| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 99 | 0.5x | 17.4x | Top tier | |
Growth | 58 | 12.5% | 7.1% | Around median | |
Quality | 93 | — | — | Top tier | |
Safety | 58 | — | — | Around median | |
Capital Return | 61 | 0.18% | 0.18% | Around median | |
Momentum | 36 | -9.5% | 1.3% | Bottom tier | |
Sentiment | 1 | 1 | 3 | Bottom 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 affiliates managing strategies across private markets, liquid alternatives, and differentiated traditional equities. The company generates income from its economic interests in these firms’ management fees, performance fees, and cash flows, while preserving their operational independence. In Q2 FY2026 ended 2026-06-30, alternative strategies accounted for more than 60% of earnings, while the contribution from traditional equity businesses declined to 35%, reflecting a shift in the earnings mix toward higher-fee, higher-margin strategies.
In Q2 FY2026 ended 2026-06-30, revenue reached $655.3 million, up 32.9% year over year from $493.2 million in Q2 FY2025. Net income was $185.9 million and diluted earnings per share were $7.05, while operating cash flow reached $251.9 million. Gross margin was 97.1% versus 46.5% a year earlier, and operating margin was 31.9% versus 25.3%.
The company ended the quarter with $942 billion in assets under management, following total net inflows of $13 billion during the quarter. Alternative strategies attracted $29 billion, split between $8 billion raised by private markets affiliates and $21 billion of inflows into liquid alternatives, while differentiated traditional equity strategies recorded $14 billion in outflows, and the multi-asset and fixed-income category recorded $2 billion in outflows.
Q2 FY2026
Automated analysis for informational purposes only — not investment advice.
When: Q3 FY2026
Adjusted earnings before interest, taxes, depreciation, and amortization in the range of $315 million to $325 million
Economic earnings per share in the range of $8.43 to $8.71
When: 2026-11-09
Operating margin at 31.9%
The most prominent driver is the shift in the business mix toward higher-fee, higher-margin alternative strategies, which accounted for more than 60% of earnings in Q2 FY2026 ended 2026-06-30. These strategies recorded net inflows of $29 billion during the quarter and approximately $100 billion over the preceding twelve months. Demand came from secondary, infrastructure, absolute-return, and tax-aware strategies, while fee-related earnings grew 39% year over year.
The company generated total net inflows of $13 billion in Q2 FY2026 ended 2026-06-30. Private markets affiliates raised $8 billion, and liquid alternatives recorded $21 billion in inflows, including $16 billion into tax-aware strategies. By contrast, $14 billion flowed out of differentiated traditional equity strategies and $2 billion flowed out of the multi-asset and fixed-income category.
The company spent approximately $189 million on share repurchases in Q2 FY2026 ended 2026-06-30, bringing first-half spending to $375 million. The diluted share count declined to 26.9 million shares from 31.4 million shares in the comparable quarter, a decrease of 14.3%. Repurchases contributed to earnings-per-share growth, while management targets approximately $600 million in repurchases during FY2026, subject to market conditions and capital-allocation decisions.
Management expects adjusted earnings before interest, taxes, depreciation, and amortization of between $315 million and $325 million in Q3 FY2026. The guidance includes recurring fee-related earnings of $315 million and net performance fees of up to $10 million, with no material catch-up fees from private markets. Based on an adjusted weighted-average share count of 26.3 million, the company expects economic earnings per share of between $8.43 and $8.71.
Tax-aware strategies represented slightly more than 10% of the company’s earnings in the Q2 FY2026 earnings call dated 2026-07-30. These strategies attracted $16 billion from wealth clients during the quarter and are most clearly represented through AQR. Most of these products operate in long-short equities linked to deep, diversified markets such as MSCI World and S&P 500, which management said provides them with substantial capacity.
In the first half of FY2026, the company completed investments in BBH Credit Partners and HighBrook Investors and an additional minority investment in Garda Capital Partners. It allocated approximately $800 million in total to growth investments and capital returns during that period, with approximately $175 million directed toward growth investments in new and existing affiliates. It also extended the maturity of its $1.25 billion credit facility to June 2031 and typically targets investments ranging from $100 million to $500 million with high-teens returns.
