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Affiliated Managers Group vs Federated Hermes: AMG and FHI compared
Affiliated Managers Group is the larger company: $641M of revenue in its latest quarter (Q2 2026) against $507M for Federated Hermes (Q3 2026). Affiliated Managers Group is growing faster (+30% against +8% a year earlier). Affiliated Managers Group is more profitable, with an operating margin of 48.0% against 30.2%.
Where the money goes: AMG and FHI
Affiliated Managers Group (AMG) · Q2 2026
Affiliated Managers Group, Q2 2026: revenue $641M (+30% year over year), operating margin 48.0%, net earnings $186M, operating cash flow $239M. The chart follows the revenue to costs, profit and cash.
Federated Hermes (FHI) · Q3 2026
Federated Hermes, Q3 2026: revenue $507M (+8% year over year), operating margin 30.2%, net earnings $112M, operating cash flow $134M. The chart follows the revenue to costs, profit and cash.
| Affiliated Managers Group (AMG) | Federated Hermes (FHI) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $641M | $507M |
| Revenue growth, Y/Y | +30% | +8% |
| Operating margin | 48.0% | 30.2% |
| Net earnings | $186M | $112M |
| Net margin | 29.0% | 22.1% |
| Operating cash flow | $239M | $134M |
| Free cash flow | — | $120M |
| Market value | $9.8B | $4.5B |
| P/E | 9.3× | 11.6× |
| Analysts’ mean target | $445.71 | $61.00 |
Where the revenue comes from
Federated Hermes
- Federated Hermes Funds: $434M (85%)
- Separate Accounts: $69.9M (14%)
- Other: $3.8M (1%)
Questions
Which is bigger, Affiliated Managers Group or Federated Hermes?
Affiliated Managers Group is the larger company: $641M of revenue in its latest quarter (Q2 2026) against $507M for Federated Hermes (Q3 2026).
Is Affiliated Managers Group or Federated Hermes growing faster?
Affiliated Managers Group is growing faster (+30% against +8% a year earlier).
Which is more profitable, Affiliated Managers Group or Federated Hermes?
Affiliated Managers Group is more profitable, with an operating margin of 48.0% against 30.2%.
More: Affiliated Managers Group earnings · how Affiliated Managers Group makes money · Federated Hermes earnings · how Federated Hermes makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 7, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.