미래에셋운용, 순익 급증 뒤 현금흐름 '시차'

Miraeasset Asset Management's Q1 2026 earnings revealed a critical divergence: net income more than doubled year-over-year while operating cash flow turned negative, raising concerns about earnings quality and underlying cash generation strength. While such timing gaps between accounting profits and cash flow are inherent to asset management due to equity method income recognition and balance sheet fluctuations, investors will closely scrutinize whether this pattern is a one-time anomaly or the start of a structural weakness in converting profits to actual cash. This disconnect could prompt market reassessment of the company's sustainable cash-generating capacity.