# Affiliated Managers Group, Inc. (AMG)

> Source: Nexqual · https://nexqual.com/AMG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Affiliated Managers Group, Inc. (AMG), nexqual.com/AMG" · informational, not investment advice.

**Price:** USD 395.53 (+0.48% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 393.66 · day 383.01–397.01 · 52w 235.04–397.06 · market cap $10.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.27B, net income $856M (37.7% margin), free cash flow $1.06B (SEC filings).
- Valuation: P/E 11.9x (avg 11.9x at the last 3 fiscal year-ends), net debt $2.59B.
- 3 of 80 tracked superinvestors hold AMG (13F, Q2 2026): 1 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $7.3M; 3 not under a Rule 10b5-1 plan ($7.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $687K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 445.71 (range 360–523).
- Total return with dividends: 1Y +65.5% vs S&P 500 +14.9%; 5Y +139.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 8.79, revenue estimate $655M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.41B | $2.33B | $2.06B | $2.04B | $2.07B | $2.27B |
| Net income | $566M | $1.15B | $673M | $512M | $717M | $856M |
| EPS (diluted) | $13.05 | $25.35 | $17.42 | $15.13 | $22.74 | — |
| Free cash flow | $1.25B | $1.04B | $862M | $929M | $967M | $1.06B |
| Net margin | 23.4% | 49.2% | 32.7% | 25.1% | 34.5% | 37.7% |
| Revenue growth | +19.0% | -3.4% | -11.7% | -0.8% | +1.6% | — |
| Cash + short-term investments | $909M | $429M | $814M | $950M | $586M | — |
| Total debt | $2.49B | $2.54B | $2.54B | $2.62B | $2.69B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.9x · P/S 4.5x · EV/Sales 5.7x · P/FCF 9.6x · P/B 3.4x · FCF yield 10.41% · Earnings yield 8.37% · Buyback yield (TTM) 7.76% · Net debt $2.59B · EV $12.8B
P/E at fiscal year-ends: Dec 2025 13.3x, Dec 2024 13.0x, Dec 2023 9.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold AMG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 3.37% | $338M | Reduced -6.0% |
| Mason Hawkins | Southeastern Asset Management | 0.10% | $1.9M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $203K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-08 | Horgen Jay C. | President and CEO | 17,500 | $5.9M | 2.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-08 | Matos Rodriguez Felix V. | Director | 1,000 | $300K | 18.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Ryan David Christopher | Director | 3,402 | $1.0M | 75.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $687K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-01 | Franqui Annette | Director | 750 | $229K | 304.88 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Cates G. Staley | Director | 1,500 | $459K | 305.83 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 445.71 (low 360, high 523).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | TD Cowen | Target raised | Buy | $512 → $523 |
| 2026-09-29 | TD Cowen | Reiterated | Buy | $512 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +65.5% | +139.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +65.8% | +19.0% |
| Volatility (annualized) | 32.7% | 30.7% |
| Max drawdown | -19.7% (Feb 2026→Apr 2026) | -39.9% (Nov 2021→Sep 2022) |

## Peers (Asset Management)
SEIC (SEI Investments Company) USD 104.5 -3.62% · IVZ (Invesco Ltd) USD 28.79 -1.57% · ARCC (Ares Capital Corporation) USD 18.79 +2.12% · CG (The Carlyle Group Inc.) USD 39.2 +5.18% · PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23%

## More
Full page: https://nexqual.com/AMG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.49B | 71.7% | +0.1% |
| United Kingdom | $527.0M | 25.4% | +5.3% |
| OTHER | $60.5M | 2.9% | +9.6% |
| Total revenue | $2.07B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $8.79 | $8.32 | +5.6% | $655.1M | 6 |
| Next quarter (ends 2026-12-31) | $11.90 | $11.85 | +0.4% | $657.5M | 5 |
| Current fiscal year (ends 2026-12-31) | $37.19 | $36.16 | +2.9% | $2.48B | 7 |
| Next fiscal year (ends 2027-12-31) | $32.50 | $28.22 | +15.2% | $2.69B | 3 |