Affiliated Managers Group Past Earnings Performance
Past criteria checks 5/6
Affiliated Managers Group has been growing earnings at an average annual rate of 1.3%, while the Capital Markets industry saw earnings growing at 6.3% annually. Revenues have been declining at an average rate of 3.1% per year. Affiliated Managers Group's return on equity is 22.4%, and it has net margins of 35.5%.
Key information
1.34%
Earnings growth rate
9.44%
EPS growth rate
| Capital Markets Industry Growth | 10.26% |
| Revenue growth rate | -3.14% |
| Return on equity | 22.39% |
| Net Margin | 35.55% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 28
AMG: Share Repurchases And Maintained Fair Value Will Support Future Upside
Analysts have maintained their price target for Affiliated Managers Group at $454, citing only modest adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions rather than any major change to the investment case. What's in the News From January 1, 2026 to March 31, 2026, Affiliated Managers Group repurchased 617,615 shares for US$186 million, representing 2.09% of its shares, under the buyback announced on July 29, 2024.Narrative Update • May 08
AMG: Extensive Share Repurchases Will Support Future Upside Potential
Analysts now set a lower price target for Affiliated Managers Group at $454, down from $463, reflecting updated assumptions that combine slightly higher revenue growth expectations with a somewhat lower profit margin outlook and a modestly reduced future P/E multiple. What's in the News Affiliated Managers Group completed a share repurchase program announced on July 29, 2024, buying back 4,014,662 shares, or 13.87% of its stock, for a total of US$906.27 million.Seeking Alpha • May 04
Tracking AMG's Yacktman Asset Management Portfolio - Q1 2026 Update
Summary Yacktman Asset Management's Q1 2026 13F portfolio rose to ~$7.5B, with 76 holdings and 11.5% cash, led by Canadian Natural Resources at 10.75%. Portfolio concentration remains high, with the top five positions—CNQ, MSFT, SCHW, FOX, and GOOGL—comprising ~29% of assets. Significant new stakes include PayPal, FactSet, and Avantor, while Warner Bros. Discovery was fully exited. Key activity featured incremental increases in MSFT, UHAL, and PG and continued trimming of large positions like CNQ, SCHW, FOX, and GOOGL. Read the full article on Seeking AlphaNarrative Update • Apr 20
AMG: Share Repurchases And Higher Future P/E Will Support Upside
Analysts have nudged their price target for Affiliated Managers Group to $463 from $457, reflecting updated assumptions around slightly different revenue growth, profit margin, discount rate and future P/E expectations. What's in the News Affiliated Managers Group, Inc.
Narrative Update • Apr 06
AMG: Ongoing Share Repurchases And Modest Margin Reset Will Support Upside
Analysts have nudged their price target on Affiliated Managers Group down by about $10 to $382. This reflects updated assumptions for slightly lower profit margins alongside a somewhat higher future P/E multiple applied to their fair value estimate.Narrative Update • Mar 23
AMG: Ongoing Share Repurchases Will Support Future Upside Potential
Analysts have kept their $392.29 price target for Affiliated Managers Group unchanged, citing consistent assumptions regarding the discount rate, revenue growth, profit margin and future P/E as the basis for maintaining their view. What's in the News Affiliated Managers Group announced a share repurchase program allowing the buyback of up to 4,200,000 common shares, with no stated expiration date (Key Developments).Narrative Update • Mar 08
AMG: Ongoing Share Repurchases Will Support Future Upside Potential
Analysts have lifted their price target for Affiliated Managers Group by roughly $47, to around $392, as they factor in updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Affiliated Managers Group, Inc.Narrative Update • Feb 21
AMG: Ongoing Share Repurchases Will Support Strong Upside Potential
Analysts have reduced their price target on Affiliated Managers Group from $495.00 to $457.00. This reflects updated assumptions that combine higher projected revenue growth and a slightly higher future P/E with a lower fair value estimate and a reduced profit margin outlook.
Narrative Update • Feb 07
AMG: Lower Discount Rate Will Likely Leave Shares Overextended
Analysts have raised their price target for Affiliated Managers Group from $195.00 to $255.00, citing updated assumptions that include higher revenue growth estimates, a slightly higher future P/E multiple, a modestly stronger profit margin profile, and a lower discount rate in their valuation work. Valuation Changes Fair Value Estimate: Target price updated from US$195.00 to US$255.00 per share.Narrative Update • Jan 24
AMG: Share Repurchases And Refined Forecasts Will Support Strong Upside Potential
Analysts have nudged their price target on Affiliated Managers Group up by $10 to $495, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that slightly refine their outlook on the shares. What's in the News From July 1, 2025 to September 30, 2025, Affiliated Managers Group repurchased 334,572 shares, representing 1.18% of shares, for a total of $76.97 million under its current buyback program (Key Developments).Narrative Update • Jan 09
AMG: Ongoing Buybacks And Improved Assumptions Will Support Future Upside
Analysts have raised their price target for Affiliated Managers Group from about $308 to roughly $346, citing updated assumptions around revenue growth, profit margins, future P/E, and a slightly lower discount rate in their valuation work. What's in the News Affiliated Managers Group repurchased 334,572 shares between July 1, 2025 and September 30, 2025, representing 1.18% of shares for US$76.97 million (company disclosure).Narrative Update • Dec 24
AMG Share Repurchases Are Expected To Drive Strong Shareholder Upside
Analysts have raised their price target on Affiliated Managers Group from approximately $331 to $485 per share, citing expectations for stronger revenue growth, improving profit margins, a modestly lower discount rate, and a higher future earnings multiple. What's in the News Affiliated Managers Group completed a major share repurchase program, buying back 2,048,530 shares, or about 7.02% of shares outstanding, for a total of $370.28 million under its July 29, 2024 authorization (Key Developments).Narrative Update • Dec 10
AMG: Ongoing Buybacks Will Drive Future Upside Potential
Analysts have modestly increased their price target on Affiliated Managers Group to approximately $308 per share, reflecting slightly higher long term discount rate and valuation multiple assumptions. This suggests a marginally more favorable risk reward profile despite unchanged core fundamentals.Narrative Update • Nov 26
AMG: Share Repurchases And New Credit Partnership Will Lift Future Profits
Analysts have slightly lowered their price target for Affiliated Managers Group to $307.71, down from $308. They cited modest adjustments to projected revenue growth and discount rate assumptions.Narrative Update • Nov 05
AMG: Expanded Credit Partnership And Share Buybacks Will Drive Profitability
Narrative Update on Affiliated Managers Group: Analyst Price Target Raised Analysts have raised their price target for Affiliated Managers Group from $288.71 to $308.00. They cite improved profit margin projections and a lower discount rate as key factors.Narrative Update • Oct 22
Analysts Lift Affiliated Managers Group Price Target as Valuation Metrics Improve Following Strategic Moves
Analysts have raised their price target for Affiliated Managers Group from $274.86 to $288.71. They cite incremental improvements to valuation metrics and discount rates in their latest models.Narrative Update • Oct 08
Persistent Global Demand And Private Markets Will Unlock Value
Analysts have raised their price target for Affiliated Managers Group, increasing it by $11 to $274.86. This change reflects more optimistic revenue growth forecasts, despite a slightly higher discount rate and minor adjustments to profit margin expectations.Narrative Update • Sep 24
Persistent Global Demand And Private Markets Will Unlock Value
The upward revision in Affiliated Managers Group’s price target reflects stronger revenue growth forecasts and a lower future P/E multiple, resulting in a new consensus fair value of $263.86. What's in the News Repurchased 592,682 shares for $100 million from April 1 to June 30, 2025, totaling 1,713,958 shares (5.78%) for $293.31 million under the current buyback program.Narrative Update • Sep 03
Persistent Global Demand And Private Markets Will Unlock Value
The upward revision in Affiliated Managers Group's consensus price target is primarily driven by a higher future P/E multiple, underscoring increased investor confidence in growth prospects, with fair value now estimated at $253.86. What's in the News Repurchased 592,682 shares (2%) for $100 million in Q2 2025, completing a total buyback of 1,713,958 shares (5.78%) for $293.31 million under the July 2024 program.Seeking Alpha • Feb 19
In Search For 7% Investment-Grade Yields For The Long Term, Part 1: Affiliated Managers Group And Its Baby Bonds
Summary AMG offers a unique investment opportunity in diverse, cash-generating firms, despite underperforming common stock and declining revenue. Investment-grade AMG bonds present a 6.4% yield with potential capital appreciation if long-term yields decline, making them attractive in the current environment. AMG's solid credibility and investment-grade rating, despite declining revenue, make its bonds a safer bet compared to its stock. MGRD bonds offer a decent yield spread over treasury benchmarks, with high capital appreciation potential if yields move lower, balancing interest rate risk. Read the full article on Seeking AlphaSeeking Alpha • Nov 05
Affiliated Managers Group: Unfavorable Outlook Is Priced In (Rating Downgrade)
Summary I downgrade my rating for Affiliated Managers Group to a Hold after evaluating the stock's financial outlook and valuation metrics. AMG's Q3 2024 financial results and Q4 2024 guidance failed to meet the market's expectations. The stock's valuations are already reflective of the company's unfavorable prospects. AMG is currently trading at a high-single-digit forward P/E and a 2024 buyback yield of above 10%. Read the full article on Seeking Alpha
New Narrative • Aug 29
High-Growth Strategies Boost Prospects Despite Risks Of Shrinking Margins And Earnings Pressure
Investments in high-growth areas and strategic U.S. wealth market expansion are set to drive organic growth and broaden investor access.Seeking Alpha • Jul 29
Affiliated Managers Group: Growing EPS And Fed Pivot Beneficiary
Summary AMG manages $701 billion in assets, primarily in Alternatives and Equities. AMG has marginally underperformed the iShares U.S. Financials ETF in 2024. The company reported positive net client flows in Q2 2024 and Economic EPS growth of 5% Y/Y boosted by aggressive share repurchases. The investment case rests on an attractive valuation, stable fixed-rate long-term financing, and a tailwind for alternative managers from lower Fed rates. Key risks to mention are increased competition from banks, potential delay in Fed rate cuts, and a balance sheet dominated by intangibles. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Affiliated Managers Group makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 2,123 | 755 | 421 | 0 |
| 31 Dec 25 | 2,074 | 717 | 409 | 0 |
| 30 Sep 25 | 2,042 | 531 | 389 | 0 |
| 30 Jun 25 | 2,030 | 443 | 386 | 0 |
| 31 Mar 25 | 2,038 | 434 | 380 | 0 |
| 31 Dec 24 | 2,041 | 512 | 377 | 0 |
| 30 Sep 24 | 2,019 | 546 | 363 | 0 |
| 30 Jun 24 | 2,028 | 639 | 357 | 0 |
| 31 Mar 24 | 2,040 | 688 | 353 | 0 |
| 31 Dec 23 | 2,058 | 673 | 358 | 0 |
| 30 Sep 23 | 2,095 | 1,255 | 383 | 0 |
| 30 Jun 23 | 2,148 | 1,150 | 385 | 0 |
| 31 Mar 23 | 2,240 | 1,134 | 393 | 0 |
| 31 Dec 22 | 2,330 | 1,146 | 386 | 0 |
| 30 Sep 22 | 2,482 | 546 | 373 | 0 |
| 30 Jun 22 | 2,478 | 562 | 362 | 0 |
| 31 Mar 22 | 2,461 | 562 | 358 | 0 |
| 31 Dec 21 | 2,412 | 566 | 347 | 0 |
| 30 Sep 21 | 2,275 | 503 | 334 | 0 |
| 30 Jun 21 | 2,195 | 446 | 325 | 0 |
| 31 Mar 21 | 2,079 | 368 | 310 | 0 |
| 31 Dec 20 | 2,028 | 202 | 321 | 0 |
| 30 Sep 20 | 2,029 | 109 | 331 | 0 |
| 30 Jun 20 | 2,083 | 124 | 349 | 0 |
| 31 Mar 20 | 2,204 | 201 | 372 | 0 |
| 31 Dec 19 | 2,240 | 16 | 377 | 0 |
| 30 Sep 19 | 2,249 | -158 | 387 | 0 |
| 30 Jun 19 | 2,301 | -119 | 398 | 0 |
| 31 Mar 19 | 2,309 | -110 | 407 | 0 |
| 31 Dec 18 | 2,378 | 244 | 418 | 0 |
| 30 Sep 18 | 2,418 | 710 | 418 | 0 |
| 30 Jun 18 | 2,402 | 711 | 407 | 0 |
| 31 Mar 18 | 2,373 | 720 | 391 | 0 |
| 31 Dec 17 | 2,305 | 690 | 373 | 0 |
| 30 Sep 17 | 2,251 | 525 | 381 | 0 |
| 30 Jun 17 | 2,210 | 509 | 383 | 0 |
| 31 Mar 17 | 2,194 | 491 | 392 | 0 |
| 31 Dec 16 | 2,195 | 473 | 398 | 0 |
| 30 Sep 16 | 2,234 | 470 | 400 | 0 |
| 30 Jun 16 | 2,302 | 468 | 413 | 0 |
| 31 Mar 16 | 2,395 | 486 | 430 | 0 |
| 31 Dec 15 | 2,485 | 510 | 444 | 0 |
| 30 Sep 15 | 2,536 | 535 | 457 | 0 |
| 30 Jun 15 | 2,563 | 530 | 463 | 0 |
Quality Earnings: AMG has a large one-off gain of $445.7M impacting its last 12 months of financial results to 31st March, 2026.
Growing Profit Margin: AMG's current net profit margins (35.5%) are higher than last year (21.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AMG's earnings have grown by 1.3% per year over the past 5 years.
Accelerating Growth: AMG's earnings growth over the past year (73.8%) exceeds its 5-year average (1.3% per year).
Earnings vs Industry: AMG earnings growth over the past year (73.8%) exceeded the Capital Markets industry 38.3%.
Return on Equity
High ROE: AMG's Return on Equity (22.4%) is considered high.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/05 21:37 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Affiliated Managers Group, Inc. is covered by 12 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Alexander Paris | Barrington Research Associates, Inc. |
| Craig Siegenthaler | BofA Global Research |
| William Katz | Citigroup Inc |