Affiliated Managers Group Inc. 6.750% Junior Subordinated Notes due 2064 (MGRE)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a creditor, not an equity owner: these are Affiliated Managers Group's 6.750% junior subordinated notes due 2064, priced at $21.22 on 2026-10-16, within a 52-week range of $20.65 to $25.07. The issuer's filed figures show real profitability. In fiscal 2025 (the year ended 2025-12-31), net income was $716.6 million and diluted EPS was $22.74 on revenue of $2.1 billion; in fiscal 2024 (the year ended 2024-12-31), net income was $511.6 million and diluted EPS was $15.13 on revenue of $2.0 billion. In fiscal Q2 2026 (the quarter ended 2026-06-30), net income was $185.9 million and diluted EPS was $6.95 on revenue of $640.7 million. That suggests a durable, cash-generative asset manager. However, revenue is not compounding: fiscal 2023 (the year ended 2023-12-31) revenue was $2.1 billion, and fiscal 2025 was also $2.1 billion. FairStock's computed Lynch category is STALWART, based on profit growth of 28.8% a year over five years and revenue growth of 0.5%. The key weakness for my Graham-style test is missing credit data: balance-sheet leverage, interest coverage, and asset coverage are not supplied, and P/E, P/B, ROE, and D/E are N/A. For a junior subordinated note maturing in 2064, subordination and duration matter enormously. The price near the low end of its range may compensate for risk, but I cannot establish a margin of safety from the figures given. I see a profitable issuer, but not a credit I can underwrite on the supplied numbers alone.

In plain English: Affiliated Managers Group is an asset-management company, and these are long-term bonds it issued. In fiscal 2025 (the year ended 2025-12-31), the business earned $716.6 million on $2.1 billion of revenue, and in fiscal 2024 (the year ended 2024-12-31) it earned $511.6 million on $2.0 billion of revenue. The bond price is $21.22, near the low end of its 52-week range; with the limited data supplied, it is hard to call it clearly cheap or expensive.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer