Affiliated Managers Group, Inc. (AMG) · Q2 2026 results and valuation

At −3.8% growth a year (3-year revenue growth), the model's fair value is $231.25 a share — the stock trades 74% above it. Today's price assumes 2.1% growth a year.

1. Guidance

   Quarter economic EPS is expected between $8.43 and $8.71 based on 26.3 million adjusted weighted average shares.

   Source quote

   “Based on this and assuming an adjusted weighted average share count of 26.3 million, we expect third quarter economic earnings per share to be between $8.43 and $8.71...”

2. Guidance

   AMG expects net outflows of $14 billion in long-only equity strategies to improve over the medium to long term.

   Source quote

   “Our differentiated long-only equity strategies saw net outflows of $14 billion, but we expect flows in these areas to improve over the medium to long term, consistent with a generally...”

3. Figure

   Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, reflecting performance trends for the quarter.

   Source quote

   “Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, respectively, reflecting...”

Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.

Sentences that drove the tone

“By contrast, we continue to see some headwinds in our differentiated long-only business.”

“I think we believe, and it's hard to always know this, but it reflects the discussions that might have been delayed earlier in the year because of geopolitical uncertainty.”

“Institutions are increasingly directing their alpha allocations to liquid alternatives, given the attractive risk-adjusted returns, the enhanced liquidity profile, compared to private market, say.”