Affiliated Managers GROUP, Inc. (MGRE) intrinsic value & 10-year financials
Affiliated Managers GROUP, Inc. (MGRE) has a Graham intrinsic value of $480.66 per share. Over the last 10 fiscal years revenue shrank 0.6% a year to $2.1B, with an average return on invested capital of 12.1%.
- Graham intrinsic value
- $480.66
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- -0.6%
- ROIC (10-yr avg)
- 12.1%
- Free cash flow (FY2025)
- $967.1M
MGRE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | $716.6M | $22.74 | $967.1M | — | 13.8% |
| FY2024 | $2.0B | $511.6M | $15.13 | $928.7M | — | 9.9% |
| FY2023 | $2.1B | $672.9M | $17.42 | $861.9M | — | 12.6% |
| FY2022 | $2.3B | $1.1B | $25.35 | $1.0B | — | 23.6% |
| FY2021 | $2.4B | $565.7M | $13.05 | $1.3B | — | 13.4% |
| FY2020 | $2.0B | $202.2M | $4.33 | $1.0B | — | 4.9% |
| FY2019 | $2.2B | $15.7M | $0.31 | $919.5M | — | 0.4% |
| FY2018 | $2.4B | $243.6M | $4.52 | $1.1B | — | 6.2% |
| FY2017 | $2.3B | $689.5M | $12.03 | $1.2B | 48.1% | 24.8% |
| FY2016 | $2.2B | $472.8M | $8.57 | $1.0B | 32.1% | 11.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AFFILIATED MANAGERS GROUP, INC. is facing top-line stagnation, with revenue contracting over the decade.
AFFILIATED MANAGERS GROUP, INC. returns on capital have been average, hovering around 12.1% ROIC over the decade.
Over the decade, AFFILIATED MANAGERS GROUP, INC. shows that management has aggressively returned capital to shareholders by retiring 42.1% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AFFILIATED MANAGERS GROUP, INC. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $480.66 per share.