Operating margins remain highly inconsistent, fluctuating between a low of 12.7% in 2025Q2 and a peak of 43.4% in 2025Q4, reflecting the inherent instability of the firm's fee-based revenue model.
| Sales/Revenue | 641.5M | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 652.9M | 552M | 239.2M | 205.9M | 257.6M | 239.2M | 256.2M | 345.7M | 230.9M | 202.2M | 265.9M | 286.5M | 369.2M |
| Gross Margin % | 101.78% | 92.88% | 47.31% | 48.27% | 61.75% | 45.67% | 51.29% | 58.14% | 24.88% | 22.79% | 40.08% | 40.97% | 34.95% |
| Gross Profit Growth % | - | 130.77% | 16.17% | -20.07% | 7.69% | -6.64% | -25.89% | 49.72% | 14.19% | -23.96% | -7.19% | -22.4% | - |
| Operating Expenses | 480.1M | 389.3M | 103.7M | 99.9M | 89.7M | 93.4M | 124.5M | 123.5M | 147.1M | 131.2M | 110.3M | 95.3M | 436.4M |
| OpEx % of Revenue | - | 65.51% | 20.51% | 23.42% | 21.5% | 17.83% | 24.92% | 20.77% | 15.85% | 14.78% | 16.62% | 13.63% | 41.31% |
| Selling, General & Admin | 69.7M | 92M | 85.2M | 82.6M | 71.1M | 71.2M | 88M | 107.1M | 126M | 112.9M | 98.3M | 88.2M | 83.9M |
| SG&A % of Revenue | - | 15.48% | 16.85% | 19.36% | 17.04% | 13.59% | 17.62% | 18.01% | 13.57% | 12.72% | 14.82% | 12.61% | 7.94% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 172.8M | 162.7M | 135.5M | 106M | 167.9M | 145.8M | 131.7M | 222.2M | 83.8M | 71M | 155.6M | 191.2M | -67.2M |
| Operating Margin % | 26.94% | 27.38% | 26.8% | 24.85% | 40.24% | 27.84% | 26.37% | 37.37% | 9.03% | 8% | 23.45% | 27.34% | -6.36% |
| Operating Income Growth % | - | 20.07% | 27.83% | -36.87% | 15.16% | 10.71% | -40.73% | 165.16% | 18.03% | -54.37% | -18.62% | 384.52% | - |
| EBITDA | 188.8M | 179.3M | 154M | 123.3M | 186.5M | 168M | 151.8M | 238.6M | 104.9M | 89.3M | 167.6M | 198.3M | 67.4M |
| EBITDA Margin % | 29.43% | 30.17% | 30.46% | 28.9% | 44.7% | 32.07% | 30.39% | 40.13% | 11.3% | 10.06% | 25.26% | 28.36% | 6.38% |
| EBITDA Growth % | 16.11% | 16.43% | 24.9% | -33.89% | 11.01% | 10.67% | -36.38% | 127.45% | 17.47% | -46.72% | -15.48% | 194.21% | - |
| D&A (Non-Cash Add-back) | 16M | 16.6M | 18.5M | 17.3M | 18.6M | 22.2M | 20.1M | 16.4M | 21.1M | 18.3M | 12M | 7.1M | 134.6M |
| EBIT | 169M | 164.9M | 145.1M | 116.1M | 165.3M | 202.9M | 373.3M | 245.4M | 160.1M | 166.5M | 172.1M | 204.4M | 154M |
| Net Interest Income | -17.8M | -18.1M | -15.9M | -13.5M | -19.7M | -24.6M | -27.9M | -30M | -21.7M | -23.7M | -10.9M | -2.9M | -186M |
| Interest Income | 2.5M | 3.6M | 3.5M | 6.1M | 800K | 200K | 600K | 2.2M | 3.2M | 800K | 400K | 200K | 200K |
| Interest Expense | 20.3M | 21.7M | 19.4M | 19.6M | 20.5M | 24.8M | 28.5M | 32.2M | 24.9M | 24.5M | 11.3M | 3.1M | 186.2M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 148.7M | 143.2M | 125.7M | 96.5M | 144.8M | 178.1M | 344.8M | 213.2M | 135.2M | 142M | 160.8M | 201.3M | -32.2M |
| Pretax Margin % | 23.18% | 24.1% | 24.86% | 22.62% | 34.71% | 34% | 69.03% | 35.86% | 14.57% | 16% | 24.24% | 28.79% | -3.05% |
| Income Tax | 41.5M | 36.6M | 38.9M | 29.4M | 44.2M | 50M | 97.1M | 10.5M | 5M | 132.8M | 40.8M | 46.6M | 12.8M |
| Effective Tax Rate % | 27.91% | 25.56% | 30.95% | 30.47% | 30.52% | 28.07% | 28.16% | 4.92% | 3.7% | 93.52% | 25.37% | 23.15% | -39.75% |
| Net Income | 84.2M | 80M | 85M | 65.8M | 100.6M | 828.4M | 286.7M | 223.9M | 136.4M | 4.2M | 126.4M | 155.5M | 51.7M |
| Net Margin % | 13.13% | 13.46% | 16.81% | 15.42% | 24.11% | 158.15% | 57.4% | 37.66% | 14.7% | 0.47% | 19.05% | 22.24% | 4.89% |
| Net Income Growth % | -6.96% | -5.88% | 29.18% | -34.59% | -87.86% | 188.94% | 28.05% | 64.15% | 3147.62% | -96.68% | -18.71% | 200.77% | - |
| Net Income (Continuing) | 107.2M | 106.6M | 86.8M | 67.1M | 100.6M | 128.1M | 247.7M | 202.7M | 130.2M | 9.2M | 120M | 154.7M | -45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 768.3M | 67.8M | 37.3M | 100K | -100K | 6.2M | 800K | 1.2M |
| Minority Interest | 21.9M | 23.4M | 67.1M | 9.3M | 0 | 0 | 82M | 134M | 72.8M | 95.9M | 6.5M | 0 | 2.52B |
| EPS (Diluted) | 2.35 | 2.21 | 2.22 | 1.55 | 2.33 | 10.29 | 3.50 | 2.45 | 1.26 | 0.04 | 1.05 | 1.29 | 0.43 |
| EPS Growth % | -2.49% | -0.45% | 43.23% | -33.48% | -77.36% | 194% | 42.86% | 94.44% | 3409.75% | -96.58% | -18.6% | 200% | - |
| EPS (Basic) | - | 2.21 | 2.25 | 1.59 | 2.39 | 10.73 | 3.53 | 2.45 | 1.27 | 0.04 | 1.05 | 1.29 | 0.43 |
| Diluted Shares Outstanding | 35.8M | 36.2M | 38.33M | 42.54M | 43.16M | 80.49M | 82M | 91.3M | 107.6M | 111.4M | 119.5M | 120.5M | 120M |
| Basic Shares Outstanding | 35.7M | 36.2M | 37.77M | 41.49M | 42.06M | 77.21M | 81.3M | 91.2M | 107.4M | 110.7M | 119.2M | 120M | 120M |
| Dividend Payout Ratio | - | 1.88% | 1.76% | 3.04% | 1.19% | 0.35% | 3.8% | 16.08% | 31.16% | 923.81% | 30.46% | 24.89% | - |
Market Beta Sensitivity
As reported in the provided financial data, Acadian's quarterly revenue has fluctuated significantly, ranging from $105.7M to $202.8M over the last ten quarters, suggesting that the firm's top-line growth remains highly sensitive to market beta and the timing of performance-based fee realizations within its institutional mandates.
The lack of consistent sequential revenue growth indicates that Acadian's business model is susceptible to the cyclical nature of global equity markets. Investors should monitor whether the recent revenue peaks are driven by sustainable AUM inflows or transient performance fees, as the latter may distort the true trajectory of the firm's core management fee base.
Based on the income statement figures, Acadian's gross margins have exhibited extreme variance, swinging from a low of 33.1% in 2025Q2 to a high of 195.9% in 2025Q4, which implies that the firm's cost-of-revenue accounting may be subject to significant non-recurring adjustments or lumpy fee recognition.
Such dramatic margin swings are atypical for a standard asset manager and suggest that the firm's reported gross profit may be heavily influenced by performance-fee volatility or accounting reclassifications. This instability makes it difficult to assess the underlying pricing power of the firm's quantitative strategies without further clarity on the composition of these costs.
According to the historical income statements, operating margins have fluctuated between 12.7% and 43.4%, indicating that Acadian has yet to achieve a stable operating leverage profile despite its specialized focus on high-alpha mandates within the fragmented emerging and frontier market equity landscapes.
The firm's ability to scale operating income appears tethered to revenue spikes rather than consistent overhead discipline. The persistent SG&A spend, which has remained relatively flat despite revenue volatility, suggests that management maintains a fixed-cost base that may struggle to absorb significant AUM drawdowns during periods of market stress.
As evidenced by the financial statements, the presence of periodic stock-based compensation, such as the $9.3M charge in 2024Q3, suggests that reported net income is periodically impacted by non-cash expenses that may obscure the firm's true underlying profitability and cash-generating capacity for shareholders.
The discrepancy between operating income and net income, particularly in periods with high SBC, warrants caution regarding the quality of earnings. Investors should evaluate whether these compensation structures are effectively aligning management with long-term performance or if they are merely serving as a recurring drag on the bottom line.
Based on the provided data, the firm's reliance on high-margin institutional mandates may be threatened by the ongoing industry-wide fee compression, as the 13.46% average net margin appears vulnerable to any sustained decline in the efficacy of its proprietary factor models in emerging markets.
Short-sellers would likely focus on the potential for 'style drift' as the firm expands into the Solutions segment, which may dilute the performance of its core quant products. If the firm's data-cleaning advantage is eroded by the rapid advancement of AI-driven competitors, the current premium valuation may face significant downward pressure.
Quick answers to the most common questions about buying AAMI stock.
Acadian Asset Management (AAMI) is profitable, generating $80.0M in net income for the fiscal year ending 2025 with a net profit margin of 13.5%.
Acadian Asset Management (AAMI) reported an operating income of $162.7M, resulting in an operating profit margin of 27.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Acadian Asset Management (AAMI) generated $552.0M in gross profit for the year, representing a gross profit margin of 92.9%. This demonstrates the company's core pricing power and production efficiency.