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APAM

Artisan Partners Asset Management Inc.

APAM

Artisan Partners Asset Management Inc. • NYSE
$41.48 ▼ -0.81% (-0.34)
Market Cap $2.92 B
52w High $49.54
52w Low $32.75
Dividend Yield 3.13%
P/E 11.18
Volume 212.47K
Outstanding Shares 70.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $301.287M ▲ $36.226M ▼ $66.83M ▼ 22.182% ▼ $0.93 ▼ $128.005M ▲
Q2-2025 $282.749M ▲ $37.101M ▲ $67.555M ▲ 23.892% ▲ $0.94 ▲ $125.511M ▲
Q1-2025 $277.147M ▼ $35.451M ▼ $61.139M ▼ 22.06% ▼ $0.82 ▼ $101.889M ▼
Q4-2024 $297.051M ▲ $39.469M ▲ $69.703M ▼ 23.465% ▼ $0.97 ▼ $117.625M ▼
Q3-2024 $279.582M $37.368M $72.99M 26.107% $1.03 $133.666M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $342.183M ▲ $1.582B ▲ $884.552M ▲ $402.056M ▲
Q2-2025 $311.604M ▲ $1.445B ▲ $840.407M ▼ $381.819M ▲
Q1-2025 $258.972M ▼ $1.37B ▼ $868.069M ▼ $356.517M ▼
Q4-2024 $268.218M ▼ $1.619B ▲ $868.837M ▼ $388.924M ▲
Q3-2024 $279.8M $1.611B $906.586M $372.079M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $86.473M ▲ $40.422M ▼ $9.842M ▼ $-19.685M ▲ $30.579M ▼ $40.367M ▼
Q2-2025 $67.555M ▲ $50.942M ▼ $32.736M ▲ $-31.046M ▲ $52.632M ▲ $50.854M ▼
Q1-2025 $53.842M ▼ $157.874M ▲ $-38.276M ▼ $-91.856M ▼ $27.742M ▲ $157.874M ▲
Q4-2024 $87.514M ▲ $37.172M ▼ $-451K ▼ $-48.303M ▲ $-11.582M ▼ $36.718M ▼
Q3-2024 $66.814M $112.763M $232K $-66.142M $46.853M $112.249M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Asset Management
Asset Management
 $280.00M ▲$280.00M ▲$280.00M ▲$300.00M ▲
Investment Performance
Investment Performance
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Artisan’s income statement shows a solid, fee-based business that moves with financial markets but has held up well. Revenue climbed strongly coming out of 2020, peaked in 2021, then softened as markets cooled in 2022 and 2023, and has since grown again. Profit margins have stayed healthy throughout, even when revenue dipped, which suggests good cost discipline and a scalable model. Earnings per share fell from an unusually strong 2021 level but have recovered meaningfully, though not back to that prior peak. Overall, the firm looks profitable and resilient, but its results remain tied to market levels, client flows, and investment performance.

Balance Sheet

Balance Sheet The balance sheet is relatively straightforward and improving. Total assets and shareholder equity have grown steadily, which indicates retained value building up in the business over time. Cash levels have risen, giving the company more financial flexibility and a better cushion against volatility. Debt has stayed fairly stable and does not appear excessive relative to the size of the business, suggesting a moderate use of leverage. As with most asset managers, the real economic value lies in people and client relationships, which do not fully show up on the balance sheet, so headline strength needs to be viewed alongside the firm’s ability to retain talent and clients.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has consistently been strong and has broadly tracked earnings, which is what investors typically like to see in an asset-light, fee-based business. Capital spending needs are very low, so free cash flow is close to operating cash flow. This means most of the cash generated can be used for dividends, buybacks, hiring teams, or strategic initiatives rather than heavy reinvestment in physical assets. The main risk is not the cash model itself, but the fact that cash generation will naturally rise and fall with markets, client assets, and performance.

Competitive Edge

Competitive Edge Artisan occupies a differentiated spot in active asset management by centering its model on investment talent and team autonomy. Each investment team operates like its own franchise, which can help attract and keep high-caliber portfolio managers who value independence and strong incentives. The firm focuses on higher value-added, active strategies where clients are willing to pay more for perceived skill, rather than competing directly with cheap index funds. It offers a broad platform across equities, credit, and global and emerging market debt, which supports diversification and cross-selling. Key competitive risks include ongoing pressure from passive investing, the need to sustain strong performance across strategies, and the ever-present risk of star manager departures or team turnover in a talent-driven model.

Innovation and R&D

Innovation and R&D Artisan does not innovate in the classic “tech R&D” sense; its edge comes from structure and product design rather than flashy software. The company’s main innovation is its autonomous team model and incentive system, which is designed to let investment teams focus on their own process without a rigid, top-down house view. On the technology side, its emphasis is on a more digital, data-informed sales and client service approach, not on proprietary trading algorithms. Product-wise, it has been expanding into more specialized and higher-complexity areas—such as global special situations, unconstrained and emerging markets debt, and concentrated global growth strategies. Looking ahead, the firm is leaning into alternatives and private-credit-like strategies, often by hiring or “lifting out” specialist teams. This offers growth potential but also brings execution risk, higher costs, and the challenge of maintaining strong margins and culture as the platform becomes more complex.

Summary

Artisan Partners is a profitable, cash-generative active asset manager with a business model built around investment talent and specialized strategies. Financially, it shows steady growth over time, strong margins, and robust free cash flow, against a backdrop of normal ups and downs tied to markets. The balance sheet is sound, with rising equity, solid cash reserves, and manageable debt. Its competitive strengths lie in its autonomous team structure, focus on high value-added active strategies, and expanding multi-asset platform, including credit and alternatives. Key uncertainties center on market cycles, fee and performance pressure from passive and other active managers, and the firm’s ability to keep attracting and retaining top teams while managing the complexity and cost of expanding into new, alternative-style strategies.

NEWS

November 18, 2025 · 9:38 AM UTC

Artisan Partners Expands into Private Real Estate with Acquisition of Grandview Property Partners

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November 11, 2025 · 4:17 PM UTC

Artisan Partners Asset Management Inc. Reports October 2025 Assets Under Management

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October 28, 2025 · 4:17 PM UTC

Artisan Partners Asset Management Inc. Reports 3Q25 Results and Quarterly Dividend

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October 14, 2025 · 4:16 PM UTC

Artisan Partners Asset Management Inc. to Announce 3Q25 Results on October 28, 2025

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October 9, 2025 · 4:15 PM UTC

Artisan Partners Asset Management Inc. Reports September 2025 Assets Under Management

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