Artisan Partners Asset Management Inc (APAM)
NYSE:APAM
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Artisan Partners
(NYSE:APAM)
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Rating:60Neutral
Price Target:
$40.00
▲(6.16% Upside)
Action:ReiteratedDate:04/29/26
The score is held back primarily by the sharp 2025 operating/free cash flow deterioration and meaningful leverage, despite strong reported margins. Valuation is supportive (low-teens P/E and high yield), and the earnings call was balanced with credit/alternatives strength and expense guidance stability offset by equity-driven outflows and sequential profitability pressure. Technicals are neutral, with price below longer-term averages.
Positive Factors
Recurring fee-based model
Artisan's core revenue derives from recurring management fees tied to AUM across mutual funds, ETFs and separate accounts. This fee‑based model creates steady, predictable revenue when AUM is stable, supporting operating margins and long‑term planning vs. one‑time transactional businesses.
Negative Factors
Free cash flow collapse in 2025
A near‑total collapse in operating and free cash flow materially weakens internal funding for dividends, buybacks, investments and M&A, forcing greater reliance on retained capital or external financing. This raises sustainability risk if AUM or performance remain pressured over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee-based model
Artisan's core revenue derives from recurring management fees tied to AUM across mutual funds, ETFs and separate accounts. This fee‑based model creates steady, predictable revenue when AUM is stable, supporting operating margins and long‑term planning vs. one‑time transactional businesses.
Read all positive factors
Artisan Partners (APAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.03B
Dividend Yield8.72%
Average Volume (3M)843.58K
Price to Earnings (P/E)10.4
Beta (1Y)1.09
Revenue Growth9.72%
EPS Growth12.22%
CountryUS
Employees584
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.01
Shares Outstanding70,530,754
10 Day Avg. Volume815,114
30 Day Avg. Volume843,578
Financial Highlights & Ratios
PEG Ratio0.86
Price to Book (P/B)6.09
Price to Sales (P/S)2.23
P/FCF Ratio15.60
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue2.22
Enterprise Value/Gross Profit3.70
Enterprise Value/Ebitda5.30
Forecast
1Y Price Target
$41.37Price Target Upside9.80% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.89
Revenue Forecast (FY)$1.22B
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. f...
How the Company Makes Money
Artisan Partners primarily makes money by charging investment management fees based on assets under management (AUM). These fees are typically calculated as a percentage of average AUM for each strategy and are recognized as revenue over time as a...
Artisan Partners Key Performance Indicators (KPIs)
Artisan Partners Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong long-term investment performance, institutional recognition, growing credit and alternatives franchises, product and talent expansion, and a solid capital position were notable positives. These were offset by meaningful near-term pressures including $3.1 billion of Q1 net outflows concentrated in equities, sequential declines in revenue and adjusted earnings (driven by the absence of performance fees and higher expenses), and short-term underperformance in a few large equity strategies. Management highlighted recovery in AUM, continued credit and alternatives momentum, and an active M&A/product pipeline, but acknowledged ongoing work to address equity-driven outflows.Positive Updates
Strong Long-Term Investment Performance
74% of AUM outperformed benchmarks over 3 years, 76% over 5 years, and 99% over 10 years (gross of fees). All 12 strategies with >10-year track records have outperformed since inception net of fees, compounding capital at average annual rates between 6% and nearly 13% and beating benchmarks by an average of 202 basis points annually net of fees.
Negative Updates
Firmwide Net Outflows Concentrated in Equities
Firmwide net outflows for Q1 were $3.1 billion, concentrated in several large equity strategies due to client de-risking, reallocations after asset class outperformance, and shifts to passive alternatives.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Long-Term Investment Performance
74% of AUM outperformed benchmarks over 3 years, 76% over 5 years, and 99% over 10 years (gross of fees). All 12 strategies with >10-year track records have outperformed since inception net of fees, compounding capital at average annual rates between 6% and nearly 13% and beating benchmarks by an average of 202 basis points annually net of fees.
Read all positive updates
Company Guidance
Artisan left full‑year 2026 expense guidance unchanged and said it expects fixed expenses (excluding roughly $20 million of incremental fixed expenses for long‑term incentive compensation and Grand View) to rise at a low single‑digit rate in 2026, with continued strong business development targeted in credit and alternatives (Q1 credit net inflows $800 million — 15th consecutive quarter — and alternatives $300 million) while the equity backdrop is “more challenging and difficult to predict” (firmwide Q1 net outflows $3.1 billion; AUM $173 billion as of 3/31/2026, average AUM $182 billion, and nearly $184 billion late April); management said it is pursuing M&A (noting a robust pipeline and a possible credit deal by year‑end), expanding product capabilities (filed to offer ETF share classes, onboarding Grand View and planning its flagship fund launch later this year), and will use capital (cash $271 million, ~$50 million of seed redeemed leaving $110 million of seed) with ~ $150 million of excess capital retained after a $0.77 per‑share quarterly dividend (‑24% sequential, +13% YoY) to support organic growth, evaluate acquisitions, and potentially return capital; near‑term financials cited included a 67 bps weighted average fee, revenues down ~10% sequential (up 9% YoY) with December having $29 million of performance fees and a ~$6 million two‑day impact, adjusted operating expenses +4% sequential (+11% YoY), adjusted operating income ‑30% sequential (+6% YoY), and adjusted net income per adjusted share ‑31% sequential (+5% YoY).Artisan Partners Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
29
Negative
| 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 | 171.31M | 368.09M | 369.07M | 293.05M | 392.58M |
| Operating Cash Flow | 171.99M | 372.84M | 377.71M | 312.61M | 398.55M |
| Investing Cash Flow | -25.27M | -24.87M | -67.18M | -63.73M | -26.97M |
| Financing Cash Flow | -371.04M | -254.22M | -270.63M | -306.40M | -335.43M |
Artisan Partners Technical Analysis
Neutral
37.68
Price Trends
38.47
Negative
39.74
Negative
41.09
Negative
Market Momentum
-0.12
Negative
53.97
Neutral
71.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APAM, the sentiment is Neutral. The current price of 37.68 is above the 20-day moving average (MA) of 36.51, below the 50-day MA of 38.47, and below the 200-day MA of 41.09, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 53.97 is Neutral, neither overbought nor oversold. The STOCH value of 71.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.11B | 10.73 | 35.33% | 2.46% | 12.27% | 45.13% | |
73 Outperform | $3.65B | 10.16 | 19.46% | 8.93% | ― | -12.21% | |
71 Outperform | $2.35B | -21.72 | 26.49% | 0.95% | 24.18% | 18.98% | |
70 Outperform | $4.99B | 12.51 | 15.65% | 3.00% | 44.69% | -7.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $3.56B | 18.99 | 29.01% | 3.92% | 9.99% | -1.69% | |
60 Neutral | $3.03B | 10.37 | 69.38% | 8.72% | 9.72% | 12.22% |
* Financial Sector Average
APAM
Artisan Partners
37.55
0.90
2.46%
AB
AllianceBernstein
39.51
1.25
3.27%
CNS
Cohen & Steers
69.29
-5.42
-7.26%
FHI
Federated Hermes
54.12
13.73
34.00%
WT
WisdomTree
16.62
7.51
82.44%
VCTR
Victory Capital Holdings
77.89
20.56
35.87%
Artisan Partners Corporate Events
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports March 31, 2026 AUM Snapshot
Positive
Apr 10, 2026
Artisan Partners Asset Management Inc. reported on April 10, 2026, that its preliminary assets under management as of March 31, 2026 totaled $173.0 billion, split between $84.5 billion in Artisan Funds and Artisan Global Funds and $88.5 billion in...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports February 2026 Assets Under Management
Neutral
Mar 11, 2026
Artisan Partners Asset Management Inc. reported on March 10, 2026 that its preliminary assets under management as of February 28, 2026 totaled $188.5 billion, underscoring the firm’s scale in active investment management. Of this, $92.4 bill...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports January 2026 Assets Under Management
Neutral
Feb 10, 2026
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, ...
Executive/Board ChangesDividendsFinancial Disclosures
Artisan Partners Announces Q4 Results and Special Dividend
Positive
Feb 3, 2026
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, draw...
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.