Ameriprise Financial, Inc. AMP
Ameriprise trades at an attractive 13.3x P/E, a 17% discount to the peer median of 16.1x, supported by FY2025 EPS of $36.36 (up 10% YoY) and a stable 25.5% operating margin. However, revenue growth decelerated to 5.2% in FY2025 from 11.6% in FY2024, net income growth slowed to 4.8%, and FY2025 operating cash flow fell to $2.89B from $6.60B the prior year, raising questions about earnings quality.
With the stock at $559.78 — roughly 9% above the 50-day MA of $512.61 and 16% above the 200-day MA — and a bearish MACD histogram, the risk/reward is balanced; the discount to peers is real but the deceleration and cash flow softness warrant patience.
What could go wrong
- OCF deterioration. FY2025 operating cash flow fell to $2.89B from $6.60B in FY2024 despite net income rising to $3.56B, suggesting earnings quality concerns that could pressure the multiple if not reversed.
- Growth deceleration. Revenue growth slowed to 5.2% in FY2025 from 11.6% in FY2024, and net income growth dropped to 4.8% from 33.1%, indicating the post-2023 rebound is fading.
- Persistent insider selling. Over 24 months, insiders net sold 188,557 shares worth $127.6M across 126 dispositions vs 74 acquisitions, with no cluster buying; recent August 2026 transactions continue the pattern.
- Extended technicals. Stock trades 9% above the 50-day MA ($512.61) and 16% above the 200-day MA ($481.65) with a negative MACD histogram of -1.95, suggesting near-term pullback risk.
What would change my mind
Where this comes from: peer_relative · fundamentals FY2025 + derived_metrics · fundamentals FY2025 vs FY2024 · derived_metrics. Orin's read on AMP; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All AMP filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 10-Q | 4 Aug | Ameriprise Financial, Inc. | read |
| 13G/A | 27 Jul | — | on file |
| 8-K | 23 Jul | Ameriprise Financial, Inc. | read |
| 8-K | 9 Jun | Ameriprise Financial, Inc. | read |
| 8-K | 20 May | William Davies, Executive Vice President and Global Chief Investment Officer of Ameriprise Financial, Inc., will retire effective June 30, 2026. | read |
| 13G/A | 15 May | — | on file |
| 13G/A | 15 May | — | on file |
| 13G/A | 15 May | — | on file |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $2.7B | 0.1% of fund |
| Vanguard Portfolio Management | $2.4B | 0.1% of fund |
| State Street | $2.1B | 0.1% of fund |
| Geode Capital Management | $1.3B | 0.1% of fund |
| Morgan Stanley | $800.0M | 0.0% of fund |
| Goldman Sachs Group | $753.8M | 0.1% of fund |
94 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 200 Form 4 filings, net −$126.7M. Of the 50 on hand, 0 were open-market purchases and 12 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about AMP
Orin answers questions about AMP from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 12.0× | 13.1× | 21.6× |
| EV/EBITDA | 7.5× | 9.2× | — |
| P/S | 2.28× | 2.49× | — |
| P/B | 7.3× | 8.5× | — |
Its P/E sits 20th percentile of its own last 5 years (−0.98σ from its own mean).
4.3%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $2.9B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$557
$489 – $645 · +10% against today's price
- 11 buy or overweight
- 10 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| AMPAmeriprise Financial, Inc. | $45B | 12.0× | 7.5× | 50.2% | 19.9% | 62% |
| AIGAmerican International Group, Inc. | $40B | 13.7× | 6.3× | 38.1% | 11.1% | 7% |
| APOApollo Global Management, Inc. | $72B | 26.9× | 6.2× | 84.5% | 5.2% | 9% |
| MSMorgan Stanley | $313B | 16.0× | 23.1× | 59.7% | 16.0% | 18% |
| NTRSNorthern Trust Corporation | $32B | 14.9× | — | 59.8% | 14.8% | 17% |
| PRUPrudential Financial, Inc. | $41B | 10.5× | 8.8× | 30.8% | 5.9% | 12% |
| SCHWThe Charles Schwab Corporation | $173B | 18.0× | 11.0× | 86.7% | 33.6% | 20% |
| STTState Street Corporation | $50B | 15.6× | 14.8× | 65.3% | 15.0% | 12% |
The median is of the 7 peers listed above and nothing else — check it against the column. This company trades 23.4% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $616 | $451.80 · +36% | 2026-06-10 |
| Levered DCF | $871 | $451.80 · +93% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.