Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Selling, general, & admin. expense (SGA) includes the direct and indirect costs and all general and administrative expenses of a company. Affiliated Managers Group's selling, general, & admin. expense for the
three
months ended in Mar. 2026 was €93 Mil.
Its selling, general, & admin. expense for the trailing twelve months (TTM) ended in Mar. 2026 was €362 Mil.
Affiliated Managers Group (FRA:AFS) Selling, General, & Admin. Expense Explanation
An efficient operation keeps SGA costs low and thus has higher profit margin. The percentage of SGA relative to total revenue is an indication of how efficiently the company operates. Compare this percentage among the companies in the same industry is a good way of finding more efficient operations. A comparison of the SGA cost relative to the revenue with the historical value can also be an indication of how efficient the company has become.
Warren Buffett likes companies with consistent SGA as the percentage of gross profit.
Companies with no durable competitive advantage show wild variation in SG&A as % of Gross Profit.
If SGA is less than 30% of Gross Profit, it is fantastic. If SGA is nearing 100%, it is is in highly competitive industry.
Affiliated Managers Group Selling, General, & Admin. Expense Related Terms
Affiliated Managers Group Selling, General, & Admin. Expense Historical Data
* Premium members only.
The historical data trend for Affiliated Managers Group's Selling, General, & Admin. Expense 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 Selling, General, & Admin. Expense Chart
FRA:AFS vs JHG, PDI, SEIC: Selling, General, & Admin. Expense Comparison
For the Asset Management subindustry, Affiliated Managers Group's Selling, General, & Admin. Expense, along with its competitors' market caps and Selling, General, & Admin. Expense 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 Selling, General, & Admin. Expense vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Affiliated Managers Group's Selling, General, & Admin. Expense distribution charts can be found below:
* The bar in red indicates where Affiliated Managers Group's Selling, General, & Admin. Expense falls into.
Affiliated Managers Group Selling, General, & Admin. Expense Calculation
Selling, General, & Admin. Expense (SGA) includes the direct and indirect costs and all general and administrative expenses of a company. For instance, personnel cost, advertising, rent, communication costs are all part of SGA.
Selling, General, & Admin. Expense for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €362 Mil.
* 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 Selling, General, & Admin. Expense of €362 Mil mean?
Affiliated Managers Group (FRA:AFS) has a Selling, General, & Admin. Expense of €362 Mil as of Mar. 2026. Selling, general and admin expense is the total cost for direct, indirect, general and administrative activities. View historical data on Affiliated Managers Group and its competitors.
Is Affiliated Managers Group's Selling, General, & Admin. Expense too high?
Affiliated Managers Group's current Selling, General, & Admin. Expense is €362 Mil. Overall, Affiliated Managers Group has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Affiliated Managers Group's Selling, General, & Admin. Expense compare to JHG and PDI?
Affiliated Managers Group's Selling, General, & Admin. Expense of €362 Mil can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Selling, General, & Admin. Expense for an Asset Management company?
A good Selling, General, & Admin. Expense depends on the Asset Management industry context. However, Selling, General, & Admin. Expense should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Selling, General, & Admin. Expense mean?
A high Selling, General, & Admin. Expense can signal that a stock is expensive relative to its fundamentals. Selling, general and admin expense is the total cost for direct, indirect, general and administrative activities. View historical data on Affiliated Managers Group and its competitors. Affiliated Managers Group's current Selling, General, & Admin. Expense is €362 Mil. 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 €220.22, compared to a current price of €326.00 — trading 48% above its estimated fair value. The current Selling, General, & Admin. Expense is €362 Mil. Affiliated Managers Group's overall GF Score™ is 80/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Selling, General, & Admin. Expense calculated?
Selling, General, & Admin. Expense is calculated from a company's financial statements. For Affiliated Managers Group (FRA:AFS), the current Selling, General, & Admin. Expense is €362 Mil 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 €326.00 is trading 48% above its estimated GF Value™ of €220.22.
GuruFocus considers Affiliated Managers Group to be Significantly Overvalued.
Key valuation signals for FRA:AFS:
Selling, General, & Admin. Expense: €362 Mil
GF Value™: €220.22 vs. price of €326.00 (48% above fair value)
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.
80GF Score
Get the complete analysis for FRA:AFS
Selling, General, & Admin. Expense 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 
