Acadian Asset Management Inc. AAMI
We are a holding company that operates a systematic investment management business through our majority owned subsidiary, Acadian Asset Management LLC ("Acadian LLC"). With approximately $178 billion of assets under management as of December 31, 2025, Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives. The ownership structure of Acadian LLC provides incentives for growth and prudent business management across multiple generations of Acadian LLC partners, who retain meaningful levels of equity in their own business to preserve strong alignment of interests between us, Acadian LLC, their clients, and our stockholders. Our profit-sharing model enables us to participate directly in margin expansion as Acadian LLC grows. Acadian LLC comprises our Quant & Solutions reportable segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $563.7M | $505.6M | $426.6M | $417.2M | $523.8M | $499.5M | $594.6M | $905.0M | $858.0M | — |
| Total operating expenses | $431.6M | $370.1M | $320.6M | $249.3M | $378.0M | $367.8M | $372.4M | $844.4M | $816.4M | — |
| Operating income | $132.1M | $135.5M | $106.0M | $167.9M | $145.8M | $131.7M | $222.2M | $83.8M | $71.0M | — |
| Interest expense | $21.7M | $19.4M | $19.6M | $19.7M | $24.6M | $27.9M | $30.0M | $21.7M | $23.7M | — |
| Pre-tax income | $143.2M | $125.7M | $96.5M | $144.8M | $178.1M | $344.8M | $213.2M | $135.2M | $142.0M | — |
| Income tax | $36.6M | $38.9M | $29.4M | $44.2M | $50.0M | $97.1M | $10.5M | $5.0M | $132.8M | — |
| Net income | $106.6M | $86.8M | $67.1M | $100.6M | $896.4M | $286.7M | $223.9M | $136.4M | $4.2M | — |
| EPS, basic | 2.21 | 2.25 | 1.59 | 2.39 | 10.73 | 3.53 | 2.45 | 1.27 | 0.04 | — |
| EPS, diluted | 2.21 | 2.22 | 1.55 | 2.33 | 10.29 | 3.49 | 2.45 | 1.26 | 0.04 | — |
| Shares, diluted (wtd. avg.) | $36.2M | $38.3M | $42.5M | $43.2M | $80.5M | $82.0M | $91.3M | $107.6M | $111.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $124.4M | $98.5M | $147.6M | $121.2M | $252.1M | $372.9M | $82.1M | $283.0M | $200.4M | $102.3M |
| Goodwill | — | — | — | $20.3M | $20.3M | $20.3M | $112.8M | $274.6M | $308.5M | — |
| Other intangibles | — | — | — | — | — | $57.4M | $64.1M | — | — | — |
| Total assets | $677.0M | $703.2M | $611.4M | $518.7M | $714.8M | $1.38B | $1.42B | $1.55B | — | — |
| Long-term debt | $200.0M | $275.0M | $275.0M | $275.0M | $400.0M | $400.0M | $568.8M | $393.3M | — | — |
| Total liabilities | $593.0M | $616.1M | $561.9M | $540.3M | $732.4M | $994.8M | $1.22B | $1.38B | — | — |
| Total equity | — | — | $40.2M | -$21.6M | -$17.6M | $384.4M | $114.5M | $134.2M | $127.3M | $165.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.4M | $55.8M | $68.3M | $116.8M | -$11.5M | $90.5M | -$138.5M | $195.1M | $139.7M | — |
| Depreciation and amortisation | — | — | — | — | $22.1M | — | — | — | — | — |
| Investing cash flow | $15.7M | -$50.1M | -$43.9M | -$13.0M | $1.04B | $270.0M | $9.0M | $17.4M | $54.8M | — |
| Financing cash flow | $12.1M | -$54.4M | $1.8M | -$233.7M | -$1.18B | -$77.4M | -$95.0M | -$67.4M | -$96.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-028368.
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