Share count
98Mpeak FY2016
← All companies ← AMN Manual AMPH → ← AMG Capital Markets & Asset Management ANTA →
AMP, Ameriprise Financial Inc.
Capital Markets & Asset Management financial
Ameriprise Financial, Inc. is a diversified financial services company with a more than 130-year history of providing solutions to help clients confidently achieve their financial objectives.
We are a long-standing leader in financial planning and advice offering a broad range of products and services designed to assist individual and institutional clients achieve their financial objectives.
We carry out our strategy through two primary go-to-market approaches: Wealth Management and Asset Management.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$18.9B
+5.5% YoY · 10% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $19.3B 5-yr avg $16.1B
Net margin 20.2% 5-yr avg 20.2%
Revenue $4.9B +9.0% vs yr-ago qtr
Net income $915M yr-ago $583M
Net margin 18.7% yr-ago 13.0%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median 22%). It earns this on little capital, so return on equity has run near 46%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $11.8B | $12.2B | $12.9B | $13.1B | $12.0B | $13.4B | $14.3B | $16.1B | $17.9B | $18.9B | $19.3B | RevenueRevenue |
| 13.8% | 18.6% | 19.9% | 18.1% | 15.8% | 31.3% | 28.0% | 23.6% | 27.5% | 26.1% | 27.6% | Operating marginOp. mgn |
| 11.1% | 12.2% | 16.2% | 14.4% | 12.8% | 25.5% | 22.0% | 15.9% | 19.0% | 18.8% | 20.2% | Net marginNet mgn |
| $1.3B | $1.5B | $2.1B | $1.9B | $1.5B | $3.4B | $3.1B | $2.6B | $3.4B | $3.6B | $3.9B | Net incomeNet inc. |
| 17% | 33% | 16% | 15% | 16% | 18% | 20% | 21% | 20% | 21% | 21% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $2.2B | $1.4B | $2.4B | $2.2B | $4.5B | $3.2B | $4.3B | $4.5B | $6.4B | $8.2B | $6.9B | Owner earningsOwner earn. |
| 21% | 25% | 38% | 32% | 25% | 71% | 83% | 54% | 65% | 54% | 63% | Return on equityROE |
| 13% | 16% | 28% | 23% | 17% | 60% | 69% | 42% | 54% | 45% | 53% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $139.8B | $147.5B | $137.2B | $151.8B | $165.9B | $177.7B | $158.9B | $175.2B | $181.4B | $190.9B | $184.4B | Total assetsAssets |
| $2.3B | $5.1B | $5.9B | $6.2B | $8.9B | $9.6B | $8.8B | $8.6B | $9.5B | $11.2B | $9.4B | Cash & investmentsCash+inv |
| $6.3B | $6.0B | $5.6B | $5.9B | $6.1B | $4.8B | $3.8B | $4.7B | $5.2B | $6.5B | $6.2B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 168M | 157M | 148M | 136M | 126M | 120M | 114M | 108M | 103M | 98.2M | 94.5M | Shares out (diluted)Shares |
| $70.39 | $77.73 | $87.50 | $96.35 | $95.13 | $111.58 | $126.07 | $149.31 | $174.21 | $192.58 | $204.40 | Revenue / shareRev/sh |
| $7.81 | $9.44 | $14.20 | $13.92 | $12.20 | $28.48 | $27.70 | $23.71 | $33.05 | $36.28 | $41.22 | EPS (diluted)EPS |
| $13.31 | $8.69 | $16.49 | $16.16 | $35.61 | $26.71 | $37.51 | $41.75 | $62.38 | $83.11 | $73.45 | Owner earnings / shareOE/sh |
| $2.85 | $3.13 | $3.43 | $3.71 | $3.95 | $4.26 | $4.70 | $5.10 | $5.58 | $6.07 | $6.35 | Dividends / shareDiv/sh |
| $37.39 | $38.26 | $37.83 | $43.46 | $48.77 | $40.31 | $33.45 | $43.87 | $50.81 | $66.69 | $65.74 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +11.8%/yr | +15.1%/yr |
| Owner earnings / share | +22.6%/yr | +18.5%/yr |
| EPS | +18.6%/yr | +24.3%/yr |
| Dividends / share | +8.8%/yr | +8.9%/yr |
| Capital spending / share | +13.1%/yr | +7.1%/yr |
| Book value / share | +6.6%/yr | +6.5%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$18.9Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K/A · source on SEC EDGAR →
Is it a good business?
- Operating margin 26.1%Solid fee marginOperating income $4.9B ÷ revenue $18.9BIndustry peers: median 22%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 18.8%WideNet income $3.6B ÷ revenue $18.9B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 54%Very high (≥25%)Net income $3.6B ÷ equity $6.5BIndustry peers: median 14%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“Furthermore, new and existing competitors may be better able to address trends, structural changes, or movement of assets resulting from new technologies, including Generative AI and blockchain, or adapt to industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.…”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Mr. Cracchiolo | $21.2M | $63.5M | $3.2B |
| 2022 | Mr. Cracchiolo | $22.8M | $35.0M | $4.3B |
| 2023 | Mr. Cracchiolo | $28.4M | $48.6M | $4.5B |
| 2024 | Mr. Cracchiolo | $28.1M | $55.9M | $6.4B |
| 2025 | Mr. Cracchiolo | $30.8M | $33.1M | $8.2B |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Stock-based compensation$206M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| APOApollo Global Management | $32.0B | 13.8% | 13.2% | 21% |
| KKRKKR & Co. Inc. | $19.5B | 75.8% | 28.6% | 14% |
| AMPAmeriprise Financial Inc. | $18.9B | 21.7% | 16.1% | 46% |
| BXBlackstone Inc. | $14.5B | 46.3% | 20.7% | 27% |
| BENFranklin Resources Inc. | $8.8B | 21.8% | 15.0% | 10% |
| TROWT. Rowe Price Group Inc. | $7.3B | 41.5% | 30.2% | 25% |
| IVZInvesco | $6.4B | 18.4% | 10.3% | 4% |
| ARESAres Management | $5.6B | 13.1% | 9.0% | 13% |
| Group median | — | 21.8% | 15.5% | 17% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ameriprise Financial Inc. has delivered.
Ameriprise Financial Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Ameriprise Financial Inc. earns about $4.9B on its 26.0% median owner-earnings margin. This year’s 43.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+18%/yr
Owner-earnings growth · ’16→’25+17%/yr
Owner-earnings growth · ’16→’25+17%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $6.9B on 90M shares outstanding, per the 10-Q cover, as of 2026-04-24; net cash $6.4B. The if-converted diluted count is 95M, 5% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Ameriprise Financial Inc. (AMP), the owner's record," https://ownerscorecard.com/c/AMP, data as of 2026-07-09.
Manual order: ← AMN its page in the Manual AMPH →
Industry order: ← AMG the Capital Markets & Asset Management chapter ANTA →