| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 82 | 12.4x | 17.8x | Top tier | |
Growth | 56 | 12.5% | 7.1% | Around median | |
Quality | 93 | — | — | Top tier | |
Safety | 58 | — | — | Around median | |
Capital Return | 16 | 0.01% | 2.12% | Bottom tier | |
Momentum | 88 | 59.5% | 2.9% | Top tier | |
Sentiment | 39 | 6 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Affiliated Managers Group, Inc. operates through a partnership model with 40 independent Affiliates that manage strategies across private markets, liquid alternatives, and long-term specialized equities. AMG generates earnings from its economic interests in these firms while preserving their operational independence, and redeploys cash flows into new or additional Affiliate investments and share repurchases. In fiscal Q2 2026, alternatives accounted for more than 60% of the company's earnings, compared with only 35% for long-term strategies, while tax-aware strategies accounted for more than 10% of earnings.
In fiscal Q2 2026, AMG reported record second-quarter earnings; adjusted EBITDA was approximately $316 million, up 44% year over year, and economic earnings per share were $8.29, up 54%. Fee-related earnings, excluding performance fees and catch-up fees, grew 39%, and the company recorded $10 million in net performance fee earnings and approximately $7 million in additional fees primarily related to catch-up fees at private markets Affiliates. The call did not include a revenue figure for the quarter itself, while EDGAR data for fiscal Q1 2026 showed revenue of $544.9 million, net income of $110.4 million, and earnings per share of $3.84, equivalent to a calculated net income margin of approximately 20.3%.
The company ended fiscal Q2 2026 with record assets under management of $942 billion, up 7% from the previous quarter and 22% over the twelve months ended that quarter. Investment performance contributed six percentage points to quarterly AUM growth, while net flows added the equivalent of 1.5% of beginning-of-period assets. Total net flows were $13 billion, but their composition was clearly uneven: $29 billion of inflows into alternatives, versus $14 billion of outflows from long-term equities and $2 billion from multi-asset and fixed income.
The average analyst price target is $410, within a narrow range of $400 to $425, alongside a consensus “Buy” rating. The average is above the 52-week range high of $392.92, while the annual range extends from $224.59 to $392.92; the data do not provide a valid price-to-earnings ratio, so analysts' valuation is based primarily on accelerating economic earnings and the mix shift toward alternatives, while risks from long-term equity outflows and market volatility remain.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Adjusted EBITDA was $316 million, up 44% year over year, and economic earnings per share were $8.29, up 54%. Fee-related earnings grew 39%, driven by organic flows, investment performance, and margin expansion at some of the largest Affiliates. Performance fees contributed a net $10 million, in addition to approximately $7 million in additional fees primarily related to catch-up fees in private markets.
Alternatives represented more than 60% of AMG's earnings in fiscal Q2 2026, compared with approximately 50% 18 months ago and 35% five years ago. These strategies attracted $29 billion of net flows during the quarter and approximately $100 billion over the twelve months ended that quarter. Management says higher fees and margin expansion mean that flows' contribution to EBITDA growth is approximately twice what asset-based organic growth rates would imply.
Liquid alternatives generated $21 billion of inflows, including $16 billion from wealth clients into tax-aware strategies. Institutional and retail clients added $5 billion through absolute return and market-sensitive strategies. Private markets Affiliates also raised $8 billion, concentrated primarily in infrastructure, secondary markets, and other specialized areas.
Automated analysis for informational purposes only — not investment advice.
Management expects adjusted EBITDA of between $315 million and $325 million, based on AUM levels and a market mix that was down 2% through July 29, 2026. It expects economic earnings per share of between $8.43 and $8.71, with growth of approximately 40% at the midpoint compared with fiscal Q3 2025. The guidance includes $315 million of recurring fee-related earnings, no material private markets catch-up fees, and net performance fees of up to $10 million.
The company spent approximately $189 million on share repurchases in fiscal Q2 2026, bringing the first-half total to $375 million. Management expects to repurchase approximately $600 million of shares throughout fiscal 2026, subject to market conditions and capital allocation opportunities. During the first half, it also completed investments in BBH Credit Partners and HighBrook Investors and an additional minority investment in Garda Capital Partners, while total capital allocated to growth investments and capital returns was approximately $800 million.
Long-term specialized equity strategies experienced $14 billion of outflows in fiscal Q2 2026 due to industry and performance pressures, although they still account for 35% of earnings. Multi-asset and fixed income recorded $2 billion of outflows, which management linked to seasonality in money market and short-term fixed income funds. By contrast, alternatives offset this weakness with $29 billion of inflows, so the sustainability of the improvement depends on continued strength in alternatives in the face of capital flight from traditional categories.
