Artisan Partners Asset Management

APAM · NYSE · Financials · Financials, fiscal 2016 to 2025

APAM · Last close · November 6, 2026

$39.13

Value Artisan Partners Asset Management yourself

Artisan Partners Asset Management's revenue rose 7.6% to $1.2 billion in fiscal 2025. Its operating margin was 33.4%, up from 33.0% a year earlier. Free cash flow was $172 million, down 53.8%. It paid out $257 million in dividends and buybacks, 150% of free cash flow. The diluted share count rose 1.0%.

Artisan Partners Asset Management Inc. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001517302-26-000047 Updated November 5, 2026

Revenue

$1.2B

7.6%

Operating margin

33.4%

0.4 pts

Net income

$290M

11.8%

Free cash flow

$172M

53.8%

Return on capital

80.6%

0.5 pts

Market cap

$2.6B

Nov 6 close

P/E

9.3x

On $4.23 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Artisan Partners Asset Management does

Artisan Partners is an investment management firm that runs money for institutions and individuals around the world. It offers active strategies in several asset classes, such as equities, fixed income and alternatives, and it lets each of its investment teams work on its own philosophy and process.

It earns nearly all its revenue from investment management fees, which are mostly a set percentage of the assets under management (AUM) of its clients. Its revenue therefore moves with the value of those assets and the fee rates it charges. It also earns performance fees from some strategies.

Artisan grows by launching new strategies from existing teams and by adding new teams. It says it may close a strategy to new investors to protect performance, even if that hurts short-term results. Its teams compete with many other investment managers.

Its biggest risks, as it describes them

Losing key investment professionals or senior leaders could hurt the business.
Poor investment results would lead clients to take money out, cutting its revenue.
Difficult markets reduce its assets under management and lead clients to withdraw funds.
Many strategies invest in non-U.S. companies, which brings currency and political risks.
It may be unable to keep its current fee rates.

From Artisan Partners Asset Management's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 11.1% a year and net income 16.6% a year, as new shares raised the share count by 72% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	201	143	178	268	256
Debt incl. finance leases	—	200	200	200	190
Net debt (negative means net cash)	—	57	22	−68	−66
Net debt to EBITDA	—	0.2x	0.1x	−0.2x	−0.2x
Debt to equity	—	0.8x	0.6x	0.5x	0.4x
Interest coverage	50.0x	34.7x	35.4x	42.6x	46.7x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Artisan Partners Asset Management's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Artisan Partners Asset Management's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Artisan Partners Asset Management shares on the open market, and 1 insider sold $298,130.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	Gregory K RamirezExecutive Vice President	Sold	7,000	$42.59	$298,130	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	23.9%	47.4%	22.0%
Altman Z''	—	—	—
Accruals ratio	−2.3%	−7.5%	7.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Artisan Partners Asset Management side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Artisan Partners Asset Management	FY25	7.6%	33.4%	14.3%	80.6%	−0.2x	—
Victory Capital	FY25	46.2%	36.6%	29.2%	13.9%	1.5x	—	Compare
Virtus Investment Partners	FY25	−6.0%	19.8%	−8.7%	15.5%	−0.4x	—	Compare
Federated Hermes	FY25	10.3%	28.5%	16.4%	40.9%	−0.4x	7	Compare
Hamilton Lane	FY26	6.5%	—	55.2%	34.5%	−0.2x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	721	796	829	799	900	1,227	993	975	1,112	1,197
Revenue growth	−10.5%	10.4%	4.2%	−3.6%	12.6%	36.4%	−19.1%	−1.8%	14.0%	7.6%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	234	286	305	284	358	540	344	304	367	400
Net income	73	50	158	156	213	336	207	222	260	290
Diluted EPS (US$)	1.57	0.75	2.84	2.65	3.40	5.09	2.94	3.19	3.66	4.05
Diluted shares (millions)	38	45	49	51	56	60	62	64	65	66
Cash flow
Cash from operations	270	226	333	293	319	399	313	253	373	172
Capital expenditure	3	2	3	4	2	2	7	2	2	0
Free cash flow	267	224	330	289	317	396	306	251	371	172
Dividends paid	115	131	168	188	203	275	249	183	222	257
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	28	13	53	42	36	39	40	32	31	27
Balance sheet at fiscal year end
Cash and short-term investments	157	137	160	135	199	201	143	178	268	256
Debt incl. finance leases	—	—	—	—	—	—	200	200	200	190
Total assets	936	837	805	934	1,152	1,208	1,235	1,406	1,619	1,577
Total liabilities	818	666	630	752	867	801	820	802	869	795
Shareholders' equity	132	110	135	133	180	276	262	324	389	439
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	32.5%	36.0%	36.8%	35.5%	39.8%	44.0%	34.6%	31.1%	33.0%	33.4%
Net margin	10.1%	6.2%	19.1%	19.6%	23.6%	27.4%	20.8%	22.8%	23.4%	24.3%
Free cash flow margin	37.1%	28.2%	39.9%	36.2%	35.2%	32.3%	30.8%	25.7%	33.4%	14.3%
Rule of 40 (growth + FCF margin)	26.6%	38.6%	44.0%	32.6%	47.8%	68.7%	11.7%	23.9%	47.4%	22.0%
Return on capital	—	—	—	—	—	—	—	69.6%	80.1%	80.6%
Return on equity	55.8%	41.0%	129.2%	116.8%	135.7%	147.4%	76.8%	75.8%	72.8%	70.2%
Return on assets	7.8%	5.6%	19.3%	18.0%	20.4%	28.5%	16.9%	16.8%	17.2%	18.2%
Net debt to EBITDA	—	—	—	—	—	—	0.2x	0.1x	−0.2x	−0.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Artisan Partners Asset Management's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Artisan Partners Asset Management.