Latest Ratios: P/E Ratio 42.3x · EV/EBITDA 19.8x · ROE 93.5%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $1.7B | $1.0B | $815M | $888M | $2.1B | $1.6B | $933M | $1.1B | $1.9B | $1.7B |
| Enterprise Value | $3.6B | $1.9B | $1.3B | $1.0B | $1.1B | $2.3B | $1.7B | $1.4B | $1.2B | $2.1B | $2.0B |
| P/E Ratio → | 42.30 | 21.27 | 11.86 | 12.36 | 8.83 | 2.49 | 5.51 | 4.17 | 8.48 | 466.57 | 13.81 |
| P/S Ratio | 5.82 | 2.97 | 2.08 | 2.00 | 2.24 | 4.13 | 3.36 | 1.66 | 1.27 | 2.16 | 2.66 |
| P/B Ratio | 40.29 | 20.25 | 11.59 | 16.47 | — | — | 4.11 | 4.70 | 6.53 | 10.89 | 10.16 |
| P/FCF | 18.43 | 9.42 | 21.99 | 14.95 | 8.82 | — | 24.47 | — | 6.71 | 8.81 | 13.95 |
| P/OCF | 17.29 | 8.83 | 18.09 | 11.93 | 7.60 | — | 17.47 | — | 5.96 | 8.27 | 12.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.36 | 2.58 | 2.49 | 2.85 | 4.57 | 3.61 | 2.55 | 1.33 | 2.44 | 3.10 |
| EV / EBITDA | 19.81 | 10.73 | 8.16 | 8.23 | 6.05 | 13.58 | 11.19 | 6.01 | 11.46 | 23.58 | 12.07 |
| EV / EBIT | 21.84 | 11.66 | 8.66 | 8.74 | 6.83 | 11.24 | 4.55 | 5.84 | 7.51 | 12.65 | 11.76 |
| EV / FCF | — | 10.64 | 27.37 | 18.62 | 11.21 | — | 26.30 | — | 7.02 | 9.94 | 16.29 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.9% | 92.9% | 47.3% | 48.3% | 61.7% | 45.7% | 51.3% | 58.1% | 24.9% | 22.8% | 40.1% |
| Operating Margin | 27.4% | 27.4% | 26.8% | 24.8% | 40.2% | 27.8% | 26.4% | 37.4% | 9.0% | 8.0% | 23.5% |
| Net Profit Margin | 13.5% | 13.5% | 16.8% | 15.4% | 24.1% | 158.2% | 57.4% | 37.7% | 14.7% | 0.5% | 19.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 93.5% | 93.5% | 124.5% | 471.7% | — | 451.7% | 98.4% | 119.6% | 78.5% | 2.5% | 75.1% |
| ROA | 11.6% | 11.6% | 12.9% | 11.6% | 16.3% | 79.1% | 20.5% | 15.1% | 9.0% | 0.3% | 11.0% |
| ROIC | 29.2% | 29.2% | 24.7% | 22.0% | 32.2% | 16.5% | 11.7% | 24.2% | 10.8% | 9.2% | 28.5% |
| ROCE | 31.9% | 31.9% | 25.1% | 20.1% | 28.9% | 17.1% | 11.7% | 17.0% | 6.3% | 6.2% | 18.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.84 | 3.84 | 3.92 | 7.00 | — | — | 1.27 | 3.08 | 2.23 | 2.49 | 2.30 |
| Debt / EBITDA | 1.80 | 1.80 | 2.22 | 2.81 | 1.87 | 2.81 | 3.22 | 2.56 | 3.75 | 4.77 | 2.34 |
| Net Debt / Equity | — | 2.64 | 2.83 | 4.03 | — | — | 0.31 | 2.52 | 0.30 | 1.40 | 1.70 |
| Net Debt / EBITDA | 1.24 | 1.24 | 1.60 | 1.62 | 1.29 | 1.31 | 0.78 | 2.10 | 0.50 | 2.69 | 1.73 |
| Debt / FCF | — | 1.23 | 5.38 | 3.66 | 2.39 | — | 1.82 | — | 0.31 | 1.13 | 2.34 |
| Interest Coverage | 7.60 | 7.60 | 7.48 | 5.92 | 8.06 | 8.18 | 13.10 | 7.62 | 6.43 | 6.80 | 15.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.67 | 1.67 | 1.39 | 7.01 | 6.84 | 11.68 | 2.65 | 1.47 | 3.30 | 2.06 | 0.91 |
| Quick Ratio | 1.67 | 1.67 | 1.39 | 7.01 | 6.84 | 11.68 | 2.65 | 1.47 | 3.30 | 2.06 | 0.91 |
| Cash Ratio | 0.60 | 0.60 | 0.50 | 3.50 | 3.02 | 6.94 | 1.06 | 0.55 | 2.21 | 0.88 | 0.35 |
| Asset Turnover | — | 0.88 | 0.72 | 0.70 | 0.80 | 0.73 | 0.36 | 0.42 | 0.60 | 0.59 | 0.51 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.7% | 3.9% | 3.7% | 2.1% | 2.2% |
| Payout Ratio | 1.9% | 1.9% | 1.8% | 3.0% | 1.2% | 0.4% | 3.8% | 16.1% | 31.2% | 923.8% | 30.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 4.7% | 8.4% | 8.1% | 11.3% | 40.2% | 18.2% | 24.0% | 11.8% | 0.2% | 7.2% |
| FCF Yield | 5.4% | 10.6% | 4.5% | 6.7% | 11.3% | — | 4.1% | — | 14.9% | 11.4% | 7.2% |
| Buyback Yield | 1.5% | 2.9% | 9.6% | 0.4% | 11.6% | 54.4% | 2.9% | 25.7% | 6.2% | 4.0% | 5.7% |
| Total Shareholder Yield | 1.5% | 3.0% | 9.7% | 0.7% | 11.8% | 54.6% | 3.6% | 29.6% | 9.9% | 6.1% | 7.9% |
| Shares Outstanding | — | $36M | $38M | $43M | $43M | $80M | $82M | $91M | $108M | $111M | $120M |
Includes 30+ ratios · 12 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying AAMI stock.
Acadian Asset Management's current P/E ratio is 42.3x. The historical average is 12.6x. This places it at the 100th percentile of its historical range.
Acadian Asset Management's current EV/EBITDA is 19.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
Acadian Asset Management's return on equity (ROE) is 93.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 139.0%.
Based on historical data, Acadian Asset Management is trading at a P/E of 42.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Acadian Asset Management's current dividend yield is 0.04% with a payout ratio of 1.9%.
Acadian Asset Management has 92.9% gross margin and 27.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Acadian Asset Management's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
LLM disruption to data moat
Premium Multiple on Durable Alpha
Trading at 39.8x book and 41.8x trailing earnings, the market prices Acadian as a premium franchise, implying sustained ROTCE well above peers, per current valuation metrics.
The P/B of 39.8x is extreme relative to the peer group (AMG at 2.7x, VRTS at 1.1x), reflecting the market's belief in Acadian's durable alpha in inefficient markets. The forward P/E of 17.0x suggests earnings normalization, but the trailing multiple is inflated by one-time provision reversals. Investors should monitor whether the premium is justified by sustained net inflows and factor performance.
Leverage-Driven ROE Distorts Quality
ROE of 23.5% in 2026Q2 appears strong, but with equity/assets at 0.16, the DuPont decomposition reveals leverage is the primary driver, not operational efficiency, based on reported figures.
The 93.5% ROE in 2025Q4 was inflated by a negative provision of $201.4M, masking the underlying profitability. Excluding that, ROE averages around 20%, still high but heavily reliant on financial leverage. The 13.46% net margin versus 27.38% operating margin suggests significant non-operating costs, possibly interest or tax complexities, warranting further investigation.
Negative NIM Reflects Non-Lending Model
Net interest margin is consistently negative (e.g., -0.1% in 2026Q2), as Acadian is not a traditional lender; efficiency ratio swings wildly from 19.1% to 152.5%, per quarterly data.
The negative NIM is expected for an asset manager with minimal interest-earning assets, but the efficiency ratio volatility is concerning. The 152.5% in 2025Q4 likely reflects a one-time provision reversal inflating revenue, while the 19.1% in 2025Q3 suggests strong cost control. Investors should focus on core fee-based efficiency, excluding provision noise.
Thin Equity Base Limits Buffer
Equity/assets ratio of 0.16 in 2026Q2 is low for a financial firm, though it has recovered from negative equity in 2024, as reported in balance sheet data.
The equity base of $92.0M against $856.9M in assets provides a thin cushion, but for an asset manager, this is less critical as liabilities are primarily operational. The 3.84% debt-to-equity ratio suggests modest leverage, but the high ROE is partly a function of this thin equity. Regulatory capital ratios are not applicable, but the firm's ability to absorb market shocks is limited.
No Credit Risk, But Provision Volatility
Asset quality metrics are not applicable as Acadian holds no loan book; however, provision swings of -$201.4M to $4.6M create earnings volatility, per income statement data.
The negative provision in 2025Q4 was likely a reversal of prior allowances, inflating earnings. This is not a credit risk indicator but rather an accounting artifact. Investors should adjust for these swings to assess core profitability. The firm's assets are primarily cash and investments, with no NPLs to analyze.
Premium Valuation vs. Public Peers
Acadian's P/B of 39.8x and P/E of 41.8x far exceed public asset managers like AMG (2.7x P/B) and VRTS (1.1x P/B), reflecting its specialized EM quant niche, per peer data.
The valuation gap is structural, driven by Acadian's proprietary data infrastructure and higher-margin Solutions segment. However, the lack of a public float and limited transparency may justify a discount to private market comparables. The 17.5% revenue growth outpaces peers, but investors should question if the premium is sustainable given the LLM threat to its moat.
P/E Misleads on Provision Distortions
The trailing P/E of 41.8x is distorted by one-time provision reversals; a more accurate metric is P/B adjusted for tangible equity, which still shows a premium, per valuation data.
For asset managers, P/E is often misapplied due to volatile performance fees and provision swings. Acadian's 2025Q4 provision reversal inflated earnings, making the trailing P/E unreliable. Instead, investors should use P/B or P/TBV, but even that is elevated at 39.8x. A better approach is to normalize earnings by excluding non-recurring items and apply a forward P/E of 17.0x, which still implies a premium but is more justifiable.