Acadian Asset Management Inc.
AAMI · Other · $2.9B mkt cap · FY2025 filings · Narrow moat ·
Wonderful & reasonably priced
The five investor questions
2017–2025: revenue 858000000.00 to 563700000.00, decreasing; diluted EPS 0.04 to 2.21, increasing.
Not enough years of gross-margin data to score pricing power.
Median ROIC 39.6%, above the 12% hurdle in 100% of years.
Net debt/EBITDA n/ax, interest coverage 5x.
Owner earnings +274.8%/yr, share count n/a.
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- $828.4M
- Value range / share
- $257.66–$257.66
- Conservative high estimate / share
- $257.66
- Recent price
- $82.15
- Price vs. high estimate
- 68% below high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
10 years of fundamentals
The business, in plain English
Across the filed record, revenue shrank from $858.0M (FY2017) to $563.7M (FY2025) — about −5.1% a year compounded over 8 years.
It earned 44.0% on invested capital in FY2023, with a median of 39.6% across 6 filed years. The Returns on Capital filter above scores it 100/100.
The balance sheet carried $200.0M of total debt in FY2025. Balance-Sheet Safety scores it 36/100.
The share count fell 58.3% between FY2019 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 80/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in AAMI’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in AAMI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Acadian Asset Management Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored AAMI on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 3 years AAMI rated Wide-moat (2020, 2021 and 2022), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year −8% vs the S&P 500’s 24% (price basis) · median over 3 years
- 3 years 2% vs the S&P 500’s 28% (price basis) · median over 3 years
- 5 years 154% vs the S&P 500’s 85% (price basis) · median over 1 year
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Other context
#17 of 45 scored Other companies, ranked by Moat Score.
Nearest peers by Moat Score
- #15VCTR Victory Capital Holdings, Inc.69.6 out of 100, Narrow moatNarrow moat
- #16TW Tradeweb Markets Inc.69.1 out of 100, Narrow moatNarrow moat
- #18OPY OPPENHEIMER HOLDINGS INC.66.3 out of 100, Narrow moatNarrow moat
- #19BLK BlackRock, Inc.66.3 out of 100, Narrow moatNarrow moat
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Common questions about AAMI
- Does Acadian Asset Management Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Acadian Asset Management Inc. (AAMI) 67.8 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 55, pricing power not measurable from the filings, returns on capital 100, balance-sheet safety 36, capital discipline 80.
- Is AAMI trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $257.66–$257.66 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 0% growth, capped at 4% and 18×. Versus a recent price of $82.15, that is 68% below high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has AAMI's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 67.8 out of 100 (narrow moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.