Explain this page
Arphra AIPlain-English read on Affiliated Managers Group, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +56.60% | +54.00% | +55.90% | +55.15% | +86.04% | +63.85% | +63.97% | +64.85% | +64.10% |
| Operating margin | +40.04% | +34.56% | +35.51% | +34.63% | +31.76% | +34.73% | +33.27% | +34.95% | +34.28% |
| EBITDA margin | +54.09% | +82.77% | +62.03% | +53.84% | +61.07% | +60.16% | +57.81% | +58.96% | +59.49% |
| EBIT margin | +51.92% | +79.88% | +59.05% | +51.77% | +54.09% | +54.73% | +55.99% | +56.08% | +55.14% |
| Pre-tax margin | +47.30% | +74.97% | +53.04% | +45.23% | +48.51% | +49.58% | +47.71% | +49.39% | +49.69% |
| Net margin | +23.45% | +49.19% | +32.70% | +25.07% | +29.30% | +28.37% | +29.84% | +29.78% | +28.16% |
| Cost structure | |||||||||
| Cost of revenue / sales | +43.40% | +46.00% | +44.10% | +44.85% | +13.96% | +33.94% | +33.76% | +34.73% | +34.04% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +14.39% | +16.55% | +17.41% | +18.45% | +16.71% | +18.01% | +17.91% | +17.81% | +17.74% |
| Effective tax rate | +22.00% | +20.52% | +16.98% | +19.78% | +23.80% | +19.89% | +20.53% | +20.49% | +19.69% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +12.90% | +24.69% | +13.56% | +11.01% | +16.20% | +13.54% | +13.60% | +13.64% | +13.13% |
| Return on assets (ROA) | +6.37% | +12.90% | +7.43% | +5.79% | +7.78% | +6.75% | +7.01% | +7.09% | +6.76% |
| Return on capital (ROC) | +14.05% | +11.22% | +9.74% | +9.72% | +10.92% | +10.59% | +9.78% | +10.40% | +10.30% |
| Return on invested capital (ROIC) | +8.23% | +15.97% | +8.97% | +7.04% | +10.07% | +8.65% | +8.77% | +8.86% | +8.46% |
| Asset turnover | +27.18% | +26.23% | +22.71% | +23.11% | +26.56% | +23.81% | +23.48% | +23.82% | +24.01% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +23.45% | +49.19% | +32.70% | +25.07% | +29.30% | +28.37% | +29.84% | +29.78% | +28.16% |
| Asset turnover (× revenue / assets) | +27.18% | +26.23% | +22.71% | +23.11% | +26.56% | +23.81% | +23.48% | +23.82% | +24.01% |
| Equity multiplier (× assets / equity) | +202.45% | +191.36% | +182.52% | +189.96% | +208.21% | +200.51% | +194.06% | +192.28% | +194.15% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.27 | 0.26 | 0.23 | 0.23 | 0.27 | 0.24 | 0.23 | 0.24 | 0.24 |
| Fixed-asset turnover | 32.64 | 34.01 | 30.58 | 35.43 | 44.96 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.75 | 7.37 | 5.59 | 4.98 | 4.93 | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 63.43 | 49.51 | 65.34 | 73.27 | 74.05 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — | — |
| Cash conversion cycle | 63.43 | 49.51 | 65.34 | 73.27 | 74.05 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.23 | 0.92 | 1.30 | 1.82 | 1.41 | 1.52 | 1.47 | 1.42 | 1.57 |
| FCF / Net income | 2.21 | 0.91 | 1.28 | 1.82 | 1.40 | 1.50 | 1.41 | 1.43 | 1.50 |
| FCF margin | +51.85% | +44.78% | +41.88% | +45.50% | +41.08% | +42.61% | +42.10% | +42.48% | +42.13% |
| OCF margin | +52.20% | +45.27% | +42.49% | +45.67% | +41.33% | +43.08% | +43.91% | +42.44% | +44.28% |
| CapEx / Revenue | +0.35% | +0.49% | +0.60% | +0.17% | +0.25% | +0.33% | +0.35% | +0.35% | +0.34% |
| CapEx / D&A | 0.16 | 0.17 | 0.20 | 0.08 | 0.04 | — | — | — | — |
| Stock-based comp / Revenue | +5.25% | +4.88% | +5.45% | +5.47% | +8.29% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 13.05 | 25.35 | 17.42 | 15.13 | 22.74 | 34.53 | 39.50 | 46.87 | 44.82 |
| EPS · basic | 13.65 | 29.77 | 19.18 | 16.45 | 25.18 | 38.25 | 42.83 | 51.84 | 48.99 |
| Book value / share | 97.87 | 94.71 | 117.62 | 128.77 | 134.00 | 147.58 | 172.70 | 191.43 | 166.65 |
| Tangible BV / share | -6.05 | 2.37 | 14.87 | 10.14 | 7.62 | 147.58 | 172.70 | 191.43 | 166.65 |
| Sales / share | 53.85 | 47.54 | 48.76 | 56.53 | 74.11 | 70.45 | 78.71 | 87.67 | 77.69 |
| Operating CF / share | 28.11 | 21.52 | 20.72 | 25.82 | 30.63 | 30.35 | 34.56 | 37.21 | 34.40 |
| Free cash flow / share | 27.92 | 21.29 | 20.42 | 25.73 | 30.45 | 30.02 | 33.13 | 37.24 | 32.73 |
| Dividends / share | 0.04 | 0.03 | 0.04 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.05 |
| Payout ratio | +0.30% | +0.14% | +0.22% | +0.27% | +0.14% | +0.21% | +0.21% | +0.20% | +0.22% |
| Retention ratio | +99.70% | +99.86% | +99.78% | +99.73% | +99.86% | +99.79% | +99.79% | +99.80% | +99.78% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -3.43% | -11.67% | -0.82% | +19.83% | -4.04% | +10.61% | +11.19% | -11.91% | +0.66% |
| Gross profit · YoY | — | -7.85% | -8.57% | -2.15% | +86.95% | -28.78% | +10.83% | +12.71% | -12.92% | +2.24% |
| Profit | ||||||||||
| Operating income · YoY | — | -16.64% | -9.24% | -3.30% | +9.92% | +4.93% | +5.98% | +16.79% | -13.60% | -1.27% |
| EBITDA · YoY | — | +47.78% | -33.80% | -13.91% | +35.91% | -5.46% | +6.29% | +13.40% | -11.11% | +1.87% |
| Net income · YoY | — | +102.56% | -41.28% | -23.97% | +40.07% | -7.08% | +16.35% | +10.97% | -16.71% | +2.99% |
| Operating | ||||||||||
| EBIT · YoY | — | +48.57% | -34.69% | -13.06% | +25.21% | -2.90% | +13.17% | +11.36% | -13.39% | +1.42% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +94.25% | -31.28% | -13.15% | +50.30% | +51.84% | +14.41% | +18.65% | -4.37% | +16.68% |
| EPS · basic · YoY | — | +118.10% | -35.57% | -14.23% | +53.07% | +51.90% | +11.97% | +21.03% | -5.49% | +17.32% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $2.49B | $2.54B | $2.54B | $2.62B | $2.69B | $2.78B | $3.14B | $3.4B | $3.01B |
| Net debt | $1.58B | $2.11B | $1.72B | $1.67B | $2.11B | $1.93B | $2.18B | $2.31B | $2.08B |
| Net debt / EBITDA | 1.21 | 1.09 | 1.35 | 1.52 | 1.41 | 1.37 | 1.45 | 1.36 | 1.37 |
| Debt / equity | 0.57 | 0.55 | 0.51 | 0.56 | 0.61 | 0.57 | 0.55 | 0.54 | 0.55 |
| Debt / assets | +28.06% | +28.55% | +28.01% | +29.67% | +29.23% | +28.22% | +28.36% | +28.05% | +28.39% |
| Equity / assets | +49.40% | +52.26% | +54.79% | +52.64% | +48.03% | +49.87% | +51.53% | +52.01% | +51.51% |
| Coverage | |||||||||
| EBITDA / interest expense | 11.71 | 16.85 | 10.31 | 8.24 | 10.94 | 9.91 | 9.62 | 9.76 | 9.77 |
| Operating income / interest | 8.67 | 7.04 | 5.90 | 5.30 | 5.69 | 5.72 | 5.54 | 5.78 | 5.63 |
| Interest expense | $111.4M | $114.4M | $123.8M | $133.3M | $136.5M | $142.45M | $155.94M | $174.41M | $154.78M |
| Liquidity | |||||||||
| Current ratio | 1.78 | 1.88 | 2.61 | 2.22 | — | — | — | — | — |
| Quick ratio | 1.78 | 1.88 | 2.61 | 2.22 | — | — | — | — | — |
| Cash ratio | 1.15 | 0.55 | 1.29 | 1.49 | — | — | — | — | — |
| Working capital | $617.1M | $683.8M | $1.01B | $777.2M | $1.08B | — | — | — | — |
| Working capital / revenue | +25.58% | +29.35% | +49.30% | +38.08% | +44.25% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).