Detailed financial statements for Artisan Partners Asset Management Inc. (APAM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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, charitable organizations, and government entities, as well as managing assets for private, mutual, and collective funds, both domestically and internationally.
Analysis Summary
Artisan Partners Asset Management Inc. reported revenue of $1.20B in the most recent fiscal year, growing at a 5-year CAGR of 5.9%. Net income reached $290.3M, with a 6.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 58.4%, operating margin 33.4%, net margin 24.5%. Free cash flow grew at -11.5% CAGR over 5 years.
At $36.58 (closing price, October 30, 2026), APAM trades at a P/E of 8.86 and an ROE of 69.54%. Market capitalisation stands at $2.6B.
Balance sheet quality for APAM: debt-to-equity ratio of 0.65, current ratio of 2.89 over the last 12 months, net debt of $54.5M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $171.3M represents 59% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $720.9M | $795.6M | $828.6M | $799.0M | $899.6M | $1.23B | $993.3M | $975.1M | $1.11B | $1.20B |
| Cost of Revenue | $383.9M | $402.9M | $413.2M | $399.9M | $435.8M | $563.1M | $510.4M | $529.4M | $594.1M | $649.6M |
| Gross Profit | $337.0M | $392.7M | $415.5M | $399.0M | $463.7M | $664.2M | $482.9M | $445.7M | $517.7M | $547.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $102.8M | $106.3M | $110.5M | $115.0M | $105.4M | $124.2M | $138.8M | $142.1M | $151.0M | $147.5M |
| Operating Expenses | $102.8M | $106.3M | $110.5M | $115.0M | $105.4M | $123.7M | $138.8M | $142.1M | $151.0M | $147.5M |
| Operating Income | $234.2M | $286.4M | $304.9M | $283.5M | $358.3M | $540.5M | $344.1M | $303.6M | $366.6M | $399.6M |
| EBITDA | $239.5M | $588.0M | $318.7M | $286.6M | $386.7M | $569.3M | $329.5M | $401.6M | $459.0M | $489.0M |
| Interest Expense | $11.7M | $11.4M | $11.2M | $11.1M | $10.8M | $10.8M | $9.9M | $8.6M | $8.6M | $8.6M |
| Pre-tax Income | $224.5M | $571.2M | $301.8M | $269.3M | $369.3M | $551.5M | $311.8M | $383.7M | $440.6M | $489.1M |
| Income Tax | $51.5M | $420.5M | $47.6M | $27.8M | $60.8M | $107.0M | $63.5M | $71.9M | $90.9M | $111.3M |
| Net Income | $73.0M | $49.6M | $158.3M | $156.5M | $212.6M | $336.5M | $206.8M | $222.3M | $259.7M | $290.3M |
| EPS | $1.57 | $0.75 | $2.84 | $2.65 | $3.40 | $5.10 | $2.94 | $3.19 | $3.66 | $4.05 |
| EPS (Diluted) | $1.57 | $0.75 | $2.84 | $2.65 | $3.40 | $5.09 | $2.94 | $3.19 | $3.66 | $4.05 |
| Shares Outstanding (Diluted) | 38.1 M | 44.6 M | 48.9 M | 51.1 M | 55.6 M | 59.9 M | 62.5 M | 63.5 M | 64.9 M | 65.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $335.5M | $303.0M | $307.9M | $312.5M |
| Gross Profit | $170.2M | $134.3M | $125.9M | $304.7M |
| Operating Income | $131.5M | $94.2M | $84.6M | $109.8M |
| EBITDA | $151.7M | $90.8M | $131.2M | $110.8M |
| Net Income | $94.8M | $58.0M | $80.8M | $75.2M |
| EPS | $1.32 | $0.88 | $1.11 | $1.04 |
| EPS (Diluted) | $1.22 | $0.76 | $1.11 | $1.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $156.8M | $159.2M | $174.9M | $143.6M | $198.8M | $200.1M | $143.2M | $178.5M | $268.2M | $255.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $58.8M | $93.5M | $73.3M | $83.5M | $103.5M | $122.3M | $103.6M | $114.5M | $127.7M | $165.2M |
| Inventory | 0 | -$3.6M | -$2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $225.8M | $262.2M | $258.7M | $237.4M | $313.7M | $335.6M | $262.6M | $307.8M | $409.4M | $441.3M |
| Property, Plant & Equipment | $20.0M | $21.0M | $29.1M | $126.7M | $115.2M | $124.0M | $149.5M | $141.4M | $124.8M | $138.3M |
| Goodwill | $678.5M | $429.2M | $429.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | -$698.5M | -$450.2M | -$458.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $936.2M | $837.2M | $805.0M | $933.6M | $1.15B | $1.21B | $1.23B | $1.41B | $1.62B | $1.58B |
| Accounts Payable | $15.6M | $21.2M | $18.8M | $54.1M | $134.1M | $49.2M | $50.8M | $63.6M | $139.4M | $46.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $601.9M | $410.2M | $390.8M | $429.4M | $546.6M | $474.6M | $449.6M | $446.9M | $501.4M | $378.6M |
| Long-term Debt | $199.5M | $199.1M | $199.3M | $199.1M | $199.3M | $199.4M | $199.1M | $199.3M | $199.4M | $189.1M |
| Total Liabilities | $818.5M | $666.5M | $630.2M | $795.1M | $867.2M | $801.1M | $820.0M | $802.1M | $868.8M | $794.9M |
| Retained Earnings | $13.4M | -$37.9M | $38.6M | $44.5M | $72.9M | $134.9M | $93.1M | $132.1M | $170.0M | $203.4M |
| Total Equity | $131.7M | $109.9M | $135.0M | $133.0M | $180.5M | $276.2M | $262.2M | $324.2M | $388.9M | $438.8M |
| Total Debt | $199.5M | $199.1M | $199.3M | $300.3M | $292.0M | $299.7M | $319.9M | $312.7M | $300.7M | $310.0M |
| Net Debt | $42.7M | $40.0M | $24.4M | $156.6M | $93.1M | $99.6M | $176.6M | $134.2M | $32.5M | $54.5M |
| Working Capital | -$376.1M | -$148.0M | -$132.2M | -$192.0M | -$232.8M | -$139.0M | -$187.0M | -$139.1M | -$92.0M | $62.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $255.5M | $300.4M | $334.5M | $352.4M |
| Total Assets | $1.58B | $1.44B | $1.46B | $1.52B |
| Total Liabilities | $794.9M | $927.6M | $908.1M | $929.8M |
| Total Equity | $438.8M | $389.0M | $463.4M | $485.3M |
| Total Debt | $410.2M | $309.4M | $314.9M | $313.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $173.0M | $150.7M | $138.9M | $241.5M | $308.5M | $444.5M | $248.4M | $311.8M | $349.7M | $377.9M |
| Depreciation & Amortization | $5.3M | $5.3M | $5.7M | $6.2M | $6.6M | $6.9M | $7.8M | $9.3M | $9.9M | $9.4M |
| Stock-based Compensation | $72.0M | $62.9M | $53.6M | $43.1M | $37.0M | $39.6M | $41.5M | $33.7M | $32.5M | $28.5M |
| Change in Working Capital | -$12.7M | -$33.9M | $33.7M | $33.8M | -$22.5M | -$20.4M | $36.4M | $27.4M | $105.4M | $21.5M |
| Operating Cash Flow | $270.4M | $226.0M | $333.3M | $292.8M | $318.7M | $398.6M | $312.6M | $253.0M | $372.8M | $172.0M |
| Capital Expenditure | -$7.3M | -$5.8M | -$13.8M | -$17.8M | -$3.1M | -$6.0M | -$19.6M | -$8.6M | -$4.8M | -$677,000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$162.5M | -$21.5M | 0 | -$63.0M | -$56.2M | 0 | 0 | -$6.8M | 0 |
| Dividends Paid | -$115.4M | -$131.0M | -$167.8M | -$188.2M | -$203.0M | -$274.7M | -$248.7M | -$183.4M | -$222.0M | -$257.1M |
| Free Cash Flow | $263.1M | $220.1M | $319.5M | $275.0M | $315.6M | $392.6M | $293.1M | $244.4M | $368.1M | $171.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$77.2M | $181.8M | $115.8M | 0 |
| Capital Expenditure | -$315,000 | -$543,000 | -$500,000 | 0 |
| Free Cash Flow | -$77.6M | $181.8M | $115.3M | 0 |
| Dividends Paid | -$62.4M | -$112.5M | -$55.1M | 0 |
| Stock-based Compensation | $6.3M | 0 | $7.0M | $1.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.4% | +4.1% | -3.6% | +12.6% | +36.4% | -19.1% | -1.8% | +14.0% | +7.6% | |
| Net Income Growth (YoY) | -32.1% | +219.2% | -1.1% | +35.8% | +58.3% | -38.6% | +7.5% | +16.9% | +11.8% | |
| EPS Growth (YoY) | -52.2% | +278.7% | -6.7% | +28.3% | +50.0% | -42.4% | +8.5% | +14.7% | +10.7% | |
| Shares Change (YoY) | +17.1% | +9.4% | +4.6% | +8.8% | +7.6% | +4.4% | +1.6% | +2.3% | +1.0% | |
| FCF Growth (YoY) | -16.3% | +45.1% | -13.9% | +14.8% | +24.4% | -25.4% | -16.6% | +50.6% | -53.5% | |
| Gross Margin | 46.7% | 49.4% | 50.1% | 49.9% | 51.6% | 54.1% | 48.6% | 45.7% | 46.6% | 45.7% |
| Operating Margin | 32.5% | 36.0% | 36.8% | 35.5% | 39.8% | 44.0% | 34.6% | 31.1% | 33.0% | 33.4% |
| EBITDA Margin | 33.2% | 73.9% | 38.5% | 35.9% | 43.0% | 46.4% | 33.2% | 41.2% | 41.3% | 40.9% |
| Net Margin | 10.1% | 6.2% | 19.1% | 19.6% | 23.6% | 27.4% | 20.8% | 22.8% | 23.4% | 24.3% |
| FCF Margin | 36.5% | 27.7% | 38.6% | 34.4% | 35.1% | 32.0% | 29.5% | 25.1% | 33.1% | 14.3% |
| Effective Tax Rate | 22.9% | 73.6% | 15.8% | 10.3% | 16.5% | 19.4% | 20.3% | 18.7% | 20.6% | 22.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $6.90 | $4.93 | $6.54 | $5.38 | $5.67 | $6.56 | $4.69 | $3.85 | $5.67 | $2.61 |
| Dividends Per Share | $3.03 | $2.93 | $3.43 | $3.68 | $3.65 | $4.59 | $3.98 | $2.89 | $3.42 | $3.92 |
| Shares Outstanding (Basic) | 38.1 M | 44.6 M | 48.9 M | 51.1 M | 55.6 M | 59.9 M | 62.5 M | 63.5 M | 64.9 M | 65.6 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 69.54% |
| Return on Invested Capital | 24.94% |
| Return on Assets | 20.38% |
| Gross Margin | 58.39% |
| Operating Margin | 33.37% |
| Net Margin | 24.53% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 2.89 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.84 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.95 | 52.67 | 7.79 | 12.20 | 14.81 | 9.34 | 10.10 | 13.85 | 11.76 | 10.06 |
| P/B | 8.61 | 16.04 | 8.00 | 12.43 | 15.52 | 10.33 | 7.08 | 8.65 | 7.18 | 6.09 |
| P/S | 1.57 | 2.22 | 1.30 | 2.07 | 3.11 | 2.32 | 1.87 | 2.87 | 2.51 | 2.23 |
| Gross Margin | 46.7% | 49.4% | 50.1% | 49.9% | 51.6% | 54.1% | 48.6% | 45.7% | 46.6% | 45.7% |
| Operating Margin | 32.5% | 36.0% | 36.8% | 35.5% | 39.8% | 44.0% | 34.6% | 31.1% | 33.0% | 33.4% |
| Net Margin | 10.1% | 6.2% | 19.1% | 19.6% | 23.6% | 27.4% | 20.8% | 22.8% | 23.4% | 24.3% |
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Explore sector: Financial Services · Asset Management
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