Demonstrações financeiras detalhadas de Acadian Asset Management (AAMI): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Acadian Asset Management registou receitas de $594.3M no último exercício, com um CAGR de 5 anos de 3.5%. O lucro líquido atingiu $80.0M, com CAGR de 5 anos de -22.5%.
Margens dos últimos 12 meses: margem bruta 112.5%, margem operacional 27.8%, margem líquida 14.4%. O fluxo de caixa livre cresceu a CAGR de 22.8% em 5 anos.
Ao preço atual de $89.21, AAMI negocia a um P/L de 30.46 e um ROE de 161.92%. A capitalização de mercado é de $3.2B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $663.5M | $887.4M | $928.2M | $594.6M | $499.5M | $523.8M | $417.2M | $426.6M | $505.6M | $594.3M |
| Custo da Receita | $397.6M | $685.2M | $697.3M | $248.9M | $243.3M | $284.6M | $159.6M | $220.7M | $266.4M | $42.3M |
| Lucro Bruto | $265.9M | $202.2M | $230.9M | $345.7M | $256.2M | $239.2M | $257.6M | $205.9M | $239.2M | $552.0M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $98.3M | $112.9M | $126.0M | $107.1M | $88.0M | $71.2M | $71.1M | $82.6M | $85.2M | $92.0M |
| Despesas Operacionais | $110.3M | $131.2M | $147.1M | $123.5M | $124.5M | $93.4M | $89.7M | $99.9M | $103.7M | $389.3M |
| Lucro Operacional | $155.6M | $71.0M | $83.8M | $222.2M | $131.7M | $145.8M | $167.9M | $106.0M | $135.5M | $162.7M |
| EBITDA | $184.1M | $184.8M | $181.2M | $261.8M | $393.4M | $225.1M | $183.9M | $133.4M | $163.6M | $181.5M |
| Despesas com Juros | $11.3M | $24.5M | $24.9M | $32.2M | $28.5M | $24.8M | $20.5M | $19.6M | $19.4M | $21.7M |
| Lucro Antes de Impostos | $160.8M | $142.0M | $135.2M | $213.2M | $344.8M | $178.1M | $144.8M | $96.5M | $125.7M | $143.2M |
| Imposto | $40.8M | $132.8M | $5.0M | $10.5M | $97.1M | $50.0M | $44.2M | $29.4M | $38.9M | $36.6M |
| Lucro Líquido | $126.4M | $4.2M | $136.4M | $223.9M | $286.7M | $828.4M | $100.6M | $65.8M | $85.0M | $80.0M |
| LPA | $1.05 | $0.04 | $1.27 | $2.45 | $3.53 | $10.73 | $2.39 | $1.59 | $2.25 | $2.21 |
| LPA Diluído | $1.05 | $0.04 | $1.26 | $2.45 | $3.50 | $10.29 | $2.33 | $1.55 | $2.22 | $2.21 |
| Ações em Circulação (Diluídas) | $119.5M | $111.4M | $107.6M | $91.3M | $82.0M | $80.5M | $43.2M | $42.5M | $38.3M | $36.2M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $144.2M | $202.8M | $167.1M | $192.3M |
| Lucro Bruto | $54.2M | $397.2M | $159.3M | $184.1M |
| Lucro Operacional | $26.6M | $88.0M | $42.0M | $39.6M |
| EBITDA | $43.1M | $64.2M | $44.6M | $46.1M |
| Lucro Líquido | $15.1M | $34.7M | $24.3M | $27.3M |
| LPA | $0.42 | $0.97 | $0.68 | $0.77 |
| LPA Diluído | $0.42 | $0.97 | $0.68 | $0.76 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $101.9M | $186.3M | $340.6M | $111.3M | $371.3M | $252.1M | $108.4M | $146.8M | $94.8M | $101.2M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $163.7M | $238.3M | $163.0M | $178.1M | $109.9M | $172.0M | $124.5M | $146.1M | $167.7M | $178.5M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $266.0M | $438.7M | $508.5M | $299.1M | $923.9M | $424.1M | $245.7M | $293.7M | $266.2M | $279.7M |
| Imobilizado | $39.8M | $41.7M | $49.0M | $103.5M | $141.4M | $115.3M | $107.6M | $101.4M | $88.2M | $47.6M |
| Ágio | $272.7M | $274.6M | $274.6M | $274.6M | $20.3M | $20.3M | $20.3M | $20.3M | $20.3M | 0 |
| Ativos Intangíveis | $83.9M | $78.3M | $71.7M | $65.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Totais | $1.29B | $1.49B | $1.55B | $1.42B | $1.38B | $714.8M | $518.7M | $611.4M | $703.2M | $677.0M |
| Contas a Pagar | $5.1M | $7.7M | $22.1M | $12.9M | $6.7M | $5.0M | $5.0M | $8.8M | $7.2M | $167.5M |
| Dívida de Curto Prazo | 0 | 0 | 0 | $140.0M | 0 | 0 | 0 | 0 | $9.5M | 0 |
| Passivos Circulantes | $292.3M | $212.7M | $154.0M | $203.2M | $348.7M | $36.3M | $35.9M | $41.9M | $191.5M | $167.5M |
| Dívida de Longo Prazo | $392.3M | $426.3M | $393.3M | $428.8M | $394.3M | $394.9M | $273.5M | $273.9M | $274.3M | $261.4M |
| Passivos Totais | $1.12B | $1.32B | $1.38B | $1.22B | $994.8M | $732.4M | $540.3M | $561.9M | $616.1M | $593.0M |
| Reservas | $190.2M | 0 | -$640.5M | -$452.5M | -$176.5M | -$6.8M | -$12.5M | $46.9M | $24.4M | $56.2M |
| Patrimônio Líquido | $164.0M | $75.4M | $103.3M | $64.4M | $302.4M | -$17.6M | -$21.6M | $40.2M | $20.0M | $60.6M |
| Dívida Total | $392.3M | $426.3M | $393.3M | $611.3M | $489.1M | $472.5M | $349.3M | $346.3M | $341.6M | $322.8M |
| Dívida Líquida | $290.4M | $240.0M | $52.7M | $500.0M | $117.8M | $220.4M | $240.9M | $199.5M | $246.8M | $221.6M |
| Capital de Giro | -$26.3M | $226.0M | $354.5M | $95.9M | $575.2M | $387.8M | $209.8M | $251.8M | $74.7M | $112.2M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $117.3M | $101.2M | $129.0M | $64.6M |
| Ativos Totais | $751.4M | $677.0M | $715.4M | $856.9M |
| Passivos Totais | $640.1M | $593.0M | $616.0M | $723.7M |
| Patrimônio Líquido | $20.4M | $60.6M | $77.5M | $92.0M |
| Dívida Total | $336.9M | $322.8M | $344.5M | $257.5M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $126.2M | $9.1M | $130.3M | $240.0M | $315.5M | $896.4M | $100.6M | $65.8M | $85.0M | $80.0M |
| Depreciação e Amortização | $12.0M | $18.3M | $21.1M | $23.8M | $22.1M | $22.2M | $18.6M | $17.3M | $18.5M | $16.6M |
| Compensação em Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Variação Capital de Giro | -$63.1M | $5.5M | -$13.1M | -$332.7M | -$40.8M | -$194.0M | $9.4M | -$8.8M | -$7.3M | $66.5M |
| Fluxo de Caixa Operacional | $137.7M | $225.5M | $192.9M | -$138.5M | $90.5M | -$11.5M | $116.8M | $68.3M | $55.8M | $192.6M |
| CapEx | -$13.5M | -$13.7M | -$21.7M | -$33.9M | -$25.9M | -$15.1M | -$16.1M | -$13.8M | -$9.9M | -$11.9M |
| Aquisições | -$219.1M | -$1.9M | $105.0M | -$7.6M | $291.6M | -$652.1M | 0 | 0 | 0 | 0 |
| Recompra de Ações | -$98.6M | -$74.1M | -$71.2M | -$239.8M | -$46.0M | -$1.12B | -$103.2M | -$3.3M | -$96.7M | -$48.8M |
| Dividendos Pagos | -$38.5M | -$38.8M | -$42.5M | -$36.0M | -$10.9M | -$2.9M | -$1.2M | -$2.0M | -$1.5M | -$1.5M |
| Fluxo de Caixa Livre | $124.2M | $211.8M | $171.2M | -$172.4M | $64.6M | -$26.6M | $100.7M | $54.5M | $45.9M | $180.7M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$23.9M | $9.1M | -$42.8M | $117.1M |
| CapEx | -$2.8M | -$3.7M | -$3.9M | -$5.6M |
| Fluxo de Caixa Livre | -$26.7M | $5.4M | -$46.7M | $111.5M |
| Dividendos Pagos | -$300000 | -$400000 | -$3.6M | -$3.6M |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +33.7% | +4.6% | -35.9% | -16.0% | +4.9% | -20.4% | +2.3% | +18.5% | +17.5% |
| Crescimento Lucro Líquido (anual) | | -96.7% | +3147.6% | +64.1% | +28.0% | +188.9% | -87.9% | -34.6% | +29.2% | -5.9% |
| Crescimento LPA (anual) | | -96.6% | +3418.0% | +92.9% | +44.1% | +204.0% | -77.7% | -33.5% | +41.5% | -1.8% |
| Variação de Ações (anual) | | -6.8% | -3.4% | -15.1% | -10.2% | -1.8% | -46.4% | -1.4% | -9.9% | -5.6% |
| Crescimento FCF (anual) | | +70.5% | -19.2% | -200.7% | +137.5% | -141.2% | +478.6% | -45.9% | -15.8% | +293.7% |
| Margem Bruta | 40.1% | 22.8% | 24.9% | 58.1% | 51.3% | 45.7% | 61.7% | 48.3% | 47.3% | 92.9% |
| Margem Operacional | 23.5% | 8.0% | 9.0% | 37.4% | 26.4% | 27.8% | 40.2% | 24.8% | 26.8% | 27.4% |
| Margem EBITDA | 27.7% | 20.8% | 19.5% | 44.0% | 78.8% | 43.0% | 44.1% | 31.3% | 32.4% | 30.5% |
| Margem Líquida | 19.1% | 0.5% | 14.7% | 37.7% | 57.4% | 158.2% | 24.1% | 15.4% | 16.8% | 13.5% |
| Margem FCF | 18.7% | 23.9% | 18.4% | -29.0% | 12.9% | -5.1% | 24.1% | 12.8% | 9.1% | 30.4% |
| Taxa Efetiva de Imposto | 25.4% | 93.5% | 3.7% | 4.9% | 28.2% | 28.1% | 30.5% | 30.5% | 30.9% | 25.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $1.04 | $1.90 | $1.59 | $-1.89 | $0.79 | $-0.33 | $2.33 | $1.28 | $1.20 | $4.99 |
| Dividendo por Ação | $0.32 | $0.35 | $0.39 | $0.39 | $0.13 | $0.04 | $0.03 | $0.05 | $0.04 | $0.04 |
| Ações em Circulação (Básicas) | $119.2M | $110.7M | $107.4M | $91.2M | $81.3M | $77.2M | $42.1M | $41.5M | $37.8M | $36.2M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Rentabilidade
| Retorno sobre patrimônio | 161.92% |
| Retorno sobre capital investido | 24.60% |
| Retorno sobre ativos | 11.83% |
| Margem bruta | 112.51% |
| Margem operacional | 27.77% |
| Margem líquida | 14.35% |
Saúde financeira
| Dívida / Patrimônio | 2.80 |
| Liquidez corrente | 0.98 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.71 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 13.81 | 461.77 | 8.41 | 4.17 | 5.46 | 2.39 | 8.61 | 11.82 | 11.71 | 21.27 |
| P/VP | 10.54 | 24.47 | 11.10 | 14.47 | 5.18 | -112.31 | -40.07 | 19.40 | 49.74 | 28.08 |
| P/V | 2.60 | 2.08 | 1.24 | 1.57 | 3.14 | 3.77 | 2.07 | 1.83 | 1.97 | 2.86 |
| Margem Bruta | 40.1% | 22.8% | 24.9% | 58.1% | 51.3% | 45.7% | 61.7% | 48.3% | 47.3% | 92.9% |
| Margem Operacional | 23.5% | 8.0% | 9.0% | 37.4% | 26.4% | 27.8% | 40.2% | 24.8% | 26.8% | 27.4% |
| Margem Líquida | 19.1% | 0.5% | 14.7% | 37.7% | 57.4% | 158.2% | 24.1% | 15.4% | 16.8% | 13.5% |