At a glance
Affiliated Managers Group Inc is worth $10.17B, about 17 times its fiscal 2025 earnings. Revenue grew 1.6% to $2.07B in fiscal 2025, with 34.5% kept as profit; over 5 years it has grown 0.5% a year. It pays a 0.35% dividend yield, and returned $3.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +64.1% over the past year with dividends reinvested and +18.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.1% in the 2020 crash (S&P 500: 33.7%) and 32.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 3 months after the lows.
The business in plain English
Affiliated Managers Group (AMG) invests in independent investment firms that are owned by their own partners. It calls these firms “Affiliates.” AMG holds a meaningful stake in each one. Each firm's managers typically keep a significant stake of their own and lead its strategic decisions. AMG adds growth capital and helps design and sell new products to institutions and wealthy investors. It also helps with succession planning between generations of partners and gives strategic advice. It has worked this way for more than three decades.
AMG makes money from the fees its Affiliates charge clients. Those clients include institutions, wealthy families and individuals around the world. Asset-based fees are a percentage of the money managed, while performance fees depend on investment results. As of December 31, 2025, Affiliates managed about $813 billion. That included roughly $312 billion in stocks and $227 billion in liquid alternatives, which are strategies such as global macro and trend-following designed to have little or no link to broader markets. It also included $146 billion in private markets (investments not traded on public exchanges) and $128 billion in multi-asset and fixed income. AMG has deliberately shifted its business toward alternatives.
By region, the United States supplied 71.7% of AMG's $2.07 billion in revenue for fiscal 2025. The United Kingdom supplied 25.4% and other countries 2.9%.
Price history
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AMG +64.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $1.49B | 71.7% |
| United Kingdom | $527.0M | 25.4% |
| Other | $60.5M | 2.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $640.7M, up 29.9% from a year earlier, and net income was $185.9M (+120.5%).
- For fiscal 2025, revenue was $2.07B (+1.6% year over year; +0.5% a year from FY2020 to FY2025) with a 34.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.5% watch |
|---|---|
| Free cash flow margin | 46.6% good |
| Return on equity (FY2025) | 22.1% good |
| Return on assets (FY2025) | 7.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.03B | $202.2M | $1.00B |
| FY2021 | $2.41B | $565.7M | $1.25B |
| FY2022 | $2.33B | $1.15B | $1.04B |
| FY2023 | $2.06B | $672.9M | $861.9M |
| FY2024 | $2.04B | $511.6M | $928.7M |
| FY2025 | $2.07B | $716.6M | $967.1M |
Valuation snapshot
| Market value | $10.17B |
|---|---|
| P/E ratio | 17.3 |
| Dividend yield | 0.35% |
Rank among 1514 US companies
Market value at each year end
Affiliated Managers Group’s market value went from $7.96B at the end of 2016 to $10.17B on Oct 28, 2026, up 28%; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.17B | +25.4% |
| 2025 | $8.11B | +45.1% |
| 2024 | $5.59B | +9.2% |
| 2023 | $5.12B | -14.2% |
| 2022 | $5.97B | -10.8% |
| 2021 | $6.69B | +45.0% |
| 2020 | $4.61B | +10.5% |
| 2019 | $4.18B | -18.6% |
| 2018 | $5.13B | -55.0% |
| 2017 | $11.41B | +43.2% |
| 2016 | $7.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMG price data to Oct 28, 2026 | +37.0% | +64.1% | +47.7% | +18.7% | +11.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +37.0% |
| 2025 | +55.9% |
| 2024 | +22.1% |
| 2023 | -4.4% |
| 2022 | -3.7% |
| 2021 | +61.8% |
| 2020 | +20.5% |
| 2019 | -11.8% |
| 2018 | -52.1% |
| 2017 | +41.9% |
| 2016 | -9.1% |
| 2015 | -24.7% |
| 2014 | -2.1% |
| 2013 | +66.6% |
| 2012 | +35.6% |
| 2011 | -3.3% |
| 2010 | +47.3% |
| 2009 | +60.7% |
| 2008 | -64.3% |
| 2007 | +11.7% |
| 2006 | +31.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78% over that stretch · deepest drop along the way 85.9%, back to its old high 49.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.9% over that stretch · deepest drop along the way 49.1%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.5% over that stretch · deepest drop along the way 32.9%, back to its old high 3.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($687K) and 5 sales ($10.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 8, 2026 | Jay C. Horgen President and CEO, Director | sell | $5.9M |
| Mar 6, 2026 | Thomas M Wojcik President and COO | sell | $2.3M |
| May 6, 2026 | David Christopher Ryan Director | sell | $1.0M |
| Mar 9, 2026 | Kavita Padiyar General Counsel & Corp. Sec. | sell | $612K |
| May 6, 2026 | G. Staley Cates Director | buy | $459K |
Who owns it
Large shareholders (13G filings)
| Morgan Stanley | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.12% | Mar 31, 2026 |
| Integrated Core Strategies (US) LLC | 3.6% | Sep 30, 2025 |
| Clarkston Capital Partners, LLC | 3.21% | Dec 31, 2025 |
ETFs with the most weight in AMG
| FXO First Trust Financials AlphaDEX Fund | 1.68% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.07% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.97% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.6% |
| NUSC Nuveen ESG Small-Cap ETF | 0.41% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 0.38% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.37% |
| DVAL BrandywineGLOBAL - Dynamic US Large Cap Value ETF | 0.36% |
What could go wrong
- A few large Affiliates drive results. Some Affiliates contribute more to AMG's results than others. Weak returns, lost clients or operational problems at one of them, especially one earning performance fees, could hurt AMG out of proportion to its size.
- Limited control over partner firms. Affiliates make their own strategic decisions, and each ownership deal is tailored. AMG may face sudden changes in an Affiliate's revenue or costs that it can do little about. It also relies on key people staying.
- Performance fees can swing sharply. Some fees depend on beating a benchmark. Under “high-watermark” rules, a product that falls behind must make up the shortfall before it earns performance fees again. Earnings can vary widely from year to year.
- Debt and large intangible assets. As of June 30, 2026, AMG had about $3.0 billion of debt and $411 million of cash and investments. Breaking loan terms could force early repayment, and its large intangible assets could be written down.
- Low-cost index funds squeeze fees. Demand for lower-fee index funds and ETFs can squeeze fees. Strategies charge different rates, so a shift in AMG's mix of assets could cut total fees even if assets hold steady or grow.
- Market drops and client exits shrink fees. Fees rise and fall with assets under management. Market declines, currency or interest-rate moves, and changing investor tastes can shrink assets. Clients can also end management contracts on short notice.
Recent events
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released; Other company announcement
For income and retirement investors
AMG pays only a token dividend. It cut the payout from $0.35 per share in fiscal 2020 to $0.04 in fiscal 2021 and has not raised it through fiscal 2025. The dividend used about 0.1% of fiscal 2025 earnings and of free cash flow (cash left after running and investing in the business). AMG returns cash mainly through buybacks. It spent $3.07 billion on them over fiscal 2021–2025, compared with $7.2 million in dividends. That helped shrink the share count by 36.4% between November 3, 2021 and August 5, 2026. Buybacks can raise each remaining share's claim on earnings, but they pay no cash to an income investor.
The share price has fallen hard in downturns. It dropped 85.9% in the 2008 financial crisis and did not fully recover until January 4, 2013. It fell 49.1% in the 2020 COVID crash and recovered by November 16, 2020. In the 2022 bear market it fell 32.9% and recovered by January 9, 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Affiliated Managers Group make money?
AMG earns money from the fees charged by independent investment firms it partly owns, called Affiliates. Those fees are based on the assets managed and, for some strategies, on investment results. AMG also helps Affiliates reach new clients, launch products and plan succession. In fiscal 2025, revenue was $2.07 billion, up 1.6%, and net income was $716.6 million. The United States supplied 71.7% of revenue and the United Kingdom 25.4%.
How much money do AMG's Affiliates manage?
About $813 billion as of December 31, 2025. That included roughly $312 billion in stocks, $227 billion in liquid alternatives, $146 billion in private markets (investments not traded on public exchanges) and $128 billion in multi-asset and fixed income. Liquid alternatives, such as global macro and trend-following, aim for returns with little link to broader markets. AMG has deliberately shifted toward alternatives. Its goal is faster long-term growth and steadier cash flow.
Does AMG pay a dividend?
Yes, but it is tiny. AMG paid $0.04 per share in each year from fiscal 2021 through 2025, down from $0.35 in fiscal 2020. It has no streak of increases. The dividend took about 0.1% of fiscal 2025 earnings. Dividends over fiscal 2021–2025 totaled $7.2 million, compared with $3.07 billion spent on buybacks. Investors who need regular income would get very little from this stock.
Does AMG buy back its own stock?
Yes, in large amounts. AMG spent $3.07 billion on buybacks over fiscal 2021–2025, including $706.3 million in fiscal 2025. Its share count fell 36.4%, from about 40.7 million on November 3, 2021 to about 25.9 million on August 5, 2026. With fewer shares, each remaining share has a claim on a bigger slice of profits. Unlike a dividend, though, a buyback pays no cash to shareholders who keep their shares.
How has AMG stock performed over the long run?
Its share price has risen over five and ten years, with deep drops along the way. As of October 28, 2026, it had gained 64.1% over one year. It averaged 18.7% a year over five years and 11.5% a year over ten years. Swings have been large. The stock rose 55.9% in 2025 but fell 52.2% in 2018. It lost 85.9% from peak to low in the 2008 financial crisis.