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Affiliated Managers Group, Inc.(AMG)
Top performer •
Today’s top pick 
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for AMG
10/23/2026: AMG (5-star) is a STRONG-BUY. BUY for 15 days. Simulated Profits (0.71%). Updated daily EoD!
Affiliated Managers Group, Inc. operates as a multi-boutique asset manager, partnering with independent investment firms to provide diverse strategies to institutional and retail investors. Its primary strength lies in a decentralized business model that attracts top investment talent while maintaining operational autonomy. The main growth opportunity involves reallocating capital toward high-growth alternative and private market strategies to counter fee pressure. However, the company faces significant risks from the secular industry shift toward passive investing and the inherent volatility of performance-based fees. AMG is best suited for value-oriented investors who believe in the resilience of active, specialized asset management and wish to monitor management's success in rotating the boutique portfolio toward private markets.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | AMG offers exposure to the growth of independent alternative managers, but growth is heavily tied to volatile market cycles. |
| Momentum investor | Strong fit while signal remains positive | The stock can exhibit strong price movement during periods of market optimism and rising AUM. |
| Value investor | Strong fit | The company often trades at reasonable valuation multiples compared to peers, appealing to those seeking value in financial services. |
| Dividend investor | Weak fit | AMG focuses capital allocation primarily on share repurchases and business growth rather than consistent dividend payments. |
| Low-risk investor | Weak fit | The inherent sensitivity to market beta and performance fee volatility makes this a higher-risk equity choice. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock price is sensitive to overall market conditions and investor sentiment toward active management. |
| Valuation risk | Medium | Market mispricing of future AUM growth can lead to fluctuations in the stock's P/E multiple. |
| Competition risk (Active vs Passive) | High | The secular shift of capital from active, high-fee managers to low-cost passive ETFs threatens revenue growth. |
| Business quality | Medium | The multi-boutique model is effective, but relies heavily on the continued performance of individual partners. |
| Dividend income | Low | Income-focused investors will find little support from the company's capital allocation strategy. |
| Execution risk | Medium | Success depends on the company's ability to source, acquire, and integrate new boutique partners effectively. |
Price Behavior
Strong Uptrend
The stock has maintained a strong upward price trend across the last three quarters.
Moderately Choppy
The stock has experienced noticeable price swings while retaining some directional structure.
Analysis of Past Performance
Type Stock | Historic Profit 134.42% | Avg. Invested days 89 | Today’s Advisory Strong Buy |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | Stock Returns Performance  5.0 |
| Profits based on simulation | Last Close 10/23/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 9.92B USD | Price to earnings Ratio 13.43 | 1Y Target Price 445.71 |
Price to earnings Ratio 13.43 | 1Y Target Price 445.71 | ||
Volume (30-day avg) 296.9K shares | Beta 1.07 | 52 Weeks Range 235.01 - 399.00 | Updated Date 10/25/2026 |
52 Weeks Range 235.01 - 399.00 | Updated Date 10/25/2026 | ||
Dividends yield (FY) 0.01% | Basic EPS (TTM) 28.54 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Asset Management Fees | Recurring fees based on a percentage of assets under management (AUM) from institutional and retail clients. | This is the 'bread and butter' revenue that stays steady as long as client assets remain invested. |
| Performance Fees | Incentive fees earned by boutique partners when they exceed specific investment return benchmarks. | This is 'bonus' money that surges in strong market environments but disappears during market downturns. |
| Geography: North America / International | Diversified asset base across US and global markets, though heavily concentrated in US-domiciled investment products. | The company's performance is tied to global financial markets, with a slight tilt toward US economic performance. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2026-11-02 | When Before Market | Estimate 8.7 | Actual - |
Profitability
Profit Margin 37.72% | Operating Margin (TTM) 30.36% |
Management Effectiveness
Return on Assets (TTM) 3.12% | Return on Equity (TTM) 24.26% |
Valuation
Trailing PE 13.43 | Forward PE 10.49 | Enterprise Value 12.28B | Price to Sales(TTM) 4.37 |
Enterprise Value 12.28B | Price to Sales(TTM) 4.37 | ||
Enterprise Value to Revenue 5.41 | Enterprise Value to EBITDA 7.34 | Shares Outstanding 25.86M | Shares Floating 24.85M |
Shares Outstanding 25.86M | Shares Floating 24.85M | ||
Percent Insiders 4.23 | Percent Institutions 100.65 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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