Affiliated Managers GroupFRA:AFS +1.31%81 Operating Margin % is 18.11% as of Mar. 2026, which is 47% below its 10-year median of 33.94. 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 656 Asset Management companies, Affiliated Managers Group ranks better than 54.73% on this metric.
Affiliated Managers Group (FRA:AFS) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Affiliated Managers Group Operating Margin % Related Terms
Affiliated Managers Group Operating 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.
Affiliated Managers Group Operating Margin % Chart
FRA:AFS vs JHG, PDI, OWL: Operating Margin % Comparison
For the Asset Management subindustry, Affiliated Managers Group's Operating Margin %, along with its competitors' market caps and Operating 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 Operating Margin % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Affiliated Managers Group's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Affiliated Managers Group's Operating Margin % falls into.
Affiliated Managers Group Operating Margin % Calculation
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Affiliated Managers Group's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
Affiliated Managers Group (FRA:AFS) has a Operating Margin % of 18.11% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Affiliated Managers Group and its competitors. This is 47% below median its historical median of 33.94. Over the past decade, Affiliated Managers Group's Operating Margin % has ranged from 22.91 to 40.04. According to the industry distribution chart, Affiliated Managers Group ranks #297 out of 656 companies in the Asset Management industry, placing it in the top 45.3%.
Is Affiliated Managers Group's Operating Margin % too high?
Affiliated Managers Group's current Operating Margin % of 18.11% is 47% below median its 10-year median of 33.94. Over the past 10 years, this metric has ranged from a low of 22.91 to a high of 40.04. The Asset Management industry median Operating Margin % is 16.73. Affiliated Managers Group's value of 18.11% is 8.2% above this industry median. Based on the distribution chart, Affiliated Managers Group ranks #297 out of 656 companies in the Asset Management industry, which is above 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 Operating Margin % compare to JHG and PDI?
According to the Asset Management industry distribution chart, Affiliated Managers Group ranks #297 out of 656 companies for Operating Margin %. This puts Affiliated Managers Group in the upper half of its industry. The industry median Operating Margin % is 16.73. Affiliated Managers Group's value of 18.11% is 8.2% above this benchmark. Historically, Affiliated Managers Group's own Operating Margin % has ranged from 22.91 to 40.04 over the past decade. While the company's 10-year median is 33.94 vs. the industry median of 16.73, 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 Operating Margin % for an Asset Management company?
The median Operating Margin % among Asset Management companies is 16.73, based on 656 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Affiliated Managers Group's current Operating Margin % of 18.11% is 8.2% 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Affiliated Managers Group and its competitors. For the Asset Management industry, the median Operating Margin % is 16.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Affiliated Managers Group's current Operating Margin % is 18.11%, which is 47% below median its own 10-year median of 33.94. 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 Operating Margin % is 18.11%, which is 47% below median its 10-year median of 33.94 and 8.2% above the Asset Management industry median of 16.73. 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 Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Affiliated Managers Group (FRA:AFS), the current Operating Margin % is 18.11% 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 €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:
Operating Margin %: 18.11% (47% below median its 10-year median of 33.94)
GF Value™: €215.59 vs. price of €310.00 (43.8% above fair value)
Industry Position: 8.2% above the Asset Management median (#297 of 656)
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
Operating Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:AFS has been successfully added to your 
