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Artisan Partners
(NYSE:APAM)
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Rating:78Outperform
Price Target:
$48.00
▲(22.01% Upside)
Action:Reiterated
Date:08/17/26
APAM scores 78 driven primarily by strong financial performance (high margins, improving TTM growth, solid cash conversion and improving leverage) and attractive valuation (low P/E with a high dividend yield). Technicals are supportive with the stock trading above key moving averages and positive MACD. The main offset is earnings-call risk around significant net outflows and the U.S. Value wind-down, which adds near-term earnings/AUM uncertainty despite otherwise constructive business momentum.
Positive Factors
Strong long-term investment performance
Sustained benchmark outperformance supports client retention, new mandate wins and the credibility of Artisan’s active-management platform, helping protect fee revenue and create durable competitive differentiation over the medium term.
Negative Factors
Large outflows and U.S. Value wind-down
Material redemptions and the exit of a nearly 30-year franchise can permanently reduce fee-earning AUM, disrupt client relationships and increase transition costs, offsetting growth from newer strategies during the repositioning.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong long-term investment performance
Sustained benchmark outperformance supports client retention, new mandate wins and the credibility of Artisan’s active-management platform, helping protect fee revenue and create durable competitive differentiation over the medium term.
Read all positive factors
Artisan Partners Key Performance Indicators (KPIs)
Any
Revenue by Type
Revenue split between management fees, performance/incentive fees, and other income, revealing how predictable the business is and how tied results are to market performance. A higher share of stable management fees points to steady cash flow, while large performance fees create upside in good markets but increase revenue volatility and dependence on investment outperformance.
Revenue split between management fees, performance/incentive fees, and other income, revealing how predictable the business is and how tied results are to market performance. A higher share of stable management fees points to steady cash flow, while large performance fees create upside in good markets but increase revenue volatility and dependence on investment outperformance.
Data provided by:
The Fly
The FlyArtisan Partners (APAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.48B
Dividend Yield9.23%
Average Volume (3M)827.10K
Price to Earnings (P/E)10.1
Beta (1Y)1.09
Revenue Growth7.40%
EPS Growth9.66%
CountryUS
Employees567
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.24
Shares Outstanding70,996,430
10 Day Avg. Volume937,286
30 Day Avg. Volume827,101
Financial Highlights & Ratios
PEG Ratio0.94
Price to Book (P/B)6.09
Price to Sales (P/S)2.23
P/FCF Ratio15.60
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$38.75Price Target Upside-1.50% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.85
Revenue Forecast (FY)$1.24B
Artisan Partners Business Overview & Revenue Model
Company 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, ch...
How the Company Makes Money
Artisan Partners primarily makes money by charging investment management fees for managing client assets. Its core revenue stream is asset-based advisory/management fees calculated as a percentage of assets under management (AUM); as AUM rises or ...
Artisan Partners Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong strategic and financial positives — record AUM, robust long-term investment performance metrics, continued organic growth in credit and alternatives, revenue and margin expansion, and a healthy balance sheet with increased dividend — alongside notable near-term challenges, most prominently $10.5 billion of net client outflows concentrated in the U.S. Value and Growth teams and the planned wind-down of the U.S. Value franchise (with related severance costs and a ~$0.03 per-share sequential headwind). Management articulated a clear plan to diversify the platform (EMsights, Grandview, credit and alternatives expansion) and is making progress on mandates and fundraising. Overall, the positives (record AUM, strong performance statistics, inflows in strategic areas, improving revenues/margins and strong capital position) outweigh the material but addressed outflows and transitional costs, signaling cautious optimism and constructive momentum for the business.Positive Updates
Record Assets Under Management
Quarter-end AUM reached $183.0 billion, a record level, up 6% sequentially and up 5% year-over-year. Average AUM was $182.0 billion (flat sequentially, up 9% vs June 2025) and year-to-date average AUM improved 9% versus the prior 6-month period.
Negative Updates
Large Net Client Outflows
Net client outflows totaled $10.5 billion in the quarter. Approximately $9.2 billion (nearly 90% of the outflows) were from the U.S. Value and Growth teams, including $6.4 billion from U.S. Value and $2.8 billion from Growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Assets Under Management
Quarter-end AUM reached $183.0 billion, a record level, up 6% sequentially and up 5% year-over-year. Average AUM was $182.0 billion (flat sequentially, up 9% vs June 2025) and year-to-date average AUM improved 9% versus the prior 6-month period.
Read all positive updates
Company Guidance
Guidance highlights: Artisan expects the U.S. Value wind‑down to be largely complete by the end of Q3 and to create an approximate $0.03 per‑share headwind to Q3 results versus Q2; fixed expenses are expected to decline sequentially in Q3 as seasonal and separation costs roll off, while full‑year fixed‑expense guidance remains unchanged at mid‑single‑digit growth. At quarter end the firm reported $335 million of cash, redeemed roughly $20 million of seed capital (seed investments ≈ $100 million), and retained > $180 million of excess capital after declaring a $0.80 quarterly dividend (up 4% QoQ, 10% YoY) while evaluating a potential year‑end special dividend or other uses of capital. For context, Q2 results were AUM $183 billion, revenue $308 million and adjusted EPS $0.94.Artisan Partners Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.42B | 1.20B | 1.11B | 975.13M | 993.28M | 1.23B |
| Gross Profit | 891.85M | 547.10M | 517.68M | 445.74M | 482.88M | 664.18M |
| EBITDA | 458.40M | 488.89M | 459.02M | 401.61M | 329.54M | 569.29M |
| Net Income | 300.53M | 290.32M | 259.75M | 222.29M | 206.75M | 336.52M |
Balance Sheet | ||||||
| Total Assets | 1.46B | 1.58B | 1.62B | 1.41B | 1.23B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 334.50M | 255.51M | 268.22M | 178.47M | 143.25M | 200.14M |
| Total Debt | 314.90M | 410.21M | 300.71M | 312.66M | 319.90M | 299.75M |
| Total Liabilities | 908.10M | 794.87M | 868.84M | 802.10M | 819.97M | 801.05M |
| Stockholders Equity | 463.41M | 438.83M | 388.92M | 324.15M | 262.22M | 276.20M |
Cash Flow | ||||||
| Free Cash Flow | 260.90M | 171.31M | 368.09M | 369.07M | 293.05M | 392.58M |
| Operating Cash Flow | 260.73M | 171.99M | 372.84M | 377.71M | 312.61M | 398.55M |
| Investing Cash Flow | 63.59M | -25.27M | -24.87M | -67.18M | -63.73M | -26.97M |
| Financing Cash Flow | -255.57M | -371.04M | -254.22M | -270.63M | -306.40M | -335.43M |
Artisan Partners Technical Analysis
Positive
39.34
Price Trends
38.37
Positive
37.14
Positive
37.88
Positive
Market Momentum
1.22
Negative
67.95
Neutral
79.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APAM, the sentiment is Positive. The current price of 39.34 is below the 20-day moving average (MA) of 41.54, above the 50-day MA of 38.37, and above the 200-day MA of 37.88, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 67.95 is Neutral, neither overbought nor oversold. The STOCH value of 79.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for APAM.
Artisan Partners Risk Analysis
Artisan Partners disclosed 41 risk factors in its most recent earnings report. Artisan Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Artisan Partners Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $4.83B | 12.02 | 34.06% | 2.42% | 15.25% | 19.43% | |
81 Outperform | $7.14B | 21.13 | 19.29% | 1.98% | 50.24% | 33.56% | |
78 Outperform | $3.48B | 10.14 | 70.99% | 10.07% | 7.40% | 9.66% | |
78 Outperform | $4.28B | 25.39 | 29.72% | 3.17% | 12.59% | 2.98% | |
76 Outperform | $3.61B | 42.57 | 19.25% | 0.61% | 37.14% | 38.12% | |
75 Outperform | $3.39B | 10.76 | 25.41% | 9.17% | ― | 0.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
APAM
Artisan Partners
43.64
0.60
1.40%
AB
AllianceBernstein
36.62
0.02
0.06%
CNS
Cohen & Steers
83.01
10.36
14.26%
FHI
Federated Hermes
65.39
12.70
24.10%
WT
WisdomTree
24.13
10.72
79.93%
VCTR
Victory Capital Holdings
115.34
45.78
65.81%
Artisan Partners Corporate Events
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports July AUM, Shifts U.S. Value
Neutral
Aug 11, 2026
On August 11, 2026, Artisan Partners Asset Management Inc. reported preliminary assets under management of $183.0 billion as of July 31, 2026, underscoring the scale of its global investment franchise. Artisan Funds and Artisan Global Funds repres...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reshapes Platform, Winds Down U.S. Value
Negative
Jul 10, 2026
On July 10, 2026, Artisan Partners Asset Management Inc. reported preliminary assets under management of $183.4 billion as of June 30, 2026, with $93.5 billion in Artisan Funds and Artisan Global Funds and $89.9 billion in separate accounts and ot...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports May Assets, Faces Mandate Termination
Neutral
Jun 5, 2026
Artisan Partners Asset Management Inc., a Milwaukee-based global investment manager listed on the NYSE as APAM, reported that its preliminary assets under management stood at $186.0 billion as of May 31, 2026. The total included $92.3 billion in A...
Executive/Board ChangesShareholder Meetings
Artisan Partners Shareholders Reaffirm Board and Governance Structure
Positive
Jun 3, 2026
At its 2026 annual meeting of stockholders held on June 3, 2026, Artisan Partners Asset Management shareholders elected all nine director nominees to the board, reaffirming the company’s existing leadership structure. The voting results show...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.