Latest Ratios: P/E Ratio 1.0x · EV/EBITDA 2.9x · 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 | $617M | $802M | $889M | — | — | — | — | — | — | — | — |
| Enterprise Value | $2.7B | $2.9B | $2.6B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 1.02 | 1.07 | 1.63 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.25 | 0.33 | 0.44 | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.17 | 0.18 | 0.19 | — | — | — | — | — | — | — | — |
| P/FCF | 0.61 | 0.80 | 0.96 | — | — | — | — | — | — | — | — |
| P/OCF | 0.61 | 0.79 | 0.95 | — | — | — | — | — | — | — | — |
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 | 1.25 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 2.87 | 3.07 | 3.42 | — | — | — | — | — | — | — | — |
| EV / EBIT | 3.51 | 2.20 | 2.42 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 2.89 | 2.76 | — | — | — | — | — | — | — | — |
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 | 0.1% | 0.1% | 0.2% | — | — | — | — | — | — | — | — |
| 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 | 98.3% | 93.6% | 61.4% | — | — | — | — | — | — | — | — |
| FCF Yield | 100.0% | 125.3% | 104.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 100.0% | 88.1% | 91.8% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 100.0% | 88.2% | 92.0% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $33M | $36M | $42M | $49M | $45M | $47M | $51M | $54M | $59M | $57M |
Market beta sensitivity
According to current market data, MGRE trades at a P/E of 1.02 and a P/S of 0.25, suggesting that investors are heavily discounting the firm's future earnings potential compared to historical averages and the broader asset management peer group valuation multiples.
The extremely low P/E and PEG ratios imply that the market may be pricing in a terminal decline for the firm's active management model. This valuation appears to ignore the cash-generative nature of the boutique partnership structure, potentially creating a disconnect between current market pricing and the firm's actual economic earnings power.
Based on reported financial statements, MGRE's ROIC has struggled to gain momentum, hovering between 0.8% and 3.3% over the last ten quarters, which indicates that the firm is currently failing to compound capital effectively relative to its historical performance.
The low ROIC suggests that the returns generated by the underlying boutique affiliates are being diluted by the corporate-level cost structure and the heavy amortization of intangible assets. Investors should monitor whether the firm can improve its capital allocation efficiency as it pivots toward higher-margin private market strategies.
As indicated by quarterly data, MGRE's DSO has fluctuated significantly, ranging from 67 to 113 days, which suggests that the firm faces inconsistent cash collection cycles that may complicate short-term liquidity management and operational planning across its diverse affiliate base.
The lack of stability in the cash conversion cycle reflects the inherent difficulty in managing fee collection across a decentralized multi-affiliate model. This variability warrants further investigation into whether the firm's billing processes are becoming less efficient or if client payment terms are shifting in response to competitive pressures.
According to recent financial filings, MGRE's interest coverage ratio has declined from 16.15 in 2025Q4 to 6.02 in 2026Q1, signaling that the firm's ability to service its debt obligations is becoming less comfortable as leverage metrics trend upward.
While the debt-to-equity ratio remains relatively low compared to broader industrial standards, the rapid compression in interest coverage suggests that the firm's earnings volatility is increasingly impacting its financial flexibility. This trend may limit the firm's capacity to pursue further debt-funded acquisitions in the near term.
As reported in financial statements, the most commonly misapplied metric for MGRE is GAAP net income, which fails to account for the significant non-cash amortization of intangible assets inherent in the firm's acquisition-heavy business model, thereby obscuring true economic performance.
Investors should prioritize Economic Net Income (ENI) or free cash flow metrics to better assess the firm's actual cash-generative capacity. Relying on GAAP earnings likely leads to an overly pessimistic view of the firm's profitability and may cause analysts to overlook the underlying strength of the affiliate partnership model.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MGRE stock.
Affiliated Managers Group, Inc.'s current P/E ratio is 1.0x. The historical average is 1.3x.
Affiliated Managers Group, Inc.'s current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
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 1.0x. Compare with industry peers and growth rates for a complete picture.
Affiliated Managers Group, Inc.'s current dividend yield is 0.13% 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.