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AAMI

Acadian Asset Management

AAMI

Acadian Asset Management • NYSE
$44.84 ▼ -0.71% (-0.32)
Market Cap $1.60 B
52w High $54.99
52w Low $22.60
Dividend Yield 0.04%
P/E 18.92
Volume 71.58K
Outstanding Shares 35.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $144.2M ▲ $27.6M ▲ $15.1M ▲ 10.472% ▲ $0.42 ▲ $43.1M ▲
Q2-2025 $127.4M ▲ $26M ▼ $10.1M ▼ 7.928% ▼ $0.28 ▼ $33.1M ▼
Q1-2025 $119.9M ▼ $26.5M ▼ $20.1M ▼ 16.764% ▼ $0.54 ▼ $41.1M ▼
Q4-2024 $167.8M ▲ $26.7M ▲ $42.5M ▲ 25.328% ▲ $1.14 ▲ $67.2M ▲
Q3-2024 $123.1M $26.3M $16.9M 13.729% $0.46 $37.6M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $117.3M ▲ $751.4M ▲ $640.1M ▲ $20.4M ▲
Q2-2025 $90.2M ▼ $672.3M ▼ $585.4M ▲ $9.2M ▼
Q1-2025 $119.6M ▲ $677.3M ▼ $584.8M ▼ $21.7M ▲
Q4-2024 $94.8M ▲ $703.2M ▲ $616.1M ▲ $20M ▲
Q3-2024 $53.6M $555.2M $559M $-17.9M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $22.8M ▲ $61.6M ▲ $-2.7M ▼ $-88.5M ▼ $-29.3M ▼ $58.7M ▲
Q1-2025 $20.1M ▼ $-48.8M ▼ $11.8M ▲ $61.6M ▲ $24.7M ▼ $-51.3M ▼
Q4-2024 $38.8M ▲ $-19.1M ▼ $-1.8M ▲ $48.6M ▲ $27.2M ▲ $-21.6M ▼
Q3-2024 $16.9M ▲ $69.6M ▲ $-29.5M ▼ $-42.4M ▲ $-2.1M ▲ $67.2M ▲
Q2-2024 $11M $45.7M $-17.4M $-58M $-29.6M $43.1M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past five years, with a gentle dip in the middle of the period and a clear recovery more recently. Profitability at the operating level looks solid and relatively stable for an asset manager, suggesting decent fee margins and good cost control. The standout feature is very volatile net profit, with one exceptionally strong year that likely reflects one‑off items rather than a new normal. Recent years show more moderate, but improving, earnings that look more sustainable than the earlier spike. Overall, the income statement points to a mature, fee‑driven business with healthy margins but earnings that can swing with markets and non‑recurring factors.

Balance Sheet

Balance Sheet The balance sheet is on the lighter side, which is typical for an asset‑light manager, but the equity base is quite thin and only recently turned clearly positive again after a period of negative equity. Debt has been relatively stable and now edges down slightly, but still represents a meaningful claim on the business given the small equity cushion. Total assets have trended down from earlier highs and are now rebuilding, while cash is clearly lower than in the past, suggesting less of a liquidity buffer than a few years ago. The direction of travel is encouraging—debt drifting down, equity repaired—but the balance sheet still leaves less room for error than a more heavily capitalized firm would have.

Cash Flow

Cash Flow Cash generation from operations has generally been positive, which fits an asset‑light, fee‑based model, though there was a wobble with slightly negative operating cash in one year. Free cash flow has usually remained in positive territory and closely tracks operating cash, helped by modest and predictable investment needs. Capital spending is small and steady, indicating that the business does not require heavy ongoing reinvestment to run its core operations. Overall, cash flow looks adequate but not abundant, meaning the firm can fund itself and invest modestly, but is unlikely to build large cash reserves quickly without stronger profit growth or lower payouts.

Competitive Edge

Competitive Edge Acadian sits in a specialized corner of asset management as a long‑standing quantitative investor, which gives it a differentiated identity versus traditional stock pickers. Its strengths include a deep research culture, a long track record in systematic strategies, credibility in emerging markets, and a meaningful early lead in integrating ESG within quant models. The broad product lineup—from core equity to alternatives and enhanced equity—helps diversify fee sources and appeal to institutional and wholesale clients alike. Key competitive pressures come from larger quant houses, low‑cost passive products, and the crowded nature of factor and quant strategies, which can compress fees and make it harder to stand out on performance alone.

Innovation and R&D

Innovation and R&D Innovation is clearly central to Acadian’s model: the firm continuously refines its quantitative engines rather than relying on static strategies. It invests heavily in research talent, advanced data infrastructure, and the use of AI and machine learning to uncover signals that are harder for competitors to copy. Its proprietary ESG integration and early work with alternative and big data further underline a willingness to experiment within a disciplined framework. Looking ahead, the focus on enhanced equity, sustainable products, alternative data, and customized client solutions suggests a steady pipeline of incremental innovations rather than flashy, high‑risk bets.

Summary

Financially, Acadian looks like a typical mature, fee‑driven asset manager: revenues are steady, margins are healthy, and cash flows are generally positive, but earnings can be volatile and the balance sheet is not especially thick. The recent trend shows gradual repair—improving profits, positive equity, and manageable investment needs—yet leverage and a relatively small capital buffer remain important risk points to watch. Strategically, the firm’s long history in quantitative investing, strong research culture, and ESG and emerging‑markets expertise provide real differentiation in a crowded industry. Future outcomes will depend heavily on its ability to sustain performance, keep innovating its models and data use, and navigate fee pressure and competition from both passive products and larger quant rivals.

NEWS

October 30, 2025 · 7:30 AM UTC

Acadian Asset Management Inc. Reports Financial and Operating Results for the Third Quarter Ended September 30, 2025

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October 9, 2025 · 7:48 AM UTC

Acadian Asset Management Inc. to Report Financial and Operating Results for the Third Quarter Ended September 30, 2025

Read more