# Affiliated Managers Group (AMG) — Stock CV

Affiliated Managers Group is a $10.0B financial services company. Revenue grew 11.8% over the last year, and it keeps 38¢ of every dollar of sales as profit. It trades at 11.7× earnings — around the middle of its own history.

> Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to mid-size boutique asset managers, receiving a fixed percentage of revenue from these firms in return.

## Identity

- **Ticker**: AMG
- **Sector**: Financial Services
- **Industry**: Investment Advice
- **Headquarters**: JUPITER, FL
- **Employees**: 5 600
- **Website**: https://www.amg.com
- **Market cap**: $10.0B
- **Last price**: $387.26
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $2.27B
- **Net income**: $856M
- **Free cash flow**: $1.06B
- **Net debt**: $2.11B
- **P/E**: 11.7
- **Revenue growth (YoY)**: 11.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 62 |
| Profitability | 82 |
| Health | 42 |
| Quality | 66 |
| Moat | 75 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +11.8% YoY
- [x] Profitable — $856M TTM
- [ ] Profit growing — -2.4% YoY
- [x] Generates cash — $1.06B TTM
- [x] Debt under control — ~2.0y of cash flow to repay
- [x] Established company — $10.0B market cap
- [x] Not printing shares — -29.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 0.01%
- [x] Valuation not extreme — P/E 11.7

## Experience (career milestones)

- **FY2022** — Best year on record: $1.15B net income
- **FY2018** — Revenue crossed $1B: $2.38B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2010** — AMG acquired a majority stake in Pantheon Ventures
- **1997** — Nutt in Boston, Massachusetts, as a privately owned company with initial backing from TA Associates
- **1993** — Affiliated Managers Group, Inc. (AMG) is an American financial services firm founded in 1993 and headquartered in…

## Strengths

- Strongly profitable — 37.7% net margin
- Revenue growing 11.8% year over year
- Strong cash conversion — FCF is 46.9% of revenue
- Interest covered 6.0× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.41B | $566M | $1.25B |
| FY2022 | $2.33B | $1.15B | $1.04B |
| FY2023 | $2.06B | $673M | $862M |
| FY2024 | $2.04B | $512M | $929M |
| FY2025 | $2.07B | $717M | $967M |

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Source: https://stockcv.com/AMG — derived from company filings; may be delayed or incomplete. Information, not investment advice.