Affiliated Managers GroupFRA:AFS 81 Gross Margin % is 47.31% as of Mar. 2026, which is 16% below its 10-year median of 56.51. GuruFocus rates FRA:AFS with a GF Score™ of 81/100 and a GF Value™ of €213.42 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 553 Asset Management companies, Affiliated Managers Group ranks worse than 58.41% on this metric.
Affiliated Managers Group (FRA:AFS) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Affiliated Managers Group had a gross margin of 47.31% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Affiliated Managers Group Gross Margin % Related Terms
Affiliated Managers Group Gross Margin % 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: Gross Margin % Comparison
For the Asset Management subindustry, Affiliated Managers Group's Gross Margin %, along with its competitors' market caps and Gross Margin % 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 Gross Margin % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Affiliated Managers Group's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Affiliated Managers Group's Gross Margin % 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Affiliated Managers Group (FRA:AFS) has a Gross Margin % of 47.31% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Affiliated Managers Group and its competitors. This is 16% below median its historical median of 56.51. Over the past decade, Affiliated Managers Group's Gross Margin % has ranged from 49.29 to 58.49. According to the industry distribution chart, Affiliated Managers Group ranks #323 out of 553 companies in the Asset Management industry, placing it in the top 58.4%.
Is Affiliated Managers Group's Gross Margin % too high?
Affiliated Managers Group's current Gross Margin % of 47.31% is 16% below median its 10-year median of 56.51. Over the past 10 years, this metric has ranged from a low of 49.29 to a high of 58.49. The Asset Management industry median Gross Margin % is 58.40. Affiliated Managers Group's value of 47.31% is 19% below this industry median. Based on the distribution chart, Affiliated Managers Group ranks #323 out of 553 companies in the Asset Management industry, which is below the industry midpoint. 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 Gross Margin % compare to JHG and PDI?
According to the Asset Management industry distribution chart, Affiliated Managers Group ranks #323 out of 553 companies for Gross Margin %. This places Affiliated Managers Group in the lower half of its industry. The industry median Gross Margin % is 58.40. Affiliated Managers Group's value of 47.31% is 19% below this benchmark. Historically, Affiliated Managers Group's own Gross Margin % has ranged from 49.29 to 58.49 over the past decade. While the company's 10-year median is 56.51 vs. the industry median of 58.40, Affiliated Managers Group has consistently been below 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 Gross Margin % for an Asset Management company?
The median Gross Margin % among Asset Management companies is 58.40, based on 553 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Affiliated Managers Group's current Gross Margin % of 47.31% is 19% below 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Affiliated Managers Group and its competitors. For the Asset Management industry, the median Gross Margin % is 58.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Affiliated Managers Group's current Gross Margin % is 47.31%, which is 16% below median its own 10-year median of 56.51. 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 €213.42, compared to a current price of €298.00 — trading 39.6% above its estimated fair value. The current Gross Margin % is 47.31%, which is 16% below median its 10-year median of 56.51 and 19% below the Asset Management industry median of 58.40. 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 Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Affiliated Managers Group (FRA:AFS), the current Gross Margin % is 47.31% as of Mar. 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 €298.00 is trading 39.6% above its estimated GF Value™ of €213.42.
GuruFocus considers Affiliated Managers Group to be Significantly Overvalued.
Key valuation signals for FRA:AFS:
Gross Margin %: 47.31% (16% below median its 10-year median of 56.51)
GF Value™: €213.42 vs. price of €298.00 (39.6% above fair value)
Industry Position: 19% below the Asset Management median (#323 of 553)
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
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