AGF Management Limited

AGF-B.TO

Asset Management · Financial Services

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

AGF Management Limited is a Canadian investment management company that helps people grow and protect their money. It offers mutual funds, exchange-traded funds (ETFs), and private investment portfolios to everyday investors, financial advisors, and institutional clients like pension funds. Founded in 1957 and headquartered in Toronto, AGF is one of Canada's independent, publicly traded asset managers.

AGF earns money primarily through management fees, which are a percentage of the total assets it manages on behalf of clients. It operates mainly in Canada but also has some international reach through partnerships and institutional mandates. Its long operating history and advisor relationships provide a degree of stability, though the business is sensitive to stock market downturns — when markets fall, assets under management shrink and fee revenue drops with them. Growing its assets under management, particularly through its alternatives and private capital strategies, is the key driver the company is pursuing to offset fee pressure in traditional funds.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+94.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

7.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$580M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

AGF Management Limited is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

72.7%

Premium pricing power — 72.7% gross margin

Profit after running costs

Operating Margin

37.8%

Excellent — 37.8% operating margin

Return on the money invested

ROCE

15.6%

Strong — 15.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.5%

Steady sales growth (+9.5% YoY)

Profit growth

EPS YoY

+33.7%

Earnings growing fast (+33.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

91%

Modest — 91% of profit becomes cash

Spare cash per sale

FCF Margin

20.1%

Converts sales into free cash efficiently (20.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

36.97x

Comfortably covers interest (37.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.7x

no trend

Attractive valuation — P/E 10.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.6

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.47%

no trend

Moderate income — 2.47% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+8.3%

no trend

Dividend growing modestly (8.3% YoY)

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