Acadian Asset Management (AAMI)
NYSE:AAMI
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Acadian Asset Management
(NYSE:AAMI)
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Rating:69Neutral
Price Target:
$60.00
â–²(6.63% Upside)
Action:ReiteratedDate:03/03/26
The score is driven by strong earnings-call momentum (record AUM/flows, margin expansion, and renewed capital returns) and supportive technical uptrend, partly offset by elevated balance-sheet risk (high leverage/thin equity) and a not-cheap P/E despite an attractive dividend yield.
Positive Factors
Scale & Net Flows
Sustained, large net inflows and record AUM materially strengthen the firm's recurring fee base and distribution scale. A $177.5B AUM platform and multi-quarter positive flows reduce revenue cyclicality, support predictable management fees, and enable long-term investment in product development and client coverage.
Negative Factors
High Leverage / Thin Equity
Persistently elevated leverage and historically thin or negative equity constrain financial flexibility and increase solvency sensitivity. A limited equity buffer magnifies earnings or market shocks, restricting the firm's ability to pursue opportunistic investments or maintain capital returns during downturns without raising costly capital.
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Positive Factors
Negative Factors
Scale & Net Flows
Sustained, large net inflows and record AUM materially strengthen the firm's recurring fee base and distribution scale. A $177.5B AUM platform and multi-quarter positive flows reduce revenue cyclicality, support predictable management fees, and enable long-term investment in product development and client coverage.
Read all positive factors
Acadian Asset Management (AAMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.01B
Dividend Yield0.08%
Average Volume (3M)224.66K
Price to Earnings (P/E)12.1
Beta (1Y)1.25
Revenue Growth21.53%
EPS Growth42.18%
CountryUS
Employees383
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.32
Shares Outstanding35,722,570
10 Day Avg. Volume279,771
30 Day Avg. Volume224,660
Financial Highlights & Ratios
PEG Ratio-11.96
Price to Book (P/B)28.08
Price to Sales (P/S)2.86
P/FCF Ratio9.42
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue3.76
Enterprise Value/Gross Profit4.04
Enterprise Value/Ebitda12.30
Forecast
1Y Price Target
$55.67Price Target Upside-1.07% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)4.23
Revenue Forecast (FY)$716.94M
Acadian Asset Management Business Overview & Revenue Model
Company Description
Acadian Asset Management, Inc. is a holding company, which engages in the provision of asset management services. It operates through the Quant and Solutions segment. The Quant and Solutions segment involves leveraging data and technology in a com...
How the Company Makes Money
Acadian Asset Management generates revenue primarily through management fees charged on the assets under management (AUM). These fees are typically calculated as a percentage of AUM and can vary depending on the type of investment strategy employe...
Acadian Asset Management Key Performance Indicators (KPIs)
Acadian Asset Management Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record-breaking operational and financial achievements — record AUM (~$177.5B), record annual net client cash flows (~$29.4B), record ENI EPS ($3.25), double-digit growth in management fees (~32% YoY in Q4) and margin expansion — alongside meaningful balance sheet improvements (deleveraging and refinancing) and a reinforced capital return framework (dividend increase, prior buybacks). Lowlights were largely related to non-cash GAAP declines, transient market-driven performance headwinds in H2 2025, modest increases in operating investments, and a short-term pause in buybacks to deleverage. Overall, the positives (strong organic growth, recurring revenue expansion, margin improvement, and capital allocation flexibility) materially outweigh the negatives, which are mostly non-cash or tactical.Positive Updates
Record AUM and Strong Net Flows
AUM reached a record high of $177.5B (nearly $178B) as of Dec 31, 2025. Q4 2025 net client cash flows were $5.4B (3% of beginning period AUM). Full-year 2025 net client cash flows were ~$29.4B (record annual NCCF). Eight consecutive quarters of positive net flows.
Negative Updates
GAAP Net Income and EPS Declines (Non-Cash Driven)
US GAAP net income attributable to controlling interest declined 18% in Q4 2025 (and 6% for full-year 2025). GAAP EPS was down 14% in Q4 and down 0.5% for the year, primarily due to increased non-cash expenses from changes in the valuation of Acadian LLC equity and profit interest.
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Q4-2025 Updates
Positive
Negative
Record AUM and Strong Net Flows
AUM reached a record high of $177.5B (nearly $178B) as of Dec 31, 2025. Q4 2025 net client cash flows were $5.4B (3% of beginning period AUM). Full-year 2025 net client cash flows were ~$29.4B (record annual NCCF). Eight consecutive quarters of positive net flows.
Read all positive updates
Company Guidance
The company guided to continued positive momentum into 2026, citing a robust pipeline and expectations for sustained net inflows after Q4 net client cash flows of $5.4 billion (3% of beginning AUM) and record 2025 net flows of about $29.4 billion that helped AUM hit a record $177.5 billion; management emphasized it will continue to generate strong free cash flow and return capital (interim dividend raised to $0.10/share and share repurchases to be re‑activated after a pause). Financial posture entering 2026 includes FY2025 ENI revenue near $549 million (+9%), record ENI EPS of $3.25 (+18%) and Q4 ENI EPS $1.32, expanded Q4 ENI operating margin of 45.7% (up 338 bps) and FY ENI margin 35.5%, adjusted EBITDA up 9% for the year, gross leverage reduced to 1.0x (net 0.5x), cash of $101M plus $97M seed investments, a $200M term loan balance, and an anticipated 2026 variable compensation ratio of ~40–43% assuming similar revenue mix; targeted ongoing investments include systematic credit, technology and data/AI while aiming to self‑fund growth and maintain disciplined capital returns.Acadian Asset Management Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 594.30M | 505.60M | 426.60M | 417.20M | 523.80M |
| Gross Profit | 552.00M | 239.20M | 213.20M | 257.60M | 239.20M |
| EBITDA | 181.50M | 163.60M | 133.40M | 183.90M | 225.10M |
| Net Income | 80.00M | 85.00M | 65.80M | 100.60M | 828.40M |
Balance Sheet | |||||
| Total Assets | 677.00M | 703.20M | 611.40M | 518.70M | 714.80M |
| Cash, Cash Equivalents and Short-Term Investments | 101.20M | 94.80M | 146.80M | 108.40M | 252.10M |
| Total Debt | 322.80M | 341.60M | 346.30M | 349.30M | 472.50M |
| Total Liabilities | 593.00M | 616.10M | 561.90M | 540.30M | 732.40M |
| Stockholders Equity | 60.60M | 20.00M | 40.20M | -21.60M | -17.60M |
Cash Flow | |||||
| Free Cash Flow | 180.70M | 45.90M | 54.50M | 100.70M | -26.60M |
| Operating Cash Flow | 192.60M | 55.80M | 68.30M | 116.80M | -11.50M |
| Investing Cash Flow | -38.00M | -50.10M | -43.90M | -13.00M | 1.04B |
| Financing Cash Flow | -129.20M | -54.40M | 1.80M | -233.70M | -1.18B |
Acadian Asset Management Technical Analysis
Positive
56.27
Price Trends
52.95
Positive
50.21
Positive
47.14
Positive
Market Momentum
0.77
Negative
60.61
Neutral
65.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AAMI, the sentiment is Positive. The current price of 56.27 is above the 20-day moving average (MA) of 52.39, above the 50-day MA of 52.95, and above the 200-day MA of 47.14, indicating a bullish trend. The MACD of 0.77 indicates Negative momentum. The RSI at 60.61 is Neutral, neither overbought nor oversold. The STOCH value of 65.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AAMI.
Acadian Asset Management Risk Analysis
Acadian Asset Management disclosed 1 risk factors in its most recent earnings report. Acadian Asset Management reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Acadian Asset Management Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.01B | 12.09 | 7024.00% | 0.08% | 21.53% | 42.18% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $2.14B | 15.68 | 26.49% | 0.95% | 12.05% | 120.13% | |
65 Neutral | $2.57B | 25.54 | 3.20% | 3.21% | 21.37% | 17.19% | |
59 Neutral | $1.71B | 12.06 | 10.58% | 9.64% | -6.44% | -1.18% | |
55 Neutral | $864.12M | 8.05 | 15.20% | 5.41% | -3.07% | 18.00% |
* Financial Sector Average
AAMI
Acadian Asset Management
56.27
32.99
141.75%
BBT
Beacon Financial Corporation
30.62
8.34
37.45%
VRTS
Virtus Investment Partners
129.06
-9.89
-7.12%
WT
WisdomTree
15.10
7.51
98.82%
TSLX
Sixth Street Specialty Lending
18.08
0.61
3.47%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.