MeritValue

AFFILIATED MANAGERS GROUP, INC.

AMGdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.41B1$2.33B2$2.06B3$2.04B3$2.07B3
Net income$565.7M4$1.15B5$672.9M6$511.6M6$716.6M6
Operating cash flow$1.26B7$1.05B8$874.3M9$932.1M9$973.2M9
Capital expenditure$8.4M10$11.4M11$12.4M12$3.4M12$6.1M12
Free cash flow (derived)$1.25B7$1.04B8$861.9M9$928.7M9$967.1M9
Total debt$2.49B13$2.54B14$2.54B15$2.62B16$2.69B16
Cash & equivalents$908.5M17$429.2M18$813.6M19$950M20$586M20
Diluted shares44.8M49.0M42.2M36.1M33.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000030%
of the whole company
Your share of last year’s profit
$217.15
Your share of its debt
$815.55
Your share of free cash flow
$293.06
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$316.77
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$928.7M
DCF · Growth Exit 5Y
$348.1
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$928.7M
Earnings Power Value
$214.87
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$672.9M
  • growthAssumed0.0%
Graham Number
$224.08
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $348.1

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001004434-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001004434-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-008665 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001004434-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001004434-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-008665 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001004434-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001004434-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-008665 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001004434-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001004434-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-008665 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001004434-23-000010 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001004434-24-000010 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001004434-25-000010 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-008665 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001004434-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001004434-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001004434-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-008665 (CashAndCashEquivalentsAtCarryingValue)