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AMP Ameriprise Financial

capital_markets · valued with sonnet high conviction · 2026-06-23

STRONG SELL
wonderful · 90 ▟ wide moat circle of competence: in ✓ would own for a decade
Owner-earnings value$108.04
Price$466.11
Margin of safety -76.8%

Sticky advisor relationships and relentless buybacks compound wealth at a fair price

The business

Ameriprise earns recurring, AUM-linked fees through its ~10,000-strong financial advisor network (Wealth Management) and Columbia Threadneedle institutional/retail asset management. It also sells annuities and life insurance. Revenue is overwhelmingly fee-based, rising and falling with markets and net flows.

Quality gate · 90/100

Returns on capital 30/30
Consistency 19.8/22
Margins / pricing power 12.0/16
Balance sheet 14.9/16
Cash conversion 7.0/10
Capital allocation 6/6
Median ROE59.7%
FCF conversion184%
Share count / yr-4.7%
Profitable years4/4

Moat & management

Moat ▟ wide moat
Sourceswitching costs
Trajectorystable
Managementexcellent

Advisor-client relationships are deeply sticky: tax lot complexity, trusted personal relationships, and account-transfer friction keep attrition very low. A 59.7% median ROE sustained over years confirms pricing power. The main structural pressure — passive-fund fee compression — is real but is concentrated in Columbia Threadneedle; the wealth channel's planning fees have proven more resilient.

A -4.7% share-count CAGR demonstrates disciplined, sustained buybacks; combined with 27.9% operating margins and FCF conversion well above reported net income, capital allocation is clearly owner-oriented. No evidence of empire-building M&A.

Owner-earnings inputs

Owner earnings (TTM)3.90B
Owner-earnings yield9.3%
Free-cash-flow yield16.6%
Growth used (normalized)7.0%
Terminal growth3.0%
Discount rate (hurdle)9.7%

Key risks

  • Equity market drawdown compresses AUM and revenues sharply with largely fixed costs
  • Continued passive-investing shift erodes Columbia Threadneedle's active-management fees and flows
  • Advisor portability — independent advisors can defect with books of business to LPL or RayJay

Catalysts

  • Baby-boomer retirement wave structurally lifts demand for holistic financial planning
  • Buyback engine compounds per-share earnings even in low-growth environments

Recent news

score · 8 articles

  • 3 S&P 500 Stocks with Exciting Potential
  • Ameriprise Financial (AMP) Stock Could Be 13.6% Undervalued on Its Wealth Management Growth Narrative
  • Are Investors Undervaluing Ameriprise Financial (AMP) Right Now?
  • 2 Profitable Stocks on Our Watchlist and 1 Facing Challenges
  • The case for applying an old-school dividend strategy to investing today
  • Ameriprise (AMP): 10 Most Undervalued Quality Stocks to Invest In
  • So You Got an Allocation of SpaceX Shares. Now Do You Sell or Hold?
  • How Raymond James Financial's Stock Performance Compared to Other Financial Stocks?

⚠ financial — owner earnings ≈ net income · financial — valued by residual income (ROE vs cost of equity on book equity)

History

DateQualityPriceValueMoSRating
2026-10-28 86 $492.85 $107.88 -78.1% HOLD
2026-10-27 86 $493.60 $107.88 -78.1% HOLD
2026-10-26 86 $492.19 $107.88 -78.1% HOLD
2026-10-23 86 $496.83 $107.33 -78.4% HOLD
2026-10-22 86 $490.51 $107.33 -78.1% HOLD
2026-10-21 86 $487.67 $107.33 -78.0% HOLD
2026-10-20 86 $480.41 $107.33 -77.7% HOLD
2026-10-19 86 $500.80 $107.33 -78.6% HOLD
2026-10-16 86 $502.58 $107.33 -78.6% HOLD
2026-10-15 86 $495.82 $107.33 -78.4% HOLD
2026-10-14 86 $493.32 $107.33 -78.2% HOLD
2026-10-13 86 $500.02 $107.33 -78.5% HOLD
2026-10-12 86 $500.51 $107.33 -78.6% HOLD
2026-10-09 86 $499.08 $107.33 -78.5% HOLD
2026-10-08 86 $490.56 $107.33 -78.1% HOLD
2026-10-07 86 $496.61 $107.33 -78.4% HOLD
2026-10-06 86 $494.94 $107.33 -78.3% HOLD
2026-10-05 86 $490.91 $107.33 -78.1% HOLD
2026-10-02 86 $494.82 $107.33 -78.3% HOLD
2026-10-01 86 $492.35 $107.33 -78.2% HOLD
2026-09-30 86 $497.32 $107.33 -78.4% HOLD
2026-09-29 86 $496.16 $107.33 -78.4% HOLD
2026-09-28 86 $493.00 $107.33 -78.2% HOLD
2026-09-25 86 $485.15 $107.33 -77.9% HOLD
2026-09-24 86 $502.79 $107.33 -78.7% HOLD
2026-09-23 86 $535.72 $107.33 -80.0% HOLD
2026-09-22 86 $535.72 $107.33 -80.0% HOLD
2026-09-21 86 $544.33 $107.33 -80.3% HOLD
2026-09-18 86 $545.70 $107.33 -80.3% HOLD
2026-09-17 86 $540.86 $107.33 -80.2% HOLD
2026-09-16 86 $559.34 $109.40 -80.4% HOLD
2026-09-15 86 $558.54 $109.40 -80.4% HOLD
2026-09-14 86 $557.61 $109.40 -80.4% HOLD
2026-09-11 86 $553.53 $109.40 -80.2% HOLD
2026-09-10 86 $551.88 $109.40 -80.2% HOLD
2026-09-09 86 $556.67 $109.40 -80.3% HOLD
2026-09-08 86 $560.56 $109.40 -80.5% HOLD
2026-09-07 86 $560.56 $109.40 -80.5% HOLD
2026-09-04 86 $565.08 $109.40 -80.6% HOLD
2026-09-03 86 $551.85 $109.40 -80.2% HOLD
2026-09-02 86 $542.64 $109.40 -79.8% HOLD
2026-09-01 86 $553.11 $109.40 -80.2% HOLD
2026-08-31 86 $559.32 $109.40 -80.4% HOLD
2026-08-28 86 $555.77 $109.40 -80.3% HOLD
2026-08-27 86 $560.28 $109.40 -80.5% HOLD
2026-08-26 86 $560.26 $109.40 -80.5% HOLD
2026-08-25 86 $561.13 $109.40 -80.5% HOLD
2026-08-24 86 $555.59 $109.40 -80.3% HOLD
2026-08-21 86 $547.09 $109.40 -80.0% HOLD
2026-08-20 86 $559.78 $109.40 -80.5% HOLD
2026-08-19 86 $562.12 $109.40 -80.5% HOLD
2026-08-18 86 $569.54 $109.40 -80.8% HOLD
2026-08-17 86 $569.54 $109.40 -80.8% HOLD
2026-08-14 86 $570.68 $109.40 -80.8% HOLD
2026-08-13 86 $565.07 $109.40 -80.6% HOLD
2026-08-12 86 $562.98 $109.40 -80.6% HOLD
2026-08-11 86 $557.53 $109.40 -80.4% HOLD
2026-08-10 86 $551.98 $108.93 -80.3% HOLD
2026-08-07 86 $559.82 $108.93 -80.5% HOLD
2026-08-06 86 $561.03 $108.93 -80.6% HOLD
2026-08-05 86 $553.58 $108.93 -80.3% HOLD
2026-08-04 86 $544.14 $108.93 -80.0% HOLD
2026-08-03 86 $545.84 $108.93 -80.0% HOLD
2026-07-31 86 $544.46 $108.93 -80.0% HOLD
2026-07-30 86 $540.29 $108.93 -79.8% HOLD
2026-07-29 86 $538.01 $108.93 -79.8% HOLD
2026-07-28 86 $538.01 $108.93 -79.8% HOLD
2026-07-27 86 $520.11 $108.93 -79.1% HOLD
2026-07-24 86 $520.11 $108.93 -79.1% HOLD
2026-07-23 86 $526.82 $108.93 -79.3% HOLD
2026-07-22 86 $528.37 $108.93 -79.4% HOLD
2026-07-21 86 $526.22 $108.93 -79.3% HOLD
2026-07-20 86 $527.87 $108.93 -79.4% HOLD
2026-07-17 86 $533.21 $108.93 -79.6% HOLD
2026-07-16 86 $527.28 $108.93 -79.3% HOLD
2026-07-15 86 $518.23 $108.93 -79.0% HOLD
2026-07-14 86 $518.23 $108.93 -79.0% HOLD
2026-07-13 86 $506.76 $108.93 -78.5% HOLD
2026-07-10 86 $500.16 $108.93 -78.2% HOLD
2026-07-09 86 $490.58 $108.93 -77.8% HOLD
2026-07-08 86 $507.84 $108.93 -78.6% HOLD
2026-07-07 86 $507.50 $108.93 -78.5% HOLD
2026-07-06 86 $489.16 $108.93 -77.7% HOLD
2026-07-03 86 $489.16 $108.93 -77.7% HOLD
2026-07-02 86 $479.68 $108.17 -77.4% HOLD
2026-06-26 90 $453.29 $109.54 -75.8% STRONG SELL
2026-06-25 90 $460.95 $109.91 -76.2% STRONG SELL
2026-06-24 90 $466.11 $109.23 -76.6% STRONG SELL
2026-06-23 90 $466.11 $108.04 -76.8% STRONG SELL