| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 98 | 0.7x | 17.4x | Top tier | |
Growth | 58 | 11.8% | 7.1% | Around median | |
Quality | 93 | — | — | Top tier | |
Safety | 58 | — | — | Around median | |
Capital Return | 27 | 0.20% | 0.18% | Bottom tier | |
Momentum | 32 | -13.2% | 1.3% | Bottom tier | |
Sentiment | 78 | 4 | 3 | Top tier |
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 operates through a partnership model with 40 independent asset management firms, with its business spanning private markets, liquid alternatives, and differentiated long-term strategies. The company generates its income primarily from its share of management fees, along with performance fees and catch-up fees at certain private markets firms, while keeping its affiliates operationally independent. In fiscal 2026 Q2 (ended 2026-06-30), alternatives accounted for more than 60% of earnings, while the contribution from long-term businesses declined to 35%.
Assets under management reached $942 billion in fiscal 2026 Q2, following net inflows of $13 billion. Alternative strategies attracted $29 billion, including $8 billion for private markets and $21 billion for liquid alternatives, while differentiated long-term equities recorded outflows of $14 billion. This mix reflects a shift in earnings toward higher-fee, higher-margin strategies, particularly secondaries, infrastructure, absolute return, and tax-aware investing.
Fiscal 2026 Q2 revenue was $640.7 million, up 29.9% year over year from $493.2 million in fiscal 2025 Q2. Gross margin was 50.7% versus 46.5%, and operating margin was 33.9% versus 27.1%, while net income reached $185.9 million and diluted earnings per share reached $7.04. The improvement in profitability coincided with a 13.1% decline in diluted share count to 27.3 million shares from 31.4 million shares.
Q2 FY2026
Automated analysis for informational purposes only — not investment advice.
When: 2026-11-09
Adjusted earnings before interest, taxes, depreciation, and amortization at the $315 million threshold
Economic earnings per share at the $8.43 threshold
Operating margin at the 33.9% threshold
The most prominent driver came from alternative strategies, which attracted $29 billion in fiscal 2026 Q2 (ended 2026-06-30) and approximately $100 billion during the twelve months ended on the same date. Sources of demand included secondaries, infrastructure, absolute return, and tax-aware investing. Investments in BBH Credit Partners, HighBrook Investors, and Garda Capital Partners contributed to adding $69 billion to assets under management during the twelve months. As a result, the contribution from alternatives exceeded 60% of earnings, compared with approximately 35% five years ago.
Fiscal 2026 Q2 revenue (for the quarter ended 2026-06-30) was approximately $640.7 million, up 29.9% year over year from $493.2 million. Gross margin expanded to 50.7% from 46.5%, while operating margin rose to 33.9% from 27.1%. The company recorded net income of $185.9 million and diluted earnings per share of $7.04.
Tax-aware strategies represent slightly more than 10% of AMG's earnings, according to the 2026-07-30 call. These strategies attracted $16 billion from wealth management clients in fiscal 2026 Q2 (ended 2026-06-30). AMG's exposure to this trend is directly reflected through AQR, alongside interest in real estate, infrastructure, and energy transition strategies with tax-related characteristics. Organic growth in liquid alternatives, excluding tax-aware strategies, also exceeded 15% during the twelve months ended 2026-06-30.
The company spent $189 million on share repurchases in fiscal 2026 Q2 (ended 2026-06-30), bringing first-half spending to $375 million. The repurchases, together with the settlement of the convertible preferred securities in January 2026, reduced the economic share count by 1.8 million shares since the beginning of fiscal 2026. The company also allocated approximately $800 million to growth investments and capital returns during the first half, including investments in Garda Capital Partners and HighBrook Investors. Management is targeting approximately $600 million of share repurchases in fiscal 2026, subject to market conditions and capital allocation activity.
Differentiated long-term equities recorded outflows of $14 billion in fiscal 2026 Q2 (ended 2026-06-30), and they still represent 35% of earnings contribution. The multi-asset and fixed income category also experienced $2 billion of outflows, which management attributed to seasonality in money market funds and short-duration fixed income. Conversely, the pace of the shift toward alternatives depends on continued demand for AQR products and the strategies of Garda, Capula, Verition, and Winton. The financial safety pillar's score of 30 out of 100 within the industry and the shareholder returns pillar's score of 3 out of 100 within the industry add two areas of relative weakness.
The results are expected to be announced on 2026-11-09. Management expects adjusted earnings before interest, taxes, depreciation, and amortization of between $315 million and $325 million in fiscal 2026 Q3, including $315 million from recurring fee-related earnings. It also expects economic earnings per share of between $8.43 and $8.71, based on an adjusted weighted-average share count of 26.3 million shares. The guidance assumes no material catch-up fees, with net performance fees of up to $10 million.
