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AFFILIATED MANAGERS GROUP, INC.

AMG Clue Score62
United States Fiscal year ends December CIK 0001004434
$387.26 +0.07% Close, 9 Oct 2026
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Price $387.26 +158.19% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2,194.6Operating income1,034.1Net income472.8EPS, diluted8.57Fiscal year 2017Revenue2,305.0 +5.0%Operating income1,107.9Net income689.5 +45.8%EPS, diluted12.03 +40.4%Fiscal year 2018Revenue2,378.4 +3.2%Net income243.6 −64.7%EPS, diluted4.52 −62.4%Fiscal year 2019Revenue2,239.6 −5.8%Net income15.7 −93.6%EPS, diluted0.31 −93.1%Fiscal year 2020Revenue2,027.5 −9.5%Net income202.2 +1,187.9%EPS, diluted4.33 +1,296.8%Fiscal year 2021Revenue2,412.4 +19.0%Net income565.7 +179.8%EPS, diluted13.05 +201.4%Fiscal year 2022Revenue2,329.6 −3.4%Net income1,145.9 +102.6%EPS, diluted25.35 +94.3%Fiscal year 2023Revenue2,057.8 −11.7%Net income672.9 −41.3%EPS, diluted17.42 −31.3%Fiscal year 2024Revenue2,040.9 −0.8%Net income511.6 −24.0%EPS, diluted15.13 −13.1%Fiscal year 2025Revenue2,074.4 +1.6%Net income716.6 +40.1%EPS, diluted22.74 +50.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,194.6 2,305.0 2,378.4 2,239.6 2,027.5 2,412.4 2,329.6 2,057.8 2,040.9 2,074.4
Growth +5.0% +3.2% −5.8% −9.5% +19.0% −3.4% −11.7% −0.8% +1.6%
Operating income 1,034.1 1,107.9 n/a n/a n/a n/a n/a n/a n/a n/a
Net income 472.8 689.5 243.6 15.7 202.2 565.7 1,145.9 672.9 511.6 716.6
Growth +45.8% −64.7% −93.6% +1,187.9% +179.8% +102.6% −41.3% −24.0% +40.1%
EPS, diluted 8.57 12.03 4.52 0.31 4.33 13.05 25.35 17.42 15.13 22.74
Growth +40.4% −62.4% −93.1% +1,296.8% +201.4% +94.3% −31.3% −13.1% +50.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin47.1%Net margin21.5%Free cash flow margin46.9%Fiscal year 2017Operating margin48.1%Net margin29.9%Free cash flow margin50.0%Fiscal year 2018Net margin10.2%Free cash flow margin47.2%Fiscal year 2019Net margin0.7%Free cash flow margin41.1%Fiscal year 2020Net margin10.0%Free cash flow margin49.4%Fiscal year 2021Net margin23.4%Free cash flow margin51.8%Fiscal year 2022Net margin49.2%Free cash flow margin44.8%Fiscal year 2023Net margin32.7%Free cash flow margin41.9%Fiscal year 2024Net margin25.1%Free cash flow margin45.5%Fiscal year 2025Net margin34.5%Free cash flow margin46.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 47.1% 48.1% n/a n/a n/a n/a n/a n/a n/a n/a
Net margin 21.5% 29.9% 10.2% 0.7% 10.0% 23.4% 49.2% 32.7% 25.1% 34.5%
Free cash flow margin 46.9% 50.0% 47.2% 41.1% 49.4% 51.8% 44.8% 41.9% 45.5% 46.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1,050.3Capital expenditure−20.2Free cash flow1,030.1Buybacks−33.4Dividends paid0.0Fiscal year 2017Operating cash flow1,170.4Capital expenditure−18.5Free cash flow1,151.9 +11.8%Buybacks−351.3Dividends paid−44.9Fiscal year 2018Operating cash flow1,140.6Capital expenditure−18.7Free cash flow1,121.9 −2.6%Buybacks−496.1Dividends paid−64.4Fiscal year 2019Operating cash flow929.1Capital expenditure−9.6Free cash flow919.5 −18.0%Buybacks−356.1Dividends paid−65.3Fiscal year 2020Operating cash flow1,009.3Capital expenditure−8.5Free cash flow1,000.8 +8.8%Buybacks−335.1Dividends paid−16.8Fiscal year 2021Operating cash flow1,259.2Capital expenditure−8.4Free cash flow1,250.8 +25.0%Buybacks−595.3Dividends paid−1.7Fiscal year 2022Operating cash flow1,054.7Capital expenditure−11.4Free cash flow1,043.3 −16.6%Buybacks−713.8Dividends paid−1.6Fiscal year 2023Operating cash flow874.3Capital expenditure−12.4Free cash flow861.9 −17.4%Buybacks−341.9Dividends paid−1.5Fiscal year 2024Operating cash flow932.1Capital expenditure−3.4Free cash flow928.7 +7.8%Buybacks−709.8Dividends paid−1.4Fiscal year 2025Operating cash flow973.2Capital expenditure−6.1Free cash flow967.1 +4.1%Buybacks−706.3Dividends paid−1.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1,050.3 1,170.4 1,140.6 929.1 1,009.3 1,259.2 1,054.7 874.3 932.1 973.2
Capital expenditure −20.2 −18.5 −18.7 −9.6 −8.5 −8.4 −11.4 −12.4 −3.4 −6.1
Free cash flow 1,030.1 1,151.9 1,121.9 919.5 1,000.8 1,250.8 1,043.3 861.9 928.7 967.1
Growth +11.8% −2.6% −18.0% +8.8% +25.0% −16.6% −17.4% +7.8% +4.1%
Buybacks −33.4 −351.3 −496.1 −356.1 −335.1 −595.3 −713.8 −341.9 −709.8 −706.3
Dividends paid 0.0 −44.9 −64.4 −65.3 −16.8 −1.7 −1.6 −1.5 −1.4 −1.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash430.8Total debt868.6Net cash (debt)−437.8Shareholders’ equity3,619.6Debt to equity0.24Fiscal year 2017Cash439.5Total debt809.0Net cash (debt)−369.5Shareholders’ equity3,822.2Debt to equity0.21Fiscal year 2018Cash565.5Total debt1,829.6Net cash (debt)−1,264.1Shareholders’ equity3,457.4Debt to equity0.53Fiscal year 2019Cash539.6Total debt1,793.8Net cash (debt)−1,254.2Shareholders’ equity2,937.5Debt to equity0.61Fiscal year 2020Cash1,039.7Total debt2,312.1Net cash (debt)−1,272.4Shareholders’ equity2,779.7Debt to equity0.83Fiscal year 2021Cash908.5Total debt2,490.4Net cash (debt)−1,581.9Shareholders’ equity2,786.4Debt to equity0.89Fiscal year 2022Cash429.2Total debt2,535.3Net cash (debt)−2,106.1Shareholders’ equity3,230.3Debt to equity0.78Fiscal year 2023Cash813.6Total debt2,537.5Net cash (debt)−1,723.9Shareholders’ equity3,587.9Debt to equity0.71Fiscal year 2024Cash950.0Total debt2,620.2Net cash (debt)−1,670.2Shareholders’ equity3,345.3Debt to equity0.78Fiscal year 2025Cash586.0Total debt2,691.3Net cash (debt)−2,105.3Shareholders’ equity3,238.4Debt to equity0.83
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 430.8 439.5 565.5 539.6 1,039.7 908.5 429.2 813.6 950.0 586.0
Total debt 868.6 809.0 1,829.6 1,793.8 2,312.1 2,490.4 2,535.3 2,537.5 2,620.2 2,691.3
Net cash (debt) −437.8 −369.5 −1,264.1 −1,254.2 −1,272.4 −1,581.9 −2,106.1 −1,723.9 −1,670.2 −2,105.3
Shareholders’ equity 3,619.6 3,822.2 3,457.4 2,937.5 2,779.7 2,786.4 3,230.3 3,587.9 3,345.3 3,238.4
Debt to equity 0.24 0.21 0.53 0.61 0.83 0.89 0.78 0.71 0.78 0.83

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
2,194.6 2,305.0 2,378.4 2,239.6 2,027.5 2,412.4 2,329.6 2,057.8 2,040.9 2,074.4
Growth +5.0% +3.2% −5.8% −9.5% +19.0% −3.4% −11.7% −0.8% +1.6%
398.1 373.1 417.7 376.8 321.4 347.1 385.5 358.2 376.5 408.6
1,034.1 1,107.9 n/a n/a n/a n/a n/a n/a n/a n/a
Growth +7.1%
974.6 1,067.1 713.6 308.0 508.4 1,141.1 1,746.4 1,091.4 923.2 1,186.3
235.6 58.4 181.3 2.9 81.4 251.0 358.3 185.3 182.6 282.3
472.8 689.5 243.6 15.7 202.2 565.7 1,145.9 672.9 511.6 716.6
Growth +45.8% −64.7% −93.6% +1,187.9% +179.8% +102.6% −41.3% −24.0% +40.1%
Per share
8.73 12.30 4.55 0.31 4.34 13.65 29.77 19.18 16.45 25.18
8.57 12.03 4.52 0.31 4.33 13.05 25.35 17.42 15.13 22.74
Growth +40.4% −62.4% −93.1% +1,296.8% +201.4% +94.3% −31.3% −13.1% +50.3%
54.2 56.0 53.6 50.5 46.5 41.5 38.5 35.1 31.1 28.5
57.0 58.6 53.8 50.6 46.7 44.8 49.0 42.2 36.1 33.0
Growth +2.8% −8.2% −5.9% −7.7% −4.1% +9.4% −13.9% −14.5% −8.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 0.5% a year over five years, and earnings per share grew 39.3% a year.
  • The diluted share count fell 29.3% in five years, so buybacks did some of the work per share.
  • Profitable in every one of the 10 years on file.