AAMIAcadian Asset Management Inc.
Investment Advice
- Revenue
- $564M
- 11% YoY
- Operating margin
- 23.4%
- 13% YoY
- EBITDA
- $132M
- 2.5% YoY
- Market cap
- $3.2B
- Employees
- 396
- $1M revenue each
- Net debt / EBITDA
- 0.7×
- $99M net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$793K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-3% of net incomeCash flow under 80% of net income
- Dilutive SBCNo-8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 65th pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 49th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$158M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $524M | $417M | $427M | $506M | $564M | 11% |
| Operating income | $146M | $168M | $106M | $136M | $132M | 2.5% |
| Net income | $828M | $101M | $66M | $85M | $80M | 5.9% |
| Operating cash flow | −$12M | $117M | $68M | $56M | −$2M | 104% |
| Stock-based comp | — | — | $100K | −$23M | −$48M | 106% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 22, 2026 | PAULSON & CO. INC. | SCHEDULE 13D/A | 16.4% | Passive |
| Sep 5, 2025 | PAULSON & CO. INC. | SCHEDULE 13D/A | 21.6% | Passive |
| Dec 22, 2021 | PAULSON & CO. INC. | SC 13D/A | 19.8% | Passive |
| Dec 10, 2021 | PAULSON & CO. INC. | SC 13D/A | 21.2% | Passive |
| Nov 5, 2021 | PAULSON & CO. INC. | SC 13D/A | 25.1% | Passive |
| May 21, 2020 | PAULSON & CO. INC. | SC 13D/A | 24.9% | Passive |
| Dec 5, 2019 | PAULSON & CO. INC. | SC 13D/A | 23.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $158M · 9
- Net
- −$158M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | $11M | 246 | 203 |
| FY2024 | $793K | $793K | 138 | 177 |
| FY2023 | $700K | $810K | 100 | 135 |
| FY2022 | $700K | −$7M | 107 | 121 |
| FY2021 | $13M | $24M | 133 | 135 |