Financial Services · Asset Management
Price
$35.57
Market Cap
$2.5B
Employees
584
Beta
1.66
Avg Volume
765,588
CEO
Jason A. Gottlieb
Business Description
Artisan Partners Asset Management Inc. (APAM) operates as a publicly traded investment management firm. It offers investment services to a diverse clientele, including various institutional investors like pension plans, endowments, foundations, charitable organizations, and government entities, as well as managing assets for private, mutual, and collective funds, both domestically and internationally. The firm specializes in creating and managing individualized equity and fixed income portfolios for its clients. Its investment approach spans public equity and fixed income markets worldwide. Within equities, Artisan Partners targets both growth and value opportunities across companies of all market capitalizations. For fixed income, the firm's strategy includes investments in non-investment grade corporate bonds and various secured and unsecured loans. A core tenet of its portfolio construction is the application of fundamental analysis. Established in 1994, Artisan Partners is headquartered in Milwaukee, Wisconsin, and maintains additional operational bases in Atlanta, Georgia; New York City; San Francisco, California; Leawood, Kansas; and London, United Kingdom.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
8.78
Stock Price: $35.57
EPS (Diluted): 4.05
EPS (Diluted): 4.05
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
6.09
Stock Price: $35.57
Total Equity: $438.83M
Shares: 65,603,942
Total Equity: $438.83M
Shares: 65,603,942
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
5.78
Market Cap: $2.53B
Total Debt: $310.02M
Cash: $255.51M
EBITDA: $488.89M
Total Debt: $310.02M
Cash: $255.51M
EBITDA: $488.89M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$2.8B
Market Cap: $2.53B
Total Debt: $310.02M
Cash: $255.51M
Total Debt: $310.02M
Cash: $255.51M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
45.7%
Gross Profit: $547.10M
Revenue: $1.20B
Revenue: $1.20B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
33.4%
Operating Income: $399.63M
Revenue: $1.20B
Revenue: $1.20B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
24.3%
Net Income: $290.32M
Revenue: $1.20B
Revenue: $1.20B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
66.2%
Net Income: $290.32M
Total Equity: $438.83M
Total Equity: $438.83M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
62.6%
Operating Income: $399.63M
Tax Rate: 22.7%
Equity: $438.83M
Total Debt: $310.02M
Cash: $255.51M
Tax Rate: 22.7%
Equity: $438.83M
Total Debt: $310.02M
Cash: $255.51M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
20.33
Current Assets: $420.72M
Current Liabilities: $20.69M
Current Liabilities: $20.69M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.71
Short-Term Debt: $20.69M
Long-Term Debt: $289.33M
Total Debt: $310.02M
Total Equity: $438.83M
Long-Term Debt: $289.33M
Total Debt: $310.02M
Total Equity: $438.83M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$18.24
Revenue: $1.20B
Shares: 65,603,942
Shares: 65,603,942
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$6.69
Total Equity: $438.83M
Shares: 65,603,942
Shares: 65,603,942
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$2.61
Operating CF: $171.99M
CapEx: -$677,000
Shares: 65,603,942
CapEx: -$677,000
Shares: 65,603,942
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
9.6%
Last Dividend: N/A
Stock Price: $35.57
Stock Price: $35.57
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $290.32M
Net Income: $290.32M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares APAM against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:49pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $993.3M | $975.1M | $1.1B | $1.2B |
| Cost of Revenue | $563.1M | $510.4M | $529.4M | $594.1M | $649.6M |
| Gross Profit | $664.2M | $482.9M | $445.7M | $517.7M | $547.1M |
| Operating Expenses | $123.7M | $138.8M | $142.1M | $151.0M | $147.5M |
| Operating Income | $540.5M | $344.1M | $303.6M | $366.6M | $399.6M |
| Net Income | $336.5M | $206.8M | $222.3M | $259.7M | $290.3M |
| EBITDA | $569.3M | $329.5M | $401.6M | $459.0M | $488.9M |
| EPS | $5.10 | $2.94 | $3.19 | $3.66 | $4.05 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:49pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $200.1M | $143.2M | $178.5M | $268.2M | $255.5M |
| Total Current Assets | $335.6M | $262.6M | $307.8M | $409.4M | $420.7M |
| Total Assets | $1.2B | $1.2B | $1.4B | $1.6B | $1.6B |
| Current Liabilities | $474.6M | $449.6M | $446.9M | $501.4M | $20.7M |
| Long-Term Debt | $199.4M | $199.1M | $199.3M | $199.4M | $289.3M |
| Total Liabilities | $801.1M | $820.0M | $802.1M | $868.8M | $794.9M |
| Total Equity | $276.2M | $262.2M | $324.2M | $388.9M | $438.8M |
| Retained Earnings | $134.9M | $93.1M | $132.1M | $170.0M | $203.4M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:49pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $398.6M | $312.6M | $377.7M | $372.8M | $172.0M |
| Capital Expenditure | -$6.0M | -$19.6M | -$8.6M | -$4.8M | $-677,000 |
| Free Cash Flow | $392.6M | $293.1M | $369.1M | $368.1M | $171.3M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$56.2M | $0 | $0 | -$6.8M | $0 |
| Net Change in Cash | $1.3M | -$57.5M | $35.2M | $89.8M | -$12.7M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:01pm (10h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$1.2B $1.2B – $1.2B
|
$1.2B $1.2B – $1.2B
|
$1.3B $1.3B – $1.3B
|
$1.4B $1.3B – $1.4B
|
| EBITDA |
$480.9M $479.0M – $482.7M
|
$496.0M $494.0M – $497.9M
|
$518.4M $516.3M – $520.4M
|
$549.2M $547.0M – $551.3M
|
| Net Income |
$246.2M $245.2M – $247.1M
|
$251.4M $246.9M – $255.9M
|
$264.4M $253.2M – $275.6M
|
$270.3M $268.9M – $271.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:49pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -19.1% | -1.8% | +14.0% | +7.6% |
| Gross Profit Growth | -27.3% | -7.7% | +16.1% | +5.7% |
| Operating Income Growth | -36.3% | -11.8% | +20.8% | +9.0% |
| Net Income Growth | -38.6% | +7.5% | +16.9% | +11.8% |
| EBITDA Growth | -42.1% | +21.9% | +14.3% | +6.5% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:49pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-15 | $0.77 | 2026-04-28 | 2026-05-15 | 2026-05-29 |
| 2026-02-13 | $1.58 | 2026-02-03 | 2026-02-13 | 2026-02-27 |
| 2025-11-14 | $0.88 | 2025-10-28 | 2025-11-14 | 2025-11-28 |
| 2025-08-15 | $0.73 | 2025-07-29 | 2025-08-15 | 2025-08-29 |
| 2025-05-16 | $0.68 | 2025-04-30 | 2025-05-16 | 2025-05-30 |
| 2025-02-14 | $1.34 | 2025-02-04 | 2025-02-14 | 2025-02-28 |
| 2024-11-15 | $0.82 | 2024-10-29 | 2024-11-15 | 2024-11-29 |
| 2024-08-16 | $0.71 | 2024-07-23 | 2024-08-16 | 2024-08-30 |
| 2024-05-16 | $0.61 | 2024-04-23 | 2024-05-17 | 2024-05-31 |
| 2024-02-14 | $1.02 | 2024-01-30 | 2024-02-15 | 2024-02-29 |
| 2023-11-15 | $0.65 | 2023-10-31 | 2023-11-16 | 2023-11-30 |
| 2023-08-16 | $0.61 | 2023-08-01 | 2023-08-17 | 2023-08-31 |
| 2023-05-16 | $0.50 | 2023-05-02 | 2023-05-17 | 2023-05-31 |
| 2023-02-13 | $0.90 | 2023-01-31 | 2023-02-14 | 2023-02-28 |
| 2022-11-15 | $0.56 | 2022-11-01 | 2022-11-16 | 2022-11-30 |
| 2022-08-16 | $0.60 | 2022-08-02 | 2022-08-17 | 2022-08-31 |
| 2022-05-16 | $0.76 | 2022-04-26 | 2022-05-17 | 2022-05-31 |
| 2022-02-11 | $1.75 | 2022-02-01 | 2022-02-14 | 2022-02-28 |
| 2021-11-15 | $1.07 | 2021-10-26 | 2021-11-16 | 2021-11-30 |
| 2021-08-16 | $1.00 | 2021-08-03 | 2021-08-17 | 2021-08-31 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for APAM — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30