Artisan Partners (APAM) AI Stock Analysis

• Market Cap: $3.23B
• Dividend Yield: 8.72%
• Average Volume (3M): 539.00K
• Price to Earnings (P/E): 9.9
• Beta (1Y): 1.08
• Revenue Growth: 5.46%
• EPS Growth: 2.10%
• Country: US
• Employees: 584
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.26
• Shares Outstanding: 70,530,754
• 10 Day Avg. Volume: 532,752
• 30 Day Avg. Volume: 538,995
• PEG Ratio: 0.94
• Price to Book (P/B): 6.59
• Price to Sales (P/S): 2.42
• P/FCF Ratio: 1.43K
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 2.51
• Enterprise Value/Gross Profit: 4.20
• Enterprise Value/Ebitda: 6.00
• 1Y Price Target: $45.00
• Price Target Upside: 9.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 4.13
• Revenue Forecast (FY): $1.26B

• Rating: 65 Neutral
• Price Target: $45.00 ▲(9.73% Upside)
• Action: Downgraded Date: 02/21/26
• Date: Action: Downgraded 02/21/26

APAM’s score is primarily capped by financial statement quality concerns—especially the sharp 2025 free cash flow deterioration and meaningful leverage—despite strong reported profitability. Valuation is a clear positive (low P/E and high dividend yield), while the earnings call was constructive (record AUM and margin expansion) but tempered by equity outflows and higher expected 2026 expense levels. Technically, the stock looks range-bound with mixed momentum signals.

Positive Factors

High, Consistent Profitability

Artisan reports persistently high margins (EBIT/EBITDA ~40%, net margin ~20% range) and revenue growth, indicating durable operating leverage and pricing power in active management. These sustained profits support reinvestment, product development and recurring fee generation over the medium term.

Scale: Record AUM and Strong Returns

Record AUM combined with strong multi-year investment performance broadens the fee base and strengthens distribution credibility. Scale drives stable management fees, supports institutional mandates and increases resilience to client churn, underpinning durable revenue streams and market position.

Diversifying Growth in Credit & Alternatives

Material growth in credit and alternatives diversifies revenue beyond public equities, often at higher and stickier fee rates. Expansion into these asset classes reduces sensitivity to equity outflows and positions the firm to capture structural demand for yield and private markets over the medium term.

Negative Factors

Severe Free Cash Flow Collapse

A near-total collapse in 2025 free cash flow creates a material quality‑of‑earnings concern: it weakens the link between reported profits and actual cash, strains ability to sustain dividends or seed investments, and raises reliance on financing if cash conversion doesn't normalize.

Meaningful Balance Sheet Leverage

Higher leverage reduces financial flexibility and increases vulnerability to AUM outflows or earnings weakness. With a relatively small equity base driving high ROE, a levered balance sheet magnifies downside risk and could constrain capital deployment during market stress.

Rising Fixed Costs from Large LTI Program

Material upcoming LTI amortization and higher fixed compensation will raise operating expenses and reduce operating leverage. If revenue or performance‑driven flows slow, these fixed costs could compress margins and limit free cash flow recovery, pressuring shareholder returns.

Artisan Partners Business Overview & Revenue Model

Company Description

Artisan Partners Asset Management Inc. is publicly owned investment manager. It provides its services to pension and profit sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds and non-U.S. funds, as well as mutual funds, non-U.S. funds and collective trusts. It manages separate client-focused equity and fixed income portfolios. The firm invests in the public equity and fixed income markets across the globe. It invests in growth and value stocks of companies across all market capitalization. For fixed income component of its portfolio the firm invests in non-investment grade corporate bonds and secured and unsecured loans. It employs fundamental analysis to create its portfolios. Artisan Partners Asset Management Inc. was founded in 1994 and is based in Milwaukee, Wisconsin with additional offices in Atlanta, Georgia; New York City; San Francisco, California; Leawood, Kansas; and London, United Kingdom.

How the Company Makes Money

Artisan Partners generates revenue primarily through management fees charged on the assets it manages for clients. These fees are typically a percentage of the total assets under management (AUM) and vary based on the investment strategy and fund type. In addition to management fees, the company may also earn performance fees from certain investment products when they exceed benchmark returns. Significant partnerships with institutional investors, pension funds, and financial advisors contribute to its AUM, ultimately driving revenue growth. The firm also benefits from a diversified client base, which helps mitigate risks associated with market volatility.

Artisan Partners Financial Statement Overview

Summary

Income statement strength (78) reflects high and fairly consistent profitability with ~40% EBIT/EBITDA margins and revenue growth in 2024–2025. This is offset by balance sheet leverage that is meaningful for the model (63) and, most importantly, a severe 2025 cash flow break (cash flow score 29) that raises quality-of-earnings and durability concerns despite solid reported margins.

Income Statement

Profitability is strong and fairly consistent: net profit margin held in the low-to-mid 20% range across 2023–2025, with EBIT/EBITDA margins around ~40% in 2023–2025. Revenue rebounded in 2024 and accelerated further in 2025 (after a down year in 2023), but the multi-year top-line path is choppy (notably the sharp contraction in 2022), which tempers the score despite healthy margins.

Balance Sheet

Leverage is meaningful for the business model: debt-to-equity has generally been near ~0.8–1.6 over 2020–2025 and moved up again in 2025. Equity has improved versus earlier years, and returns on equity are very high, but that strength is partly driven by a relatively small equity base versus earnings—so the balance sheet reads as profitable but more levered than ideal and somewhat sensitive if earnings soften.

Cash Flow

Cash generation shows a major recent break: operating cash flow and free cash flow fell to about $2.0M in 2025 versus hundreds of millions in prior years, with free cash flow down ~99% year over year. Earlier periods (2020–2024) showed strong cash conversion with free cash flow close to net income, but the 2025 collapse raises a clear quality-of-earnings and durability flag.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.20B	1.11B	975.13M	993.28M	1.23B
Gross Profit	547.10M	517.68M	445.74M	482.88M	664.18M
EBITDA	488.89M	459.02M	401.61M	329.54M	569.29M
Net Income	290.32M	259.75M	222.29M	206.75M	336.52M
Balance Sheet
Total Assets	1.58B	1.62B	1.41B	1.23B	1.21B
Cash, Cash Equivalents and Short-Term Investments	255.51M	268.22M	178.47M	143.25M	200.14M
Total Debt	410.21M	300.71M	312.66M	319.90M	299.75M
Total Liabilities	794.87M	868.84M	802.10M	819.97M	801.05M
Stockholders Equity	438.83M	388.92M	324.15M	262.22M	276.20M
Cash Flow
Free Cash Flow	2.02M	368.09M	369.07M	293.05M	392.58M
Operating Cash Flow	2.02M	372.84M	377.71M	312.61M	398.55M
Investing Cash Flow	35.25M	-24.87M	-67.18M	-63.73M	-26.97M
Financing Cash Flow	0.00	-254.22M	-270.63M	-306.40M	-335.43M

Artisan Partners Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 41.01
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APAM, the sentiment is Negative. The current price of 41.01 is below the 20-day moving average (MA) of 42.40, below the 50-day MA of 41.59, and below the 200-day MA of 41.50, indicating a bearish trend. The MACD of -0.28 indicates Positive momentum. The RSI at 44.18 is Neutral, neither overbought nor oversold. The STOCH value of 14.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for APAM.

Artisan Partners Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AB	78 Outperform	$3.55B	12.98	18.35%	8.93%	―	-12.92%
VCTR	76 Outperform	$4.95B	18.69	18.61%	3.00%	33.03%	-3.55%
FHI	74 Outperform	$4.30B	10.80	34.09%	2.46%	9.32%	53.51%
WT	73 Outperform	$2.35B	22.25	26.69%	0.95%	12.05%	120.13%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
APAM	65 Neutral	$3.23B	9.88	63.64%	8.72%	5.46%	2.10%
CNS	63 Neutral	$3.42B	22.55	31.53%	3.92%	12.73%	19.01%

Artisan Partners Corporate Events

Artisan Partners Reports January 2026 Assets Under Management

Artisan Partners Asset Management Inc., a global active investment manager offering multi-asset strategies across equities, credit, emerging markets and real assets, reported preliminary assets under management of $185.3 billion as of January 31, 2026. The firm serves sophisticated clients worldwide through Artisan Funds, Artisan Global Funds, separate accounts, collective investment trusts and private funds.

In its February 10, 2026 release, the company detailed that $90.2 billion of AUM resided in Artisan Funds and Artisan Global Funds, while $95.1 billion was held in separate accounts and other vehicles, underscoring the significance of institutional and customized mandates. The breakdown shows substantial scale in international value, global value and high income credit strategies, highlighting the breadth of its platform and the diversified sources of fee-generating assets for stakeholders.

The most recent analyst rating on (APAM) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Artisan Partners stock, see the APAM Stock Forecast page.

Artisan Partners Announces Q4 Results and Special Dividend

On January 29, 2026, Artisan Partners Asset Management Inc. appointed Ryan G. Von Hoff, previously the company’s Vice President, Assistant Treasurer and Corporate Controller, as Chief Accounting Officer and principal accounting officer, drawing on his experience as Corporate Controller since July 2022 and earlier roles at the firm and Deloitte & Touche LLP. On February 3, 2026, the company reported its financial results for the fourth quarter and full year ended December 31, 2025, and declared both a quarterly and special annual dividend, underscoring its continued capital return to shareholders, and scheduled a management-led conference call for February 4, 2026 to discuss performance and related updates.

The most recent analyst rating on (APAM) stock is a Buy with a $51.00 price target. To see the full list of analyst forecasts on Artisan Partners stock, see the APAM Stock Forecast page.

Artisan Partners Reports Strong Year-End Assets Under Management

On January 9, 2026, Artisan Partners Asset Management expanded its board from eight to nine members and appointed Clarence Kane Brenan, CEO of TIFF Investment Management and a former senior Goldman Sachs executive, as a director and member of the Compensation Committee, reinforcing its governance bench with deep institutional investing and private equity experience. Earlier in the month, on January 2, 2026, a company subsidiary closed the previously announced acquisition of Grandview Property Partners, LLC, while on January 12, 2026 the firm reported preliminary assets under management of $179.9 billion as of December 31, 2025, with a nearly even split between its Artisan-branded funds and separate accounts and other vehicles, underscoring the scale and diversification of its platform despite typical year-end distribution-related outflows.

The most recent analyst rating on (APAM) stock is a Buy with a $51.00 price target. To see the full list of analyst forecasts on Artisan Partners stock, see the APAM Stock Forecast page.

Artisan Partners Reports November AUM and December Redemption

On December 9, 2025, Artisan Partners Asset Management Inc. reported its preliminary assets under management (AUM) as of November 30, 2025, totaling $180.8 billion. The report highlighted that Artisan Funds and Artisan Global Funds accounted for $87.2 billion, while separate accounts and other AUM comprised $93.6 billion. The announcement also noted the impact of $800 million in Artisan Funds distributions not reinvested in November, with an additional $400 million expected in December. Additionally, a $2.7 billion redemption from a non-U.S. institutional client in early December was attributed to local pension-market dynamics, affecting three Growth team strategies.

The most recent analyst rating on (APAM) stock is a Buy with a $48.00 price target. To see the full list of analyst forecasts on Artisan Partners stock, see the APAM Stock Forecast page.