Affiliated Managers Group (AMG)
NYSEFinancialsAsset ManagementSnapshot 2026-09-09
$355.85-1.21%
Close 2026-09-09 · 1-day change
NYSEFinancialsAsset ManagementSnapshot 2026-09-09
Intact: The reason to own it still holds.
AMG is an asset manager with a strong history of earnings beats. It has a low price-to-earnings ratio of 12.33 versus peers at 18.55. The company guides economic earnings per share at $8.23 for 2026, showing a clear target. AMG also supports shareholders with share buybacks and a stable dividend.
Economic earnings per share guidance fell sharply from $26.05 in 2025 to $8.23 in 2026. The company is behind on its growth objective. Key executives have recently left, which may hurt execution. Revenue growth is uncertain and the turnaround progress is limited.
The stock trades about 12.5% below our fair value near $412. Analysts expect about 15% revenue growth. Our view is cautious given the earnings decline and management challenges.
Breaks if: Dividend cut or suspension of share buybacks
Breaks if: Economic EPS falls below $8.23 in FY26
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable compounder with a focus on organic growth in alternative strategies. The current thesis state is intact, supported by strong recent financial performance and management priorities.
The market seems to price AMG as expensive compared to peers, with a notable expectations gap. Despite this, there is a low fragility tier, indicating that the current valuation is justified given the company's performance.
Fundamentals are likely to remain strong, driven by management's focus on increasing economic earnings per share and expanding assets under management. However, there is a moderate risk due to the potential for earnings surprises trending down.
The thesis hinges on management's ability to maintain guidance and the performance of sector bellwethers like BLK, BX, and KKR. Positive momentum in these companies could support AMG, while any negative guidance from them could impact AMG's outlook.
The most important moves since the prior daily snapshot.
Confidence changed from 'high' to 'medium'.
Yes, our read has strengthened. The latest earnings beat supports growth in economic earnings per share. AMG raised its Q2 2026 adjusted EBITDA and revenue guidance, reinforcing this positive outlook.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Drive growth in economic earnings per share through organic growth in alternative strategies and disciplined capital allocation.
Stated as a priority in 4 of last 4 quarters. Economic earnings per share grew from $5.39 in 2025-Q2 to $8.29 in 2026-Q2 (+54%), with full-year 2025 Economic EPS up 22% year-over-year to $26.05. Management's focus on organic growth in alternative strategies and disciplined capital allocation is delivering consistent earnings growth.
“Economic EPS of $8.29 increased 54% year over year, reflecting evolution toward alternative strategies and disciplined capital allocation.”
“Economic EPS of $8.23 increased 58% year-over-year, driven by strong organic growth and disciplined capital allocation.”
“Full-year Economic EPS of $26.05 increased 22% year-over-year, driven by strong organic growth and disciplined capital allocation.”
“Economic earnings per share growth of 27% relative to the prior-year quarter.”
Breaks if: Additional key executive departures or leadership instability
Breaks if: Revenue growth falls below 15% YoY next year
Overall, AMG's strong fundamentals and management execution provide a solid foundation for a multi-year view. Not investment advice.