Affiliated Managers Group (AMG) Financials

$239.40 -5.50 (-2.24%)

Closing price 03:59 PM Eastern

Extended Trading

$239.32 -0.09 (-0.04%)

As of 07:00 PM Eastern

Annual Income Statements for Affiliated Managers Group

This table shows Affiliated Managers Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	510	473	690	244	16	202	566	1,146	673	512
Consolidated Net Income / (Loss)	827	739	1,009	532	305	427	890	1,388	906	741
Net Income / (Loss) Continuing Operations	827	646	880	532	305	427	890	1,388	906	741
Total Pre-Tax Income	1,091	975	1,067	714	308	508	1,141	1,746	1,091	923
Total Revenue	2,773	2,432	2,607	2,298	1,825	2,018	2,544	3,310	2,471	2,354
Net Interest Income / (Expense)	0.00	-92	0.00	-81	-76	0.00	-111	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	92	0.00	81	76	0.00	111	0.00	0.00	0.00
Total Non-Interest Income	2,773	2,523	2,607	2,378	1,902	2,018	2,655	3,310	2,471	2,354
Net Realized & Unrealized Capital Gains on Investments	289	2,523	302	2,378	-338	2,018	243	980	413	313
Other Non-Interest Income	-	-	2,305	-	2,240	-	2,412	2,330	2,058	2,041
Total Non-Interest Expense	1,650	1,504	1,605	1,611	1,543	1,510	1,520	1,674	1,497	1,508
Salaries and Employee Benefits	1,028	932	979	987	943	884	1,047	1,072	908	915
Other Operating Expenses	488	441	519	487	434	467	421	535	528	550
Depreciation Expense	19	20	-	22	21	19	17	16	13	13
Amortization Expense	115	110	86	115	145	141	36	52	48	29
Nonoperating Income / (Expense), net	-33	46	65	27	25	-	118	110	117	77
Income Tax Expense	263	236	58	181	2.90	81	251	358	185	183
Net Income / (Loss) Attributable to Noncontrolling Interest	318	266	319	289	289	225	324	242	233	229
Basic Earnings per Share	$9.37	$8.73	$12.30	$4.55	$0.31	$4.34	$13.65	$29.77	$19.18	$16.45
Weighted Average Basic Shares Outstanding	54.30M	54.20M	56M	53.60M	50.50M	46.50M	41.50M	38.50M	35.10M	31.10M
Diluted Earnings per Share	$9.17	$8.57	$12.03	$4.52	$0.31	$4.33	$13.05	$25.35	$17.42	$15.13
Weighted Average Diluted Shares Outstanding	57.20M	57M	58.60M	53.80M	50.60M	46.70M	44.80M	49M	42.20M	36.10M
Weighted Average Basic & Diluted Shares Outstanding	53.70M	54.20M	56.10M	52.05M	47.87M	42.62M	39.78M	35.86M	32.79M	29.26M
Cash Dividends to Common per Share	$0.00	$0.00	$0.80	$1.20	$1.28	$0.35	$0.04	$0.04	$0.04	$0.04

This table shows Affiliated Managers Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	113	778	135	125	217	196	150	76	124	162	72
Consolidated Net Income / (Loss)	164	831	189	187	286	244	199	135	186	221	99
Net Income / (Loss) Continuing Operations	164	831	189	187	286	244	199	135	186	221	99
Total Pre-Tax Income	201	1,059	234	220	364	274	254	178	217	274	127
Total Revenue	595	1,467	546	568	698	659	588	518	569	679	572
Net Interest Income / (Expense)	-28	85	-31	0.00	0.00	31	-30	0.00	0.00	30	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	28	-85	31	0.00	0.00	-31	30	0.00	0.00	-30	0.00
Total Non-Interest Income	623	1,382	576	568	698	629	617	518	569	649	572
Net Realized & Unrealized Capital Gains on Investments	45	-369	59	568	173	-387	118	518	53	-376	75
Other Non-Interest Income	579	-	517	-	525	-	500	-	516	-	497
Total Non-Interest Expense	397	537	350	375	357	415	351	359	375	422	457
Salaries and Employee Benefits	274	275	222	229	212	245	240	215	221	239	230
Other Operating Expenses	105	247	112	130	130	156	101	134	143	172	141
Depreciation Expense	3.80	3.90	3.70	3.30	3.00	3.00	3.00	3.10	3.30	4.00	2.80
Amortization Expense	14	12	13	13	13	11	7.30	7.30	7.30	7.10	83
Nonoperating Income / (Expense), net	3.10	-	38	27	23	30	18	19	23	17	12
Income Tax Expense	37	228	45	33	78	30	55	43	31	53	27
Net Income / (Loss) Attributable to Noncontrolling Interest	52	53	54	62	69	48	49	59	62	59	27
Basic Earnings per Share	$2.95	$20.31	$3.74	$3.49	$6.22	$5.73	$4.56	$2.42	$4.11	$5.36	$2.48
Weighted Average Basic Shares Outstanding	38.20M	38.50M	35.90M	35.90M	34.90M	35.10M	32.80M	31.50M	30.10M	31.10M	29.20M
Diluted Earnings per Share	$2.80	$16.43	$3.47	$3.25	$5.48	$5.22	$4.14	$2.26	$3.78	$4.95	$2.20
Weighted Average Diluted Shares Outstanding	43.50M	49M	39.90M	42.10M	43.40M	42.20M	40.10M	35.30M	35M	36.10M	32.60M
Weighted Average Basic & Diluted Shares Outstanding	37.67M	35.86M	36.10M	35.05M	33.81M	32.79M	31.86M	29.81M	30.23M	29.26M	28.43M
Cash Dividends to Common per Share	$0.01	-	$0.01	$0.01	$0.01	-	$0.01	$0.01	$0.01	-	$0.01

This table details how cash moves in and out of Affiliated Managers Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	13	-131	8.70	129	-21	502	-124	-481	387	131
Net Cash From Operating Activities	1,213	1,050	1,170	1,141	929	1,009	1,259	1,055	874	932
Net Cash From Continuing Operating Activities	1,213	1,050	1,170	1,141	929	1,009	1,259	1,055	874	932
Net Income / (Loss) Continuing Operations	827	739	1,009	532	305	427	890	1,388	906	741
Consolidated Net Income / (Loss)	827	739	1,009	532	305	427	890	1,388	906	741
Depreciation Expense	19	20	20	22	21	19	17	16	13	13
Amortization Expense	115	110	86	115	145	141	36	52	48	29
Non-Cash Adjustments to Reconcile Net Income	223	138	64	424	582	413	197	-539	136	206
Changes in Operating Assets and Liabilities, net	29	44	-8.90	48	-123	10	120	139	-229	-57
Net Cash From Investing Activities	-325	-1,332	14	-18	-24	-54	-584	-110	265	379
Net Cash From Continuing Investing Activities	-325	-1,332	14	-18	-24	-54	-584	-110	265	379
Purchase of Property, Leasehold Improvements and Equipment	-38	-20	-19	-19	-9.60	-8.50	-8.40	-11	-12	-3.40
Purchase of Investment Securities	-311	-1,377	-68	-48	-205	-92	-636	-603	-1,026	-516
Divestitures	-	-	0.00	0.00	-	-	0.00	224	294	0.00
Sale and/or Maturity of Investments	25	65	100	49	73	47	56	280	1,009	898
Other Investing Activities, net	-	-	-	-	118	0.00	4.40	0.80	0.20	0.70
Net Cash From Financing Activities	-858	201	-1,190	-983	-935	-455	-798	-1,403	-758	-1,176
Net Cash From Continuing Financing Activities	-858	201	-1,190	-983	-935	-455	-798	-1,403	-758	-1,176
Issuance of Debt	1,253	1,350	545	1,150	471	875	200	0.00	25	848
Issuance of Common Equity	58	466	-	-	-	-	-151	-62	-67	-107
Repayment of Debt	-1,256	-1,125	-805	-1,181	-510	-350	-33	-61	-25	-750
Repurchase of Common Equity	-414	-33	-351	-496	-356	-335	-595	-714	-342	-710
Payment of Dividends	-431	-354	-397	-435	-413	-323	-336	-344	-273	-259
Other Financing Activities, Net	-68	-102	-181	-22	-126	-322	117	-223	-76	-198
Effect of Exchange Rate Changes	-18	-50	14	-10	8.70	2.10	-0.80	-23	6.90	-4.20
Cash Interest Paid	76	85	82	77	84	88	103	109	110	138
Cash Income Taxes Paid	90	152	165	160	103	-12	87	120	315	143

This table details how cash moves in and out of Affiliated Managers Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	16	-195	409	-51	216	-186	-20	72	140	-61	-140
Net Cash From Operating Activities	291	257	235	91	294	255	209	245	265	213	209
Net Cash From Continuing Operating Activities	291	257	235	91	294	255	209	245	265	213	209
Net Income / (Loss) Continuing Operations	164	831	189	187	286	244	199	135	186	221	99
Consolidated Net Income / (Loss)	164	831	189	187	286	244	199	135	186	221	99
Depreciation Expense	3.80	3.90	3.70	3.30	3.00	3.00	3.00	3.10	3.30	4.00	2.80
Amortization Expense	14	12	13	13	13	11	7.30	7.20	7.30	7.20	83
Non-Cash Adjustments to Reconcile Net Income	59	-876	261	12	-108	-29	153	73	43	-63	155
Changes in Operating Assets and Liabilities, net	50	286	-231	-124	101	26	-153	27	26	43	-131
Net Cash From Investing Activities	-95	157	288	3.10	187	-213	75	240	56	8.50	-36
Net Cash From Continuing Investing Activities	-95	157	288	3.10	187	-213	75	240	56	8.50	-36
Purchase of Property, Leasehold Improvements and Equipment	-3.00	-2.30	-1.90	-2.10	-2.60	-5.80	-1.00	-0.60	-0.70	-1.10	-1.60
Purchase of Investment Securities	-112	-308	-110	-105	-356	-454	-359	-79	-64	-14	-58
Sale and/or Maturity of Investments	20	244	400	110	252	247	435	320	121	23	24
Net Cash From Financing Activities	-163	-624	-117	-148	-259	-234	-302	-414	-188	-272	-317
Net Cash From Continuing Financing Activities	-163	-624	-117	-148	-259	-234	-302	-414	-188	-272	-317
Issuance of Debt	-	-	25	-	-	-	450	-	398	-	0.00
Issuance of Common Equity	-2.70	-40	-	-	-20	-39	-	-	-5.00	-52	-28
Repayment of Debt	-2.80	-	-25	-	-	-	-459	8.60	-300	-	0.00
Repurchase of Common Equity	-73	-361	0.00	-44	-169	-128	-153	-332	-105	-120	-176
Payment of Dividends	-67	-64	-80	-77	-60	-55	-82	-66	-59	-52	-87
Other Financing Activities, Net	-18	-159	-37	-18	-9.20	-12	-59	25	-117	-47	-25
Effect of Exchange Rate Changes	-17	15	2.60	3.50	-6.30	7.10	-1.60	0.10	7.20	-9.90	4.10

This table presents Affiliated Managers Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,769	8,749	8,702	8,219	7,654	7,889	8,876	8,881	9,060	8,831
Cash and Due from Banks	564	431	440	566	540	1,040	909	429	814	950
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	114	110	111	104	92	80	74	69	67	58
Goodwill	2,668	2,628	2,663	2,633	2,652	2,661	2,689	2,649	2,524	2,505
Intangible Assets	1,686	1,497	1,450	1,310	1,182	1,049	1,966	1,876	1,812	1,778
Other Assets	2,537	3,960	3,962	3,487	3,129	2,985	3,160	3,142	3,843	3,541
Total Liabilities & Shareholders' Equity	7,769	8,749	8,702	8,219	7,654	7,889	8,876	8,881	9,060	8,831
Total Liabilities	3,388	3,649	3,312	3,251	3,238	3,900	4,492	4,240	4,096	4,182
Long-Term Debt	1,879	2,110	1,855	1,830	1,794	2,312	2,490	2,535	2,538	2,620
Other Long-Term Liabilities	779	810	650	674	809	1,588	1,212	926	1,559	1,562
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	613	674	812	834	917	672	674	465	393	351
Total Equity & Noncontrolling Interests	3,769	4,427	4,579	4,135	3,499	3,317	3,711	4,176	4,570	4,298
Total Preferred & Common Equity	2,837	3,620	3,822	3,457	2,938	2,780	2,786	3,230	3,588	3,345
Total Common Equity	2,837	3,620	3,822	3,457	2,938	2,780	2,786	3,230	3,588	3,345
Common Stock	696	1,074	809	836	708	730	652	696	742	734
Retained Earnings	2,582	3,054	3,699	3,877	3,820	4,006	4,570	5,718	6,390	6,900
Treasury Stock	-422	-386	-664	-1,147	-1,481	-1,857	-2,347	-2,981	-3,376	-4,125
Accumulated Other Comprehensive Income / (Loss)	-18	-123	-22	-109	-109	-98	-88	-203	-168	-164
Noncontrolling Interest	932	807	756	678	562	538	924	945	982	953

This table presents Affiliated Managers Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	8,430	8,896	8,966	9,004	9,025	8,845	8,903	8,714
Cash and Due from Banks	623	833	786	999	793	866	1,011	817
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	70	67	66	64	66	63	61	57
Goodwill	2,628	2,649	2,660	2,509	2,518	2,516	2,532	2,513
Intangible Assets	1,864	1,866	1,863	1,810	1,802	1,796	1,807	1,704
Other Assets	3,062	3,023	3,147	3,160	3,497	3,438	3,426	3,624
Total Liabilities & Shareholders' Equity	8,430	8,896	8,966	9,004	9,025	8,845	8,903	8,714
Total Liabilities	4,288	4,143	4,097	4,107	4,111	4,191	4,232	4,249
Other Short-Term Payables	569	645	603	636	634	637	626	666
Long-Term Debt	2,535	2,536	2,536	2,537	2,525	2,525	2,620	2,621
Other Long-Term Liabilities	1,184	962	958	934	952	1,029	987	963
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	487	533	501	432	393	391	397	366
Total Equity & Noncontrolling Interests	3,655	4,219	4,368	4,464	4,521	4,263	4,274	4,099
Total Preferred & Common Equity	2,766	3,272	3,398	3,495	3,590	3,331	3,316	3,188
Total Common Equity	2,766	3,272	3,398	3,495	3,590	3,331	3,316	3,188
Common Stock	710	565	653	723	713	713	712	668
Retained Earnings	4,941	5,852	5,977	6,194	6,539	6,615	6,738	6,972
Treasury Stock	-2,671	-2,967	-3,071	-3,242	-3,504	-3,834	-3,995	-4,276
Accumulated Other Comprehensive Income / (Loss)	-214	-178	-161	-180	-158	-164	-139	-176
Noncontrolling Interest	889	948	970	969	930	932	958	911

This table displays calculated financial ratios and metrics derived from Affiliated Managers Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.69%	-12.32%	7.22%	-11.87%	-20.55%	10.56%	26.03%	30.12%	-25.34%	-4.75%
EBITDA Growth	1.17%	-15.91%	4.86%	-25.81%	-45.49%	48.91%	61.05%	58.35%	-39.21%	-14.23%
EBIT Growth	2.46%	-17.41%	8.02%	-31.56%	-58.79%	79.77%	101.32%	59.85%	-40.45%	-13.19%
NOPAT Growth	2.64%	-17.44%	34.66%	-45.99%	-45.27%	52.43%	86.97%	62.89%	-37.80%	-16.12%
Net Income Growth	7.79%	-10.66%	36.50%	-47.23%	-42.68%	39.95%	108.45%	55.95%	-34.72%	-18.27%
EPS Growth	19.09%	-6.54%	40.37%	-62.43%	-93.14%	1,296.77%	201.39%	94.25%	-31.28%	-13.15%
Operating Cash Flow Growth	-15.57%	-13.43%	11.43%	-2.55%	-18.54%	8.63%	24.76%	-16.24%	-17.10%	6.61%
Free Cash Flow Firm Growth	523.87%	-131.58%	472.67%	5.10%	-9.39%	-61.36%	-33.16%	345.26%	-51.53%	88.07%
Invested Capital Growth	1.25%	15.15%	0.49%	-6.17%	-8.66%	1.47%	9.11%	4.38%	4.52%	-3.09%
Revenue Q/Q Growth	-2.32%	-4.73%	6.35%	-14.43%	11.72%	2.38%	7.93%	26.16%	-21.91%	6.49%
EBITDA Q/Q Growth	-2.86%	-9.70%	4.54%	-25.62%	61.83%	17.07%	9.98%	52.97%	-39.90%	1.07%
EBIT Q/Q Growth	-1.75%	-11.03%	5.29%	-30.46%	95.44%	47.19%	10.18%	56.15%	-41.29%	1.44%
NOPAT Q/Q Growth	-1.36%	-12.69%	31.58%	-47.31%	153.52%	30.54%	-0.50%	54.74%	-45.82%	-1.60%
Net Income Q/Q Growth	-1.72%	-2.58%	22.89%	-48.07%	176.11%	30.54%	10.93%	65.17%	-39.31%	-3.02%
EPS Q/Q Growth	-1.19%	0.59%	30.19%	-64.49%	111.07%	95.93%	14.07%	94.85%	-39.15%	-1.75%
Operating Cash Flow Q/Q Growth	-3.92%	0.84%	0.35%	-8.47%	5.46%	7.45%	-1.61%	-9.02%	-0.27%	-4.35%
Free Cash Flow Firm Q/Q Growth	186.30%	-1,523.10%	75.64%	-0.38%	-10.36%	8.71%	-65.66%	65.46%	-34.25%	9.43%
Invested Capital Q/Q Growth	2.63%	4.16%	1.72%	-4.67%	-1.01%	0.15%	6.75%	7.48%	0.91%	-0.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	45.36%	43.50%	42.55%	35.82%	24.58%	33.10%	42.30%	51.47%	41.91%	37.74%
EBIT Margin	40.52%	38.17%	38.46%	29.87%	15.49%	25.19%	40.24%	49.44%	39.43%	35.94%
Profit (Net Income) Margin	29.83%	30.39%	38.69%	23.17%	16.71%	21.16%	35.00%	41.94%	36.67%	31.47%
Tax Burden Percent	75.85%	75.83%	94.53%	74.59%	99.06%	83.99%	78.00%	79.48%	83.02%	80.22%
Interest Burden Percent	97.04%	105.00%	106.43%	103.99%	108.91%	100.00%	111.49%	106.74%	112.02%	109.15%
Effective Tax Rate	24.15%	24.17%	5.47%	25.41%	0.94%	16.01%	22.00%	20.52%	16.98%	19.78%
Return on Invested Capital (ROIC)	13.70%	10.45%	13.11%	7.29%	4.31%	6.83%	12.12%	18.51%	11.02%	9.19%
ROIC Less NNEP Spread (ROIC-NNEP)	12.36%	12.21%	16.19%	8.40%	5.69%	6.83%	15.94%	22.00%	14.86%	11.60%
Return on Net Nonoperating Assets (RNNOA)	5.38%	5.14%	6.12%	2.99%	2.20%	3.33%	9.14%	12.25%	7.85%	6.22%
Return on Equity (ROE)	19.08%	15.59%	19.23%	10.28%	6.50%	10.16%	21.26%	30.76%	18.87%	15.41%
Cash Return on Invested Capital (CROIC)	12.46%	-3.63%	12.62%	13.65%	13.36%	5.37%	3.41%	14.22%	6.60%	12.33%
Operating Return on Assets (OROA)	14.53%	11.24%	11.49%	8.11%	3.56%	6.54%	12.21%	18.43%	10.86%	9.46%
Return on Assets (ROA)	10.70%	8.95%	11.56%	6.29%	3.84%	5.49%	10.62%	15.63%	10.10%	8.28%
Return on Common Equity (ROCE)	12.03%	10.62%	13.64%	7.22%	4.43%	6.91%	14.13%	20.51%	13.39%	11.11%
Return on Equity Simple (ROE_SIMPLE)	29.16%	20.42%	26.39%	15.40%	10.39%	15.36%	31.94%	42.97%	25.25%	22.14%
Net Operating Profit after Tax (NOPAT)	852	704	948	512	280	427	798	1,300	809	679
NOPAT Margin	30.74%	28.94%	36.35%	22.28%	15.35%	21.16%	31.39%	39.29%	32.74%	28.83%
Net Nonoperating Expense Percent (NNEP)	1.34%	-1.76%	-3.08%	-1.11%	-1.38%	0.00%	-3.82%	-3.49%	-3.83%	-2.41%
SG&A Expenses to Revenue	37.06%	38.34%	37.55%	42.97%	51.66%	43.79%	41.17%	32.38%	36.73%	38.89%
Operating Expenses to Revenue	59.48%	61.83%	61.55%	70.13%	84.51%	74.81%	59.76%	50.57%	60.57%	64.06%
Earnings before Interest and Taxes (EBIT)	1,124	928	1,003	686	283	508	1,024	1,636	974	846
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,258	1,058	1,109	823	449	668	1,076	1,704	1,036	888
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.95	2.13	2.90	1.46	1.41	1.66	2.40	1.85	1.43	1.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.01	3.17	4.26	2.19	2.28	2.28	2.63	1.80	2.07	2.37
Price to Earnings (P/E)	16.41	16.31	16.10	20.66	264.54	22.79	11.81	5.21	7.61	10.93
Dividend Yield	0.00%	0.00%	0.40%	1.26%	1.52%	0.34%	0.02%	0.03%	0.03%	0.02%
Earnings Yield	6.09%	6.13%	6.21%	4.84%	0.38%	4.39%	8.47%	19.21%	13.15%	9.15%
Enterprise Value to Invested Capital (EV/IC)	1.79	1.51	1.94	1.15	1.11	1.13	1.43	1.32	1.10	1.18
Enterprise Value to Revenue (EV/Rev)	4.05	4.47	5.40	3.40	3.77	3.51	3.88	2.86	3.33	3.64
Enterprise Value to EBITDA (EV/EBITDA)	8.92	10.28	12.70	9.49	15.35	10.61	9.17	5.57	7.94	9.64
Enterprise Value to EBIT (EV/EBIT)	9.98	11.71	14.05	11.38	24.35	13.95	9.64	5.80	8.43	10.12
Enterprise Value to NOPAT (EV/NOPAT)	13.16	15.45	14.86	15.26	24.58	16.60	12.35	7.29	10.16	12.62
Enterprise Value to Operating Cash Flow (EV/OCF)	9.25	10.35	12.03	6.85	7.41	7.02	7.83	8.99	9.40	9.19
Enterprise Value to Free Cash Flow (EV/FCFF)	14.48	0.00	15.44	8.14	7.93	21.12	43.96	9.49	16.97	9.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.41	0.34	0.37	0.41	0.58	0.57	0.55	0.51	0.56
Long-Term Debt to Equity	0.43	0.41	0.34	0.37	0.41	0.58	0.57	0.55	0.51	0.56
Financial Leverage	0.44	0.42	0.38	0.36	0.39	0.49	0.57	0.56	0.53	0.54
Leverage Ratio	1.78	1.74	1.66	1.63	1.69	1.85	2.00	1.97	1.87	1.86
Compound Leverage Factor	1.73	1.83	1.77	1.70	1.84	1.85	2.23	2.10	2.09	2.03
Debt to Total Capital	30.02%	29.26%	25.60%	26.91%	28.89%	36.69%	36.22%	35.33%	33.83%	36.05%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	30.02%	29.26%	25.60%	26.91%	28.89%	36.69%	36.22%	35.33%	33.83%	36.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	24.67%	20.53%	21.65%	22.23%	23.81%	19.19%	23.25%	19.66%	18.34%	17.93%
Common Equity to Total Capital	45.31%	50.21%	52.76%	50.86%	47.31%	44.12%	40.53%	45.01%	47.83%	46.02%
Debt to EBITDA	1.49	1.99	1.67	2.22	4.00	3.46	2.31	1.49	2.45	2.95
Net Debt to EBITDA	1.05	1.59	1.28	1.54	2.80	1.90	1.47	1.24	1.66	1.88
Long-Term Debt to EBITDA	1.49	1.99	1.67	2.22	4.00	3.46	2.31	1.49	2.45	2.95
Debt to NOPAT	2.20	3.00	1.96	3.57	6.40	5.41	3.12	1.95	3.14	3.86
Net Debt to NOPAT	1.54	2.39	1.49	2.47	4.48	2.98	1.98	1.62	2.13	2.46
Long-Term Debt to NOPAT	2.20	3.00	1.96	3.57	6.40	5.41	3.12	1.95	3.14	3.86
Noncontrolling Interest Sharing Ratio	36.98%	31.90%	29.06%	29.73%	31.86%	31.98%	33.53%	33.34%	29.01%	27.87%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	775	-245	912	959	869	336	224	999	484	911
Operating Cash Flow to CapEx	3,175.92%	5,199.51%	6,326.49%	6,099.47%	9,678.13%	11,874.12%	14,990.48%	9,251.75%	7,050.81%	27,414.71%
Free Cash Flow to Firm to Interest Expense	0.00	-2.67	0.00	11.90	11.40	0.00	2.01	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	11.45	0.00	14.15	12.19	0.00	11.30	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	11.23	0.00	13.92	12.07	0.00	11.23	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.29	0.30	0.27	0.23	0.26	0.30	0.37	0.28	0.26
Fixed Asset Turnover	26.48	21.69	23.58	21.34	18.57	23.48	33.14	46.48	36.39	37.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,261	7,210	7,245	6,798	6,210	6,301	6,875	7,176	7,501	7,269
Invested Capital Turnover	0.45	0.36	0.36	0.33	0.28	0.32	0.39	0.47	0.34	0.32
Increase / (Decrease) in Invested Capital	77	949	36	-447	-589	91	574	301	325	-232
Enterprise Value (EV)	11,220	10,872	14,083	7,809	6,886	7,090	9,862	9,482	8,218	8,563
Market Capitalization	8,360	7,713	11,100	5,034	4,153	4,609	6,682	5,965	5,118	5,589
Book Value per Share	$52.50	$66.03	$68.77	$65.64	$59.62	$61.28	$68.54	$85.76	$106.12	$110.68
Tangible Book Value per Share	($28.09)	($9.23)	($5.22)	($9.22)	($18.19)	($20.51)	($45.98)	($34.36)	($22.13)	($31.01)
Total Capital	6,261	7,210	7,245	6,798	6,210	6,301	6,875	7,176	7,501	7,269
Total Debt	1,879	2,110	1,855	1,830	1,794	2,312	2,490	2,535	2,538	2,620
Total Long-Term Debt	1,879	2,110	1,855	1,830	1,794	2,312	2,490	2,535	2,538	2,620
Net Debt	1,316	1,679	1,415	1,264	1,254	1,272	1,582	2,106	1,724	1,670
Capital Expenditures (CapEx)	38	20	19	19	9.60	8.50	8.40	11	12	3.40
Net Nonoperating Expense (NNE)	25	-35	-61	-20	-25	0.00	-92	-88	-97	-62
Net Nonoperating Obligations (NNO)	1,879	2,110	1,855	1,830	1,794	2,312	2,490	2,535	2,538	2,620
Total Depreciation and Amortization (D&A)	134	130	107	137	166	160	52	67	61	42
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$9.49	$8.73	$12.30	$4.55	$0.31	$4.34	$13.65	$29.77	$19.18	$16.45
Adjusted Weighted Average Basic Shares Outstanding	54.30M	54.20M	56M	53.60M	50.50M	46.50M	41.50M	38.50M	35.10M	31.10M
Adjusted Diluted Earnings per Share	$9.28	$8.57	$12.03	$4.52	$0.31	$4.33	$13.05	$25.35	$17.42	$15.13
Adjusted Weighted Average Diluted Shares Outstanding	57.20M	57M	58.60M	53.80M	50.60M	46.70M	44.80M	49M	42.20M	36.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.31	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.99M	56.70M	54.50M	52.05M	47.87M	42.62M	39.78M	35.86M	32.79M	29.26M
Normalized Net Operating Profit after Tax (NOPAT)	852	704	967	512	280	427	798	1,300	809	679
Normalized NOPAT Margin	30.74%	28.94%	37.09%	22.28%	15.35%	21.16%	31.39%	39.29%	32.74%	28.83%
Pre Tax Income Margin	39.32%	40.08%	40.93%	31.06%	16.87%	25.19%	44.86%	52.77%	44.17%	39.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	10.12	0.00	8.51	3.71	0.00	9.19	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	7.68	0.00	6.35	3.68	0.00	7.17	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	9.90	0.00	8.28	3.59	0.00	9.11	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	7.45	0.00	6.12	3.55	0.00	7.09	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.15%	47.92%	39.37%	81.70%	135.43%	75.67%	37.75%	24.75%	30.11%	35.03%
Augmented Payout Ratio	102.16%	52.44%	74.19%	174.90%	252.15%	154.15%	104.63%	76.17%	67.84%	130.87%

This table displays calculated financial ratios and metrics derived from Affiliated Managers Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.15%	87.93%	-14.82%	-6.42%	17.31%	-55.07%	7.70%	-8.78%	-18.49%	2.99%	-7.37%
EBITDA Growth	-5.51%	165.75%	-27.10%	-16.57%	64.75%	-72.70%	16.39%	-19.19%	-42.48%	3.64%	-18.38%
EBIT Growth	-8.25%	172.32%	-28.75%	-17.22%	72.07%	-73.71%	20.77%	-17.91%	-42.97%	4.91%	-51.29%
NOPAT Growth	-8.89%	216.20%	-27.84%	-14.17%	65.62%	-73.79%	16.98%	-26.97%	-37.93%	-4.91%	-51.19%
Net Income Growth	-21.16%	193.26%	-13.81%	7.70%	74.07%	-70.62%	5.41%	-27.96%	-35.04%	-9.46%	-50.08%
EPS Growth	-6.67%	301.71%	0.87%	21.27%	95.71%	-68.23%	19.31%	-30.46%	-31.02%	-5.17%	-46.86%
Operating Cash Flow Growth	-16.02%	-28.90%	61.93%	-74.91%	1.03%	-0.93%	-10.90%	170.34%	-9.77%	-16.63%	-0.14%
Free Cash Flow Firm Growth	-362.14%	270.24%	13.35%	-60.45%	-553.04%	-120.18%	110.83%	167.42%	163.21%	510.95%	1,174.93%
Invested Capital Growth	3.67%	4.38%	7.03%	10.11%	11.33%	4.52%	2.06%	-3.06%	-1.92%	-3.09%	-4.74%
Revenue Q/Q Growth	-2.01%	146.48%	-59.66%	4.18%	22.84%	-5.60%	3.74%	-11.76%	9.76%	19.28%	-15.74%
EBITDA Q/Q Growth	-13.90%	337.47%	-77.62%	-1.04%	70.02%	-27.51%	-4.57%	-31.29%	21.03%	30.60%	-24.85%
EBIT Q/Q Growth	-15.38%	369.55%	-78.97%	-0.92%	75.89%	-28.27%	-3.40%	-32.66%	22.20%	31.96%	-55.15%
NOPAT Q/Q Growth	-15.77%	413.76%	-81.01%	4.45%	62.52%	-18.70%	-15.24%	-34.79%	38.13%	24.56%	-56.49%
Net Income Q/Q Growth	-5.57%	405.84%	-77.32%	-0.58%	52.61%	-14.62%	-18.63%	-32.06%	37.63%	19.00%	-55.13%
EPS Q/Q Growth	4.48%	486.79%	-78.88%	-6.34%	68.62%	-4.74%	-20.69%	-45.41%	67.26%	30.95%	-55.56%
Operating Cash Flow Q/Q Growth	-19.53%	-11.55%	-8.74%	-61.37%	224.04%	-13.27%	-17.93%	17.21%	8.16%	-19.87%	-1.69%
Free Cash Flow Firm Q/Q Growth	76.68%	807.85%	-160.56%	-60.53%	5.10%	78.13%	132.49%	899.83%	-11.03%	42.20%	0.79%
Invested Capital Q/Q Growth	-0.73%	7.48%	1.56%	1.61%	0.37%	0.91%	-0.83%	-3.49%	1.56%	-0.30%	-2.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	36.33%	64.48%	38.81%	36.86%	51.02%	39.18%	41.94%	32.66%	36.01%	39.43%	35.16%
EBIT Margin	33.27%	63.38%	35.84%	34.08%	48.80%	37.09%	40.19%	30.67%	34.15%	37.78%	20.11%
Profit (Net Income) Margin	27.61%	56.66%	34.56%	32.98%	40.97%	37.06%	33.82%	26.04%	32.65%	32.58%	17.35%
Tax Burden Percent	81.70%	78.49%	80.73%	85.10%	78.64%	89.12%	78.20%	75.72%	85.58%	80.78%	78.36%
Interest Burden Percent	101.57%	113.90%	119.44%	113.68%	106.75%	112.11%	107.62%	112.14%	111.73%	106.75%	110.09%
Effective Tax Rate	18.30%	21.51%	19.27%	14.90%	21.36%	10.88%	21.80%	24.28%	14.42%	19.22%	21.64%
Return on Invested Capital (ROIC)	10.87%	26.69%	12.72%	12.57%	17.21%	11.13%	10.20%	7.45%	8.77%	9.73%	5.01%
ROIC Less NNEP Spread (ROIC-NNEP)	10.97%	26.69%	13.92%	13.46%	17.93%	12.17%	10.75%	8.03%	9.53%	10.27%	5.36%
Return on Net Nonoperating Assets (RNNOA)	6.82%	14.86%	7.93%	7.53%	10.06%	6.43%	5.63%	4.27%	5.14%	5.51%	2.94%
Return on Equity (ROE)	17.69%	41.55%	20.65%	20.10%	27.27%	17.56%	15.83%	11.72%	13.91%	15.24%	7.95%
Cash Return on Invested Capital (CROIC)	9.21%	14.22%	12.47%	9.79%	10.44%	6.60%	9.32%	13.96%	11.30%	12.33%	12.90%
Operating Return on Assets (OROA)	10.56%	23.63%	12.72%	11.97%	17.72%	10.22%	10.72%	8.06%	8.43%	9.94%	5.23%
Return on Assets (ROA)	8.76%	21.12%	12.27%	11.58%	14.87%	10.21%	9.02%	6.84%	8.06%	8.57%	4.51%
Return on Common Equity (ROCE)	11.81%	27.70%	13.65%	13.62%	18.89%	12.46%	11.23%	8.28%	9.90%	10.99%	5.75%
Return on Equity Simple (ROE_SIMPLE)	30.38%	0.00%	41.50%	40.36%	42.72%	0.00%	25.52%	25.94%	23.03%	0.00%	20.11%
Net Operating Profit after Tax (NOPAT)	162	831	158	165	268	218	185	120	166	207	90
NOPAT Margin	27.18%	56.66%	28.93%	29.01%	38.38%	33.05%	31.43%	23.22%	29.22%	30.52%	15.76%
Net Nonoperating Expense Percent (NNEP)	-0.10%	0.00%	-1.20%	-0.89%	-0.71%	-1.04%	-0.56%	-0.58%	-0.76%	-0.54%	-0.35%
SG&A Expenses to Revenue	46.01%	18.71%	40.75%	40.28%	30.34%	37.10%	40.92%	41.53%	38.80%	35.18%	40.27%
Operating Expenses to Revenue	66.73%	36.62%	64.16%	65.92%	51.20%	62.91%	59.81%	69.33%	65.85%	62.22%	79.89%
Earnings before Interest and Taxes (EBIT)	198	930	196	194	341	244	236	159	194	256	115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	216	946	212	210	356	258	246	169	205	268	201
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.54	1.85	1.56	1.59	1.31	1.43	1.58	1.49	1.60	1.67	1.54
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.63	1.80	1.65	1.77	1.44	2.07	2.37	2.13	2.40	2.37	2.13
Price to Earnings (P/E)	7.82	5.21	4.50	4.70	3.64	7.61	8.23	7.79	9.72	10.93	11.32
Dividend Yield	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%	0.02%
Earnings Yield	12.79%	19.21%	22.22%	21.26%	27.47%	13.15%	12.16%	12.83%	10.29%	9.15%	8.83%
Enterprise Value to Invested Capital (EV/IC)	1.13	1.32	1.14	1.17	1.01	1.10	1.17	1.11	1.13	1.18	1.13
Enterprise Value to Revenue (EV/Rev)	2.88	2.86	2.67	2.82	2.37	3.33	3.65	3.40	3.74	3.64	3.46
Enterprise Value to EBITDA (EV/EBITDA)	6.79	5.57	5.10	5.45	4.36	7.94	8.14	7.73	9.40	9.64	9.49
Enterprise Value to EBIT (EV/EBIT)	7.22	5.80	5.32	5.69	4.52	8.43	8.59	8.12	9.91	10.12	11.04
Enterprise Value to NOPAT (EV/NOPAT)	9.00	7.29	6.10	6.29	5.03	10.16	10.42	10.06	11.99	12.62	13.70
Enterprise Value to Operating Cash Flow (EV/OCF)	6.52	8.99	7.24	9.88	8.56	9.40	10.27	7.94	8.48	9.19	8.58
Enterprise Value to Free Cash Flow (EV/FCFF)	12.52	9.49	9.43	12.48	10.19	16.97	12.70	7.82	9.93	9.40	8.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.55	0.53	0.52	0.52	0.51	0.51	0.54	0.56	0.56	0.59
Long-Term Debt to Equity	0.61	0.55	0.53	0.52	0.52	0.51	0.51	0.54	0.56	0.56	0.59
Financial Leverage	0.62	0.56	0.57	0.56	0.56	0.53	0.52	0.53	0.54	0.54	0.55
Leverage Ratio	2.04	1.97	1.94	1.92	1.93	1.87	1.85	1.87	1.87	1.86	1.89
Compound Leverage Factor	2.08	2.24	2.32	2.19	2.06	2.09	2.00	2.10	2.09	1.99	2.08
Debt to Total Capital	37.96%	35.33%	34.79%	34.25%	34.13%	33.83%	33.94%	35.18%	35.93%	36.05%	36.99%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	37.96%	35.33%	34.79%	34.25%	34.13%	33.83%	33.94%	35.18%	35.93%	36.05%	36.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	20.61%	19.66%	20.32%	19.87%	18.85%	18.34%	17.79%	18.43%	18.58%	17.93%	18.02%
Common Equity to Total Capital	41.43%	45.01%	44.89%	45.88%	47.02%	47.83%	48.27%	46.40%	45.49%	46.02%	44.99%
Debt to EBITDA	2.28	1.49	1.56	1.60	1.47	2.45	2.36	2.45	2.98	2.95	3.11
Net Debt to EBITDA	1.72	1.24	1.05	1.11	0.89	1.66	1.62	1.61	1.83	1.88	2.14
Long-Term Debt to EBITDA	2.28	1.49	1.56	1.60	1.47	2.45	2.36	2.45	2.98	2.95	3.11
Debt to NOPAT	3.02	1.95	1.87	1.85	1.70	3.14	3.02	3.19	3.80	3.86	4.49
Net Debt to NOPAT	2.28	1.62	1.25	1.28	1.03	2.13	2.07	2.10	2.33	2.46	3.09
Long-Term Debt to NOPAT	3.02	1.95	1.87	1.85	1.70	3.14	3.02	3.19	3.80	3.86	4.49
Noncontrolling Interest Sharing Ratio	33.22%	33.34%	33.88%	32.25%	30.73%	29.01%	29.01%	29.34%	28.81%	27.87%	27.72%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-75	530	-321	-515	-489	-107	35	347	309	439	443
Operating Cash Flow to CapEx	9,696.67%	11,186.96%	12,357.89%	4,319.05%	11,303.85%	4,394.83%	20,920.00%	40,866.67%	37,885.71%	19,318.18%	13,056.25%
Free Cash Flow to Firm to Interest Expense	-2.64	0.00	-10.52	0.00	0.00	0.00	1.16	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	10.28	0.00	7.70	0.00	0.00	0.00	7.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	10.17	0.00	7.64	0.00	0.00	0.00	6.96	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.37	0.36	0.35	0.36	0.28	0.27	0.26	0.25	0.26	0.26
Fixed Asset Turnover	36.36	46.48	43.98	44.50	47.26	36.39	36.01	36.24	35.42	37.69	37.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,677	7,176	7,289	7,406	7,433	7,501	7,438	7,179	7,291	7,269	7,086
Invested Capital Turnover	0.40	0.47	0.44	0.43	0.45	0.34	0.32	0.32	0.30	0.32	0.32
Increase / (Decrease) in Invested Capital	237	301	479	680	757	325	150	-227	-143	-232	-353
Enterprise Value (EV)	7,561	9,482	8,289	8,632	7,506	8,218	8,716	7,960	8,265	8,563	7,997
Market Capitalization	4,273	5,965	5,105	5,409	4,567	5,118	5,661	4,978	5,301	5,589	4,916
Book Value per Share	$72.36	$85.76	$91.24	$94.12	$99.72	$106.12	$109.46	$104.53	$111.23	$110.68	$108.97
Tangible Book Value per Share	($45.15)	($34.36)	($34.67)	($31.15)	($23.50)	($22.13)	($22.24)	($30.78)	($34.31)	($31.01)	($35.14)
Total Capital	6,677	7,176	7,289	7,406	7,433	7,501	7,438	7,179	7,291	7,269	7,086
Total Debt	2,535	2,535	2,536	2,536	2,537	2,538	2,525	2,525	2,620	2,620	2,621
Total Long-Term Debt	2,535	2,535	2,536	2,536	2,537	2,538	2,525	2,525	2,620	2,620	2,621
Net Debt	1,912	2,106	1,703	1,751	1,538	1,724	1,732	1,660	1,609	1,670	1,804
Capital Expenditures (CapEx)	3.00	2.30	1.90	2.10	2.60	5.80	1.00	0.60	0.70	1.10	1.60
Net Nonoperating Expense (NNE)	-2.53	0.00	-31	-23	-18	-26	-14	-15	-20	-14	-9.09
Net Nonoperating Obligations (NNO)	2,535	2,535	2,536	2,536	2,537	2,538	2,525	2,525	2,620	2,620	2,621
Total Depreciation and Amortization (D&A)	18	16	16	16	16	14	10	10	11	11	86
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.95	$20.31	$3.74	$3.49	$6.22	$5.73	$4.56	$2.42	$4.11	$5.36	$2.48
Adjusted Weighted Average Basic Shares Outstanding	38.20M	38.50M	35.90M	35.90M	34.90M	35.10M	32.80M	31.50M	30.10M	31.10M	29.20M
Adjusted Diluted Earnings per Share	$2.80	$16.43	$3.47	$3.25	$5.48	$5.22	$4.14	$2.26	$3.78	$4.95	$2.20
Adjusted Weighted Average Diluted Shares Outstanding	43.50M	49M	39.90M	42.10M	43.40M	42.20M	40.10M	35.30M	35M	36.10M	32.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.67M	35.86M	36.10M	35.05M	33.81M	32.79M	31.86M	29.81M	30.23M	29.26M	28.43M
Normalized Net Operating Profit after Tax (NOPAT)	162	831	158	165	268	218	185	120	166	207	90
Normalized NOPAT Margin	27.18%	56.66%	28.93%	29.01%	38.38%	33.05%	31.43%	23.22%	29.22%	30.52%	15.76%
Pre Tax Income Margin	33.79%	72.19%	42.80%	38.75%	52.10%	41.58%	43.25%	34.39%	38.15%	40.33%	22.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.00	0.00	6.41	0.00	0.00	0.00	7.90	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	5.72	0.00	5.17	0.00	0.00	0.00	6.17	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	6.89	0.00	6.35	0.00	0.00	0.00	7.86	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	5.61	0.00	5.11	0.00	0.00	0.00	6.14	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.00%	24.75%	22.13%	21.01%	18.88%	30.11%	30.01%	30.55%	34.40%	35.03%	41.27%
Augmented Payout Ratio	96.19%	76.17%	59.87%	55.88%	57.35%	67.84%	83.97%	121.09%	128.39%	130.87%	155.69%

Financials Breakdown Chart

Key Financial Trends

The financial data for Affiliated Managers Group (NYSE: AMG) over the last four years reveals several key trends and developments across income statements, balance sheets, and cash flow statements. Below is a summary that highlights significant positive aspects, neutral elements, and potential concerns for retail investors.

Steady Revenue Stream: Total revenue has remained relatively stable, with Q1 2025 revenue at $571.9 million and prior quarters showing similar magnitude, reflecting consistent business operations primarily driven by non-interest income.
Consistent Net Income: The company reported a net income attributable to common shareholders of $72.4 million in Q1 2025. While this is lower than some past quarters, AMG has maintained profitability throughout recent periods.
Strong Operating Cash Flow: Net cash from operating activities remains robust, with Q1 2025 reporting $208.9 million, demonstrating AMG's ability to generate cash internally despite fluctuating net income.
Significant Investment Activity: The company actively engages in investment activities, purchasing and selling investment securities regularly. This is seen in Q1 2025 net investing cash outflow of $35.6 million, with previous quarters showing both inflows and outflows related to investment activities.
Active Capital Management: There is an ongoing repurchase of common equity observed with a $176.2 million outflow in Q1 2025, alongside steady dividend payments of $0.01 per share, indicating management's commitment to returning capital to shareholders.
High Amortization Expense : Amortization expense remains significant, at $83.3 million in Q1 2025, much higher compared to depreciation. This reflects intangible asset amortization that investors should monitor over time.
Stable Debt Levels: The long-term debt has been relatively flat around $2.5 to $2.6 billion across recent quarters, showing no major new debt issuances or repayments, indicating a stable capital structure.
Variable Net Realized & Unrealized Capital Gains: These gains have fluctuated considerably quarter-to-quarter, for example, positive $75.3 million in Q1 2025 and significant losses in prior periods, suggesting earnings volatility tied to investment portfolio performance.
Declining Net Income Trend: Net income attributable to common shareholders has declined from a high of $196.1 million in Q4 2023 to $72.4 million in Q1 2025, which could merit attention regarding profitability trends.
Cash and Cash Equivalents Reduction: Cash decreased by $139.5 million in Q1 2025, marking a reduction from higher cash balances in previous quarters, which may impact liquidity depending on future cash flow generation.

Summary: Affiliated Managers Group continues to generate consistent revenues and strong operating cash flows, supporting shareholder returns via dividends and buybacks. However, investors should stay aware of fluctuations in net income influenced by capital gains volatility and the steady high amortization expense. The decline in net income over recent quarters and reduction in cash reserves highlight areas to monitor closely. Overall, AMG presents a stable business with proactive capital management, tempered by earnings variability linked to investment performance.

10/07/25 09:51 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Affiliated Managers Group's Financials

When does Affiliated Managers Group's fiscal year end?

According to the most recent income statement we have on file, Affiliated Managers Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Affiliated Managers Group's net income changed over the last 9 years?

Affiliated Managers Group's net income appears to be on an upward trend, with a most recent value of $740.60 million in 2024, falling from $827.20 million in 2015. The previous period was $906.10 million in 2023. See where experts think Affiliated Managers Group is headed by visiting Affiliated Managers Group's forecast page.

How has Affiliated Managers Group's revenue changed over the last 9 years?

Over the last 9 years, Affiliated Managers Group's total revenue changed from $2.77 billion in 2015 to $2.35 billion in 2024, a change of -15.1%.

How much debt does Affiliated Managers Group have?

Affiliated Managers Group's total liabilities were at $4.18 billion at the end of 2024, a 2.1% increase from 2023, and a 23.4% increase since 2015.

How much cash does Affiliated Managers Group have?

In the past 9 years, Affiliated Managers Group's cash and equivalents has ranged from $429.20 million in 2022 to $1.04 billion in 2020, and is currently $950 million as of their latest financial filing in 2024.

How has Affiliated Managers Group's book value per share changed over the last 9 years?

Over the last 9 years, Affiliated Managers Group's book value per share changed from 52.50 in 2015 to 110.68 in 2024, a change of 110.8%.

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This page (NYSE:AMG) was last updated on 10/7/2025 by MarketBeat.com Staff

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Affiliated Managers Group (AMG) Financials

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Affiliated Managers Group (AMG) Financials

Annual Income Statements for Affiliated Managers Group

Quarterly Income Statements for Affiliated Managers Group

Annual Cash Flow Statements for Affiliated Managers Group

Quarterly Cash Flow Statements for Affiliated Managers Group

Annual Balance Sheets for Affiliated Managers Group

Quarterly Balance Sheets for Affiliated Managers Group

Annual Metrics And Ratios for Affiliated Managers Group

Quarterly Metrics And Ratios for Affiliated Managers Group

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