| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 98 | 0.7x | 17.4x | Top tier | |
Growth | 58 | 12.5% | 7.1% | Around median | |
Quality | 93 | — | — | Top tier | |
Safety | 58 | — | — | Around median | |
Capital Return | 61 | 0.12% | 0.18% | Around median | |
Momentum | 26 | -10.0% | 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 comprising 40 independent affiliates that manage private markets, liquid alternatives, and differentiated traditional equity strategies. Earnings generation relies on recurring management fees, along with performance fees and catch-up fees in private markets, while capital is allocated to minority investments in asset management firms and share repurchases. Alternative strategies have exceeded 60% of earnings, while the contribution from traditional long-only equity affiliates has declined to 35%, making the company's growth more closely tied to private markets and liquid alternatives.
In fiscal Q2 2026 ended 2026-06-30, revenue reached $655.3 million, up 32.9% from $493.2 million in fiscal Q2 2025. Net income was $185.9 million and diluted earnings per share were $7.05, while gross margin was 97.1% versus 46.5% a year earlier and operating margin was 31.9% versus 25.3%. Operating cash flow reached $251.9 million, while assets under management rose to a record $942 billion, supported by market performance and net inflows.
Q2 FY2026
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
Quarterly net flows at the $13 billion threshold
No multi-method calculated values or analyst consensus data are available to support a quantitative valuation comparison.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
The most prominent driver is the shift toward higher-fee, higher-margin alternative strategies, which now account for more than 60% of earnings. These strategies generated $29 billion of inflows in fiscal Q2 2026 ended 2026-06-30 and approximately $100 billion over the twelve-month period. Sources of demand included secondary strategies, infrastructure, absolute return, and tax-aware investing.
Revenue reached $655.3 million in fiscal Q2 2026 ended 2026-06-30, representing annual growth of 32.9%. Net income was $185.9 million and diluted earnings per share were $7.05, while operating cash flow reached $251.9 million. Gross margin reached 97.1% and operating margin reached 31.9%, compared with 46.5% and 25.3%, respectively, a year earlier.
No; alternatives generated $29 billion of inflows in fiscal Q2 2026 ended
Automated analysis for informational purposes only — not investment advice.
The company allocated approximately $800 million to growth investments and capital returns during the first half of fiscal 2026. Investments included BBH Credit Partners, HighBrook Investors, and an additional minority stake in Garda Capital Partners. Share repurchases also reached $375 million in the first half, and management expects approximately $600 million for fiscal 2026, subject to market conditions and capital allocation activity.
Fiscal Q3 2026 results should be compared with adjusted earnings before interest, taxes, depreciation, and amortization guidance of $315 million to $325 million. Management also set an economic earnings per share range of $8.43 to $8.71, based on an adjusted weighted average of 26.3 million shares. New flows will reveal whether momentum in alternatives can offset the $14 billion of outflows from traditional long-only equities in the previous quarter.
