Acadian Asset Management (AAMI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-52.6%

$42.26

vs $89.14 price

Levered DCF

$25.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.77

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.27×	11.71×	11.82×	8.61×	2.39×	5.46×	4.17×	8.41×
P/B	28.08×	49.74×	19.4×	-40.07×	-112.31×	5.18×	14.47×	11.1×
P/S	2.86×	1.97×	1.83×	2.07×	3.77×	3.14×	1.57×	1.24×
EV / EBITDA	10.6×	7.59×	7.34×	6.02×	9.76×	4.28×	5.32×	6.62×
Gross margin	92.9%	47.3%	48.3%	61.7%	45.7%	51.3%	58.1%	24.9%
Operating margin	27.4%	26.8%	24.8%	40.2%	27.8%	26.4%	37.4%	9.0%
Net margin	13.5%	16.8%	15.4%	24.1%	158.2%	57.4%	37.7%	14.7%
Current ratio	1.67×	1.39×	7.01×	6.84×	11.68×	2.65×	1.47×	3.3×
Debt / equity	5.33×	17.08×	8.61×	-16.17×	-26.85×	1.62×	9.49×	3.81×
Interest coverage	7.5×	6.98×	5.41×	8.19×	5.88×	4.62×	6.9×	3.37×
Dividend yield	0.1%	0.2%	0.3%	0.1%	0.1%	0.7%	3.9%	3.7%
Payout ratio	1.9%	1.8%	3.0%	1.2%	0.4%	3.8%	16.1%	31.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	132.0%	425.0%	163.7%	-465.7%	-4706.8%	94.8%	347.7%	132.0%
Return on invested capital	23.8%	18.0%	12.9%	24.2%	15.5%	9.2%	15.6%	5.8%
Return on assets	11.8%	12.1%	10.8%	19.4%	115.9%	20.8%	15.8%	8.8%
Free cash flow yield	10.6%	4.6%	7.0%	11.6%	-1.3%	4.1%	-18.5%	14.9%
Earnings yield	4.7%	8.5%	8.4%	11.6%	41.9%	18.3%	24.0%	11.9%
Enterprise value	$1.9B	$1.2B	$979.6M	$1.1B	$2.2B	$1.7B	$1.4B	$1.2B
Net debt / EBITDA	1.22×	1.51×	1.5×	1.31×	0.98×	0.3×	1.86×	0.29×
Cash conversion cycle (days)	-1,336	111	110	97	113	70	90	53