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Affiliated Managers GroupFRA:AFS +0.63%83 Return-on-Tangible-Asset is 8.61% as of Mar. 2026, which is 32% below its 10-year median of 12.62. GuruFocus rates FRA:AFS with a GF Score™ of 83/100 and a GF Value™ of €222.21 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,635 Asset Management companies, Affiliated Managers Group ranks better than 81.41% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Affiliated Managers Group's annualizedNet Income for the quarter that ended in Mar. 2026 was €382 Mil. Affiliated Managers Group's average total tangible assets for the quarter that ended in Mar. 2026 was €4,437 Mil. Therefore, Affiliated Managers Group's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 8.61%.
The historical rank and industry rank for Affiliated Managers Group's Return-on-Tangible-Asset or its related term are showing as below:
FRA:AFS'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 0.39 Med: 12.62 Max: 26.72
Current: 15.68
During the past 13 years, Affiliated Managers Group's highest Return-on-Tangible-Asset was 26.72%. The lowest was 0.39%. And the median was 12.62%.
FRA:AFS's Return-on-Tangible-Asset is ranked better than 81.41% of 1635
companies
in the Asset Management industry
Industry Median: 4.23
vs FRA:AFS: 15.68
Affiliated Managers Group (FRA:AFS) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Affiliated Managers Group Return-on-Tangible-Asset Related Terms
Affiliated Managers Group Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Affiliated Managers Group's Return-on-Tangible-Asset can be seen below:
* 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 Return-on-Tangible-Asset Chart
FRA:AFS vs JHG, PDI, SEIC: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, Affiliated Managers Group's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Affiliated Managers Group's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Affiliated Managers Group's Return-on-Tangible-Asset 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 8.61% mean?
Affiliated Managers Group (FRA:AFS) has a Return-on-Tangible-Asset of 8.61% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Affiliated Managers Group and its competitors. This is 32% below median its historical median of 12.62. Over the past decade, Affiliated Managers Group's Return-on-Tangible-Asset has ranged from 0.39 to 26.72. According to the industry distribution chart, Affiliated Managers Group ranks #304 out of 1635 companies in the Asset Management industry, placing it in the top 18.6%.
Is Affiliated Managers Group's Return-on-Tangible-Asset too high?
Affiliated Managers Group's current Return-on-Tangible-Asset of 8.61% is 32% below median its 10-year median of 12.62. Over the past 10 years, this metric has ranged from a low of 0.39 to a high of 26.72. The Asset Management industry median Return-on-Tangible-Asset is 4.23. Affiliated Managers Group's value of 8.61% is 103.5% above this industry median. Based on the distribution chart, Affiliated Managers Group ranks #304 out of 1635 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 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Affiliated Managers Group's Return-on-Tangible-Asset compare to JHG and PDI?
According to the Asset Management industry distribution chart, Affiliated Managers Group ranks #304 out of 1635 companies for Return-on-Tangible-Asset. This places Affiliated Managers Group in the top 19% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 4.23. Affiliated Managers Group's value of 8.61% is 103.5% above this benchmark. Historically, Affiliated Managers Group's own Return-on-Tangible-Asset has ranged from 0.39 to 26.72 over the past decade. While the company's 10-year median is 12.62 vs. the industry median of 4.23, 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 Return-on-Tangible-Asset for an Asset Management company?
The median Return-on-Tangible-Asset among Asset Management companies is 4.23, based on 1,635 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Affiliated Managers Group's current Return-on-Tangible-Asset of 8.61% is 103.5% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Affiliated Managers Group and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Affiliated Managers Group's current Return-on-Tangible-Asset is 8.61%, which is 32% below median its own 10-year median of 12.62. 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 €222.21, compared to a current price of €320.00 — trading 44% above its estimated fair value. The current Return-on-Tangible-Asset is 8.61%, which is 32% below median its 10-year median of 12.62 and 103.5% above the Asset Management industry median of 4.23. Affiliated Managers Group's overall GF Score™ is 83/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Affiliated Managers Group (FRA:AFS), the current Return-on-Tangible-Asset is 8.61% 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 €320.00 is trading 44% above its estimated GF Value™ of €222.21.
GuruFocus considers Affiliated Managers Group to be Significantly Overvalued.
Key valuation signals for FRA:AFS:
Return-on-Tangible-Asset: 8.61% (32% below median its 10-year median of 12.62)
GF Value™: €222.21 vs. price of €320.00 (44% above fair value)
Industry Position: 103.5% above the Asset Management median (#304 of 1635)
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.
83GF Score
Get the complete analysis for FRA:AFS
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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