The firm demonstrates strong cash conversion efficiency, evidenced by an OCF/NI ratio that reached 3.23 in 2024Q2, while aggressively deploying capital through $353.1M in share repurchases during 2025Q4.
Affiliated Managers Group, Inc. (MGRE) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 1.08B | 1.01B | 932.1M | 874.3M | 1.05B | 1.26B | 1.01B | 929.1M | 1.14B | 1.17B | 1.05B | 1.21B | 1.44B | 957.1M | 633.2M | 708.5M | 481.2M | 242.93M | 507.96M | 313.89M | 293.3M | 204.08M | 177.89M | 116.52M | 127.3M | 96.17M | 153.71M | 89.1M | 45.4M | 16.2M | 6.2M |
| Operating CF Growth % | 69.59% | 8.45% | 6.61% | -17.1% | -16.24% | 24.76% | 8.63% | -18.54% | -2.55% | 11.43% | -13.43% | -15.57% | 50.13% | 51.15% | -10.63% | 47.24% | 98.09% | -52.18% | 61.83% | 7.02% | 43.72% | 14.72% | 52.67% | -8.47% | 32.36% | -37.43% | 72.52% | 96.26% | 180.25% | 161.29% | - |
| Net Income | 754.7M | 716.6M | 740.6M | 906.1M | 1.39B | 890.1M | 427M | 305.1M | 532.3M | 1.01B | 739M | 833.7M | 767.4M | 669.6M | 411.4M | 359.6M | 287.3M | 212.92M | 131.9M | 181.96M | 151.28M | 119.07M | 77.15M | 60.53M | 55.94M | 49.99M | 56.66M | 72.2M | 25.6M | 1.6M | -1.4M |
| Depreciation & Amortization | 125.9M | 170.7M | 42.4M | 61.3M | 67.4M | 52.3M | 159.6M | 165.8M | 136.8M | 106.7M | 129.7M | 134.2M | 139.1M | 142.2M | 200M | 112.7M | 74.1M | 45.68M | 46.62M | 45.35M | 39M | 34.92M | 28.35M | 25.69M | 23.96M | 38.46M | 31.02M | 26.1M | 20.1M | 8.6M | 9M |
| Deferred Taxes | 75.9M | 533.1M | 31.4M | 31.4M | 32M | 91.2M | 26.8M | -55.8M | 51.9M | -123.6M | 59.3M | 101.2M | 81M | 27.7M | 11.1M | 35.2M | 39.9M | 28.7M | -30.82M | 31.34M | 31.34M | 31.69M | 31.62M | 31.05M | 23.23M | 5.73M | 6.56M | 14.9M | 10.4M | 1M | -200K |
| Other Non-Cash Items | -285.7M | -666.1M | 62.9M | -8M | -685.1M | -21.1M | 266.7M | 546.9M | 322.6M | 97.1M | -1.9M | 12.2M | 126.1M | -29.5M | -12.7M | 113.4M | 43.88M | 19.26M | 298.59M | 7.11M | 18.03M | 3.2M | 10.41M | 3.2M | 666K | -245K | 0 | 200K | 0 | 100K | 3M |
| Working Capital Changes | 68.1M | 53.8M | -56.8M | -228.6M | 138.5M | 120M | 10M | -123.3M | -4.1M | -8.9M | 43.8M | 29.2M | 209.6M | 63M | -45.9M | 35.2M | 16.52M | -72.25M | 61.68M | 48.13M | 53.64M | 15.2M | 30.36M | -3.95M | 23.5M | 2.24M | 59.47M | -24.3M | -10.7M | 4.9M | -4.2M |
| Cash from Investing | -414.4M | -243.8M | 379.1M | 264.5M | -109.9M | -583.7M | -53.7M | -24.4M | -18.2M | 13.8M | -1.33B | -324.5M | -1.27B | -50.3M | -802.3M | -67.7M | -973.8M | -181.5M | -93.61M | -580.75M | -165.08M | -82.03M | -478.27M | -44.83M | -138.92M | -343.67M | -111.73M | -112.9M | -72.7M | -327.3M | -29.2M |
| Purchase of Investments | -205.2M | -204.4M | -510.4M | -731.1M | -312M | -73.5M | -47.7M | -85.4M | -40.8M | -37.2M | -16M | -13.5M | -21.2M | -11.4M | -19.1M | -49.2M | -64M | -47.73M | -33.61M | -570.33M | -152.78M | -6.39M | -511.18M | -20.93M | -136.5M | -335.97M | -104.44M | -103.5M | -66.6M | -325.9M | -25.6M |
| Sale/Maturity of Investments | 341.2M | 338.9M | 898.1M | 1.01B | 280.2M | 56.4M | 47M | 72.9M | 48.6M | 100.1M | 65.3M | 24.9M | 17.3M | 11.4M | 34.2M | 10.9M | 15.07M | 8.07M | 25.16M | 6.4M | 9.21M | 24.06M | 39.95M | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 600K |
| Net Investment Activity | 136M | 134.5M | 387.7M | 277.4M | -31.8M | -17.1M | -700K | -12.5M | 7.8M | 62.9M | 49.3M | 11.4M | -3.9M | 0 | 15.1M | -38.3M | -48.93M | -39.66M | -8.46M | -563.93M | -143.57M | 17.67M | -471.23M | -20.93M | -136.5M | -335.97M | -104.44M | -103.5M | -66.6M | -325.7M | -25M |
| Acquisitions | -555.2M | -362.4M | -5.2M | 200K | -66.7M | -558.2M | -44.5M | -44.6M | 0 | -30.6M | -1.36B | -297.7M | -1.25B | -26.3M | -797.4M | -13.3M | -916.1M | -139.27M | -75.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 13.1M | -9.8M | 0 | -700K | 0 | 0 | 0 | 42.3M | -7.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 0 | 0 | 0 | 0 | -85.17M | -60K | -14K | 3.73M | -476K | -1.06M | -3.3M | -1.8M | 0 | -3.3M |
| Cash from Financing | -1.11B | -1.15B | -1.18B | -758.3M | -1.4B | -798.3M | -455.4M | -934.7M | -983.1M | -1.19B | 200.9M | -857.7M | -77.6M | -869.1M | 146.2M | -503.8M | 545M | -202.27M | -238.34M | 272.55M | -75.08M | -122.27M | 215.24M | 153.7M | -34.15M | 289.27M | -63.96M | 54M | 28.2M | 327.1M | 15.7M |
| Dividends Paid | -700K | -1M | -1.4M | -1.5M | -1.6M | -1.7M | -16.8M | -65.3M | -64.4M | -44.9M | 0 | 0 | 0 | 0 | 0 | 0 | -101.05M | -119.56M | -252.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -736.9M | -706.3M | -816.3M | -409.3M | -775.3M | -745.8M | -650.2M | -502.1M | -505.8M | -393.2M | -33.4M | -413.7M | -190.8M | -15.7M | -60.9M | -61M | 0 | -39.53M | -65.49M | -436M | -536.48M | -82.32M | -194.42M | -33.69M | -30.43M | -9.11M | -48.86M | -9.3M | -2.6M | -60M | 0 |
| Stock Issued | 0 | 0 | 6.3M | 13.4M | 15.2M | 117.7M | 20.2M | 10.5M | 9.7M | 41.9M | 465.8M | 57.8M | 41.4M | 48.2M | 73.4M | 28M | 46.4M | 37.13M | 238.81M | 553.32M | 52.77M | 28.89M | 210.23M | 11.38M | 0 | 0 | 0 | 101.54M | 0 | 218.2M | 0 |
| Net Stock Activity | -736.9M | -706.3M | -810M | -395.9M | -760.1M | -628.1M | -630M | -491.6M | -496.1M | -351.3M | 432.4M | -355.9M | -149.4M | 32.5M | 12.5M | -33M | 46.4M | -2.41M | 173.32M | 117.33M | -483.71M | -53.42M | 15.81M | -22.31M | -30.43M | -9.11M | -48.86M | 92.24M | -2.6M | 158.2M | 0 |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 0 | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K |
| Other Financing | -421.9M | -514.6M | -462.1M | -360.9M | -580.4M | -335.5M | -333.4M | -338.5M | -392M | -533.5M | -456.5M | -499.1M | -654.1M | -460.3M | -281.3M | -260.8M | 139.65M | 150.03M | -106.07M | 3.76M | -7.93M | -16.67M | -12.8M | -7.85M | 33.45M | 424.38M | 8.4M | 101.3M | -200K | 0 | 2.5M |
| Net Change in Cash | -440.4M | -364M | 136.4M | 384.4M | -479.3M | -131.2M | 500.1M | -25.9M | 126M | 8.7M | -133M | 13.2M | 81M | 39.2M | -19.1M | 136.2M | 53.8M | -136.94M | 173.48M | 21.23M | 61.31M | 146K | -84M | 225.63M | -45.72M | 41.81M | -22.27M | 30.2M | 900K | 16M | -14.1M |
| Exchange Rate Effect | 4.6M | 17.6M | 1.1M | 3.9M | -21.2M | -8.4M | -100K | 4.1M | -13.3M | 14.2M | -29.3M | -13M | -10.2M | 1.5M | 3.8M | -828K | 1.9M | 3.61M | -2.54M | 2.78M | 464K | 140.64M | 0 | 244K | 50K | 48K | -287K | -100K | 47K | 0 | 0 |
| Cash at Beginning | 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 | 313.3M | 259.5M | 396.43M | 222.95M | 201.73M | 140.42M | 140.28M | 224.28M | 27.71M | 73.43M | 31.61M | 53.88M | 23.7M | 22.8M | 6.8M | 14.1M |
| Cash at End | 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 | 313.3M | 259.49M | 396.43M | 222.95M | 201.73M | 140.42M | 140.28M | 253.33M | 27.71M | 73.43M | 31.61M | 53.9M | 23.7M | 22.8M | 0 |
| Interest Paid | 0 | 137.9M | 138.2M | 110.4M | 109.4M | 103M | 88.3M | 84.1M | 76.9M | 82.1M | 85M | 76.4M | 67.9M | 87.4M | 79.8M | 75.9M | 61.6M | 58.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 110.7M | 142.5M | 314.5M | 120.2M | 87.1M | 12.4M | 102.7M | 160.2M | 165M | 152.3M | 89.6M | 110.7M | 82.8M | 51.6M | 46.6M | 49.2M | 17.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1.07B | 1B | 928.7M | 861.9M | 1.04B | 1.25B | 1B | 919.5M | 1.12B | 1.15B | 1.03B | 1.18B | 1.42B | 933.1M | 613.2M | 692.4M | 471.9M | 240.64M | 498.41M | 309.83M | 279.49M | 189.56M | 170.91M | 92.63M | 121.15M | 88.94M | 147.48M | 83M | 41.1M | 14.6M | 5.3M |
| FCF Growth % | 15.35% | 8.19% | 7.75% | -17.39% | -16.59% | 24.98% | 8.84% | -18.04% | -2.6% | 11.82% | -12.33% | -17.12% | 51.93% | 52.17% | -11.44% | 46.73% | 96.1% | -51.72% | 60.86% | 10.86% | 47.45% | 10.91% | 84.52% | -23.54% | 36.21% | -39.69% | 77.68% | 101.95% | 181.51% | 175.47% | - |
Quick answers to the most common questions about buying MGRE stock.
Affiliated Managers Group, Inc. (MGRE) generated $1.01B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Affiliated Managers Group, Inc. (MGRE) generated $1.00B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Affiliated Managers Group, Inc. (MGRE) spent $6.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Affiliated Managers Group, Inc. (MGRE) returned $1.0M to shareholders via cash dividends and spent $706.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Market beta sensitivity
Metrics are mathematically derived from official filings.
Operating Cash Flow Exceeds Earnings
As reported in quarterly financial filings, MGRE consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching as high as 3.23 in 2024Q2, suggesting that non-cash charges like intangible amortization play a substantial role in suppressing reported GAAP profitability metrics.
The persistent gap between net income and operating cash flow indicates that the firm's accounting earnings are heavily impacted by non-cash expenses related to historical affiliate acquisitions. Investors should interpret this as a sign that the firm's underlying cash-generating capacity is more robust than the headline net income figures suggest.
FCF Margins Remain Highly Resilient
Based on the provided cash flow data, MGRE maintains strong free cash flow margins that frequently exceed 40%, demonstrating that the firm's asset-light business model effectively converts management fee revenue into distributable cash despite the inherent volatility of the broader active asset management industry's performance.
The stability of these FCF margins suggests that the firm possesses significant operational flexibility to manage its cost base during market downturns. However, the reliance on performance fees means that this trajectory remains sensitive to the alpha generation of its underlying boutique partners.
Aggressive Capital Return and Acquisitions
According to recent cash flow statements, MGRE utilizes a substantial portion of its free cash flow for share repurchases, such as the $353.1M deployed in 2025Q4, while simultaneously funding inorganic growth through periodic net acquisitions, indicating a dual-track strategy of returning capital and expanding the affiliate footprint.
The firm's commitment to buybacks appears to be a primary mechanism for offsetting dilution and supporting EPS growth. Investors should monitor whether the pace of these repurchases remains sustainable if the firm faces sustained net outflows or requires larger capital outlays for future boutique acquisitions.
Working Capital Volatility Impacts Liquidity
As indicated by the quarterly cash flow data, MGRE experiences significant swings in working capital, including a $152.5M outflow in 2024Q1 followed by a $78.7M inflow in 2025Q3, which suggests that the timing of fee collections and affiliate distributions creates meaningful short-term fluctuations in cash availability.
These fluctuations appear to be a byproduct of the firm's complex multi-affiliate structure and the timing of performance fee recognition. While these movements are largely operational, they warrant further investigation to ensure that they do not mask underlying issues with the efficiency of cash collection from institutional clients.