Estados financieros detallados de Affiliated Managers Group, Inc. (MGRE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Affiliated Managers Group, Inc. registró ingresos de $2.45B en el último ejercicio fiscal, con un CAGR de 5 años del 3.8%. El beneficio neto alcanzó $716.6M, con un CAGR a 5 años del 28.8%.
Márgenes de los últimos 12 meses: margen bruto 79.9%, margen operativo 30.1%, margen neto 33.9%. El flujo de caja libre creció a un CAGR del 0.1% en 5 años.
Al precio actual de $21.95, MGRE cotiza a un P/E de 11.16 y un ROE del 26.95%. La capitalización bursátil es de $9.3B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $2.19B | $2.31B | $2.38B | $2.24B | $2.03B | $2.41B | $2.33B | $2.06B | $2.04B | $2.45B |
| Coste de Ventas | $932.4M | $979.0M | $987.2M | $943.0M | $883.7M | $1.05B | $1.07B | $907.5M | $915.3M | $341.4M |
| Beneficio Bruto | $1.26B | $1.33B | $1.39B | $1.30B | $1.14B | $1.37B | $1.26B | $1.15B | $1.13B | $2.10B |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $398.1M | $373.1M | $417.7M | $376.8M | $321.4M | $347.1M | $385.5M | $358.2M | $376.5M | $408.6M |
| Gastos Operativos | $556.9M | $218.1M | $624.2M | $542.6M | $481.0M | $399.4M | $452.9M | $419.5M | $418.9M | $1.33B |
| Beneficio Operativo | $705.3M | $1.11B | $767.0M | $754.0M | $662.8M | $965.9M | $805.2M | $730.8M | $706.7M | $776.8M |
| EBITDA | $1.20B | $1.26B | $931.0M | $550.0M | $760.3M | $1.30B | $1.93B | $1.28B | $1.10B | $1.49B |
| Gastos por Intereses | $91.7M | $87.8M | $80.6M | $76.2M | $92.3M | $111.4M | $114.4M | $123.8M | $133.3M | $136.5M |
| Beneficio Antes de Impuestos | $974.6M | $1.07B | $713.6M | $308.0M | $508.4M | $1.14B | $1.75B | $1.09B | $923.2M | $1.19B |
| Impuestos | $235.6M | $58.4M | $181.3M | $2.9M | $81.4M | $251.0M | $358.3M | $185.3M | $182.6M | $282.3M |
| Beneficio Neto | $472.8M | $689.5M | $243.6M | $15.7M | $202.2M | $565.7M | $1.15B | $672.9M | $511.6M | $716.6M |
| BPA | $8.73 | $12.30 | $4.54 | $0.31 | $4.34 | $13.65 | $29.77 | $19.18 | $16.45 | $25.18 |
| BPA Diluido | $8.57 | $12.03 | $4.52 | $0.31 | $4.33 | $13.05 | $25.35 | $17.42 | $15.13 | $22.74 |
| Acciones en Circulación (Diluidas) | $57.0M | $58.6M | $53.8M | $50.6M | $46.7M | $44.8M | $49.0M | $42.2M | $36.1M | $33.0M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $430.8M | $439.5M | $565.5M | $539.6M | $1.04B | $908.5M | $429.2M | $813.6M | $950.0M | $586.0M |
| Inversiones a Corto | $122.4M | $77.8M | $119.3M | $59.4M | $74.9M | $78.5M | $716.9M | $461.0M | $56.6M | 0 |
| Cuentas por Cobrar | $383.3M | $433.8M | $400.6M | $417.1M | $421.6M | $419.2M | $316.0M | $368.4M | $409.7M | $496.2M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $936.5M | $951.1M | $1.09B | $1.02B | $1.54B | $1.41B | $1.46B | $1.64B | $1.42B | $1.08B |
| Inmovilizado Material | $110.1M | $111.0M | $104.3M | $92.3M | $79.6M | $73.9M | $68.5M | $67.3M | $57.6M | $54.4M |
| Fondo de Comercio | $2.63B | $2.66B | $2.63B | $2.65B | $2.66B | $2.69B | $2.65B | $2.52B | $2.50B | $2.53B |
| Activos Intangibles | $1.50B | $1.45B | $1.31B | $1.18B | $1.05B | $1.97B | $1.88B | $1.81B | $1.78B | $1.64B |
| Activos Totales | $8.75B | $8.70B | $8.22B | $7.65B | $7.89B | $8.88B | $8.88B | $9.06B | $8.83B | $9.21B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | $779.7M | $449.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $729.3M | $807.2M | $746.6M | $634.6M | $712.4M | $789.1M | $778.3M | $628.5M | $639.1M | $806.9M |
| Deuda a Largo | $2.11B | $1.85B | $1.83B | $1.79B | $2.31B | $2.49B | $2.54B | $2.54B | $2.62B | $2.69B |
| Pasivos Totales | $3.65B | $3.31B | $3.25B | $3.24B | $3.90B | $4.49B | $4.24B | $4.10B | $4.18B | $4.79B |
| Reservas | $3.05B | $3.70B | $3.88B | $3.82B | $4.01B | $4.57B | $5.72B | $6.39B | $6.90B | $7.62B |
| Patrimonio Neto | $3.62B | $3.82B | $3.46B | $2.94B | $2.78B | $2.79B | $3.23B | $3.59B | $3.35B | $3.24B |
| Deuda Total | $2.11B | $1.85B | $2.61B | $2.24B | $2.31B | $2.49B | $2.54B | $2.54B | $2.62B | $2.69B |
| Deuda Neta | $1.56B | $1.34B | $1.92B | $1.64B | $1.20B | $1.50B | $1.39B | $1.26B | $1.61B | $2.11B |
| Capital Circulante | $207.2M | $143.9M | $338.8M | $381.5M | $823.8M | $617.1M | $683.8M | $1.01B | $777.2M | $275.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $739.0M | $1.01B | $532.3M | $305.1M | $427.0M | $890.1M | $1.39B | $906.1M | $740.6M | $716.6M |
| Amortizaciones | $129.7M | $106.7M | $136.8M | $165.8M | $159.6M | $52.3M | $67.4M | $61.3M | $42.4M | $170.7M |
| Compensación en Acciones | $80.4M | $90.4M | $101.1M | $90.4M | $119.2M | $126.7M | $113.8M | $112.1M | $111.6M | $202.8M |
| Cambio en Capital Circulante | $43.8M | -$8.9M | -$4.1M | -$123.3M | $10.0M | $120.0M | $138.5M | -$228.6M | -$56.8M | $53.8M |
| Flujo de Caja Operativo | $1.05B | $1.17B | $1.14B | $929.1M | $1.01B | $1.26B | $1.05B | $874.3M | $932.1M | $1.01B |
| Inversiones (CapEx) | -$20.2M | -$18.5M | -$18.7M | -$9.6M | -$8.5M | -$8.4M | -$11.4M | -$12.4M | -$3.4M | -$6.1M |
| Adquisiciones | -$1.36B | -$30.6M | 0 | -$44.6M | -$44.5M | -$558.2M | -$66.7M | $200000 | -$5.2M | -$362.4M |
| Recompra de Acciones | -$33.4M | -$393.2M | -$505.8M | -$502.1M | -$650.2M | -$745.8M | -$775.3M | -$409.3M | -$816.3M | -$706.3M |
| Dividendos Pagados | 0 | -$44.9M | -$64.4M | -$65.3M | -$16.8M | -$1.7M | -$1.6M | -$1.5M | -$1.4M | -$1.0M |
| Flujo de Caja Libre | $1.03B | $1.15B | $1.12B | $919.5M | $1.00B | $1.25B | $1.04B | $861.9M | $928.7M | $1.00B |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +5.0% | +3.2% | -5.8% | -9.5% | +19.0% | -3.4% | -11.7% | -0.8% | +19.8% | |
| Crecimiento Beneficio Neto (anual) | +45.8% | -64.7% | -93.6% | +1187.9% | +179.8% | +102.6% | -41.3% | -24.0% | +40.1% | |
| Crecimiento BPA (anual) | +40.9% | -63.1% | -93.2% | +1300.0% | +214.5% | +118.1% | -35.6% | -14.2% | +53.1% | |
| Cambio en Acciones (anual) | +2.8% | -8.2% | -5.9% | -7.7% | -4.1% | +9.4% | -13.9% | -14.5% | -8.6% | |
| Crecimiento FCF (anual) | +11.8% | -2.6% | -18.0% | +8.8% | +25.0% | -16.6% | -17.4% | +7.8% | +8.2% | |
| Margen Bruto | 57.5% | 57.5% | 58.5% | 57.9% | 56.4% | 56.6% | 54.0% | 55.9% | 55.2% | 86.0% |
| Margen Operativo | 32.1% | 48.1% | 32.2% | 33.7% | 32.7% | 40.0% | 34.6% | 35.5% | 34.6% | 31.8% |
| Margen EBITDA | 54.5% | 54.7% | 39.1% | 24.6% | 37.5% | 54.1% | 82.8% | 62.0% | 53.8% | 61.1% |
| Margen Neto | 21.5% | 29.9% | 10.2% | 0.7% | 10.0% | 23.4% | 49.2% | 32.7% | 25.1% | 29.3% |
| Margen FCF | 46.9% | 50.0% | 47.2% | 41.1% | 49.4% | 51.8% | 44.8% | 41.9% | 45.5% | 41.1% |
| Tasa Impositiva Efectiva | 24.2% | 5.5% | 25.4% | 0.9% | 16.0% | 22.0% | 20.5% | 17.0% | 19.8% | 23.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $18.07 | $19.66 | $20.85 | $18.17 | $21.43 | $27.92 | $21.29 | $20.42 | $25.73 | $30.45 |
| Dividendo por Acción | $0.00 | $0.77 | $1.20 | $1.29 | $0.36 | $0.04 | $0.03 | $0.04 | $0.04 | $0.03 |
| Acciones en Circulación (Básicas) | $54.2M | $56.0M | $53.6M | $50.5M | $46.5M | $41.5M | $38.5M | $35.1M | $31.1M | $28.5M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 26.95% |
| Rentabilidad sobre capital invertido | 6.13% |
| Rentabilidad sobre activos | 9.11% |
| Margen bruto | 79.87% |
| Margen operativo | 30.06% |
| Margen neto | 33.86% |
Salud financiera
| Deuda / Patrimonio | 0.99 |
| Ratio corriente | 0.00 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.77 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.64 | 16.69 | 21.46 | 273.35 | 23.43 | 12.05 | 5.32 | 7.89 | 11.24 | 11.45 |
| P/VC | 2.18 | 3.01 | 1.51 | 1.46 | 1.70 | 2.45 | 1.89 | 1.48 | 1.72 | 2.54 |
| P/V | 3.59 | 4.99 | 2.20 | 1.91 | 2.33 | 2.83 | 2.62 | 2.58 | 2.82 | 3.36 |
| Margen Bruto | 57.5% | 57.5% | 58.5% | 57.9% | 56.4% | 56.6% | 54.0% | 55.9% | 55.2% | 86.0% |
| Margen Operativo | 32.1% | 48.1% | 32.2% | 33.7% | 32.7% | 40.0% | 34.6% | 35.5% | 34.6% | 31.8% |
| Margen Neto | 21.5% | 29.9% | 10.2% | 0.7% | 10.0% | 23.4% | 49.2% | 32.7% | 25.1% | 29.3% |
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