Artisan Partners Asset Management Inc (APAM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.91	$0.94	+3.3%	—	$307.9M	—
Q1 26	$0.93	$0.87	-6.5%	—	$303M	—
Q4 25	$1.09	$1.26	+15.6%	—	$335.5M	—
Q3 25	$0.97	$1.02	+5.2%	—	$301.3M	—
Q2 25	$0.82	$0.83	+1.2%	—	$282.7M	—
Q1 25	$0.75	$0.83	+10.7%	—	$277.1M	—
Q4 24	$0.95	$1.05	+10.5%	—	$297.1M	—
Q3 24	$0.9	$0.92	+2.2%	—	$279.6M	—
Q2 24	$0.85	$0.82	-3.5%	—	$270.8M	—
Q1 24	$0.77	$0.76	-1.3%	—	$264.4M	—
Q4 23	$0.74	$0.78	+5.4%	—	$249M	—
Q3 23	$0.74	$0.75	+1.4%	—	$248.7M	—
Q2 23	$0.73	$0.71	-2.7%	—	$242.9M	—
Q1 23	$0.61	$0.64	+4.9%	—	$234.5M	—
Q4 22	$0.62	$0.65	+4.8%	—	$226M	—
Q3 22	$0.68	$0.7	+2.9%	—	$234.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.05	—	—	$1.2B	—
FY24	—	$3.66	—	—	$1.1B	—
FY23	—	$3.19	—	—	$975.1M	—
FY22	—	$2.94	—	—	$993.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$720.9M	$795.6M	$828.6M	$799M	$899.6M	$1.2B	$993.3M	$975.1M	$1.1B	$1.2B
YoY change	-10.5%	+10.4%	+4.15%	-3.58%	+12.6%	+36.4%	-19.1%	-1.83%	+14%	+7.63%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	720.9M	795.6M	828.6M	799M	899.6M	1.2B	993.3M	975.1M	1.1B	1.2B
Cost of revenue	383.9M	402.9M	413.2M	400.5M	435.8M	563.1M	510.4M	529.4M	594.1M	649.6M
Gross profit	336.9M	392.7M	415.5M	398.5M	463.7M	664.2M	482.9M	445.7M	517.7M	547.1M
Gross margin	46.7%	49.4%	50.1%	49.9%	51.6%	54.1%	48.6%	45.7%	46.6%	45.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	102.7M	106.3M	110.5M	115M	105.4M	123.7M	138.8M	142.1M	151M	147.5M
Operating expenses	115.8M	120.8M	129.2M	138.4M	127.3M	145.6M	167.6M	142.1M	151M	147.5M
Operating income	234.2M	286.4M	304.9M	283.5M	358.3M	540.5M	344.1M	303.6M	366.6M	399.6M
Operating margin	32.5%	36%	36.8%	35.5%	39.8%	44%	34.6%	31.1%	33%	33.4%
Non-operating income, net	1.9M	296.3M	8.1M	-3.1M	21.8M	21.3M	-22.7M	82.4M	72.9M	88.7M
Pretax income	224.5M	571.2M	301.8M	269.3M	369.3M	551.5M	311.8M	383.7M	440.6M	489.1M
Income tax	51.5M	420.5M	47.6M	27.8M	60.8M	107M	63.5M	71.9M	90.9M	111.3M
Net income	173M	150.7M	254.2M	241.5M	308.5M	444.5M	248.4M	311.8M	349.7M	377.9M
Net margin	24%	18.9%	30.7%	30.2%	34.3%	36.2%	25%	32%	31.4%	31.6%
EBITDA	240.2M	582.6M	310.9M	270.1M	360.3M	548.3M	353.1M	319.7M	385.6M	418.9M
EPS	1.57	0.75	2.84	2.65	3.4	5.1	2.94	3.19	3.66	4.05
Diluted EPS	1.57	0.75	2.84	2.65	3.4	5.09	2.94	3.19	3.66	4.05

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	248.7M	249M	264.4M	270.8M	279.6M	297.1M	277.1M	282.7M	301.3M	335.5M	303M	307.9M
Cost of revenue	130.6M	136.8M	149.9M	146.8M	149M	148.4M	155.2M	165.9M	163.2M	165.3M	168.7M	182M
Gross profit	118.1M	112.2M	114.5M	124M	130.5M	148.6M	122M	116.9M	138M	170.2M	134.3M	125.9M
Gross margin	47.5%	45.1%	43.3%	45.8%	46.7%	50%	44%	41.3%	45.8%	50.7%	44.3%	40.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	35.9M	35.8M	36.8M	37.4M	37.4M	39.5M	35.5M	37.1M	36.2M	38.7M	39.9M	41.1M
Operating expenses	43.2M	35.8M	36.8M	37.4M	37.4M	39.5M	35.5M	37.1M	36.2M	38.7M	39.9M	41.1M
Operating income	82.2M	76.4M	77.6M	86.6M	93.2M	109.2M	86.5M	79.8M	101.8M	131.5M	94.2M	84.6M
Operating margin	33%	30.7%	29.4%	32%	33.3%	36.7%	31.2%	28.2%	33.8%	39.2%	31.1%	27.5%
Non-operating income, net	6.1M	36.1M	31.3M	3.5M	35M	3.1M	10.9M	41.3M	21.2M	15.3M	-7.6M	42M
Pretax income	88M	113M	108.7M	90M	128.8M	113.1M	97.3M	120.8M	123.4M	147.5M	86.4M	126.7M
Income tax	14.6M	20.2M	22M	18.7M	24.6M	25.6M	20M	24.9M	37M	29.4M	18.8M	25.9M
Net income	73.4M	92.8M	86.7M	71.2M	104.2M	87.5M	77.3M	96M	86.5M	118.1M	67.6M	100.8M
Net margin	29.5%	37.3%	32.8%	26.3%	37.3%	29.5%	27.9%	33.9%	28.7%	35.2%	22.3%	32.7%
EBITDA	87.1M	81.4M	81.8M	91.2M	98.1M	114.5M	91M	84.2M	107.3M	136.4M	98.4M	89M
EPS	0.76	0.92	0.84	0.8	1.03	0.97	0.82	0.94	0.93	1.32	0.76	1.11
Diluted EPS	0.76	0.92	0.84	0.8	1.03	0.97	0.82	0.94	0.93	1.32	0.76	1.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.4B	2B	1.2B	1.7B	2.8B	2.9B	1.9B	2.8B	2.8B	2.7B	2.5B
Enterprise value	1.4B	2B	1.2B	1.8B	2.9B	3B	2B	2.9B	2.8B	2.7B	2.7B
Shares outstanding	46.5M	50.5M	53.7M	51.1M	55.6M	59.9M	62.5M	63.4M	64.9M	65.6M	65.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	8	13.2	4.67	6.84	9.07	6.42	7.47	8.98	7.99	7.07	8.5
P/S	1.92	2.51	1.43	2.07	3.11	2.33	1.87	2.87	2.51	2.23	2.02
P/B	11.8	18.4	8.45	11.9	9.83	7.01	4.48	4.64	3.73	3.42	5.99
EV/EBITDA	5.94	3.49	3.9	6.69	8.03	5.39	5.76	9.18	7.33	6.51	6.32
EV/Sales	1.98	2.56	1.46	2.26	3.21	2.41	2.05	3.01	2.54	2.28	2.13
Earnings yield	12.5%	7.56%	21.4%	14.6%	11%	15.6%	13.4%	11.1%	12.5%	14.1%	11.8%
FCF yield	19%	11%	26.9%	16.7%	11.3%	13.8%	15.8%	8.73%	13.2%	6.41%	11.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.47

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	46.7%	49.4%	50.1%	49.9%	51.6%	54.1%	48.6%	45.7%	46.6%	45.7%	40.9%
Operating margin	32.5%	36%	36.8%	35.5%	39.8%	44%	34.6%	31.1%	33%	33.4%	27.5%
Net margin	24%	18.9%	30.7%	30.2%	34.3%	36.2%	25%	32%	31.4%	31.6%	24.1%
ROE	147%	139.5%	180.9%	174.3%	108.3%	109.2%	59.9%	51.6%	46.6%	48.3%	64.6%
ROA	18.5%	18%	31.6%	25.9%	26.8%	36.8%	20.1%	22.2%	21.6%	24%	17.7%
ROIC	112.5%	51.1%	155.8%	86.1%	79.2%	86%	46.4%	33.4%	37.2%	36.9%	61.6%
Return on tangible assets	18.5%	18%	31.6%	25.9%	26.8%	36.8%	20.1%	22.2%	21.6%	24%	27.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.38	0.64	0.66	0.55	0.57	0.71	0.58	0.72	0.82	1.17	3.01
Quick ratio	0.38	0.64	0.66	0.55	0.57	0.71	0.58	0.72	0.82	1.17	1.09
Debt / equity	1.69	1.84	1.42	2.17	1.03	0.74	0.77	0.52	0.4	0.4	0.57
Debt / assets	0.21	0.24	0.25	0.32	0.25	0.25	0.26	0.22	0.19	0.2	0.22
Net debt / EBITDA	0.18	0.07	0.08	0.58	0.26	0.18	0.5	0.42	0.08	0.13	-0.08
Interest coverage	20.3	50.9	27.9	25.4	35.2	52.1	32.5	45.8	52.2	58.2	57.1
Effective tax rate	22.9%	73.6%	15.8%	10.3%	16.5%	19.4%	20.3%	18.7%	20.6%	22.7%	22.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.5	15.8	15.4	15.6	16.2	20.5	15.9	15.4	17.1	18.2	18.9
EPS (basic)	1.57	0.75	2.84	2.65	3.4	5.1	2.94	3.19	3.66	4.05	4.05
EPS (diluted)	1.57	0.75	2.84	2.65	3.4	5.09	2.94	3.19	3.66	4.05	4.17
Book value per share	2.53	2.14	2.62	2.71	5.12	6.79	6.63	9.52	11.6	11.9	5.92
FCF per share	5.66	4.36	5.95	5.38	5.68	6.55	4.69	3.85	5.67	2.61	3.62
Cash per share	3.37	3.15	3.26	2.81	3.58	3.34	2.29	2.81	4.13	3.89	4.94
Capex per share	0.16	0.12	0.26	0.35	0.06	0.1	0.31	0.14	0.07	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.01%	0.73%	1.67%	2.23%	0.34%	0.49%	1.97%	0.89%	0.43%	—	—
Capex / operating cash flow	2.6%	2.45%	4.17%	5.97%	0.89%	1.51%	6.23%	2.81%	1.18%	—	—
Payout ratio	66.7%	86.9%	66%	77.9%	65.8%	61.8%	100.1%	58.8%	63.5%	68%	81.3%
Dividend yield	8.34%	6.57%	14.1%	11.4%	7.25%	9.63%	13.4%	6.55%	7.94%	9.62%	8.93%

Yield

8.93%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.80

ex-dividend Aug 17, 2026

Payout ratio

81%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.80
May 15, 2026	$0.77
Feb 13, 2026	$1.58
Nov 14, 2025	$0.88
Aug 15, 2025	$0.73

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$248.7M	$249M	$264.4M	$270.8M	$279.6M	$297.1M	$277.1M	$282.7M	$301.3M	$335.5M	$303M	$307.9M
YoY change	+6.15%	+10.2%	+12.7%	+11.5%	+12.4%	+19.3%	+4.84%	+4.41%	+7.76%	+12.9%	+9.33%	+8.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	156.8M	159.2M	174.9M	143.6M	198.8M	200.1M	143.2M	178.5M	268.2M	255.5M
Receivables	59.7M	89.9M	71.2M	81.4M	101.3M	116.3M	90M	108.1M	122.7M	158.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	225.8M	262.2M	258.7M	237.4M	313.7M	335.6M	262.6M	307.8M	409.4M	441.3M
Property, plant & equipment	20M	21M	29.1M	126.7M	115.2M	124M	149.5M	141.4M	124.8M	138.3M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	936.2M	837.2M	805M	933.6M	1.2B	1.2B	1.2B	1.4B	1.6B	1.6B
Accounts payable	15.6M	24.8M	21.5M	54.1M	134.1M	49.2M	50.8M	63.6M	139.4M	46.4M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	601.9M	410.2M	390.8M	429.4M	546.6M	474.6M	449.6M	427.6M	501.4M	378.6M
Long-term debt	199.5M	199.1M	199.3M	300.3M	292M	299.7M	319.9M	312.7M	300.7M	310M
Total liabilities	818.5M	729.1M	664.5M	795.1M	867.2M	801.1M	820M	802.1M	868.8M	794.9M
Shareholders' equity	117.7M	108.1M	140.5M	138.5M	284.8M	407M	414.6M	603.8M	749.9M	782.4M
Total debt	199.5M	199.1M	199.3M	300.3M	292M	299.7M	319.9M	312.7M	300.7M	310M
Net debt	42.7M	40M	24.4M	156.6M	93.1M	99.6M	176.6M	134.2M	32.5M	54.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	230.5M	178.5M	228.6M	232.9M	279.8M	268.2M	259M	311.6M	342.2M	255.5M	300.4M	350.6M
Receivables	99.6M	108.1M	111.9M	116.7M	127.1M	122.7M	121.5M	113.7M	122.1M	158.9M	149.4M	125.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	356.6M	307.8M	352M	357.5M	415.7M	409.4M	414.8M	438.2M	469.3M	441.3M	456.9M	483.5M
Property, plant & equipment	138.6M	141.4M	137.3M	136.6M	130.7M	124.8M	121.3M	115.8M	143.5M	138.3M	136.8M	141.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	96.6M	96.2M
Total assets	1.4B	1.4B	1.5B	1.5B	1.6B	1.6B	1.4B	1.4B	1.6B	1.6B	1.4B	1.5B
Accounts payable	61.3M	63.6M	77.4M	45.5M	86.9M	139.4M	66.3M	52M	53.9M	46.4M	67.1M	55.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	425.1M	427.6M	453M	393.2M	428.3M	501.4M	500M	469.4M	477.1M	378.6M	471.4M	442.8M
Long-term debt	309.8M	312.7M	309.1M	308.5M	305.1M	300.7M	298.9M	295.2M	314M	310M	309.4M	314.9M
Total liabilities	874.6M	802.1M	899M	857.2M	906.6M	868.8M	868.1M	840.4M	884.6M	794.9M	927.6M	908.1M
Shareholders' equity	543M	603.8M	617M	648.1M	704M	749.9M	502.2M	604.3M	697.1M	782.4M	513.6M	551.4M
Total debt	309.8M	312.7M	309.1M	308.5M	305.1M	300.7M	298.9M	295.2M	314M	310M	309.4M	314.9M
Net debt	79.2M	134.2M	80.5M	75.6M	25.3M	32.5M	39.9M	-16.4M	-28.1M	54.5M	8.9M	-35.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	173M	150.7M	254.2M	241.5M	308.5M	444.5M	248.4M	311.8M	349.7M	377.9M
Depreciation & amortization	5.3M	5.3M	5.7M	6.2M	6.6M	6.9M	7.8M	9.3M	9.9M	9.4M
Stock-based compensation	72M	62.9M	53.6M	43.1M	37M	39.6M	41.5M	33.7M	32.5M	28.5M
Change in working capital	-4.3M	-26.4M	21.8M	25.9M	18.6M	-46.8M	62.6M	125K	-16.9M	-34.7M
Operating cash flow	279.7M	238.2M	332M	297.7M	348.6M	394.3M	313.7M	307.6M	401.4M	172M
Capital expenditure	-7.3M	-5.8M	-13.8M	-17.8M	-3.1M	-6M	-19.6M	-8.6M	-4.8M	—
Investing cash flow	-2.1M	-4.7M	-14.3M	-17.5M	18.8M	-27M	-63.7M	-38.2M	-24.9M	35.9M
Dividends paid	-115.4M	-131M	-167.8M	-188.2M	-203M	-274.7M	-248.7M	-183.4M	-222M	-257.1M
Share repurchases	0	-162.5M	-21.5M	0	-63M	-46.9M	0	0	—	—
Financing cash flow	-277.7M	-218.9M	-263.5M	-306.6M	-282.2M	-335.4M	-306.4M	-175M	-254.2M	-183M
Net change in cash	-33K	14.7M	54.1M	-26.4M	85.1M	31.9M	-56.4M	94.5M	122.3M	25M
Free cash flow	263.1M	220.1M	319.5M	275M	315.6M	392.6M	293.1M	244.4M	368.1M	171.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	73.4M	92.8M	86.7M	71.2M	104.2M	87.5M	77.3M	96M	86.5M	118.1M	67.6M	100.8M
Depreciation & amortization	2.4M	2.5M	2.4M	2.4M	2.7M	2.4M	2.5M	2.5M	2.3M	2.1M	2.3M	2.2M
Stock-based compensation	7.9M	7.7M	9.2M	7.9M	7.6M	7.7M	8.5M	6.9M	6.9M	6.3M	8.4M	7M
Change in working capital	-15.9M	-2.1M	-92K	-12.9M	23M	-10.1M	13.2M	9.6M	-6.1M	-36.2M	10.6M	22M
Operating cash flow	73.1M	123.1M	90.7M	73.9M	116.2M	137.4M	78.8M	78.3M	40.4M	-77.3M	181.8M	115.8M
Capital expenditure	-1.8M	-2.4M	-1.9M	-1.9M	-514K	-454K	-219K	-88K	—	—	—	—
Investing cash flow	-1.5M	-1.6M	-29.1M	4.5M	232K	-451K	-38.3M	32.7M	9.9M	31.3M	-11.5M	35.3M
Dividends paid	-42.2M	-44.9M	-71M	-42.9M	-50.1M	-57.9M	-94.7M	-48.2M	-51.8M	-62.4M	-112.5M	-55.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-40.6M	-40.7M	-63.8M	-76M	-66.1M	-48.3M	-91.9M	-31M	-9.7M	-40.4M	-95.1M	-100.4M
Net change in cash	30.9M	80.8M	-2.2M	2.4M	50.3M	88.7M	-51.4M	80M	40.6M	-86.4M	75.2M	50.7M
Free cash flow	77.9M	-12.1M	145.2M	74M	112.2M	36.7M	157.7M	50.9M	40.4M	-77.6M	181.2M	115.3M

Artisan Partners Asset Management Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement