0001628280-26-008665
SEC filing2025年AMG净利增40%至$716.6M，受$371.3M交易收益驱动，但核心业务增长强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Consolidated revenue | $2,074.4M | $2,040.9M | +2% |
| Net income | $904.0M | $740.6M | +22% |
| Net income (controlling interest) | $716.6M | $511.6M | +40% |
| Diluted EPS | $22.74 | $15.13 | +50% |
| Adjusted EBITDA (controlling interest) | $1,076.8M | $973.1M | +11% |
| Economic net income (controlling interest) | $769.3M | $701.6M | +10% |
| Operating cash flow | $973.2M | $932.1M | +4% |
2025年AMG业绩强劲增长，Net income (controlling interest) 达$716.6M，同比+40%。增长主要由$371.3M的Affiliate transaction gains（出售Peppertree、Comvest private credit及Montrusco Bolton）和$150.2M的Equity method income (net)增长驱动。剔除一次性交易收益，核心业务盈利能力亦显著提升，Adjusted EBITDA (controlling interest)增长11%至$1,076.8M，反映Aggregate fees增长18%至$6,167.5M的强劲势头。
增长主要来自alternatives策略，Liquid alternatives AUM增长61%至$227.2B，净流入$50.5B；Private Markets AUM增长8%至$146.0B，净流入$23.9B。相比之下，Equities策略净流出$45.3B，反映行业趋势。公司持续向alternatives倾斜的战略成效显著，AUM结构优化带动整体fee rate提升。
盈利质量方面，Operating cash flow达$973.2M，与Net income基本匹配，显示盈利现金含量高。但需注意，2025年确认了$135.0M的indefinite-lived acquired client relationships减值，主要针对部分mutual fund资产，反映其AUM下滑压力。此外，Affiliate equity expense因条款修改增加$30.5M，属一次性项目。
| 分部 | AUM | 同比 | 净流入 | 驱动 |
|---|---|---|---|---|
| Private Markets | $146.0B | +8% | +$23.9B | 新投资贡献$10.6B，募资势头良好 |
| Liquid Alternatives | $227.2B | +61% | +$50.5B | 客户需求强劲，新投资贡献$12.4B |
| Equities | $312.1B | -1% | -$45.3B | 行业性流出，面临压力 |
| Multi-Asset & Fixed Income | $128.0B | +11% | -$0.4B | 基本持平 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $586.0M | -$364.0M |
| Total assets | $9,207.4M | +$376.5M |
| Total debt | $2,691.3M | +$71.1M |
| Equity method investments in Affiliates (net) | $2,870.4M | +$623.8M |
| Operating cash flow | $973.2M | +$41.1M |
| Investing cash flow | -$206.1M | -$585.2M |
| Financing cash flow | -$1,148.7M | +$27.2M |
2025年现金减少$364.0M，主要由于投资活动现金流出增加（Investments in Affiliates达$776.0M）以及偿还债务和回购股票。公司通过发行$425.0M的2036 senior notes和借款$899.3M来部分抵消。期末现金$586.0M，加上未使用的$1.25B revolver，流动性充足。
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| 2026 | Affiliate equity purchases | approximately $100 million | — |
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