Acadian Asset Management Inc. (AAMI) Stock Analysis

Price updated today · SEC data refreshed 2 months ago ⓘ · Not investment advice

Acadian Asset Management Inc.

AAMI Financial Services Asset Management📄 SEC filings ↗ CUSIP 10948W103
Valuation N/A
Long-term trend (200d) 75% above 200-day Risk 59/100 Elevated
▾ What's in the 59/100 risk score? (higher = riskier)
Fundamental health (43%) 62/100 → +26.6
leverage 40/100 · FCF trend 90/100
Smart money (short interest + insider buying) (31%) 79/100 → +24.8
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 28/100 → +7.2
Total59/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.

💵 Price $92.51 · today 📄 Financials SEC EDGAR · refreshed 2 months ago
📍 START HERE

How to read AAMI

We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.

Where to start — the sections that matter most for this stock
  1. 1 Reported earnings & margins ↓
    What the company actually reported — unaffected by the valuation being held.
  2. 2 Balance sheet & book value ↓
    Assets, liabilities and equity as filed.
  3. 3 Who's selling & betting against it ↓
    Insider and short-interest behaviour needs no valuation model.
Or — what are you trying to decide?
One rule first: never trade out of fear — and that includes the fear of missing out. A stock up 10% a day for three days is excitement, not data. If you can't point to the evidence behind a trade, you're more likely to lose. So whichever of these you are, check the data below before you act.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ A share-count quirk blocked the per-share math

The share count we read for AAMI looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.

What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.

This note is only about the single DCF fair-value number — AAMI's full financial statements, health scores, and written analysis are all below.

ⓘ Why does AAMI trade at $92.51?

Acadian Asset Management Inc. has 36.2 million shares outstanding. At $92.51 per share, the market values all outstanding AAMI equity at $3.4 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values AAMI in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
PEER BASKET — TIGHT COMPARABLES

How does AAMI stack up against its closest peers?

We take the 8 same-industry companies most similar to AAMI (similar size) and check what investors are paying for each dollar of their revenue (or profits). If AAMI is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →		 2.5x / 3.2x / 6.5x
EV / EBIT?EV / EBITDA — Enterprise value divided by earnings before interest, tax, depreciation, and amortization.
Why it matters: A classic "what would a private buyer pay" multiple — used in M&A. Strips out tax and capital-structure noise.
Reference: 8–12x for mature businesses · 15–25x for growth · Below 5x often signals distress
Full explanation →		 8.9x / 16.6x / 21.3x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

What AAMI would be worth at the median peer's multiple
$47.95
If AAMI traded at the typical (median) peer's EV/Sales multiple, the share price would be about $47.95.
Plain English: the stock currently trades at $92.51. That's 92.9% MORE than the peer multiple suggests. The market is paying a big premium — AAMI looks expensive vs peers. Either the market thinks this stock deserves a premium (faster growth, better margins, brand moat), or it's overpriced.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GP EV/EBIT FCF Yield
AB ALLIANCEBERNSTEIN HOLDING L.P. Asset Management $3.5B — — — 10.2%
STEP StepStone Group Inc. Asset Management $3.5B 3.2x — — 1.5%
NOAH NOAH HOLDINGS LTD Asset Management $3.5B 9.4x — 31.7x 3.0%
CNS COHEN & STEERS, INC. Asset Management $3.6B 6.5x — 20.2x 0.6%
APAM Artisan Partners Asset Management Asset Management $3.0B 2.7x — 8.1x 9.5%
FHI FEDERATED HERMES, INC. Asset Management $4.2B 2.5x — 8.9x 6.3%
LAZ Lazard, Inc. Asset Management $5.3B 2.2x — 21.3x 2.5%
VCTR Victory Capital Holdings, Inc. Asset Management $5.3B 4.8x — 13.1x 6.4%
FINANCIAL HEALTH SCREENS

Bankruptcy + quality screens

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
4.87
Safe zone

Safe zone under the classic Altman thresholds — companies scoring here have historically gone bankrupt only rarely within ~2 years. A screening signal, not a guarantee.

The classic Z-score was calibrated on manufacturers. It is less reliable for asset-light or non-manufacturing businesses (broadcasters, media, software, services) and not applicable to banks, REITs, or insurers — for those the coefficients and the asset-turnover term distort the result. Read it as one screening input, not a verdict.

Piotroski checks
4 passed · 3 failed · 2 n/a
Partial result, not a standard F-score: 4 of 7 measurable checks passed. 2 of the 9 standard checks couldn't be measured, so this is scored out of 7, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $80.0M in the latest year.
  • ✗ Positive operating cash flow
    Operating cash flow -$2.4M (was $55.8M the prior year).
    Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
  • ✗ Cash flow backs up reported profit
    Operating cash flow -$2.4M vs net income $80.0M.
    Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
  • ✗ Return on assets improving
    Return on assets 11.8% vs 12.1% a year ago.
    Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
  • ✓ Debt load (vs assets)
    Long-term debt is 29.5% of assets vs 39.1% a year ago ($200.0M now).
  • · Short-term liquidity (current ratio) (n/a — data not reported; not scored)
  • ✓ Share count (dilution)
    Share count declined 5.5% (38.3M → 36.2M year-over-year), so the no-dilution check passed. (This 1-year change differs from the ~4%/yr multi-year buyback CAGR the DCF cites.)
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.83x vs 0.72x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for AAMI. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for AAMI because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation quietly eats returns: a 9% gain at 3% inflation is only ~6% in real purchasing power. The intrinsic value above is already in today's dollars (a nominal DCF cancels inflation out of both growth and the discount rate), so this doesn't change the value — it shows what's left of your return after the tax.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think AAMI can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$92.51
    Model IVNot applicable — DCF couldn't price this stock. See Reverse DCF and Football Field below.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for Acadian Asset Management Inc. (AAMI) because its operating cash flow was negative in the latest period, despite positive net income. This indicates that while the company is profitable, its cash generation from operations is inconsistent, making traditional cash flow projections unreliable. Investors are likely focused on the company's ability to stabilize and grow its operating cash flow, potentially through new product offerings or market expansion. The primary quantifiable risk is the flat revenue growth of 1.9% per year over the last four years.

    ⚠️ FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.

    As of 2 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    AAMI Acadian Asset Management Inc. stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    14.2%
    profit
    Where each $1 of revenue goes
    Net profit — 14.2¢ of every dollar ($2.21/sh — latest fiscal-year net income per share)
    Costs & taxes — 85.8¢ (on $15.56 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: $93/share buys $15.56 of revenue per share per year, generates $2.21 of net income per current share, and $1.38 of cash burned per share (negative free cash flow). Each share carries $5.52 of debt.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    For the stock to perform, operating cash flow must consistently turn positive and grow, indicating that the company can translate its positive net income into cash generation.
    🐻 The Bear Case
    The biggest fundamental risk is the continued flat revenue growth, which, combined with inconsistent operating cash flow, implies that the company may struggle to scale its profitability and generate sufficient cash for future investments.
    📌 Signposts to watch — update your view as these print
    • Quarterly operating cash flow turning consistently positive
    • Acceleration in revenue growth rates
    • Announcements of significant new client mandates or product launches
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (2024 → 2025)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +11% to $563.7M.
    ⚠ Worsening
    • Free cash flow is negative at -$50.1M — the cash burn widened vs last year.
    • Net income fell -6% to $80.0M.
    WHO

    Management & Leadership

    Acadian Asset Management Inc. is a global investment management firm. While specific executive data is not provided, the firm is known for its quantitative investment strategies. The leadership team typically includes a CEO and CIO overseeing its investment operations and client relationships.

    Ross Dowd
    Chief Executive Officer
    Brendan Bradley
    Chief Investment Officer
    WHAT

    What They Make

    Acadian Asset Management Inc. (AAMI) provides quantitative investment management services to institutional clients globally. They offer a range of equity, fixed income, and alternative strategies.

    End Markets

    Institutional InvestorsPension FundsEndowments

    Revenue Drivers

    Equity Strategies
    Fixed Income Strategies
    Alternative Strategies
    Market Cap: 3.4BBeta: 1.37
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Quantitative investment expertise
    Diversified investment strategies
    Risk-managed portfolio solutions
    No discounted-cash-flow value for this filer This company's reported free cash flow is negative, so a discounted-cash-flow valuation has no positive cash stream to discount. That is a fact about the business, not missing data — the reported figures below are complete.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing AAMI based on expectations for future growth in assets under management and potential margin expansion, rather than its current inconsistent operating cash flow, which was negative in the latest period. The market may be assigning value to the potential for new product development or expansion into new geographic markets, which is not in the model. The falling long-term debt also suggests a strengthening balance sheet, which could support future initiatives.

    HOW

    Business Model & Valuation

    How They Make Money

    Management fees on assets under management (AUM)
    Performance fees on outperforming benchmarks
    Consulting and advisory services

    The company has been reducing its long-term debt, which fell from $400M to $200M, indicating a focus on balance sheet deleveraging rather than dividends or buybacks.

    Growth / Revenue DCF

    Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.

    Show advanced inputs
    RevenueGrowth2.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth / re-investment phase

    Moat Signals

    Proprietary quantitative models
    Established institutional client base
    Specialized investment expertise

    Revenue has been roughly flat, growing at 1.9% per year over four years, from $524M to $564M.

    WHERE

    Geography & Markets

    Acadian Asset Management Inc. is headquartered in the US and operates globally, serving institutional clients across various regions. Specific geographic revenue mix percentages are not available from current data sources.

    Geographic Risks

    Concentration risk in institutional client base
    Regulatory changes in global financial markets
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bullish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    58.1NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
    50-Day Average$64.34Price above (+43.8%)Price above its 50-day average = near-term uptrend.
    200-Day Average$52.72Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossGolden50-day above 200-dayA "golden cross" — the medium trend has overtaken the long trend (often read as bullish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (5 notes — click to expand/collapse)
    Guardrail Notes (5)
    • FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
    • Terminal growth (3%) capped to 1.6% (80% of near-term growth 2%).
    • Price is 9.4x model IV - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Extreme valuation (P/IV 9.4031x, IV $7.69 vs price $72.31); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
    • DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From Acadian Asset Management Inc.'s SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025563.7M80.0M$2.21
    2024505.6M85.0M$2.22
    2023426.6M65.8M$1.55
    2022417.2M100.6M$2.33
    2021523.8M828.4M$10.29

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 -2.4M — 47.7M -50.1M
    2024 55.8M — 23.2M 32.6M
    2023 68.3M — — 68.2M
    2022 116.8M — — 116.8M
    2021 -11.5M — — -11.5M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -2.4M − — − 47.7M (SBC & adj.) = -50.1M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets677.0M
    Total Liabilities593.0M
    Equity—
    Total Debt200.0M
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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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