Affiliated Managers GroupFRA:AFS +4.00%78 ROC (Joel Greenblatt) % is 1,499.41% as of Mar. 2026, which is 12% above its 10-year median of 1,338.31. GuruFocus rates FRA:AFS with a GF Score™ of 78/100 and a GF Value™ of €214.71 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 628 Asset Management companies, Affiliated Managers Group ranks better than 88.38% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Affiliated Managers Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 1,499.41%.
The historical rank and industry rank for Affiliated Managers Group's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:AFS'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 390.84 Med: 1338.31 Max: 2613.48
Current: 2378.46
During the past 13 years, Affiliated Managers Group's highest ROC (Joel Greenblatt) % was 2613.48%. The lowest was 390.84%. And the median was 1338.31%.
FRA:AFS's ROC (Joel Greenblatt) % is ranked better than 88.38% of 628
companies
in the Asset Management industry
Industry Median: 63.66
vs FRA:AFS: 2378.46
Affiliated Managers Group's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 18.10% per year.
Affiliated Managers Group (FRA:AFS) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Affiliated Managers Group ROC (Joel Greenblatt) % Related Terms
Affiliated Managers Group ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Affiliated Managers Group's ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % Chart
FRA:AFS vs JHG, PDI, SEIC: ROC (Joel Greenblatt) % Comparison
For the Asset Management subindustry, Affiliated Managers Group's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Affiliated Managers Group's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Affiliated Managers Group's ROC (Joel Greenblatt) % falls into.
Affiliated Managers Group ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 1,499.41% mean?
Affiliated Managers Group (FRA:AFS) has a ROC (Joel Greenblatt) % of 1,499.41% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Affiliated Managers Group and its competitors. This is 12% above median its historical median of 1,338.31. Over the past decade, Affiliated Managers Group's ROC (Joel Greenblatt) % has ranged from 390.84 to 2,613.48. According to the industry distribution chart, Affiliated Managers Group ranks #73 out of 628 companies in the Asset Management industry, placing it in the top 11.6%.
Is Affiliated Managers Group's ROC (Joel Greenblatt) % too high?
Affiliated Managers Group's current ROC (Joel Greenblatt) % of 1,499.41% is 12% above median its 10-year median of 1,338.31. Over the past 10 years, this metric has ranged from a low of 390.84 to a high of 2,613.48. The Asset Management industry median ROC (Joel Greenblatt) % is 63.66. Affiliated Managers Group's value of 1,499.41% is 2255.3% above this industry median. Based on the distribution chart, Affiliated Managers Group ranks #73 out of 628 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 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Affiliated Managers Group's ROC (Joel Greenblatt) % compare to JHG and PDI?
According to the Asset Management industry distribution chart, Affiliated Managers Group ranks #73 out of 628 companies for ROC (Joel Greenblatt) %. This places Affiliated Managers Group in the top 12% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 63.66. Affiliated Managers Group's value of 1,499.41% is 2255.3% above this benchmark. Historically, Affiliated Managers Group's own ROC (Joel Greenblatt) % has ranged from 390.84 to 2,613.48 over the past decade. While the company's 10-year median is 1,338.31 vs. the industry median of 63.66, 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 ROC (Joel Greenblatt) % for an Asset Management company?
The median ROC (Joel Greenblatt) % among Asset Management companies is 63.66, based on 628 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Affiliated Managers Group's current ROC (Joel Greenblatt) % of 1,499.41% is 2255.3% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Affiliated Managers Group and its competitors. For the Asset Management industry, the median ROC (Joel Greenblatt) % is 63.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Affiliated Managers Group's current ROC (Joel Greenblatt) % is 1,499.41%, which is 12% above median its own 10-year median of 1,338.31. 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 €214.71, compared to a current price of €312.00 — trading 45.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 1,499.41%, which is 12% above median its 10-year median of 1,338.31 and 2255.3% above the Asset Management industry median of 63.66. Affiliated Managers Group's overall GF Score™ is 78/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Affiliated Managers Group (FRA:AFS), the current ROC (Joel Greenblatt) % is 1,499.41% 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 €312.00 is trading 45.3% above its estimated GF Value™ of €214.71.
GuruFocus considers Affiliated Managers Group to be Significantly Overvalued.
Key valuation signals for FRA:AFS:
ROC (Joel Greenblatt) %: 1,499.41% (12% above median its 10-year median of 1,338.31)
GF Value™: €214.71 vs. price of €312.00 (45.3% above fair value)
Industry Position: 2255.3% above the Asset Management median (#73 of 628)
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.
78GF Score
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