AFFILIATED MANAGERS GROUP, INC. AMG
AMG is a strategic partner to leading independent investment firms globally. Our strategy is to generate long-term value
by investing in high-quality independent partner-owned firms, which we refer to as "Affiliates," through a proven partnership
approach, and allocating resources across our unique opportunity set to the areas of highest growth and return.
We believe that high-quality, partner-owned firms have fundamental competitive advantages in meeting client objectives.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.07B | $2.04B | $2.06B | $2.33B | $2.41B | $2.03B | $2.24B | $2.38B | $2.31B | $2.19B |
| SG&A | $408.6M | $376.5M | $358.2M | $385.5M | $347.1M | $321.4M | $376.8M | $417.7M | $373.1M | $398.1M |
| Total operating expenses | $1.81B | $1.51B | $1.50B | $1.67B | $1.63B | $1.51B | $1.62B | $1.69B | $1.60B | $1.60B |
| Operating income | — | — | — | — | — | — | — | — | $1.11B | $1.03B |
| Interest expense | — | — | $123.8M | $114.4M | $111.4M | $92.3M | $76.2M | $80.6M | $87.8M | $91.7M |
| Pre-tax income | $1.19B | $923.2M | $1.09B | $1.75B | $1.14B | $508.4M | $308.0M | $713.6M | $1.07B | $974.6M |
| Income tax | $282.3M | $182.6M | $185.3M | $358.3M | $251.0M | $81.4M | $2.9M | $181.3M | $58.4M | $235.6M |
| Net income | $904.0M | $740.6M | $906.1M | $1.39B | $890.1M | $202.2M | $15.7M | $243.6M | $689.5M | $472.8M |
| EPS, basic | 25.18 | 16.45 | 19.18 | 29.77 | 13.65 | 4.34 | 0.31 | 4.55 | 12.30 | 8.73 |
| EPS, diluted | 22.74 | 15.13 | 17.42 | 25.35 | 13.05 | 4.33 | 0.31 | 4.52 | 12.03 | 8.57 |
| Shares, diluted (wtd. avg.) | $33.0M | $36.1M | $42.2M | $49.0M | $44.8M | $46.7M | $50.6M | $53.8M | $58.6M | $57.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $586.0M | $950.0M | $813.6M | $429.2M | $908.5M | $1.04B | $539.6M | $565.5M | $439.5M | $430.8M |
| Property, plant and equipment | $54.4M | $57.6M | $67.3M | $68.5M | $73.9M | $79.6M | $92.3M | $104.3M | $111.0M | $110.1M |
| Goodwill | $2.53B | $2.50B | $2.52B | $2.65B | $2.69B | $2.66B | $2.65B | $2.63B | $2.66B | $2.63B |
| Other intangibles | $1.64B | $1.78B | $1.81B | $1.88B | $1.97B | $1.05B | $1.18B | $1.31B | $1.45B | $1.50B |
| Total assets | $9.21B | $8.83B | $9.06B | $8.88B | $8.88B | $7.89B | $7.65B | $8.22B | $8.70B | $8.75B |
| Long-term debt | $2.69B | $2.62B | $2.54B | $2.54B | $2.49B | $2.31B | $1.79B | $1.83B | $809.0M | $868.6M |
| Total liabilities | $4.79B | $4.18B | $4.10B | $4.24B | $4.49B | $3.90B | $3.24B | $3.25B | $3.31B | $3.65B |
| Retained earnings | $7.62B | $6.90B | $6.39B | $5.72B | $4.57B | $4.01B | $3.82B | $3.88B | $3.70B | $3.05B |
| Total equity | $3.24B | $3.35B | $4.57B | $4.18B | $3.71B | $3.32B | $3.50B | $4.13B | $4.58B | $4.43B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $973.2M | $932.1M | $874.3M | $1.05B | $1.26B | $1.01B | $929.1M | $1.14B | $1.17B | $1.05B |
| Stock-based compensation | — | $111.6M | $112.1M | $113.8M | $126.7M | $119.2M | $90.4M | — | — | — |
| Capital expenditure | $6.1M | $3.4M | $12.4M | $11.4M | $8.4M | $8.5M | $9.6M | $18.7M | $18.5M | $20.2M |
| Investing cash flow | -$206.1M | $379.1M | $264.5M | -$109.9M | -$583.7M | -$53.7M | -$24.4M | -$18.2M | $13.8M | -$1.33B |
| Financing cash flow | -$1.15B | -$1.18B | -$758.3M | -$1.40B | -$798.3M | -$455.4M | -$934.7M | -$983.1M | -$1.19B | $200.9M |
| Dividends paid | $1.0M | $1.4M | $1.5M | $1.6M | $1.7M | $16.8M | $65.3M | $64.4M | $44.9M | $0 |
| Buybacks | $706.3M | $709.8M | $341.9M | $713.8M | $595.3M | $335.1M | $356.1M | $496.1M | $351.3M | $33.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-025798.
Others in SIC 6282
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|---|---|---|---|---|
| BX | Blackstone Inc. | $102.20B | 35.2x | 9.2% |
| KKR | KKR & Co. Inc. | $96.70B | — | -11.0% |
| APO | Apollo Global Management, Inc. | $78.94B | 24.1x | 22.7% |
| AMP | AMERIPRISE FINANCIAL INC | $49.52B | 15.5x | 5.5% |
| TROW | PRICE T ROWE GROUP INC | $23.42B | 11.9x | 3.1% |
| BEN | FRANKLIN TEMPLETON INC | $17.65B | 38.2x | 3.5% |
| CG | Carlyle Group Inc. | $16.74B | 21.5x | -11.9% |
| IVZ | Invesco Ltd. | $14.60B | — | 5.1% |