Affiliated Managers Group, Inc. (MGRE) 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

-7.4%

$356.06

vs $384.63 price

Levered DCF

$436.80

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.13

Safe 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	11.45×	11.24×	7.89×	5.32×	12.05×	23.43×	273.35×	21.46×
P/B	2.54×	1.72×	1.48×	1.89×	2.45×	1.7×	1.46×	1.51×
P/S	3.36×	2.82×	2.58×	2.62×	2.83×	2.33×	1.91×	2.2×
EV / EBITDA	6.91×	6.75×	5.51×	4.26×	6.44×	7.89×	10.88×	7.81×
Gross margin	86.0%	55.2%	55.9%	54.0%	56.6%	56.4%	57.9%	58.5%
Operating margin	31.8%	34.6%	35.5%	34.6%	40.0%	32.7%	33.7%	32.2%
Net margin	29.3%	25.1%	32.7%	49.2%	23.4%	10.0%	0.7%	10.2%
Current ratio	1.34×	2.22×	2.61×	1.88×	1.78×	2.16×	1.6×	1.45×
Debt / equity	0.83×	0.78×	0.71×	0.78×	0.89×	0.83×	0.76×	0.75×
Interest coverage	5.69×	5.3×	5.9×	7.04×	8.67×	7.18×	9.9×	9.52×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	1.5%	1.2%
Payout ratio	0.1%	0.3%	0.2%	0.1%	0.3%	8.3%	415.9%	26.4%

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%	7.0%
Return on invested capital	7.0%	6.9%	7.2%	7.9%	9.3%	7.8%	10.0%	6.9%
Return on assets	7.8%	5.8%	7.4%	12.9%	6.4%	2.6%	0.2%	3.0%
Free cash flow yield	12.2%	16.1%	16.2%	17.1%	18.3%	21.2%	21.5%	21.5%
Earnings yield	8.7%	8.9%	12.7%	18.8%	8.3%	4.3%	0.4%	4.7%
Enterprise value	$10.3B	$7.4B	$7B	$8.2B	$8.4B	$6B	$6B	$7.3B
Net debt / EBITDA	1.41×	1.52×	1.35×	1.09×	1.21×	1.67×	3.1×	2.2×
Cash conversion cycle (days)	74	73	65	50	63	76	68	61