The firm maintains a conservative capital structure with a debt-to-equity ratio of 0.69 as of 2026Q1, though the $2.5B goodwill balance warrants ongoing scrutiny regarding potential asset impairment risks.
| 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 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 1.25B | 1.08B | 1.42B | 1.64B | 1.46B | 1.41B | 1.54B | 1.02B | 1.09B | 951.1M | 936.5M | 1.15B | 1.15B | 1.05B | 912.3M | 876.4M | 769.43M | 585.58M | 630.69M | 649.76M | 554.28M | 337.8M | 277.73M | 339.48M | 89.52M | 140.04M | 113.19M | 299.97M | 95.81M | 52.1M | 23.1M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.81M | 9.46M | 15.45M | 6.71M | 5.14M | 2.2M | 800K |
| Total Non-Current Assets | 8.15B | 8.13B | 7.41B | 7.42B | 7.42B | 7.47B | 6.35B | 6.64B | 7.13B | 7.75B | 7.81B | 6.61B | 6.55B | 5.27B | 5.32B | 4.34B | 4.51B | 2.81B | 2.58B | 2.75B | 2.11B | 1.99B | 1.66B | 1.18B | 1.15B | 1.02B | 680.54M | 609.11M | 509.5M | 404.9M | 78.2M |
| Property, Plant & Equipment | 69.7M | 54.4M | 57.6M | 67.3M | 68.5M | 73.9M | 79.6M | 92.3M | 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 | 17.8M | 15.35M | 12.32M | 8M | 4.7M | 3M |
| Fixed Asset Turnover | 40.11x | 44.96x | 35.43x | 30.58x | 34.01x | 32.64x | 25.47x | 24.26x | 22.80x | 20.77x | 19.93x | 21.77x | 26.32x | 23.71x | 22.15x | 24.67x | 20.05x | 13.49x | 16.12x | 19.60x | 18.29x | 18.12x | 16.12x | 13.42x | 25.10x | 22.93x | 29.89x | 42.10x | 29.81x | 20.28x | 16.80x |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.59B | 1.64B | 1.78B | 1.81B | 1.88B | 1.97B | 1.05B | 1.18B | 1.31B | 1.45B | 1.5B | 1.69B | 1.78B | 1.46B | 1.59B | 1.32B | 1.42B | 571.57M | 491.41M | 496.6M | 502.07M | 0 | 91.49M | 751.61M | 739.05M | 655.31M | 444.12M | 385.38M | 321.41M | 249.7M | 40.8M |
| Long-Term Investments | 13.72B | 3.58B | 2.79B | 2.77B | 2.56B | 2.51B | 2.33B | 2.41B | 2.99B | 3.47B | 3.52B | 2.09B | 1.95B | 1.29B | 1.19B | 615.8M | 678.93M | 658.33M | 678.89M | 707.83M | 185.09M | 301.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 9.4B | 9.21B | 8.83B | 9.06B | 8.88B | 8.88B | 7.89B | 7.65B | 8.22B | 8.7B | 8.75B | 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 | 1.16B | 793.73M | 909.07M | 605.33M | 457M | 101.3M |
| Asset Turnover | 0.26x | 0.27x | 0.23x | 0.23x | 0.26x | 0.27x | 0.26x | 0.29x | 0.29x | 0.26x | 0.25x | 0.32x | 0.33x | 0.35x | 0.29x | 0.33x | 0.26x | 0.25x | 0.36x | 0.40x | 0.44x | 0.39x | 0.34x | 0.33x | 0.39x | 0.35x | 0.58x | 0.57x | 0.39x | 0.21x | 0.50x |
| Asset Growth % | 11.95% | 4.26% | -2.52% | 2.01% | 0.05% | 12.52% | 3.08% | -6.88% | -5.55% | -0.54% | 12.61% | 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% | 7.12% | 46.19% | -12.69% | 50.18% | 32.46% | 351.14% | - |
| Total Current Liabilities | 1.1B | 806.9M | 639.1M | 628.5M | 778.3M | 789.1M | 712.4M | 634.6M | 746.6M | 807.2M | 729.3M | 729.4M | 808.3M | 514.7M | 363.3M | 417.6M | 407.4M | 227.12M | 209.98M | 316.35M | 287.81M | 256.59M | 132.08M | 101.45M | 93.75M | 320.03M | 86.8M | 170.3M | 64.6M | 18.8M | 23.6M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.5M | 59.5M | 90.1M | 39.8M | 5.13M | 8.91M | 4.97M | 9.36M | 8.8M | 8.2M | 3.53M | 81.4M | 67.14M | 86.8M | 170.3M | 42.6M | 18.8M | 400K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 449.7M | 779.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.75M | 17.73M | 11.74M | 12.35M | 252.89M | 0 | 0 | 22M | 0 | 7.4M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 1.1B | 329.7M | 322.3M | 247M | 378.7M | 545.5M | 400M | -28.2M | -359.4M | 472.5M | 418.5M | 455M | 491.3M | 211.4M | 138.8M | 136.2M | 117M | 0 | 26.19M | 69.95M | 41.09M | 14.13M | 0 | 14.33M | 0 | 0 | 0 | 0 | 0 | 0 | 15.8M |
| Current Ratio | 1.14x | 1.34x | 2.22x | 2.61x | 1.88x | 1.78x | 2.16x | 1.60x | 1.45x | 1.18x | 1.28x | 1.58x | 1.42x | 2.03x | 2.51x | 2.10x | 1.89x | 2.58x | 3.00x | 2.05x | 1.93x | 1.32x | 2.10x | 3.35x | 0.95x | 0.44x | 1.30x | 1.76x | 1.48x | 2.77x | 0.98x |
| Quick Ratio | 1.14x | 1.34x | 2.22x | 2.61x | 1.88x | 1.78x | 2.16x | 1.60x | 1.45x | 1.18x | 1.28x | 1.58x | 1.42x | 2.03x | 2.51x | 2.10x | 1.89x | 2.58x | 3.00x | 2.05x | 1.93x | 1.32x | 2.10x | 3.35x | 0.95x | 0.44x | 1.30x | 1.76x | 1.48x | 2.77x | 0.98x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.05B | 3.98B | 3.54B | 3.47B | 3.46B | 3.7B | 3.19B | 2.6B | 2.5B | 2.5B | 2.92B | 2.66B | 2.6B | 2.02B | 2.3B | 1.85B | 2.09B | 1.31B | 1.83B | 2.29B | 1.61B | 1.1B | 1.01B | 762.19M | 546.88M | 261.88M | 186.34M | 201.99M | 202.9M | 162M | 37.2M |
| Long-Term Debt | 2.92B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B | 2.31B | 1.79B | 1.83B | 1.85B | 2.11B | 1.82B | 1.89B | 1.38B | 1.63B | 0 | 882.1M | 456.98M | 233.51M | 1.2B | 1.08B | 599.73M | 850.71M | 423.34M | 459.02M | 200M | 151.8M | 175.3M | 191.3M | 159.5M | 33.4M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 5.15B | 4.79B | 4.18B | 4.1B | 4.24B | 4.49B | 3.9B | 3.24B | 3.25B | 3.31B | 3.65B | 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 | 581.91M | 273.14M | 372.29M | 267.53M | 180.8M | 60.8M |
| Total Debt | 2.92B | 2.69B | 2.62B | 2.54B | 2.54B | 2.49B | 2.31B | 2.24B | 2.61B | 1.85B | 2.11B | 1.88B | 1.89B | 1.38B | 1.63B | 685.6M | 882.1M | 456.98M | 233.51M | 1.2B | 1.08B | 965.48M | 868.44M | 435.08M | 471.37M | 452.89M | 151.8M | 175.3M | 213.3M | 159.5M | 40.8M |
| Net Debt | 2.54B | 2.11B | 1.67B | 1.72B | 2.11B | 1.58B | 1.27B | 1.7B | 2.04B | 1.42B | 1.68B | 1.32B | 1.34B | 914.1M | 1.2B | 236.1M | 568.79M | 197.49M | -162.92M | 974.63M | 877.13M | 825.06M | 728.16M | 181.75M | 443.66M | 379.47M | 120.19M | 121.42M | 189.56M | 136.7M | 34M |
| Debt / Equity | 0.69x | 0.61x | 0.56x | 0.51x | 0.55x | 0.57x | 0.58x | 0.51x | 0.53x | 0.34x | 0.41x | 0.43x | 0.44x | 0.37x | 0.46x | 0.23x | 0.32x | 0.31x | 0.18x | 1.51x | 1.40x | 1.00x | 1.09x | 0.66x | 0.78x | 0.78x | 0.29x | 0.33x | 0.63x | 0.58x | 1.01x |
| Debt / EBITDA | 3.59x | 2.84x | 3.50x | 3.20x | 2.91x | 2.45x | 2.81x | 2.44x | 2.89x | 1.53x | 2.53x | 1.49x | 1.99x | 1.78x | 2.65x | 1.14x | 1.97x | 1.60x | 0.58x | 3.15x | 2.19x | 2.61x | 2.93x | 1.95x | 2.14x | 2.35x | 0.74x | 0.73x | 1.89x | 5.11x | 2.53x |
| Net Debt / EBITDA | 3.13x | 2.22x | 2.23x | 2.18x | 2.41x | 1.55x | 1.55x | 1.85x | 2.26x | 1.17x | 2.01x | 1.05x | 1.41x | 1.18x | 1.95x | 0.39x | 1.27x | 0.69x | -0.40x | 2.56x | 1.78x | 2.23x | 2.46x | 0.81x | 2.02x | 1.97x | 0.58x | 0.51x | 1.68x | 4.38x | 2.11x |
| Interest Coverage | 9.90x | 9.69x | 7.93x | 9.82x | 16.27x | 11.24x | 6.51x | 5.04x | 9.85x | 13.15x | 11.63x | 13.27x | 10.50x | 8.26x | 6.97x | 5.48x | 5.16x | 4.14x | 2.76x | 4.36x | 7.72x | 8.95x | 8.44x | 8.60x | 7.77x | - | - | - | - | - | - |
| Total Equity | 4.25B | 4.42B | 4.65B | 4.96B | 4.64B | 4.38B | 3.99B | 4.42B | 4.97B | 5.39B | 5.1B | 4.38B | 4.29B | 3.79B | 3.52B | 2.95B | 2.78B | 1.48B | 1.3B | 791.23M | 769.46M | 962.54M | 795.07M | 655.56M | 602.36M | 578.41M | 520.59M | 536.78M | 337.85M | 276.2M | 40.5M |
| Equity Growth % | -16.39% | -4.87% | -6.34% | 6.95% | 5.85% | 9.92% | -9.67% | -11.13% | -7.83% | 5.69% | 16.4% | 2.17% | 13.26% | 7.6% | 19.23% | 6.11% | 87.73% | 13.67% | 64.74% | 2.83% | -20.06% | 21.06% | 21.28% | 8.83% | 4.14% | 11.11% | -3.02% | 58.88% | 22.32% | 581.98% | - |
| Book Value per Share | 154.47 | 134.00 | 128.77 | 117.62 | 94.71 | 97.87 | 85.41 | 87.27 | 92.35 | 91.99 | 89.47 | 76.60 | 73.44 | 66.78 | 66.39 | 55.69 | 56.31 | 34.19 | 34.11 | 18.66 | 17.04 | 21.54 | 20.05 | 10.90 | 17.79 | 16.96 | 15.26 | 15.77 | 7.25 | 19.65 | 2.70 |
| Total Shareholders' Equity | 3.09B | 3.24B | 3.35B | 3.59B | 3.23B | 2.79B | 2.78B | 2.94B | 3.46B | 3.82B | 3.62B | 2.84B | 2.63B | 2.13B | 2.08B | 1.87B | 1.8B | 1.11B | 1.09B | 469.2M | 499.22M | 817.38M | 707.69M | 614.77M | 571.86M | 543.34M | 493.91M | 477.99M | 313.7M | 259.7M | 37M |
| Common Stock | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 600K | 500K | 500K | 500K | 539K | 458K | 458K | 390K | 390K | 390K | 387K | 235K | 235K | 235K | 235K | 235K | 177K | 0 | 0 |
| Retained Earnings | 7.73B | 7.62B | 6.9B | 6.39B | 5.72B | 4.57B | 4.01B | 3.82B | 3.88B | 3.7B | 3.05B | 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 | 190.5M | 140.51M | 83.86M | 11.67M | -13.9M | -5.5M |
| Treasury Stock | -5.07B | -4.89B | -4.12B | -3.38B | -2.98B | -2.35B | -1.86B | -1.48B | -1.15B | -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 | -101.83M | -80.34M | -51.64M | -53.55M | -11.93M | -2.6M | 0 | 0 |
| Accumulated OCI | -117.7M | -106.8M | -163.6M | -167.6M | -203.4M | -87.9M | -98.3M | -108.8M | -109M | -21.8M | -122.9M | -18.1M | 31.8M | 74M | 79.1M | 50M | 100.46M | 45.96M | -4.08M | 64.74M | 14.67M | 16.76M | 1.54M | 944K | -244K | -846K | -342K | -55K | 30.99M | -7.4M | 0 |
| Minority Interest | 1.16B | 1.18B | 1.3B | 1.38B | 1.41B | 1.6B | 1.21B | 1.48B | 1.51B | 1.57B | 1.48B | 1.54B | 1.66B | 1.65B | 1.43B | 1.09B | 981.6M | 372.03M | 210.91M | 322.03M | 270.23M | 145.16M | 87.38M | 40.79M | 30.5M | 35.08M | 26.68M | 58.8M | 24.15M | 16.5M | 3.5M |
Intangible asset impairment risk
As reported in recent financial statements, MGRD's total assets have fluctuated within a narrow band between $8.7B and $9.4B over the last ten quarters, suggesting a stable, albeit non-linear, trajectory that reflects the firm's disciplined approach to managing its balance sheet through market cycles.
The relative stability in total assets despite market-driven AUM fluctuations indicates that the firm is not aggressively expanding its balance sheet through speculative leverage. Investors should monitor whether this plateau in asset growth signals a strategic shift toward capital return rather than further inorganic expansion.
Based on the provided balance sheet data, MGRD has maintained a debt-to-equity ratio ranging from 0.51 to 0.69, which indicates a conservative approach to leverage that prioritizes maintaining sufficient financial flexibility to fund future affiliate acquisitions without over-extending the firm's credit capacity.
The moderate increase in debt from $2.5B in 2023Q4 to $2.9B in 2026Q1 appears to be a calculated move to support growth initiatives. This level of leverage seems appropriate for an asset manager with recurring fee streams, though it warrants ongoing scrutiny if debt levels continue to outpace equity growth.
According to quarterly filings, MGRD's cash reserves have experienced significant volatility, dropping from $1.3B in 2023Q4 to $376.1M in 2026Q1, a trend that likely reflects the timing of large-scale capital deployment for acquisitions and share repurchases rather than a fundamental deterioration in liquidity.
The current ratio of 1.14 in 2026Q1 remains adequate, though it is notably lower than the 2.61 observed in 2023Q4. This compression suggests that management is actively utilizing excess cash to drive shareholder value, which is a positive signal provided that the firm maintains sufficient buffers for operational contingencies.
As evidenced by the consistent $2.5B goodwill balance reported across the last ten quarters, MGRD carries a significant portion of its total assets in intangible form, which may mask the true economic value of its underlying affiliate investments if market conditions for active management deteriorate.
Because goodwill represents nearly 27% of total assets as of 2026Q1, any sustained underperformance by key affiliates could trigger impairment charges that would directly impact equity. Investors should view this concentration as a potential distortion that makes the headline book value appear more robust than the underlying cash-generating assets might suggest.
Quick answers to the most common questions about buying MGRD stock.
As of 2025, Affiliated Managers Group, Inc. (MGRD) had total assets of $9.21B including $1.08B in current assets.
Affiliated Managers Group, Inc. (MGRD) 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. (MGRD) has total shareholders' equity (book value) of $3.24B ($134.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Affiliated Managers Group, Inc. (MGRD) reported a current ratio of 1.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.