Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 12.2x · ROE 15.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $9.5B | $6.7B | $6.4B | $7.8B | $7.4B | $4.7B | $4.3B | $5.2B | $12.0B | $8.3B |
| Enterprise Value | $11.6B | $11.6B | $8.3B | $8.1B | $9.9B | $9.0B | $6.0B | $6.0B | $7.3B | $13.4B | $10.0B |
| P/E Ratio → | 15.82 | 12.68 | 12.22 | 8.69 | 6.25 | 12.61 | 23.49 | 273.35 | 21.56 | 17.06 | 16.95 |
| P/S Ratio | 3.88 | 3.89 | 3.27 | 3.11 | 3.33 | 3.06 | 2.34 | 1.91 | 2.20 | 5.22 | 3.77 |
| P/B Ratio | 2.68 | 2.15 | 1.44 | 1.29 | 1.67 | 1.68 | 1.19 | 0.97 | 1.06 | 2.23 | 1.62 |
| P/FCF | 9.46 | 9.47 | 7.19 | 7.41 | 7.44 | 5.89 | 4.75 | 4.66 | 4.67 | 10.44 | 8.04 |
| P/OCF | 9.40 | 9.41 | 7.16 | 7.31 | 7.36 | 5.85 | 4.71 | 4.62 | 4.60 | 10.28 | 7.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.75 | 4.09 | 3.94 | 4.24 | 3.71 | 2.97 | 2.68 | 3.06 | 5.83 | 4.54 |
| EV / EBITDA | 12.25 | 12.26 | 11.14 | 10.24 | 11.31 | 8.79 | 7.32 | 6.51 | 8.06 | 11.07 | 11.93 |
| EV / EBIT | 14.94 | 8.78 | 7.90 | 6.68 | 5.30 | 7.15 | 10.02 | 15.60 | 9.17 | 11.64 | 9.34 |
| EV / FCF | — | 11.56 | 8.99 | 9.41 | 9.46 | 7.16 | 6.02 | 6.52 | 6.49 | 11.67 | 9.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.0% | 86.0% | 55.2% | 55.9% | 54.0% | 56.6% | 56.4% | 57.9% | 58.5% | 57.5% | 57.5% |
| Operating Margin | 31.8% | 31.8% | 34.6% | 35.5% | 34.6% | 40.0% | 32.7% | 33.7% | 32.2% | 48.1% | 32.1% |
| Net Profit Margin | 29.3% | 29.3% | 25.1% | 32.7% | 49.2% | 23.4% | 10.0% | 0.7% | 10.2% | 29.9% | 21.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 10.6% | 14.0% | 25.4% | 13.5% | 4.8% | 0.3% | 4.7% | 13.1% | 10.0% |
| ROA | 7.9% | 7.9% | 5.7% | 7.5% | 12.9% | 6.7% | 2.6% | 0.2% | 2.9% | 7.9% | 5.7% |
| ROIC | 8.1% | 8.1% | 7.2% | 7.5% | 8.6% | 11.0% | 7.7% | 7.9% | 7.8% | 11.5% | 7.9% |
| ROCE | 9.4% | 9.4% | 8.5% | 8.8% | 9.9% | 12.7% | 9.3% | 10.4% | 10.0% | 13.9% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.56 | 0.51 | 0.55 | 0.57 | 0.58 | 0.51 | 0.53 | 0.34 | 0.41 |
| Debt / EBITDA | 2.84 | 2.84 | 3.50 | 3.20 | 2.91 | 2.45 | 2.81 | 2.44 | 2.89 | 1.53 | 2.53 |
| Net Debt / Equity | — | 0.48 | 0.36 | 0.35 | 0.45 | 0.36 | 0.32 | 0.39 | 0.41 | 0.26 | 0.33 |
| Net Debt / EBITDA | 2.22 | 2.22 | 2.23 | 2.18 | 2.41 | 1.55 | 1.55 | 1.85 | 2.26 | 1.17 | 2.01 |
| Debt / FCF | — | 2.10 | 1.80 | 2.00 | 2.02 | 1.26 | 1.27 | 1.85 | 1.82 | 1.23 | 1.63 |
| Interest Coverage | 9.69 | 9.69 | 7.93 | 9.82 | 16.27 | 11.24 | 6.51 | 5.04 | 9.85 | 13.15 | 11.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.45 | 1.18 | 1.28 |
| Quick Ratio | 1.34 | 1.34 | 2.22 | 2.61 | 1.88 | 1.78 | 2.16 | 1.60 | 1.45 | 1.18 | 1.28 |
| Cash Ratio | 0.73 | 0.73 | 1.49 | 1.29 | 0.55 | 1.15 | 1.46 | 0.85 | 0.76 | 0.54 | 0.59 |
| Asset Turnover | — | 0.27 | 0.23 | 0.23 | 0.26 | 0.27 | 0.26 | 0.29 | 0.29 | 0.26 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 1.5% | 1.2% | 0.4% | — |
| Payout Ratio | 0.1% | 0.1% | 0.3% | 0.2% | 0.1% | 0.3% | 8.3% | 415.9% | 26.4% | 6.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 7.9% | 8.2% | 11.5% | 16.0% | 7.9% | 4.3% | 0.4% | 4.6% | 5.9% | 5.9% |
| FCF Yield | 10.6% | 10.6% | 13.9% | 13.5% | 13.4% | 17.0% | 21.1% | 21.4% | 21.4% | 9.6% | 12.4% |
| Buyback Yield | 7.4% | 7.4% | 12.2% | 6.4% | 10.0% | 10.1% | 13.7% | 11.7% | 9.6% | 3.3% | 0.4% |
| Total Shareholder Yield | 7.4% | 7.4% | 12.2% | 6.4% | 10.0% | 10.1% | 14.0% | 13.2% | 10.9% | 3.6% | 0.4% |
| Shares Outstanding | — | $33M | $36M | $42M | $49M | $45M | $47M | $51M | $54M | $59M | $57M |
Performance fee volatility
Based on current market data, AMG trades at a forward P/E of 9.79, which appears to undervalue the firm's transition toward higher-margin alternative assets compared to the broader asset management sector's historical valuation multiples.
The significant discount in the forward P/E relative to the TTM P/E of 15.04 suggests that the market may be anticipating a contraction in earnings or failing to price in the potential for performance fee realizations. Investors should monitor whether this valuation gap persists as the firm continues to shift its AUM mix toward private markets, which typically command higher valuation premiums.
As reported in recent financial statements, AMG's ROIC has remained suppressed, hovering between 0.8% and 3.3% over the last ten quarters, reflecting the heavy burden of goodwill and intangible assets inherent in its acquisition-led growth strategy.
The low ROIC figures suggest that while the firm is successful at acquiring boutiques, the capital intensity of these deals often dilutes the return on invested capital. Analysts should focus on whether management can improve these returns by optimizing the performance of existing affiliates rather than relying solely on new capital deployment.
According to quarterly filings, AMG's asset turnover remains consistently low at approximately 0.06, underscoring the firm's role as a capital-light holding company rather than an operationally intensive manufacturer of financial products.
The stability of the asset turnover ratio indicates that the firm's revenue generation is not tied to physical asset utilization, but rather to the management of third-party capital. The variability in DSO, which peaked at 113 days in 2026Q1, warrants further investigation into the collection cycles of performance-based fees from institutional clients.
Based on the provided quarterly data, AMG's current ratio has contracted from a high of 2.63 in 2024Q1 to 1.14 in 2026Q1, indicating a strategic reduction in liquid reserves to fund share repurchases and boutique acquisitions.
While the current ratio remains above unity, the downward trend suggests that the firm is operating with less of a margin of safety than in previous periods. Investors should monitor whether this liquidity profile remains sufficient to support the firm's aggressive capital allocation strategy during periods of market volatility.
The most commonly misapplied metric for AMG is GAAP Net Income, which, as evidenced by historical filings, is heavily distorted by non-cash amortization of intangible assets and contingent payment adjustments.
Relying on GAAP earnings obscures the firm's true cash-generating capacity, which is better captured by Economic Net Income (ENI) or free cash flow. Analysts should prioritize cash-based metrics to avoid underestimating the firm's ability to fund its ongoing M&A and share repurchase programs.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AMG stock.
Affiliated Managers Group, Inc.'s current P/E ratio is 15.8x. The historical average is 24.9x. This places it at the 23th percentile of its historical range.
Affiliated Managers Group, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Affiliated Managers Group, Inc.'s return on equity (ROE) is 15.8%. The historical average is 9.5%.
Based on historical data, Affiliated Managers Group, Inc. is trading at a P/E of 15.8x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Affiliated Managers Group, Inc.'s current dividend yield is 0.01% with a payout ratio of 0.1%.
Affiliated Managers Group, Inc. has 86.0% gross margin and 31.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Affiliated Managers Group, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.