AAMI NYSE Earnings call
Acadian Asset Management Inc. (AAMI) · Q2 2026 results and valuation
Share price: $97.22 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 12.3% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+12.3%
Net income vs Q1 2026
Net income 27.3M vs 24.3M
Revenue +10.8%
Against the same quarter last year (Q2 2025) it is +170.3%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 69% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Inflows were diverse across products and clients, driven by Enhanced and Extension strategies.
Valuation
Is Acadian Asset Management Inc. undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $48.52 a share — the stock trades 100% above it. Today's price assumes 18.6% growth a year.
Current price
$97.22
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+18.6% for 10 yrs
Fair value / share
$48.52
Buy below
$36.39
Price vs fair value
Overvalued 100%
Price vs buy-below price
Overvalued 167%
Read between the lines
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Figure
GAAP net income attributable to controlling interests was up 170%, and EPS was up 171% compared to the prior year…
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Fading
Going forward, Acadian Asset Management expects to continue generating strong free cash flow and returning excess capital to shareholders through dividends and share…
Source quote
“Going forward, we expect to continue generating strong free cash flow and returning excess capital to shareholders through dividends and share... AAMI's Board has declared an interim dividend of $0.10 per share to be paid on June 26, 2026, to shareholders of record as of the close of business on June 12, 2026. We look forward to discussing our broader capital allocation framework in more detail at our upcoming investor forum.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As Acadian celebrates its 40th anniversary, our assets under management and profitability continue to reach new heights, with recent strong growth underscoring sustained momentum in our business and disciplined execution...”
“Business momentum continued apace in Q2 2026, with net inflows of $4.3 billion for Q2 and 9% annualized organic growth rate, reflecting 10 consecutive quarters of positive net flows and...”
“Finally, AUM grew 54% from Q2 2025 to $232.7 billion as of June 30, 2026, marking another record high for Acadian.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 185.1M | 167.0M | +10.8% | 127.4M | +45.3% |
| Operating income | 32.4M | 41.9M | −22.7% | 16.2M | +100.0% |
| Net income | 27.3M | 24.3M | +12.3% | 10.1M | +170.3% |
| EPS | 0.76 | 0.68 | +11.8% | 0.28 | +171.4% |
| P/E today 34.0 | 25.3 | 23.2 | +2.1 | 14.8 | +10.5 |
Topics
Most discussed now
- New Alex has been with Acadian since 2012 and has played an increasingly important leadership role across Acadian Asset Management's investment…
- Before turning to the quarter in more detail, I want to highlight an investment team update that reflects both continuity...
- Acadian Asset Management's ENI operating margin expanded nearly 10 percentage points to 40.3%, from 30.7% in Q2 2025, mainly driven by…
- While Acadian Asset Management's Q2 2026 operating expense ratio fell eight percentage points year-over-year to 36.8%, reflecting improved…
- Acadian Asset Management's investment performance track record remained strong this quarter, with more than 96% of strategies by revenue…
Faded since Q1 2026
- Dropped The managed vol, there was a slight headwind in Q1, but Acadian Asset Management certainly have seen outflows there taper off quite...
- Fading Business momentum continued at pace in Q1 of '26 with record net inflows of $21.4 billion for Q1 2026, 12%...
- Fading Acadian Asset Management is looking at some other new strategies, ensuring that it has got vehicles in place that meet the needs of...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Results of operations; New financial obligation; Other events · SEC 8-K
- Results of operations · SEC 8-K