Ameriprise Financial, Inc. (AMP) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Ameriprise Financial, Inc.

Updated on October 30, 2026 · accounts published on October 29, 2026

Reading of October 29, 2026: A highly profitable financial business with widening margins and a leveraged balance sheet

Ameriprise Financial trades at a P/E of 11.2 over the last 12 months, 20 % below its ten-year median of 14.0 and 14 % below its sector median.

• Is Ameriprise Financial expensive or cheap? Its P/E of 11.2 sits 20 % below its ten-year median of 14.0; it has traded cheaper only 22 % of the past decade.
• How is the business doing? Operating margin reached 27 % over the last 12 months, well above its 22 % average for fiscal years 2014-2025.
• How strong is the balance sheet? Debt equals 1.03 times equity over the last 12 months, about double the 0.5 the sector considers prudent.
• Is it a scalable business with little leverage? Revenue per share grew 15.5 % a year in fiscal 2020-2025, but the 25.5 % operating margin misses the 30 % bar.
• What to expect from the next earnings? Analysts expect EPS of $12.37 for the quarter due on February 4, 2027, after a 4.3 % miss on October 29.

Is Ameriprise Financial expensive or cheap?

Over the last 12 months Ameriprise Financial trades at a P/E of 11.2, 20 % below its ten-year median of 14.0 and 14 % below the 13.0 median of 324 financial-services peers. The stock traded at a lower multiple only 22 % of the time over the past decade, when its P/E ranged from 6.4 to 26.5. It also sits below its five-year average of 13.7, which passes the sector's test for a cheap P/E. A free cash flow yield of 13 % and an earnings yield of 16 % point the same way. The share is up 5 % over 12 months and trades 13 % below its 52-week high of $570.68.

How is the business doing?

Revenue grew 5.2 % over the last 12 months while EPS rose 10.0 %, so profit is growing about twice as fast as sales. The margins show the same thing: the operating margin is 27 % over the last 12 months, up from 25.5 % in fiscal 2025 and well above the 22 % average of the twelve fiscal years 2014-2025. The net margin stands at 20 %. Return on equity of 62 % over the last 12 months is exceptional, although a P/B of 7.1 suggests a fairly small equity base is inflating that figure.

How strong is the balance sheet?

Debt to equity of 1.03 over the last 12 months is well above the 0.5 that counts as prudent in financial services, so Ameriprise Financial carries more leverage than the sector norm. Cash generation partly offsets this: free cash flow covered 81 % of net income in fiscal 2025, just short of the 90 % healthy mark. The dividend yields 1.3 % over the last 12 months and has risen for 11 consecutive fiscal years through 2025. With a payout of 85 % of fiscal 2025 earnings, though, there is little room for the dividend to grow faster than profit.

Is it a scalable business with little leverage?

Asset managers, brokers and exchanges are not banks, so they are judged less on loans and deposits than on how fast revenue and fees grow, how much of that revenue becomes operating profit and whether earnings turn into cash. On growth Ameriprise Financial passes easily: revenue per share rose 15.5 % a year over fiscal 2020-2025, against a healthy threshold of 6 %. ROE of 62 % comfortably clears the 15 % bar. It looks less scalable: the fiscal 2025 operating margin of 25.5 % falls short of the 30 % healthy mark, cash conversion is borderline and leverage fails the test.

What to expect from the next earnings?

On October 29, 2026 Ameriprise Financial reported EPS of $11.26 against $11.77 expected, a 4.3 % miss that is unusual for a company that beat estimates in 7 of the last 8 quarters. Analysts have barely changed their numbers: over the last 30 days the 2026 EPS consensus went from $46.47 to $46.45 across 8 analysts, and the revenue consensus has hardly moved. For the quarter due on February 4, 2027, they expect EPS of $12.37. Of the 22 analysts covering the company, 10 rate it a buy, 10 a hold and 1 a sell.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.