Cash generation is frequently decoupled from reported earnings, as evidenced by an operating cash flow to net income ratio that has swung between -2.77 and 6.10 over the last ten quarters.
| Cash from Operations | 4M | 192.6M | 55.8M | 68.3M | 116.8M | -11.5M | 145.5M | -138.5M | 192.9M | 225.5M | 137.7M | 253.6M | 154.1M |
| Operating CF Margin % | - | 32.41% | 11.04% | 16.01% | 28% | -2.2% | 29.13% | -23.29% | 20.78% | 25.41% | 20.75% | 36.26% | 14.59% |
| Operating CF Growth % | 60.39% | 245.16% | -18.3% | -41.52% | 1115.65% | -107.9% | 205.05% | -171.8% | -14.46% | 63.76% | -45.7% | 64.57% | - |
| Net Income | 84.2M | 80M | 85M | 65.8M | 100.6M | 896.4M | 315.5M | 240M | 130.3M | 9.1M | 126.2M | 155.5M | -43.8M |
| Depreciation & Amortization | 16M | 16.6M | 18.5M | 17.3M | 18.6M | 22.2M | 22.1M | 23.8M | 21.1M | 18.3M | 12M | 7.1M | 6.2M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2M | 0 | -10.2M | -6M | 6.4M | -1.5M | 73.2M | 25.8M | -44.8M | 39.2M | 13.3M | -11.1M | -35.3M |
| Other Non-Cash Items | -180M | 29.5M | -30.2M | 0 | -18.2M | -734.6M | -224.5M | -95.4M | 99.4M | 153.4M | 49.3M | 37.4M | 210.3M |
| Working Capital Changes | 57.2M | 66.5M | -7.3M | -8.8M | 9.4M | -194M | -40.8M | -332.7M | -13.1M | 5.5M | -63.1M | 64.7M | 16.7M |
| Change in Receivables | -67.4M | -13.8M | -21.6M | -24.2M | 40.1M | -87.9M | -3.4M | -9.8M | 57.3M | -77.1M | -20.8M | 11.4M | -30.9M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 117.6M | 0 | -800K | 5.2M | 2.7M | -153M | -9.8M | -58M | -33.1M | 17.4M | -28.3M | 37.9M | 99.3M |
| Cash from Investing | -5.2M | -38M | -50.1M | -43.9M | -13M | 1.04B | 366.7M | 9M | 19.6M | -31M | -284.2M | -155.7M | -13.1M |
| Capital Expenditures | -13.3M | -11.9M | -9.9M | -13.8M | -16.1M | -15.1M | -25.9M | -33.9M | -21.7M | -13.7M | -13.5M | -13M | -7.6M |
| CapEx % of Revenue | 2.07% | 2% | 1.96% | 3.23% | 3.86% | 2.88% | 5.19% | 5.7% | 2.34% | 1.54% | 2.03% | 1.86% | 0.72% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 50.8M | 51.2M | 221.9M | 98.6M | 50.3M | 54.5M | 90M | 376.9M | 323.3M | 381.1M | 268.8M | 202.6M | 209.9M |
| Other Investing | 60.2M | 10.4M | 0 | 12.5M | 0 | 1.67B | 94.8M | 3.9M | 0 | 0 | 0 | 93M | 24.4M |
| Cash from Financing | 27.5M | -129.2M | -54.4M | 1.8M | -233.7M | -1.18B | -229.1M | -95M | -67.4M | -96.4M | 112.9M | -230.6M | -152.5M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -35.7M | -48.8M | -96.6M | -3.3M | -103.2M | -1.12B | -46M | -239.8M | -71.2M | -74.1M | -98.6M | 0 | 0 |
| Dividends Paid | -4.7M | -1.5M | -1.5M | -2M | -1.2M | -2.9M | -10.9M | -36M | -42.5M | -38.8M | -38.5M | -38.7M | 0 |
| Share Repurchases | -35.7M | -48.8M | -96.7M | -3.3M | -103.2M | -1.12B | -46M | -239.8M | -71.2M | -74.1M | -98.6M | 0 | 0 |
| Other Financing | 141.6M | -200K | 43.9M | 7.5M | -3.2M | -57.3M | 2.8M | 5.8M | 84.3M | -17M | -52.1M | -67.9M | -289.4M |
| Net Change in Cash | 26.8M | 25.9M | -49.1M | 26.4M | -130.9M | -120.8M | 251.9M | -224.5M | 145.1M | 98.1M | -33.6M | -132.7M | -13.6M |
| Free Cash Flow | -9.3M | 180.7M | 45.9M | 54.5M | 100.7M | -26.6M | 64.6M | -172.4M | 171.2M | 211.8M | 124.2M | 240.6M | 146.5M |
| FCF Margin % | -1.45% | 30.41% | 9.08% | 12.78% | 24.14% | -5.08% | 12.93% | -28.99% | 18.44% | 23.87% | 18.72% | 34.41% | 13.87% |
| FCF Growth % | -124.87% | 293.68% | -15.78% | -45.88% | 478.57% | -141.18% | 137.47% | -200.7% | -19.17% | 70.53% | -48.38% | 64.23% | - |
| FCF per Share | -0.26 | 4.99 | 1.20 | 1.28 | 2.33 | -0.33 | 0.79 | -1.89 | 1.59 | 1.90 | 1.04 | 2.00 | 1.22 |
| FCF Conversion (FCF/Net Income) | -0.11x | 2.41x | 0.66x | 1.04x | 1.16x | -0.01x | 0.51x | -0.62x | 1.41x | 53.69x | 1.09x | 1.63x | 2.98x |
| Interest Paid | 7.8M | 0 | 15M | 15.5M | 16M | 19.6M | 24.3M | 28.4M | 22.2M | 22.1M | 3.1M | 3.7M | 64.4M |
| Taxes Paid | 27.4M | 0 | 48.5M | 37.8M | 36.8M | 205M | 33.4M | 44.6M | 45.6M | 71.2M | 23.5M | 9.5M | 6.1M |
Market Beta Sensitivity
According to the provided quarterly data, Acadian's operating cash flow to net income ratio has swung wildly from -2.77 to 6.10, indicating that reported earnings are frequently decoupled from actual cash generation due to the lumpy nature of institutional fee realizations and working capital swings.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the firm's immediate liquidity. Investors should monitor whether these discrepancies are driven by the timing of performance fee recognition or underlying shifts in the firm's ability to convert management fees into cash.
As reported in financial statements, Acadian's FCF margins have demonstrated significant volatility, ranging from a low of -42.8% in 2025Q1 to a peak of 54.6% in 2024Q3, reflecting a business model that struggles to maintain consistent cash flow conversion across different market cycles.
This erratic FCF trajectory implies that the firm's cash-generating capacity is highly sensitive to the beta of its underlying AUM. The lack of a stable FCF margin trend warrants further investigation into whether the firm's cost structure is sufficiently flexible to handle periods of market-driven revenue contraction.
Based on reported figures, Acadian's working capital changes have been highly erratic, including a massive $130M inflow in 2025Q3 followed by an $88M outflow in 2026Q1, which suggests that the firm's cash position is heavily influenced by timing differences in institutional client settlements.
These large, non-linear swings in working capital appear to be the primary driver of the firm's quarterly cash flow volatility. Analysts should investigate whether these movements represent structural changes in client payment terms or temporary timing mismatches inherent in the firm's complex, multi-jurisdictional fee structures.
Data from recent filings indicates that Acadian has prioritized share repurchases, such as the $74.3M outflow in 2024Q1, even during periods where operating cash flow was negative, suggesting a management preference for returning capital to owners despite inconsistent internal cash generation.
The decision to fund buybacks during quarters of negative operating cash flow may indicate a high level of confidence in long-term AUM stability or a commitment to shareholder alignment. However, this strategy warrants caution, as it potentially limits the firm's financial flexibility to reinvest in the data infrastructure required to maintain its competitive moat.
Quick answers to the most common questions about buying AAMI stock.
Acadian Asset Management (AAMI) generated $192.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Acadian Asset Management (AAMI) generated $180.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Acadian Asset Management (AAMI) spent $11.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Acadian Asset Management (AAMI) returned $1.5M to shareholders via cash dividends and spent $48.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.