Acadian Asset Management Inc.
AAMI NYSE Investment Advice Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$564M
11.5%
vs prior year
Operating margin
Operating income as a share of revenue.
23.4%
3.4 pts
Net income
Profit after all expenses, interest and tax.
$80.0M
5.9%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.83 EPS (TTM)
What Acadian Asset Management Inc. does
No business description yet.
- Legal name
- Acadian Asset Management Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001628280-26-012856
0001748824
Revenue and margins
Acadian Asset Management Inc. had $564M of revenue in fiscal 2025, up 11.5% on the year before.
FY17
Revenue $887M
FY18
Revenue $928M
FY19
Revenue $595M
FY20
Revenue $500M
FY21
Revenue $524M
FY22
Revenue $417M
FY23
Revenue $427M
FY24
Revenue $506M
FY25
Revenue $564M
Q3 '23
Revenue $107M
Q4 '23
Revenue $131M
Q1 '24
Revenue $106M
Q2 '24
Revenue $109M
Q3 '24
Revenue $123M
Q4 '24
Revenue $168M
Q1 '25
Revenue $120M
Q2 '25
Revenue $127M
Q3 '25
Revenue $144M
Q4 '25
Revenue $172M
Q1 '26
Revenue $167M
Q2 '26
Revenue $185M
FY17
Gross —
Operating 8.0%
Net 0.5%
FCF —
FY18
Gross —
Operating 9.0%
Net 14.7%
FCF —
FY19
Gross —
Operating 37.4%
Net 37.7%
FCF —
FY20
Gross —
Operating 26.4%
Net 57.4%
FCF —
FY21
Gross —
Operating 27.8%
Net 158.2%
FCF —
FY22
Gross —
Operating 40.2%
Net 24.1%
FCF —
FY23
Gross —
Operating 24.8%
Net 15.4%
FCF —
FY24
Gross —
Operating 26.8%
Net 16.8%
FCF —
FY25
Gross —
Operating 23.4%
Net 14.2%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 28.1%
Net 18.3%
FCF —
Q4 '23
Gross —
Operating 27.1%
Net 17.4%
FCF —
Q1 '24
Gross —
Operating 21.7%
Net 13.8%
FCF —
Q2 '24
Gross —
Operating 18.9%
Net 10.1%
FCF —
Q3 '24
Gross —
Operating 21.9%
Net 13.7%
FCF —
Q4 '24
Gross —
Operating 38.7%
Net 25.3%
FCF —
Q1 '25
Gross —
Operating 26.6%
Net 16.8%
FCF —
Q2 '25
Gross —
Operating 12.7%
Net 7.9%
FCF —
Q3 '25
Gross —
Operating 18.4%
Net 10.5%
FCF —
Q4 '25
Gross —
Operating 33.3%
Net 20.2%
FCF —
Q1 '26
Gross —
Operating 25.1%
Net 14.6%
FCF —
Q2 '26
Gross —
Operating 17.5%
Net 14.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2025, diluted EPS grew 65.1% a year. Loss periods are shown in red.
FY17
Net income $4.2M
FY18
Net income $136M
FY19
Net income $224M
FY20
Net income $287M
FY21
Net income $828M
FY22
Net income $101M
FY23
Net income $65.8M
FY24
Net income $85.0M
FY25
Net income $80.0M
Q3 '23
Net income $19.6M
Q4 '23
Net income $22.8M
Q1 '24
Net income $14.6M
Q2 '24
Net income $11.0M
Q3 '24
Net income $16.9M
Q4 '24
Net income $42.5M
Q1 '25
Net income $20.1M
Q2 '25
Net income $10.1M
Q3 '25
Net income $15.1M
Q4 '25
Net income $34.7M
Q1 '26
Net income $24.3M
Q2 '26
Net income $27.3M
FY17
Diluted EPS $0.04
FY18
Diluted EPS $1.26
FY19
Diluted EPS $2.45
FY20
Diluted EPS $3.49
FY21
Diluted EPS $10.29
FY22
Diluted EPS $2.33
FY23
Diluted EPS $1.55
FY24
Diluted EPS $2.22
FY25
Diluted EPS $2.21
Q3 '23
Diluted EPS $0.46
Q4 '23
Diluted EPS $0.54
Q1 '24
Diluted EPS $0.37
Q2 '24
Diluted EPS $0.29
Q3 '24
Diluted EPS $0.45
Q4 '24
Diluted EPS $1.11
Q1 '25
Diluted EPS $0.54
Q2 '25
Diluted EPS $0.28
Q3 '25
Diluted EPS $0.42
Q4 '25
Diluted EPS $0.97
Q1 '26
Diluted EPS $0.68
Q2 '26
Diluted EPS $0.76
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 3.3%
Return on assets —
FY18
Return on capital 33.0%
Return on equity 104.3%
Return on assets 8.8%
FY19
Return on capital 35.1%
Return on equity 180.1%
Return on assets 15.1%
FY20
Return on capital 23.0%
Return on equity 114.9%
Return on assets 20.5%
FY21
Return on capital 80.5%
Return on equity 451.7%
Return on assets 79.1%
FY22
Return on capital 88.2%
Return on equity —
Return on assets 16.3%
FY23
Return on capital 44.0%
Return on equity 707.5%
Return on assets 11.6%
FY24
Return on capital —
Return on equity —
Return on assets 12.9%
FY25
Return on capital —
Return on equity —
Return on assets 11.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY17
Cash from operations $140M
Capital spending —
FY18
Cash from operations $195M
Capital spending —
FY19
Cash from operations −$139M
Capital spending —
FY20
Cash from operations $90.5M
Capital spending —
FY21
Cash from operations −$11.5M
Capital spending —
FY22
Cash from operations $117M
Capital spending —
FY23
Cash from operations $68.3M
Capital spending —
FY24
Cash from operations $55.8M
Capital spending —
FY25
Cash from operations −$2.4M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $21.2M
Capital spending —
Q4 '23
Cash from operations $42.7M
Capital spending —
Q1 '24
Cash from operations −$40.4M
Capital spending —
Q2 '24
Cash from operations $45.7M
Capital spending —
Q3 '24
Cash from operations $69.6M
Capital spending —
Q4 '24
Cash from operations −$19.1M
Capital spending —
Q1 '25
Cash from operations −$48.8M
Capital spending —
Q2 '25
Cash from operations $61.6M
Capital spending —
Q3 '25
Cash from operations −$23.9M
Capital spending —
Q4 '25
Cash from operations $8.7M
Capital spending —
Q1 '26
Cash from operations −$44.9M
Capital spending —
Q2 '26
Cash from operations $26.0M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Acadian Asset Management Inc. returned — to shareholders in fiscal 2025. The diluted share count fell 5.5%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.11B
FY18
Diluted shares 0.11B
FY19
Diluted shares 0.09B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.08B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Acadian Asset Management Inc. can carry it.
FY17
Cash $200M
Debt —
FY18
Cash $283M
Debt $393M
FY19
Cash $82.1M
Debt $569M
FY20
Cash $373M
Debt $400M
FY21
Cash $252M
Debt $400M
FY22
Cash $121M
Debt $275M
FY23
Cash $148M
Debt $275M
FY24
Cash $98.5M
Debt $275M
FY25
Cash $124M
Debt $200M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $252M | $121M | $148M | $98.5M | $124M |
| Debt incl. finance leases | $400M | $275M | $275M | $275M | $200M |
| Net debt / EBITDA | 0.9x | — | — | — | — |
| Debt / equity | — | — | 6.8x | — | — |
| Interest coverage | — | — | 5.4x | 7.0x | 6.1x |
| Total assets | $715M | $519M | $611M | $703M | $677M |
| Total liabilities | $732M | $540M | $562M | $616M | $593M |
| Shareholders' equity | −$17.6M | −$21.6M | $40.2M | — | — |
| Net debt (− = net cash) | $148M | $154M | $127M | $177M | $75.6M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 4 | 3 / 7 | 5 / 7 | 4 / 7 | 6 / 7 | 5 / 7 | 6 / 7 | 4 / 7 |
| Accruals ratio | — | −3.8% | 24.4% | 14.0% | 80.2% | −2.6% | −0.4% | 4.4% | 11.9% |
| Altman Z'' | — | — | — | — | — | — | — | — | — |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $887M | $928M | $595M | $500M | $524M | $417M | $427M | $506M | $564M |
| Net interest income | −$23.7M | −$21.7M | −$30.0M | −$27.9M | −$24.6M | −$19.7M | −$13.5M | — | — |
| Operating income | $71.0M | $83.8M | $222M | $132M | $146M | $168M | $106M | $136M | $132M |
| Interest expense | — | — | — | — | — | — | $19.6M | $19.4M | $21.7M |
| Pretax income | $142M | $135M | $213M | $345M | $178M | $145M | $96.5M | $126M | $143M |
| Income tax | $133M | $5.0M | $10.5M | $97.1M | $50.0M | $44.2M | $29.4M | $38.9M | $36.6M |
| Net income | $4.2M | $136M | $224M | $287M | $828M | $101M | $65.8M | $85.0M | $80.0M |
| Diluted EPS | $0.04 | $1.26 | $2.45 | $3.49 | $10.29 | $2.33 | $1.55 | $2.22 | $2.21 |
| Diluted shares | 0.11B | 0.11B | 0.09B | 0.08B | 0.08B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | |||||||||
| Cash from operations | $140M | $195M | −$139M | $90.5M | −$11.5M | $117M | $68.3M | $55.8M | −$2.4M |
| Depreciation and amortization | — | — | — | — | $22.1M | — | — | — | — |
| Stock-based compensation | — | — | — | — | — | — | $0.1M | −$23.2M | −$47.7M |
| Balance sheet | |||||||||
| Cash and short-term investments | $200M | $283M | $82.1M | $373M | $252M | $121M | $148M | $98.5M | $124M |
| Total debt | — | $393M | $569M | $400M | $400M | $275M | $275M | $275M | $200M |
| Property and equipment, net | — | — | — | — | $50.2M | — | — | — | — |
| Goodwill | $309M | $275M | $113M | $20.3M | $20.3M | $20.3M | — | — | — |
| Intangible assets | — | — | $64.1M | $57.4M | — | — | — | — | — |
| Total assets | — | $1.6B | $1.4B | $1.4B | $715M | $519M | $611M | $703M | $677M |
| Total liabilities | — | $1.4B | $1.2B | $995M | $732M | $540M | $562M | $616M | $593M |
| Shareholders' equity | $127M | $134M | $115M | $384M | −$17.6M | −$21.6M | $40.2M | — | — |
| Margins | |||||||||
| Operating margin | 8.0% | 9.0% | 37.4% | 26.4% | 27.8% | 40.2% | 24.8% | 26.8% | 23.4% |
| EBITDA margin | — | — | — | — | 32.1% | — | — | — | — |
| Net margin | 0.5% | 14.7% | 37.7% | 57.4% | 158.2% | 24.1% | 15.4% | 16.8% | 14.2% |
| Net interest share of revenue | −2.7% | −2.3% | −5.0% | −5.6% | −4.7% | −4.7% | −3.2% | — | — |
| Returns | |||||||||
| Return on capital | — | 33.0% | 35.1% | 23.0% | 80.5% | 88.2% | 44.0% | — | — |
| Return on equity | 3.3% | 104.3% | 180.1% | 114.9% | 451.7% | — | 707.5% | — | — |
| Return on assets | — | 8.8% | 15.1% | 20.5% | 79.1% | 16.3% | 11.6% | 12.9% | 11.6% |
| Return on tangible equity | — | — | — | 93.5% | — | — | 163.7% | — | — |
| Growth | |||||||||
| Revenue growth | — | 4.6% | −35.9% | −16.0% | 4.9% | −20.4% | 2.3% | 18.5% | 11.5% |
| Net income growth | — | 3,147.6% | 64.1% | 28.0% | 188.9% | −87.9% | −34.6% | 29.2% | −5.9% |
| EPS growth | — | 3,050.0% | 94.4% | 42.4% | 194.8% | −77.4% | −33.5% | 43.2% | −0.5% |
| Share count change | — | −3.4% | −15.2% | −10.1% | −1.9% | −46.4% | −1.4% | −9.9% | −5.5% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | — | — | 0.9x | — | — | — | — |
| Debt / equity | — | 2.9x | 5.0x | 1.0x | — | — | 6.8x | — | — |
| Interest coverage | — | — | — | — | — | — | 5.4x | 7.0x | 6.1x |
| Capital allocation | |||||||||
| Stock comp / revenue | — | — | — | — | — | — | 0.0% | −4.6% | −8.5% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 3.0 | 5.0 | 4.0 | 6.0 | 5.0 | 6.0 | 4.0 |
| Accruals ratio | — | −3.8% | 24.4% | 14.0% | 80.2% | −2.6% | −0.4% | 4.4% | 11.9% |
Source: SEC EDGAR XBRL filings (CIK 0001748824). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.