Affiliated Managers Group, Inc. (AMG) Stock

Affiliated Managers Group, Inc. (AMG) is a Financials stock trading at $352.94 (as of 2026-08-20), with a market capitalization of $9.32B and a trailing P/E of 10.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Affiliated Managers Group, Inc., through its affiliates, provides investment management and related advisory services to mutual funds and a range of institutional and individual clients in the United States. It offers advisory or subadvisory services to mutual funds and provides investment products across multiple styles—including quantitative, alternative, and fixed income—plus asset management for retirement plans and other institutional accounts.

Understand Affiliated Managers Group, Inc.: how it makes money

Affiliated Managers Group (AMG) provides investment management services to mutual funds, institutional clients, and high net worth individuals, earning money primarily through advisory and subadvisory arrangements that depend on the amount of client assets it manages.

AMG’s profitability is driven by fee-based earnings that track Assets Under Management, which moves with Net Client Cash Flows (including mix shifts like inflows into alternatives and outflows in equities).

Business quality (Strong): Clear operating drivers are available (AUM and Net Client Cash Flows), but the provided facts do not include official reportable segment breakouts, limiting segment-level insight.

Valuation: At 15× earnings, AMG trades 57% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Assets base remains large, with AUM at 882.0 USD_B (period end): A large and stable AUM base supports ongoing management-fee potential.
Net client cash flows are positive at 22.5 USD_B: Positive net flows indicate client demand that can help sustain growth in the managed-asset base.
Alternatives show net inflows (Liquid Alternatives net inflows of 14.0 USD_B, and Net Inflows Into Alternatives of 7.5 USD_B): Mix tailwinds from alternatives may be supportive if they translate into durable feeable AUM.

Bear case

Equities show net outflows (Net Outflows (Equities) of 9.0 USD_B): If equity outflows persist, AUM and related fee revenue can face pressure even if other strategies attract inflows.
Net client cash outflows are present at 8.0 USD_B: Outflows reduce the fee-paying asset base, which can offset positive inflows elsewhere.
AUM mix signals divergence (Alternatives AUM at 353.0 USD_B, while equities experienced outflows): Clients may rotate between strategies, making results more sensitive to product-level flow patterns.

Valuation — source: SEC EDGAR (first-party)
Price	$352.94
Market Cap	$9.32B
P/E Ratio	10.9
EV / EBITDA	8.6
Price / Book	2.37
Price / Sales	4.11
FCF Yield	11.4%
DCF Value (model)	$313.69
DCF Upside vs Price	-11.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.07B
Net Margin	34.5%
Revenue Growth (YoY)	29.9%
EPS Growth (YoY)	138.2%
FCF Growth (YoY)	4.2%

Valuation vs Sector & Industry
Stock P/E	10.9
Sector P/E (Financials)	15.1
Industry P/E (Trading)	34.6
vs Sector	-28.1%
vs Industry	-68.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($793.48M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Trading
CEO	Jay Horgen
Employees	4,100
Country	US
IPO Date	1997-11-21

Related Companies (Business model: Asset Manager (Traditional + Alternatives); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.