Latest Ratios: P/E Ratio 0.7x · EV/EBITDA 2.7x · 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 | $436M | $560M | $656M | $800M | $824M | $1.2B | $1.2B | — | — | — | — |
| Enterprise Value | $2.5B | $2.7B | $2.3B | $2.5B | $2.9B | $2.8B | $2.5B | — | — | — | — |
| P/E Ratio → | 0.72 | 0.75 | 1.20 | 1.09 | 0.66 | 2.02 | 6.09 | — | — | — | — |
| P/S Ratio | 0.18 | 0.23 | 0.32 | 0.39 | 0.35 | 0.49 | 0.61 | — | — | — | — |
| P/B Ratio | 0.12 | 0.13 | 0.14 | 0.16 | 0.18 | 0.27 | 0.31 | — | — | — | — |
| P/FCF | 0.43 | 0.56 | 0.71 | 0.93 | 0.79 | 0.94 | 1.23 | — | — | — | — |
| P/OCF | 0.43 | 0.55 | 0.70 | 0.91 | 0.78 | 0.94 | 1.22 | — | — | — | — |
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 | — | 1.09 | 1.14 | 1.23 | 1.26 | 1.14 | 1.23 | — | — | — | — |
| EV / EBITDA | 2.68 | 2.81 | 3.11 | 3.19 | 3.36 | 2.71 | 3.04 | — | — | — | — |
| EV / EBIT | 3.27 | 2.01 | 2.20 | 2.08 | 1.57 | 2.20 | 4.17 | — | — | — | — |
| EV / FCF | — | 2.65 | 2.51 | 2.93 | 2.81 | 2.21 | 2.50 | — | — | — | — |
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 | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 1.4% | — | — | — | — |
| 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 | 100.0% | 134.1% | 83.2% | 91.9% | 150.7% | 49.6% | 16.4% | — | — | — | — |
| FCF Yield | 100.0% | 179.5% | 141.5% | 107.8% | 126.6% | 106.1% | 81.3% | — | — | — | — |
| Buyback Yield | 100.0% | 100.0% | 100.0% | 51.2% | 94.1% | 63.2% | 52.8% | — | — | — | — |
| Total Shareholder Yield | 100.0% | 100.0% | 100.0% | 51.4% | 94.3% | 63.4% | 54.2% | — | — | — | — |
| Shares Outstanding | — | $33M | $36M | $42M | $49M | $45M | $47M | $51M | $54M | $59M | $57M |
Active management fee compression
Based on current market data, MGRB trades at a P/E of 0.72 and an EV/EBITDA of 2.68, suggesting that investors are pricing the firm at a significant discount compared to traditional asset management peers like Franklin Resources, which commands a substantially higher P/E multiple of 36.49.
This valuation gap appears to reflect a market skepticism regarding the sustainability of active management fees rather than a fundamental lack of earnings power. The low PEG ratio of 0.02 implies that the market is not currently assigning any premium for the firm's growth in alternative asset strategies, potentially creating an asymmetric risk-reward profile for long-term investors.
As reported in recent financial statements, the company's ROIC has remained in a low single-digit range, fluctuating between 0.8% and 3.3% over the last ten quarters, which indicates that the firm's acquisition-heavy strategy creates a significant drag on capital efficiency due to the large goodwill base.
While the partnership model is designed to capture alpha, the persistent pressure on ROIC suggests that the cost of acquiring these boutiques may be offsetting the returns generated by the underlying assets. Investors should monitor whether the shift toward higher-margin alternative strategies can eventually drive a meaningful expansion in return on invested capital.
According to quarterly filings, the asset turnover ratio has remained stagnant at 0.06, highlighting the capital-intensive nature of the holding company structure and the difficulty in scaling revenue relative to the firm's substantial asset base, which is heavily weighted toward intangible assets and affiliate interests.
The variability in DSO, which ranged from 67 to 113 days, suggests that the firm's cash conversion cycle is subject to the timing of performance fee realizations across its diverse affiliate network. This operational complexity warrants further investigation into the consistency of cash inflows from the firm's private market strategies.
Based on reported figures, the company maintains a debt-to-equity ratio between 0.51 and 0.69, which indicates a disciplined approach to leverage that supports share repurchases without compromising the firm's overall financial stability, as evidenced by interest coverage ratios that have remained consistently above 4.7x.
The firm's ability to service debt appears comfortable, yet the rising debt-to-EBITDA trend in recent quarters suggests that management should be cautious about further leverage if market volatility impacts fee-based revenue. The current leverage profile appears appropriate for a firm that prioritizes capital return to shareholders over aggressive balance sheet expansion.
The P/E ratio is frequently misapplied to this business model, as it fails to account for the significant non-controlling interest distributions and the amortization of intangible assets that artificially depress GAAP earnings, thereby obscuring the firm's true cash-generating capacity and economic value for shareholders.
Analysts should instead prioritize Distributable Earnings or Economic Net Income to better reflect the cash available to the parent company after affiliate partners have been compensated. Relying on standard P/E multiples likely leads to an inaccurate assessment of the firm's valuation, as it ignores the unique structural nuances of the multi-boutique partnership model.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MGRB stock.
Affiliated Managers Group, Inc.'s current P/E ratio is 0.7x. The historical average is 2.0x. This places it at the 17th percentile of its historical range.
Affiliated Managers Group, Inc.'s current EV/EBITDA is 2.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.0x.
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 0.7x. This is at the 17th 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 0.19% 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.