Affiliated Managers GroupFRA:AFS +1.31%81 Piotroski F-Score is 6 as of Jun. 24, 2026, which is at its 10-year median of 6.00. GuruFocus rates FRA:AFS with a GF Score™ of 81/100 and a GF Value™ of €215.59 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,601 Asset Management companies, Affiliated Managers Group ranks better than 82.76% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Affiliated Managers Group has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Affiliated Managers Group's Piotroski F-Score or its related term are showing as below:
FRA:AFS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 6
During the past 13 years, the highest Piotroski F-Score of Affiliated Managers Group was 9. The lowest was 3. And the median was 6.
Affiliated Managers Group (FRA:AFS) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Affiliated Managers Group Piotroski F-Score Related Terms
Affiliated Managers Group Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:AFS vs JHG, PDI, OWL: Piotroski F-Score Comparison
For the Asset Management subindustry, Affiliated Managers Group's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Affiliated Managers Group Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Affiliated Managers Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Affiliated Managers Group's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Affiliated Managers Group's current Net Income (TTM) was 646.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Affiliated Managers Group's current Cash Flow from Operations (TTM) was 914.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Affiliated Managers Group's return on assets of this year was 0.08019299. Affiliated Managers Group's return on assets of last year was 0.04862843.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Affiliated Managers Group's gearing of this year was 0.3212411. Affiliated Managers Group's gearing of last year was 0.29537343.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Affiliated Managers Group's current ratio of this year was 1.13667433. Affiliated Managers Group's current ratio of last year was 2.10034721.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Affiliated Managers Group's number of shares in issue this year was 27.5. Affiliated Managers Group's number of shares in issue last year was 32.6.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Affiliated Managers Group's gross margin of this year was 0.49268584. Affiliated Managers Group's gross margin of last year was 0.55556402.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Affiliated Managers Group's asset turnover of this year was 0.22630414. Affiliated Managers Group's asset turnover of last year was 0.22765275.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Affiliated Managers Group has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Affiliated Managers Group (FRA:AFS) has a Piotroski F-Score of 6 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Affiliated Managers Group and its competitors. This is near median its historical median of 6.00. Over the past decade, Affiliated Managers Group's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Affiliated Managers Group ranks #276 out of 1601 companies in the Asset Management industry, placing it in the top 17.2%.
Is Affiliated Managers Group's Piotroski F-Score too high?
Affiliated Managers Group's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Asset Management industry median Piotroski F-Score is 5.00. Affiliated Managers Group's value of 6 is 20% above this industry median. Based on the distribution chart, Affiliated Managers Group ranks #276 out of 1601 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Affiliated Managers Group has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Affiliated Managers Group's Piotroski F-Score compare to JHG and PDI?
According to the Asset Management industry distribution chart, Affiliated Managers Group ranks #276 out of 1601 companies for Piotroski F-Score. This places Affiliated Managers Group in the top 17% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Affiliated Managers Group's value of 6 is 20% above this benchmark. Historically, Affiliated Managers Group's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Affiliated Managers Group has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,601 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Affiliated Managers Group's current Piotroski F-Score of 6 is 20% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Affiliated Managers Group and its competitors. For the Asset Management industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Affiliated Managers Group's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Affiliated Managers Group stock overvalued right now?
Based on GuruFocus' analysis, Affiliated Managers Group (FRA:AFS) is currently considered Significantly Overvalued. The stock's GF Value™ is €215.59, compared to a current price of €310.00 — trading 43.8% above its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Asset Management industry median of 5.00. Affiliated Managers Group's overall GF Score™ is 81/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Affiliated Managers Group (FRA:AFS), the current Piotroski F-Score is 6 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Affiliated Managers Group (FRA:AFS) Overvalued in 2026?
Based on GuruFocus' analysis, Affiliated Managers Group stock appears to be overvalued.
The current stock price of €310.00 is trading 43.8% above its estimated GF Value™ of €215.59.
GuruFocus considers Affiliated Managers Group to be Significantly Overvalued.
Key valuation signals for FRA:AFS:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: €215.59 vs. price of €310.00 (43.8% above fair value)
Industry Position: 20% above the Asset Management median (#276 of 1601)
No single metric tells the full story. See the FRA:AFS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to mid-size boutique asset managers, receiving a fixed percentage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operational, and technology support, as well as global distribution. At the end of December 2025, AMG's affiliate network—which includes firms like Abacus Capital and Pantheon dedicated to private markets (which accounted for 18% of AUM), AQR Capital and Capula Investment Management in liquid alternatives (28%), and Harding Loevner, Tweedy Browne, Parnassus, and Yacktman in equities, multi-asset, and bond strategies (54%)—had $813.3 billion in managed assets.
81GF Score
Get the complete analysis for FRA:AFS
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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