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Artisan Partners
(NYSE:APAM)
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Rating:76Outperform
Price Target:
$42.00
▲(11.46% Upside)
Action:Reiterated
Date:06/04/26
The score is driven primarily by strong underlying profitability and an attractive valuation (low P/E and high yield). These positives are tempered by earnings-call risks around equity-driven outflows, sequential earnings pressure from lower performance fees and higher expenses, and only moderately positive technicals (still below longer-term moving averages).
Positive Factors
High profitability and margins
Sustained high operating and net margins indicate durable earnings power for an asset manager. Strong margins support reinvestment in talent, product development, and distributable cash, making earnings less reliant on transient fee spikes and improving structural returns on equity over business cycles.
Negative Factors
Revenue sensitive to markets and flows
Revenue tied to AUM and net flows makes top-line and fee income volatile across market cycles. Prior declines in 2022–2023 show the firm can experience meaningful revenue contractions, which can quickly compress operating income and limit visibility for multi-period planning and capital returns.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained high operating and net margins indicate durable earnings power for an asset manager. Strong margins support reinvestment in talent, product development, and distributable cash, making earnings less reliant on transient fee spikes and improving structural returns on equity over business cycles.
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
$2.87B
Dividend Yield8.72%
Average Volume (3M)747.49K
Price to Earnings (P/E)8.9
Beta (1Y)1.08
Revenue Growth9.72%
EPS Growth8.92%
CountryUS
Employees584
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.07
Shares Outstanding70,993,256
10 Day Avg. Volume826,637
30 Day Avg. Volume747,490
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 Cap0.90
Enterprise Value/Revenue2.09
Enterprise Value/Gross Profit2.87
Enterprise Value/Ebitda5.19
Forecast
1Y Price Target
$43.13Price Target Upside14.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.82
Revenue Forecast (FY)$1.22B
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 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 Earnings Call Summary
Earnings Call Date:Apr 28, 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
84
Very Positive
Balance Sheet
72
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.23B | 1.20B | 1.11B | 975.13M | 993.28M | 1.23B |
| Gross Profit | 896.72M | 547.10M | 517.68M | 445.74M | 482.88M | 664.18M |
| EBITDA | 495.92M | 488.89M | 459.02M | 401.61M | 329.54M | 569.29M |
| Net Income | 287.19M | 290.32M | 259.75M | 222.29M | 206.75M | 336.52M |
Balance Sheet | ||||||
| Total Assets | 1.44B | 1.58B | 1.62B | 1.41B | 1.23B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 300.44M | 255.51M | 268.22M | 178.47M | 143.25M | 200.14M |
| Total Debt | 309.36M | 410.21M | 300.71M | 312.66M | 319.90M | 299.75M |
| Total Liabilities | 927.61M | 794.87M | 868.84M | 802.10M | 819.97M | 801.05M |
| Stockholders Equity | 389.05M | 438.83M | 388.92M | 324.15M | 262.22M | 276.20M |
Cash Flow | ||||||
| Free Cash Flow | 195.41M | 171.31M | 368.09M | 369.07M | 293.05M | 392.58M |
| Operating Cash Flow | 195.87M | 171.99M | 372.84M | 377.71M | 312.61M | 398.55M |
| Investing Cash Flow | 61.53M | -25.27M | -24.87M | -67.18M | -63.73M | -26.97M |
| Financing Cash Flow | -186.20M | -371.04M | -254.22M | -270.63M | -306.40M | -335.43M |
Artisan Partners Technical Analysis
Positive
37.68
Price Trends
36.34
Negative
36.84
Negative
38.62
Negative
Market Momentum
-0.36
Negative
52.98
Neutral
48.38
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 37.68 is above the 20-day moving average (MA) of 35.47, above the 50-day MA of 36.34, and below the 200-day MA of 38.62, indicating a neutral trend. The MACD of -0.36 indicates Negative momentum. The RSI at 52.98 is Neutral, neither overbought nor oversold. The STOCH value of 48.38 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.49B | 20.26 | 15.76% | 3.00% | 62.31% | -1.99% | |
76 Outperform | $2.87B | 8.89 | 71.27% | 8.72% | 9.72% | 8.92% | |
76 Outperform | $4.30B | 11.09 | 33.93% | 2.46% | 12.27% | 45.13% | |
73 Outperform | $3.40B | 11.33 | 21.99% | 8.93% | ― | -12.21% | |
69 Neutral | $4.04B | 26.23 | 28.28% | 3.92% | 9.99% | -1.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $2.76B | 42.91 | 14.38% | 0.95% | 24.18% | 18.98% |
* Financial Sector Average
APAM
Artisan Partners
36.18
-6.10
-14.42%
AB
AllianceBernstein
36.83
-1.27
-3.32%
CNS
Cohen & Steers
79.45
5.76
7.81%
FHI
Federated Hermes
57.91
13.54
30.51%
WT
WisdomTree
18.45
6.31
51.98%
VCTR
Victory Capital Holdings
90.78
28.48
45.71%
Artisan Partners Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports April 2026 Assets Under Management
Neutral
May 11, 2026
Artisan Partners Asset Management Inc., the Milwaukee-based active asset manager, reported preliminary assets under management of $183.0 billion as of April 30, 2026, according to a May 11, 2026 release. Artisan Funds and Artisan Global Funds held...
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...
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.