluctuated between 67 and 113 days, highlighting the inherent difficulty in managing working capital cycles across a decentralized network of independent investment boutiques with varying fee collection structures.
The inconsistency in DSO suggests that the firm lacks centralized control over its revenue collection processes, which may lead to periodic liquidity constraints. This inefficiency appears to be a structural byproduct of the partnership model, where autonomy is prioritized over the standardization of back-office operations.
Based on reported figures, MGR maintains a disciplined debt-to-equity ratio of 0.61, which is notably lower than peers like Virtus Investment Partners, providing the firm with a fortress-like balance sheet that offers significant flexibility for future M&A or opportunistic share repurchases during market downturns.
While this conservative stance limits interest expense, it may also indicate an under-utilization of the balance sheet in a high-valuation environment. Investors should monitor whether management intends to deploy this dry powder to accelerate growth or if the current leverage profile is a permanent defensive posture against market volatility.
As reported in financial statements, the P/E ratio is a fundamentally flawed metric for MGR because it fails to account for significant non-cash amortization of intangible assets, which often obscures the firm's true cash-generating capacity and leads to an inaccurate assessment of its valuation relative to peers.
Analysts should instead prioritize Economic Net Income (ENI) to normalize for these non-cash charges and better reflect the actual cash available for distribution or reinvestment. Relying on GAAP P/E ratios likely leads to a distorted view of MGR's profitability and may cause investors to overlook the firm's underlying cash-flow strength.
Includes 30+ ratios · 24 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MGR stock.
Affiliated Managers Group, Inc.'s current P/E ratio is 0.9x. The historical average is 14.3x. This places it at the 14th percentile of its historical range.
Affiliated Managers Group, Inc.'s current EV/EBITDA is 2.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.5x.
Affiliated Managers Group, Inc.'s return on equity (ROE) is 15.8%. The historical average is 13.0%.
Based on historical data, Affiliated Managers Group, Inc. is trading at a P/E of 0.9x. This is at the 14th 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 0.16%.
Affiliated Managers Group, Inc. has 62.0% gross margin and 34.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Affiliated Managers Group, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.