Affiliated Managers Group, Inc. (MGRE) stock analysis
Close on Oct 30, 2026Market cap $566.25MP/E 0.7Yield 0.19%
StockData Score
Prices as of Oct 30, 2026How the score works
Solid15 of 30 checks passed
Affiliated Managers passes 15 of the 30 checks behind our score; 7 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 2/6
- Past performance
- 5/6
- Financial health
- 4/6
- Dividend
- 1/6
What stands out
Trading below fair value
The share price of $381.57 is below our fair value estimate of $411.86.
Return on equity over 15%
Return on equity was 27.3% over the last twelve months and averaged 22.9% over five years.
No debt
Affiliated Managers has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 28.8% a year on average over the last five fiscal years.
What to watch
Margin of safety under 20%
The price is 7.4% below fair value, less than the 20% cushion we look for.
Revenue growing under 10% a year
Revenue grew -3.8% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -3.6% a year over the last three fiscal years.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.56; above 3 is the safe zone and below 1.8 the distress zone.
Valuation3/6
P/E above its 5-year median
Affiliated Managers's P/E of 13.5 is above its own 5-year median of 11.0.
P/E below the industry
Affiliated Managers's P/E of 13.5 is below the Services Allied with the Exchange of Securities median of 20.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Affiliated Managers's price-to-book of 3.25 is below the Services Allied with the Exchange of Securities median of 3.26.
Trading below fair value
The share price of $381.57 is below our fair value estimate of $411.86.
Margin of safety under 20%
The price is 7.4% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growing under 10% a year
Revenue grew -3.8% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -3.6% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 93.6% over the last twelve months, against a 5-year average of 28.8% a year.
Growing faster than the industry
Revenue grew 11.8% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance5/6
Return on equity over 15%
Return on equity was 27.3% over the last twelve months and averaged 22.9% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Affiliated Managers's return on equity of 27.3% is above the Services Allied with the Exchange of Securities median of 15.7%.
Earnings grew over 5 years
Net income grew 28.8% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 37.7% over the last twelve months, against a 5-year average of 33.0%.
Net margin above the industry
Affiliated Managers's net margin of 37.7% is above the Services Allied with the Exchange of Securities median of 15.7%.
Financial health4/6
No debt
Affiliated Managers has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.56; above 3 is the safe zone and below 1.8 the distress zone.
Dividend1/6
Pays a dividend
Affiliated Managers paid dividends worth 0.0% of the share price over the last twelve months.
Yield below Treasuries
The 0.0% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 4.0% or more; Affiliated Managers yields 0.0%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 10 fiscal years.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$411.86
The share price is 7% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 15.6× | 11.0× | 20.3× | $440.51 | 73% |
| Earnings power | 10.6% cost of equity | – | – | $335.46 | 27% |
| Fair value | $411.86 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 11.0
- Services Allied with the Exchange of Securities median 20.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $106.38M
- Value traded per 1% price move
- $75.78M
Downside
Low risk
- Typical loss in a bad month
- 13.8%
- Volatility (annualized)
- 33%
- Sharpe ratio, 1 year
- 1.70
- Beta to the S&P 500 (5Y)
- 1.12
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.6% | -3.8% | +0.5% | – | |
| Net income | +40.1% | -14.5% | +28.8% | +3.5% | |
| EPS, diluted | +50.3% | -3.6% | +39.3% | +9.5% | |
| Free cash flow | +4.1% | -2.5% | -0.7% | -1.9% | |
| Dividend per share | 0.0% | 0.0% | -35.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.6% | 7.1% | 21.8% | |
| Return on assets | 5.7% | 2.6% | 7.9% | |
| Interest coverage | 11.3× | – | – | |
| Capex to revenue | 0.9% | 0.4% | 0.3% | |
| Diluted shares | 57M | 47M | 33M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Affiliated Managers generated $5.09B from operations and spent $3.12B on capital expenditure, dividends and share buybacks. 1% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 34.5% | 0.23× | 2.74× | 21.8% |
| FY2024 | 25.1% | 0.23× | 2.58× | 14.8% |
| FY2023 | 32.7% | 0.23× | 2.63× | 19.7% |
| FY2022 | 49.2% | 0.26× | 2.95× | 38.1% |
| FY2021 | 23.4% | 0.29× | 3.01× | 20.3% |
| FY2020 | 10.0% | 0.26× | 2.72× | 7.1% |
| FY2019 | 0.7% | 0.28× | 2.48× | 0.5% |
| FY2018 | 10.2% | 0.28× | 2.32× | 6.7% |
| FY2017 | 29.9% | 0.26× | 2.35× | 18.5% |
| FY2016 | 21.5% | 0.27× | 2.56× | 14.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$716.60M
- Cash generatingOperating cash flow above zero$973.20M
- Return on assets improvedROA up on the prior year5.6% → 8.1%
- Earnings backed by cashOperating cash flow above net income$973.20M vs $716.60M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise36M → 33M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.23 → 0.23