Acadian Asset Management (AAMI) 10-Year Financial Performance & Capital Metrics

AAMI • • Banking & Credit

Financial ServicesAsset ManagementTraditional Asset ManagementQuantitative & Factor-Based Managers

AboutAcadian 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 computational, factor-based investment process across a range of asset classes and geographies, including Global, non-U.S., emerging markets, and managed volatility equities, as well as multi-asset products. The company was founded in 1980 and is headquartered in Boston, MA.Show more

Net Interest Income -$16M -17.8%
Total Revenue $506M +18.5%
Net Income $85M +29.2%
Return on Equity 124.45% -73.6%
Net Interest Margin -2.26% -2.4%
Efficiency Ratio 20.51% -12.4%
ROA 12.93% +11.0%
Equity / Assets 12.39% +53.0%
Book Value per Share 2.27 +95.3%
Tangible BV/Share 1.74 +153.9%
Debt/Equity 3.92 -43.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 298.1%
✓Efficient operations: 20.5% efficiency ratio
✓Momentum leader: RS Rating 83 (top 17%)
✓Well capitalized: 12.4% equity/assets
✓Share count reduced 9.9% through buybacks
✓Diversified revenue: 99.3% from non-interest income

✗Weaknesses

✗High debt to equity ratio of 3.9x
✗Profits declining 17.6% over 5 years
✗Weak NIM of -2.3%
✗Expensive at 24.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-7.1%

5Y-3.19%

3Y-1.17%

TTM-

Profit (Net Income) CAGR

10Y5.1%

5Y-17.61%

3Y-53.18%

TTM31.76%

EPS CAGR

10Y17.84%

5Y-1.95%

3Y-40.02%

TTM43.71%

ROCE

10Y Avg15.58%

5Y Avg20.58%

3Y Avg24.71%

Latest25.06%

Peer Comparison

Quantitative & Factor-Based Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
POWRiShares Inc.		24.06	92.54	72.88%	1.32%	-2.69%		0.11
WTWisdomTree, Inc.	2B	14.22	43.09	22.55%	15.59%	25.82%	5.66%	1.28
AAMIAcadian Asset Management	1.95B	54.52	24.56	18.52%	16.81%	103.11%	2.36%	3.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-2.9M	-10.9M	-23.7M	-21.7M	-30M	-27.9M	-24.6M	-19.7M	-13.5M	-15.9M
NII Growth %	0.98%	-2.76%	-1.17%	0.08%	-0.38%	0.07%	0.12%	0.2%	0.31%	-0.18%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	200K	400K	800K	3.2M	2.2M	600K	200K	800K	6.1M	3.5M
Interest Expense	3.1M	11.3M	24.5M	24.9M	32.2M	28.5M	24.8M	20.5M	19.6M	19.4M
Loan Loss Provision	409.7M	386.3M	660.7M	672.4M	216.7M	214.8M	259.8M	139.1M	201.1M	247M
Non-Interest Income+	699.1M	663.1M	886.6M	925M	592.4M	498.9M	523.6M	416.4M	420.5M	502.1M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	699.3M	663.5M	887.4M	928.2M	594.6M	499.5M	523.8M	417.2M	426.6M	505.6M
Revenue Growth %	-0.34%	-0.05%	0.34%	0.05%	-0.36%	-0.16%	0.05%	-0.2%	0.02%	0.19%
Non-Interest Expense	95.3M	110.3M	131.2M	147.1M	123.5M	124.5M	93.4M	89.7M	99.9M	103.7M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	191.2M	155.6M	71M	83.8M	222.2M	131.7M	145.8M	167.9M	106M	135.5M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	3.85%	-0.19%	-0.54%	0.18%	1.65%	-0.41%	0.11%	0.15%	-0.37%	0.28%
Pretax Income+	201.3M	160.8M	142M	135.2M	213.2M	344.8M	178.1M	144.8M	96.5M	125.7M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	46.6M	40.8M	132.8M	5M	10.5M	97.1M	50M	44.2M	29.4M	38.9M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	155.5M	126.4M	4.2M	136.4M	223.9M	286.7M	828.4M	100.6M	65.8M	85M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	2.01%	-0.19%	-0.97%	31.48%	0.64%	0.28%	1.89%	-0.88%	-0.35%	0.29%
Net Income (Continuing)	154.7M	120M	9.2M	130.2M	202.7M	247.7M	128.1M	100.6M	67.1M	86.8M
EPS (Diluted)+	1.29	1.05	0.04	1.26	2.45	3.50	10.29	2.33	1.55	2.22
EPS Growth %	2%	-0.19%	-0.97%	34.1%	0.94%	0.43%	1.94%	-0.77%	-0.33%	0.43%
EPS (Basic)	1.29	1.05	0.04	1.27	2.45	3.53	10.73	2.39	1.59	2.25
Diluted Shares Outstanding	120.5M	119.5M	111.4M	107.6M	91.3M	82M	80.49M	43.16M	42.54M	38.33M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	135.9M	101.9M	186.3M	340.6M	111.3M	371.3M	252.1M	108.4M	146.8M	94.8M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	202.6M	268.8M	381.1M	323.3M	376.9M	90M	54.5M	50.3M	98.6M	221.9M
Investments Growth %	-0.03%	0.33%	0.42%	-0.15%	0.17%	-0.76%	-0.39%	-0.08%	0.96%	1.25%
Long-Term Investments	202.6M	268.8M	381.1M	323.3M	376.9M	90M	54.5M	50.3M	98.6M	221.9M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	126.5M	272.7M	274.6M	274.6M	274.6M	20.3M	20.3M	20.3M	20.3M	20.3M
Intangible Assets	1.5M	83.9M	78.3M	71.7M	65.1M	0	0	0	0	0
PP&E (Net)	30.7M	39.8M	41.7M	49M	103.5M	141.4M	115.3M	107.6M	101.4M	88.2M
Other Assets	23.5M	29.4M	36.7M	56.5M	56.9M	29.5M	28.2M	30.1M	27.7M	28.3M
Total Current Assets	287.7M	266M	438.7M	508.5M	299.1M	923.9M	424.1M	245.7M	293.7M	266.2M
Total Non-Current Assets	726.4M	1.03B	1.05B	1.05B	1.12B	455.3M	290.7M	273M	317.7M	437M
Total Assets+	1.01B	1.29B	1.49B	1.55B	1.42B	1.38B	714.8M	518.7M	611.4M	703.2M
Asset Growth %	-0.87%	0.28%	0.15%	0.04%	-0.09%	-0.03%	-0.48%	-0.27%	0.18%	0.15%
Return on Assets (ROA)	0.04%	0.11%	0%	0.09%	0.15%	0.2%	0.79%	0.16%	0.12%	0.13%
Accounts Payable	8.4M	5.1M	7.7M	22.1M	12.9M	6.7M	5M	5M	8.8M	7.2M
Total Debt+	90M	392.3M	426.3M	393.3M	611.3M	489.1M	472.5M	349.3M	346.3M	341.6M
Net Debt	-45.9M	290.4M	240M	52.7M	500M	117.8M	220.4M	240.9M	199.5M	246.8M
Long-Term Debt	90M	392.3M	426.3M	393.3M	428.8M	394.3M	394.9M	273.5M	273.9M	274.3M
Short-Term Debt	0	0	0	0	140M	0	0	0	0	9.5M
Other Liabilities	410.7M	439.2M	681.4M	830.3M	546.8M	157M	223.6M	155.1M	173.7M	92.5M
Total Current Liabilities	347.5M	292.3M	212.7M	154M	203.2M	348.7M	36.3M	35.9M	41.9M	191.5M
Total Non-Current Liabilities	500.7M	831.5M	1.11B	1.22B	1.02B	646.1M	696.1M	504.4M	520M	424.6M
Total Liabilities	848.2M	1.12B	1.32B	1.38B	1.22B	994.8M	732.4M	540.3M	561.9M	616.1M
Total Equity+	165.9M	170.5M	171.3M	176.1M	198.4M	384.4M	-17.6M	-21.6M	49.5M	87.1M
Equity Growth %	-0.94%	0.03%	0%	0.03%	0.13%	0.94%	-1.05%	-0.23%	3.29%	0.76%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.75%	0.02%	0.79%	1.2%	0.98%	4.52%	-	4.72%	1.24%
Book Value per Share	1.38	1.43	1.54	1.64	2.17	4.69	-0.22	-0.50	1.16	2.27
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	100K	100K	100K	100K	100K	100K	0	0	0	0
Additional Paid-in Capital	0	0	0	764.6M	534.3M	492.4M	0	1.5M	0	0
Retained Earnings	168.6M	190.2M	0	-640.5M	-452.5M	-176.5M	-6.8M	-12.5M	46.9M	24.4M
Accumulated OCI	-2.8M	-26.3M	-21.6M	-20.9M	-17.5M	-13.6M	-10.8M	-10.6M	-6.7M	-4.4M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	253.6M	137.7M	225.5M	192.9M	-138.5M	145.5M	-11.5M	116.8M	68.3M	55.8M
Operating CF Growth %	0.65%	-0.46%	0.64%	-0.14%	-1.72%	2.05%	-1.08%	11.16%	-0.42%	-0.18%
Net Income	155.5M	126.2M	9.1M	130.3M	240M	315.5M	896.4M	100.6M	65.8M	85M
Depreciation & Amortization	7.1M	12M	18.3M	21.1M	23.8M	22.1M	22.2M	18.6M	17.3M	18.5M
Deferred Taxes	-11.1M	13.3M	39.2M	-44.8M	25.8M	73.2M	-1.5M	6.4M	-6M	-10.2M
Other Non-Cash Items	37.4M	49.3M	153.4M	99.4M	-95.4M	-224.5M	-734.6M	-18.2M	0	-30.2M
Working Capital Changes	64.7M	-63.1M	5.5M	-13.1M	-332.7M	-40.8M	-194M	9.4M	-8.8M	-7.3M
Cash from Investing+	-155.7M	-284.2M	-31M	19.6M	9M	366.7M	1.04B	-13M	-43.9M	-50.1M
Purchase of Investments	-160.6M	-76.1M	-164.6M	-216.4M	-26.5M	-103.6M	-2.5M	-5.5M	-50.8M	-47.7M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-93.6M	-219.1M	-1.9M	105M	-7.6M	291.6M	-652.1M	0	0	0
Other Investing	93M	0	0	0	3.9M	94.8M	1.67B	0	12.5M	0
Cash from Financing+	-230.6M	112.9M	-96.4M	-67.4M	-95M	-229.1M	-1.18B	-233.7M	1.8M	-54.4M
Dividends Paid	-38.7M	-38.5M	-38.8M	-42.5M	-36M	-10.9M	-2.9M	-1.2M	-2M	-1.5M
Share Repurchases	0	-98.6M	-74.1M	-71.2M	-239.8M	-46M	-1.12B	-103.2M	-3.3M	-96.7M
Stock Issued	0	0	0	0	0	0	2.5M	0	0	100K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	1000K	-1000K	1000K	-1000K	-400K	-1000K	-400K	-200K
Other Financing	-67.9M	-52.1M	-17M	84.3M	5.8M	2.8M	-57.3M	-3.2M	7.5M	43.9M
Net Change in Cash+	-132.7M	-33.6M	98.1M	145.1M	-224.5M	251.9M	-120.8M	-130.9M	26.4M	-49.1M
Exchange Rate Effect	0	0	0	0	0	-1000K	1000K	-1000K	200K	-400K
Cash at Beginning	268.6M	135.9M	102.3M	200.4M	345.5M	121M	372.9M	252.1M	121.2M	147.6M
Cash at End	135.9M	102.3M	200.4M	345.5M	121M	404.1M	252.1M	121.2M	147.6M	98.5M
Interest Paid	3.7M	3.1M	22.1M	22.2M	28.4M	24.3M	19.6M	16M	15.5M	15M
Income Taxes Paid	9.5M	23.5M	71.2M	45.6M	44.6M	33.4M	205M	36.8M	37.8M	48.5M
Free Cash Flow+	240.6M	124.2M	211.8M	171.2M	-172.4M	64.6M	-26.6M	100.7M	54.5M	45.9M
FCF Growth %	0.64%	-0.48%	0.71%	-0.19%	-2.01%	1.37%	-1.41%	4.79%	-0.46%	-0.16%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.42%	75.15%	2.46%	78.53%	119.57%	98.39%	451.69%	-	471.68%	124.45%
Return on Assets (ROA)	3.54%	10.95%	0.3%	8.96%	15.06%	20.49%	79.12%	16.31%	11.64%	12.93%
Net Interest Margin	-0.29%	-0.84%	-1.59%	-1.4%	-2.11%	-2.02%	-3.44%	-3.8%	-2.21%	-2.26%
Efficiency Ratio	13.63%	16.62%	14.78%	15.85%	20.77%	24.92%	17.83%	21.5%	23.42%	20.51%
Equity / Assets	16.36%	13.17%	11.48%	11.33%	13.97%	27.87%	-2.46%	-4.16%	8.1%	12.39%
Book Value / Share	1.38	1.43	1.54	1.64	2.17	4.69	-0.22	-0.5	1.16	2.27
NII Growth	98.44%	-275.86%	-117.43%	8.44%	-38.25%	7%	11.83%	19.92%	31.47%	-17.78%
Dividend Payout	24.89%	30.46%	923.81%	31.16%	16.08%	3.8%	0.35%	1.19%	3.04%	1.76%

Frequently Asked Questions

Valuation & Price

Acadian Asset Management (AAMI) has a price-to-earnings (P/E) ratio of 24.6x. This is roughly in line with market averages.

Growth & Financials

Acadian Asset Management (AAMI) grew revenue by 18.5% over the past year. This is strong growth.

Yes, Acadian Asset Management (AAMI) is profitable, generating $89.6M in net income for fiscal year 2024 (16.8% net margin).

Dividend & Returns

Acadian Asset Management (AAMI) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Acadian Asset Management (AAMI) has a return on equity (ROE) of 124.5%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Acadian Asset Management (AAMI) has a net interest margin (NIM) of -2.3%. NIM has been under pressure due to interest rate environment.

Acadian Asset Management (AAMI) has an efficiency ratio of 20.5%. This is excellent, indicating strong cost control.

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