Latest Ratios: P/E Ratio 35.8x · EV/EBITDA 17.0x · 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 | $2.8B | $1.7B | $1.0B | $815M | $888M | $2.1B | $1.6B | $933M | $1.1B | $1.9B | $1.7B |
| Enterprise Value | $3.0B | $1.9B | $1.3B | $1.0B | $1.1B | $2.3B | $1.7B | $1.4B | $1.2B | $2.1B | $2.0B |
| P/E Ratio → | 35.81 | 21.27 | 11.86 | 12.36 | 8.83 | 2.49 | 5.51 | 4.17 | 8.48 | 466.57 | 13.81 |
| P/S Ratio | 4.75 | 2.86 | 2.00 | 1.91 | 2.13 | 3.93 | 3.17 | 1.57 | 1.24 | 2.10 | 2.61 |
| P/B Ratio | 34.11 | 20.25 | 11.59 | 16.47 | — | — | 4.11 | 4.70 | 6.53 | 10.89 | 10.16 |
| P/FCF | 15.61 | 9.42 | 21.99 | 14.95 | 8.82 | — | 24.47 | — | 6.71 | 8.81 | 13.95 |
| P/OCF | 14.64 | 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 | — | 3.24 | 2.48 | 2.38 | 2.71 | 4.35 | 3.40 | 2.41 | 1.29 | 2.37 | 3.05 |
| EV / EBITDA | 16.96 | 10.73 | 8.16 | 8.23 | 6.05 | 13.58 | 11.19 | 6.01 | 11.46 | 23.58 | 12.07 |
| EV / EBIT | 18.69 | 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 | 0.1% | 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 | 2.8% | 4.7% | 8.4% | 8.1% | 11.3% | 40.2% | 18.2% | 24.0% | 11.8% | 0.2% | 7.2% |
| FCF Yield | 6.4% | 10.6% | 4.5% | 6.7% | 11.3% | — | 4.1% | — | 14.9% | 11.4% | 7.2% |
| Buyback Yield | 1.7% | 2.9% | 9.6% | 0.4% | 11.6% | 54.4% | 2.9% | 25.7% | 6.2% | 4.0% | 5.7% |
| Total Shareholder Yield | 1.8% | 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 |
Market Beta Sensitivity
According to recent market data, Acadian's TTM P/E of 32.67 suggests investors are pricing in significant future growth, yet the forward P/E of 15.06 implies a sharp expected earnings recovery that may be difficult to sustain given the firm's historical reliance on lumpy performance-based fee realizations.
The wide spread between trailing and forward multiples indicates that the market is discounting current earnings volatility as transitory. Investors should monitor whether the firm can transition from a performance-fee-dependent model to a more stable, recurring management fee structure to justify these valuation premiums relative to peers like Affiliated Managers Group.
Based on reported figures, Acadian's ROIC has fluctuated significantly from a low of 2.5% in 2025Q2 to a peak of 15.4% in 2025Q4, suggesting that the firm's ability to generate excess returns on invested capital is highly sensitive to the cyclical performance of its emerging market factor models.
The lack of a consistent upward trajectory in ROIC implies that the firm's competitive advantage in data-cleaning may not be translating into scalable capital efficiency. This volatility warrants further investigation into whether the firm's 'Solutions' segment is effectively deploying capital or if it is merely absorbing resources without commensurate margin expansion.
As reported in financial statements, Acadian's DSO has remained elevated, ranging from 72 to 113 days over the last ten quarters, which suggests that the firm faces structural delays in collecting management fees from its institutional client base, thereby constraining its overall working capital efficiency.
The absence of consistent DIO and DPO data makes it difficult to assess the full cash conversion cycle, but the high DSO indicates that the firm's liquidity is heavily dependent on the timing of institutional settlements. This reliance on client payment cycles may explain the erratic nature of the firm's free cash flow margins.
According to quarterly filings, Acadian's debt-to-equity ratio has remained elevated, peaking at 7.00 in 2023Q4 and currently sitting at 3.47, which indicates that the firm operates with a degree of financial leverage that appears high relative to the inherent volatility of its asset management business model.
While the interest coverage ratio has shown some stability, the firm's reliance on debt to manage its balance sheet during periods of negative cash flow suggests a lack of financial cushion. Investors should monitor whether this leverage profile restricts the firm's ability to reinvest in the proprietary data infrastructure required to maintain its competitive moat.
As evidenced by the firm's historical financial statements, the P/E ratio is a misleading metric for Acadian because it fails to account for the lumpy, non-recurring nature of performance fees that frequently distort the firm's reported net income on a quarterly basis.
Analysts should instead focus on EV/EBITDA or AUM-based valuation metrics to better capture the underlying earning power of the management fee base. Relying on P/E risks misinterpreting temporary fee-related earnings spikes as structural growth, which may lead to an overestimation of the firm's long-term valuation floor.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying AAMI stock.
Acadian Asset Management's current P/E ratio is 35.8x. The historical average is 12.6x. This places it at the 91th percentile of its historical range.
Acadian Asset Management's current EV/EBITDA is 17.0x. 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 35.8x. This is at the 91th 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 0.05% 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.