Affiliated Managers Group, Inc. (MGR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3257.6%

$627.54

vs $18.69 price

Levered DCF

$1,276.78

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.62

Grey zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	0.87×	1.34×	1.18×	0.7×	1.98×	6.38×	86.94×	5.41×
P/B	0.2×	0.2×	0.22×	0.25×	0.4×	0.47×	0.46×	0.16×
P/S	0.28×	0.34×	0.38×	0.34×	0.46×	0.64×	0.61×	0.56×
EV / EBITDA	2.59×	3.36×	3.65×	3.47×	2.86×	3.34×	3.04×	1.01×
Gross margin	62.0%	55.2%	55.9%	54.0%	56.6%	56.4%	57.9%	94.3%
Operating margin	34.0%	36.7%	38.5%	37.5%	42.2%	40.6%	41.1%	40.8%
Net margin	30.9%	25.1%	32.7%	49.2%	23.4%	10.0%	0.7%	29.9%
Current ratio	0×	3.92×	42.17×	2.44×	2.38×	3.85×	2.36×	2.28×
Debt / equity	0.84×	0.79×	0.77×	0.78×	0.89×	0.83×	0.61×	0.01×
Interest coverage	0×	0×	0×	7.63×	9.14×	0×	0×	12.08×
Dividend yield	0.2%	0.2%	0.2%	0.2%	0.2%	1.3%	4.8%	4.9%
Payout ratio	0.1%	0.3%	0.2%	0.1%	0.3%	8.3%	415.9%	9.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.1%	15.3%	18.8%	35.5%	20.3%	7.3%	0.5%	8.7%
Return on invested capital	6.5%	7.1%	7.3%	8.4%	9.6%	9.2%	12.7%	1.9%
Return on assets	7.8%	5.8%	7.4%	12.9%	6.4%	2.6%	0.2%	1385.6%
Free cash flow yield	154.2%	137.7%	107.8%	130.4%	116.3%	77.2%	69.3%	95.4%
Earnings yield	110.0%	74.6%	85.1%	143.2%	50.5%	15.6%	1.2%	53.9%
Enterprise value	$2.8B	$2.4B	$2.7B	$2.9B	$2.7B	$2.6B	$2.6B	$836.3M
Net debt / EBITDA	1.99×	2.39×	2.59×	2.51×	1.67×	1.65×	1.45×	-0.59×
Cash conversion cycle (days)	78	75	65	50	63	76	68	-2,953