Acadian Asset Management Inc. earns about 62% on invested capital, and has bought back 55% of its shares over 5 years. The applicable estimate puts fair value near $23.47 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $523.8M1 | $417.2M2 | $426.6M3 | $505.6M3 | $563.7M3 |
| Net income | $828.4M4 | $100.6M5 | $65.8M6 | $85M6 | $80M6 |
| Operating cash flow | −$11.5M7 | $116.8M8 | $68.3M9 | $55.8M9 | −$2.4M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | $400M10 | $275M11 | $275M12 | $275M13 | $200M14 |
| Cash & equivalents | $252.1M15 | $121.2M16 | $147.6M16 | $98.5M16 | $124.4M16 |
| Diluted shares | 80.5M | 43.2M | 42.5M | 38.3M | 36.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares of this business that earned you $22.09 last year, against $55.21 of debt.
It earned an average 62% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 55% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 50% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$85M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001748824-24-000010 (Revenues)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001748824-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012856 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001748824-24-000010 (NetIncomeLoss)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001748824-25-000016 (NetIncomeLoss)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012856 (NetIncomeLoss)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001748824-24-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0001748824-25-000016 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012856 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2022-02-28 · period ending 2021-12-31 · accession 0001748824-22-000018 (LongTermDebt)
- 10-K filed 2023-02-28 · period ending 2022-12-31 · accession 0001748824-23-000010 (LongTermDebt)
- 10-K filed 2024-02-28 · period ending 2023-12-31 · accession 0001748824-24-000010 (LongTermDebt)
- 10-K filed 2025-02-27 · period ending 2024-12-31 · accession 0001748824-25-000016 (LongTermDebt)
- 10-K filed 2026-02-27 · period ending 2025-12-31 · accession 0001628280-26-012856 (LongTermDebt)
- 10-K filed 2025-02-27 · period ending 2021-12-31 · accession 0001748824-25-000016 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2026-02-27 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012856 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)