AMGAFFILIATED MANAGERS GROUP, INC.
Investment Advice
- Revenue
- $2.1B
- 1.6% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $22.3B
- Employees
- 5,600
- $370K revenue each
- Net debt / EBITDA
- —
- $2.6B net debt
- AI in 10-K
- 2.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$14M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo136% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo73% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo27% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$370K · 2nd pctBottom quartile of its SIC industry
- Quiet on AINo2.1 per 10K words · 57th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$22.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$9M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.3B | $2.1B | $2.0B | $2.1B | 1.6% |
| Net income | $566M | $1.1B | $673M | $512M | $717M | 40% |
| Operating cash flow | $1.3B | $1.1B | $874M | $932M | $973M | 4.4% |
| Capex | $8M | $11M | $12M | $3M | $6M | 79% |
| Stock-based comp | $127M | $114M | $112M | $112M | $59M | 47% |
| Buybacks | $595M | $714M | $342M | $710M | $706M | 0.5% |
| Dividends | $2M | $2M | $2M | $1M | $1M | 29% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $687K · 2
- Open-market sells, 12 mo
- $10M · 5
- Net
- −$9M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $16M | $56M | 284 | 155 |
| FY2024 | $13M | $33M | 182 | 144 |
| FY2023 | $15M | $5M | 149 | 126 |
| FY2022 | $14M | $13M | 156 | 108 |
| FY2021 | $9M | $51M | 162 | 125 |