Affiliated Managers Group, Inc. (AMG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Affiliated Managers Group, Inc. stock $356, price $363, that is 2.0% below the price, quality 82 out of 100. Rating: fairly valued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $111.75 – $399.02 · fair‑value band $234.56 – $496.82 · the $362.96 price screens above the $355.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Affiliated Managers Group, Inc., through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States.
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It provides advisory or sub-advisory services to mutual funds.
These funds are distributed to retail, high net worth and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.
The company also offers investment products in various investment styles in the institutional distribution channel, including small, small/mid, mid, and large capitalization value and growth equity, and emerging markets.
In addition, it offers quantitative, alternative, and fixed income products, and manages assets for foundations and endowments, defined benefit, and defined contribution plans for corporations and municipalities.
Affiliated Managers Group provides investment management or customized investment counseling and fiduciary services.
Affiliated Managers Group, Inc. was formed in 1993 and is based in West Palm Beach, Florida with additional offices in Prides Crossing, Massachusetts; Stamford, Connecticut; London, United Kingdom; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; Tokyo, Japan, Zurich, Switzerland and Delaware.
Stock analysis
Affiliated Managers Group, Inc. (AMG) currently trades at $362.96, while our model-based Fair Value estimate is $355.69, so the stock looks roughly fairly valued today (gap 2.0%).
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Valuation
Bull case: the Multiples group reads highest at a median of $360.24 per share, and 3 of the 11 models we run sit above the $362.96 price.
Bear case: the Economic Profit group reads lowest at $198.44, and 8 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $234.56 (bear) to $496.82 (bull), the price of $362.96 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 82/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Affiliated Managers Group, Inc. reported revenue of $2.4B in FY2025 versus $2.4B in FY2021, a compound +0.3%/yr. Reported net income was $717M in FY2025, compounding +6.1%/yr from FY2021.
Key figures
Market cap $9.8B Mid · P/E ratio 12.7 · P/S ratio 5.43 · EPS (TTM) $28.54 · Dividend yield 0.0% · Net margin 37.7% · Return on equity 24.3% · Return on assets (EBIT) 8.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −2%, AMG screens cheaper than that median.
Fair Value models
Bear$234.56Fair Value $355.69Bull$496.82
Price $362.96 · Downside -2.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($24.36 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
SaleThomas M WojcikPresident and COO8,000 shares at $286.30$2.3MMar 6, 2026
Plus 6 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
Start year 2020 (pandemic). Over 10 years: −0.2% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+12.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.38.1% vs 10.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → 32%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.4% a year for the price and +3.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The partnership model enables value creation by backing independent managers and monetizing stakes to recycle capital while preserving autonomy, yet intense competition and fee pressure limit proof of durable advantage.
Main risk: Persistent fee pressure in asset management risks eroding the high margins that underpin the sharing of affiliate growth and the preservation of autonomy.
AMG builds value by partnering with independent asset managers and sharing in their growth while preserving their autonomy. The recent full ownership transition at one affiliate highlights how these stakes can be monetized over time to recycle capital. Does this flexibility reinforce the partnership approach long term or risk diluting focus on building deeper ties with core affiliates?
Compare Affiliated Managers Group, Inc. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score82 · Top 25%
Fair Value upside−2.0% · Below median
Profitability
Return on equity (12 months)24.3% · Top 25%
Return on assets9.8% · Above median
Net margin (12 months)47.6% · Above median
Operating margin (12 months)30.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)29.9% · Above median
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.83× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)12.7× · Pricier than median
P/B3.01× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)5.43× · Pricier than median
Price / free cash flow (fiscal year)12.3× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Affiliated Managers Group, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/AMG
Frequently asked questions
Is Affiliated Managers Group, Inc. (AMG) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $355.69 versus a price of $362.96, about 2% lower (fairly valued).
What is the fair value of AMG?
Our model-based fair value for Affiliated Managers Group, Inc. is $355.69 (as of Nov 7, 2026), built from audited fundamentals. The current price: $362.96.
What is the quality score of AMG?
Affiliated Managers Group, Inc. has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Affiliated Managers Group, Inc. (AMG)?
Our model-based price target is the fair value of $355.69 (as of Nov 7, 2026) from 11 valuation models. Cautious scenario $234.56, optimistic scenario $496.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Affiliated Managers Group, Inc. stock forecast for 2026?
Our models put fair value at $355.69, about 2% lower versus a price of $362.96 (fairly valued). Cautious scenario $234.56, optimistic scenario $496.82. The calculation is refreshed regularly with new filings.
What is the revenue of Affiliated Managers Group, Inc. (AMG)?
Affiliated Managers Group, Inc. reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Nov 7, 2026).
Does Affiliated Managers Group, Inc. pay a dividend?
Affiliated Managers Group, Inc. currently shows a dividend yield of 0.01% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Affiliated Managers Group, Inc. (AMG) and when is the ex-dividend date?
Affiliated Managers Group, Inc. pays a dividend of $0.04 per share a year, a dividend yield of 0.0%. The last ex-dividend date was Aug 10, 2026. A dividend has been paid every year since at least 2017. The payout ratio is 0.2% of earnings (on adjusted earnings, reported 0.1%). Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Affiliated Managers Group, Inc. (AMG)?
For today's price to be fair in a discounted-cash-flow model, Affiliated Managers Group, Inc. would have to grow free cash flow by +1.0 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of AMG use?
Our models discount Affiliated Managers Group, Inc. at 9.9 %: a base by market capitalisation (mid), damped by beta 1.05, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Affiliated Managers Group, Inc. that is +1.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Affiliated Managers Group, Inc. (AMG) delivered so far?
Over the past 5 years revenue at Affiliated Managers Group, Inc. grew +3.8 % a year. The price currently implies free-cash-flow growth of +1.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Affiliated Managers Group, Inc. (AMG) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Affiliated Managers Group, Inc. (+1.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Affiliated Managers Group, Inc. (AMG)?
The free-cash-flow yield on the price is 10.29 %: that much free cash flow Affiliated Managers Group, Inc. produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Affiliated Managers Group, Inc. (AMG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Affiliated Managers Group, Inc. it is $355.69 per share (as of Nov 7, 2026), against a price of $362.96. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit).
Is Affiliated Managers Group, Inc. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, AMG trades above its calculated fair value: price $362.96, fair value $355.69, a gap of about −2% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AMG?
No. The price is what the market pays today ($362.96); the fair value is what the company's own numbers justify ($355.69). For Affiliated Managers Group, Inc. the two are $7.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Affiliated Managers Group, Inc. worth?
The market values Affiliated Managers Group, Inc. at about $9.8B (market capitalisation, as of Nov 7, 2026). Per share that is $362.96; our models calculate a fair value of $355.69 per share.
What do the bullish and bearish scenarios say about AMG?
Our models span a range for Affiliated Managers Group, Inc.: cautious scenario $234.56, base $355.69, optimistic $496.82 per share (as of Nov 7, 2026, price $362.96). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AMG?
Affiliated Managers Group, Inc. trades at a price-to-earnings ratio of 12.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $355.69 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 22.5 (reported for FY2025: 16.7). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 10.7. Other multiples: PEG 0.6, P/B 3.0, P/S 5.4, EV/EBITDA 23.9.
What is the PEG ratio of AMG?
The PEG ratio of Affiliated Managers Group, Inc. is 0.62 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Affiliated Managers Group, Inc. (AMG)?
Balance-sheet figures for Affiliated Managers Group, Inc. (as of Nov 7, 2026): return on equity 24.3%, debt of 0.83 per unit of equity. They feed the Quality Score of 82/100, which measures business quality independently of the share price.
How far is AMG from its 52-week high?
Affiliated Managers Group, Inc. trades at $362.96, about 9% below its 52-week high of $399.02 and 45% above the low of $250.44 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $355.69 is for.
Which stocks are comparable to Affiliated Managers Group, Inc.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Affiliated Managers Group, Inc. stock attractive at the current price?
The data as of Nov 7, 2026: price $362.96, calculated fair value $355.69 (−2%), Quality Score 82/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AMG calculated?
We run Affiliated Managers Group, Inc. through 11 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $355.69 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Affiliated Managers Group, Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Affiliated Managers Group, Inc. (AMG)?
The closing price on Nov 6, 2026 was $362.96. Our model-based fair value is $355.69, about 2% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Affiliated Managers Group, Inc. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($234.56 to $496.82) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Affiliated Managers Group, Inc. (AMG) come from?
Earnings per share at Affiliated Managers Group, Inc. grew +8.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.9 %, EBIT margin −0.9 %, tax rate +1.3 %, residual (interest, one-offs) +4.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Affiliated Managers Group, Inc.
How large is the market capitalisation of Affiliated Managers Group, Inc. (AMG)?
The market capitalisation of Affiliated Managers Group, Inc. is $9.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Affiliated Managers Group, Inc. (AMG)?
The price-to-sales ratio of Affiliated Managers Group, Inc. is 5.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Affiliated Managers Group, Inc. (AMG)?
Earnings per share at Affiliated Managers Group, Inc. are $28.54 (price ÷ EPS = P/E 12.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Affiliated Managers Group, Inc. (AMG)?
The dividend yield of Affiliated Managers Group, Inc. is 0.0% (payout 0.2%, on adjusted earnings, reported 0.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Affiliated Managers Group, Inc. (AMG)?
The net margin of Affiliated Managers Group, Inc. is 37.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Affiliated Managers Group, Inc. (AMG)?
The return on equity (ROE) of Affiliated Managers Group, Inc. is 24.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Affiliated Managers Group, Inc. (AMG)?
On an EBIT basis the return on assets of Affiliated Managers Group, Inc. is 8.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Affiliated Managers Group, Inc. (AMG)?
The operating margin of Affiliated Managers Group, Inc. is 30.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Affiliated Managers Group, Inc. (AMG)?
Revenue at Affiliated Managers Group, Inc. is growing +29.9% versus a year earlier (3y avg +1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Affiliated Managers Group, Inc. (AMG)?
Earnings per share at Affiliated Managers Group, Inc. are growing +148% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Affiliated Managers Group, Inc. (AMG) carry?
The net debt of Affiliated Managers Group, Inc. is $2.1B (fiscal year 2025, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 7, 2026