Artisan Partners (APAM)
NYSE:APAM
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Artisan Partners
(NYSE:APAM)
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Rating:62Neutral
Price Target:
$39.00
▲(5.92% Upside)
Action:ReiteratedDate:04/11/26
The score is primarily held back by the sharp 2025 operating/free cash flow deterioration despite strong reported margins, with technicals also pointing to a still-weak longer-term trend. Offsetting positives include a low P/E and high dividend yield, and an earnings-call backdrop featuring record AUM and diversified growth (credit/alternatives) supported by conservative liquidity, though outflows and higher 2026 expenses remain notable risks.
Positive Factors
High and consistent operating margins
Sustained high margins indicate a scalable fee model and strong cost discipline, enabling the firm to generate durable operating cash when markets cooperate. Over 2–6 months this supports reinvestment in distribution, seed capital and dividends, cushioning profit volatility from AUM swings.
Negative Factors
Severe 2025 cash flow deterioration
A nearly complete collapse in operating and free cash flow materially reduces internal funding capacity for dividends, seed investments and buybacks. Over the next several months this heightens reliance on balance sheet liquidity and raises questions about earnings quality if cash does not normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
High and consistent operating margins
Sustained high margins indicate a scalable fee model and strong cost discipline, enabling the firm to generate durable operating cash when markets cooperate. Over 2–6 months this supports reinvestment in distribution, seed capital and dividends, cushioning profit volatility from AUM swings.
Read all positive factors
Artisan Partners (APAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.97B
Dividend Yield8.72%
Average Volume (3M)864.80K
Price to Earnings (P/E)9.2
Beta (1Y)1.09
Revenue Growth5.46%
EPS Growth2.10%
CountryUS
Employees584
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.26
Shares Outstanding70,530,754
10 Day Avg. Volume862,573
30 Day Avg. Volume864,796
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 Cap0.93
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit3.79
Enterprise Value/Ebitda5.43
Forecast
1Y Price Target
$39.50Price Target Upside7.28% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.98
Revenue Forecast (FY)$1.26B
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:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call emphasized strong investment performance, record AUM, revenue and margin expansion, significant growth in credit and alternatives, and a conservative balance sheet that supports shareholder returns and strategic investment (including the Grandview acquisition). Key challenges include sizable equity outflows concentrated in several large strategies, short-term underperformance in two prominent equity strategies, regional institutional/regulatory headwinds (notably Europe) and expected near-term increases in compensation-related fixed expenses. Overall, positive operating momentum and diversified growth initiatives appear to outweigh the near-term flow and expense headwinds.Positive Updates
Record Assets Under Management and Strong Absolute Returns
AUM reached an all-time high of $180 billion at year-end, up ~12% year-over-year. Firm-wide asset-weighted investment returns exceeded 20% net of fees and investment strategies generated over $33 billion in absolute returns for clients.
Negative Updates
Large Equity Outflows
Public equity platform experienced higher-than-expected outflows totaling $15.6 billion, concentrated in Global Opportunities, U.S. Mid‑Cap Growth and Non‑U.S. Small‑Mid Growth strategies. Management attributes outflows to short-term performance, changing asset allocation preferences and profit taking.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Assets Under Management and Strong Absolute Returns
AUM reached an all-time high of $180 billion at year-end, up ~12% year-over-year. Firm-wide asset-weighted investment returns exceeded 20% net of fees and investment strategies generated over $33 billion in absolute returns for clients.
Read all positive updates
Company Guidance
Guidance for 2026 includes a Board‑approved Annual Long‑Term Incentive award of about $72 million (roughly $51M cash‑based franchise capital and $21M restricted stock) with estimated long‑term incentive amortization expense of approximately $85 million for 2026 (excluding mark‑to‑market); fixed expenses are expected to increase low single‑digits in 2026, including roughly $20 million of incremental fixed expenses from the LTI grant and Grandview and about $6 million higher fixed compensation & benefits in Q1 2026 versus Q4 2025. The Grandview acquisition (closed Jan 2; Grandview manages ≈$880M) is expected to be immaterial to 2026 earnings and mildly accretive to EPS after the final close of its next flagship fund (Fund IV first close targeted early‑to‑mid summer; Fund III was ~ $150M). The firm enters 2026 with ~ $214M of cash, ~0.4x leverage, a $100M revolver undrawn, ~ $80M of excess capital after dividends and near‑term growth initiatives, ~$152M of seed capital invested (with $20M of realized gains), and plans to maintain consistent capital returns (2025 dividends declared were $3.87/share, a 98% payout ratio and ~9.5% yield on 12/31 price); for context, year‑end AUM was $180B, Q4 revenues were $336M (Q4 performance fees ~$29M), the weighted average fee rate in Q4 was 74 bps, and ~3% of AUM is subject to performance fee arrangements.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
Negative
36.82
Price Trends
39.01
Negative
39.86
Negative
41.19
Negative
Market Momentum
-0.53
Negative
48.33
Neutral
88.19
Negative
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 36.82 is above the 20-day moving average (MA) of 36.12, below the 50-day MA of 39.01, and below the 200-day MA of 41.19, indicating a neutral trend. The MACD of -0.53 indicates Negative momentum. The RSI at 48.33 is Neutral, neither overbought nor oversold. The STOCH value of 88.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.20B | 9.70 | 35.33% | 2.46% | 9.32% | 53.51% | |
78 Outperform | $3.51B | 12.97 | 18.76% | 8.93% | ― | -12.92% | |
70 Outperform | $4.34B | 12.51 | 15.65% | 3.00% | 33.03% | -3.55% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $2.24B | 15.68 | 26.49% | 0.95% | 12.05% | 120.13% | |
65 Neutral | $3.25B | 21.00 | 28.53% | 3.92% | 12.73% | 19.01% | |
62 Neutral | $2.97B | 9.21 | 73.54% | 8.72% | 5.46% | 2.10% |
* Financial Sector Average
APAM
Artisan Partners
36.82
4.34
13.36%
AB
AllianceBernstein
38.03
3.67
10.67%
CNS
Cohen & Steers
63.16
-7.83
-11.03%
FHI
Federated Hermes
55.27
18.51
50.35%
WT
WisdomTree
15.84
7.71
94.83%
VCTR
Victory Capital Holdings
67.79
14.34
26.82%
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...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Artisan Partners Reports Strong Year-End Assets Under Management
Positive
Jan 12, 2026
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 ...
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.