Artisan Partners Asset Management Inc. (APAM) 10-Year Financial Performance & Capital Metrics

APAM • • Banking & Credit

Financial ServicesAsset ManagementTraditional Asset ManagementGlobal Diversified Asset Managers

AboutArtisan 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.Show more

Net Interest Income $1M +144.1%
Total Revenue $1.11B +14.0%
Net Income $260M +16.9%
Return on Equity 38.38% -12.1%
Net Interest Margin 0.06% +138.3%
Efficiency Ratio 13.59% -6.8%
ROA 17.18% +2.0%
Equity / Assets 46.33% +7.9%
Book Value per Share 11.55 +21.4%
Tangible BV/Share 11.55 +21.4%
Debt/Equity 0.40 -22.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 44.1%
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 13.6% efficiency ratio
✓Well capitalized: 46.3% equity/assets
✓Diversified revenue: 99.1% from non-interest income

✗Weaknesses

✗Weak NIM of 0.1%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.98%

5Y6.83%

3Y-3.24%

TTM-

Profit (Net Income) CAGR

10Y14.07%

5Y10.66%

3Y-8.27%

TTM4.09%

EPS CAGR

10Y-

5Y6.67%

3Y-10.41%

TTM1.99%

ROCE

10Y Avg62.33%

5Y Avg52.16%

3Y Avg38.48%

Latest35.31%

Peer Comparison

Global Diversified Asset Managers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIISprott Inc.	2.97B	115.19	60.31	19.02%	29.28%	14.59%	2.27%
EMBJEmbraer S.A.	13.36B	73.93	38.51	21.38%	5.51%	10.43%	3.03%	0.78
BENFranklin Resources, Inc.	13.54B	25.97	28.54	3.45%	5.98%	3.61%	6.73%	0.94
BLKBlackRock, Inc.	179.4B	1156.65	27.53	14.27%	31.21%	9.86%	2.62%	0.29
IVZInvesco Ltd.	13.08B	29.39	24.91	6.13%	12.77%	6.75%	8.57%	0.48
SEICSEI Investments Company	10.6B	86.54	19.62	10.7%	27.35%	28.87%	5.34%	0.01
JHGJanus Henderson Group plc	7.15B	47.89	18.71	17.67%	16.53%	9.41%	9.57%	0.10
STTState Street Corporation	38.07B	136.29	16.60	19.64%	12.23%	10.78%		1.45

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-11.71M	-11.65M	-11.45M	-11.22M	-11.05M	-10.8M	-10.24M	-9.58M	-2.27M	1M
NII Growth %	-0.01%	0%	0.02%	0.02%	0.02%	0.02%	0.05%	0.06%	0.76%	1.44%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	46K	0	559K	333K	6.3M	9.61M
Interest Expense	11.71M	11.65M	11.45M	11.22M	11.1M	10.8M	10.8M	9.91M	8.57M	8.61M
Loan Loss Provision	402.53M	372.25M	391.43M	401.94M	388.84M	425.01M	552.25M	500.49M	520.82M	585.51M
Non-Interest Income+	805.47M	720.86M	795.62M	828.63M	798.91M	899.57M	1.23B	992.95M	968.83M	1.1B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	805.47M	720.86M	795.62M	828.63M	798.95M	899.57M	1.23B	993.28M	975.13M	1.11B
Revenue Growth %	-0.03%	-0.11%	0.1%	0.04%	-0.04%	0.13%	0.36%	-0.19%	-0.02%	0.14%
Non-Interest Expense	108.85M	102.8M	106.33M	110.53M	115.04M	105.42M	123.69M	138.8M	142.14M	151.05M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	282.38M	234.23M	286.41M	304.94M	283.45M	358.32M	540.49M	344.1M	303.59M	366.63M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.08%	-0.17%	0.22%	0.06%	-0.07%	0.26%	0.51%	-0.36%	-0.12%	0.21%
Pretax Income+	258.88M	224.48M	571.25M	301.79M	269.27M	369.3M	551.55M	311.83M	383.69M	440.55M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	46.77M	51.48M	420.51M	47.6M	27.81M	60.8M	107.03M	63.45M	71.89M	90.9M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	81.8M	73.03M	49.6M	158.31M	156.54M	212.62M	336.52M	206.75M	222.29M	259.75M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.17%	-0.11%	-0.32%	2.19%	-0.01%	0.36%	0.58%	-0.39%	0.08%	0.17%
Net Income (Continuing)	212.11M	173M	150.74M	254.19M	241.46M	308.5M	444.52M	248.38M	311.8M	349.65M
EPS (Diluted)+	1.86	1.57	0.75	2.84	2.65	3.40	5.09	2.94	3.19	3.66
EPS Growth %	6.03%	-0.16%	-0.52%	2.79%	-0.07%	0.28%	0.5%	-0.42%	0.09%	0.15%
EPS (Basic)	1.86	1.57	0.75	2.84	2.65	3.40	5.10	2.94	3.19	3.66
Diluted Shares Outstanding	35.45M	38.14M	44.65M	48.86M	51.13M	55.64M	59.88M	62.5M	63.49M	64.94M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	166.19M	156.78M	159.17M	174.91M	143.63M	198.82M	200.14M	143.25M	178.47M	268.22M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	10.3B	6.3B	5.14B	84.28M	130.61M	234.04M	242.88M	341.16M	514.62M	670.93M
Investments Growth %	1533.61%	-0.39%	-0.19%	-0.98%	0.55%	0.79%	0.04%	0.4%	0.51%	0.3%
Long-Term Investments	0	6.3M	158.99M	84.28M	130.61M	234.04M	242.88M	341.16M	514.62M	670.93M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	678.52M	429.21M	429.13M	0	0	0	0	0	0
Intangible Assets	0	-698.54M	-450.24M	-458.27M	0	0	0	0	0	0
PP&E (Net)	18M	20.02M	21.02M	29.14M	126.65M	115.18M	123.95M	149.51M	141.38M	124.84M
Other Assets	23.67M	41.1M	193.99M	63.39M	3.1M	6.94M	7.74M	4.33M	5.56M	4.19M
Total Current Assets	234.61M	225.8M	262.23M	258.67M	237.36M	313.75M	335.57M	262.58M	307.77M	409.41M
Total Non-Current Assets	720.2M	719.7M	623.2M	576.8M	696.26M	838.22M	872.48M	972.03M	1.1B	1.21B
Total Assets+	945.85M	936.17M	837.15M	805.01M	933.62M	1.15B	1.21B	1.23B	1.41B	1.62B
Asset Growth %	0.11%	-0.01%	-0.11%	-0.04%	0.16%	0.23%	0.05%	0.02%	0.14%	0.15%
Return on Assets (ROA)	0.09%	0.08%	0.06%	0.19%	0.18%	0.2%	0.29%	0.17%	0.17%	0.17%
Accounts Payable	18.05M	15.61M	21.24M	18.78M	54.08M	134.09M	49.18M	50.77M	63.59M	139.39M
Total Debt+	199.31M	199.48M	199.13M	199.3M	300.26M	291.95M	299.75M	319.9M	312.66M	300.71M
Net Debt	33.12M	42.7M	39.96M	24.39M	156.63M	93.13M	99.61M	176.65M	134.19M	32.49M
Long-Term Debt	199.31M	199.48M	199.13M	199.3M	199.1M	199.28M	199.44M	199.05M	199.27M	199.43M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	22.83M	17.12M	119.71M	74.39M	65.45M	28.66M	26.7M	50.51M	42.58M	66.73M
Total Current Liabilities	607.15M	601.86M	410.25M	390.84M	429.41M	546.56M	474.6M	449.56M	446.87M	501.4M
Total Non-Current Liabilities	222.14M	216.6M	318.84M	273.69M	365.71M	320.61M	326.45M	370.41M	355.24M	367.44M
Total Liabilities	829.29M	818.45M	666.51M	630.18M	795.12M	867.17M	801.05M	819.97M	802.1M	868.84M
Total Equity+	116.55M	117.71M	108.06M	140.49M	138.5M	284.8M	407M	414.64M	603.76M	749.92M
Equity Growth %	0.08%	0.01%	-0.08%	0.3%	-0.01%	1.06%	0.43%	0.02%	0.46%	0.24%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.73%	0.62%	0.44%	1.27%	1.12%	1%	0.97%	0.5%	0.44%	0.38%
Book Value per Share	3.29	3.09	2.42	2.88	2.71	5.12	6.80	6.63	9.51	11.55
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	734K	743K	756K	769K	778K	786K	790K	796K	799K	804K
Additional Paid-in Capital	116.45M	119.22M	147.91M	97.55M	89.15M	107.74M	141.84M	171.42M	193.72M	220.84M
Retained Earnings	13.24M	13.39M	-37.87M	38.62M	44.45M	72.94M	134.89M	93.09M	132.13M	170.04M
Accumulated OCI	-375K	-1.65M	-873K	-1.9M	-1.43M	-991K	-1.31M	-3.08M	-2.5M	-2.76M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	321.24M	270.36M	225.95M	333.32M	292.79M	318.68M	398.55M	312.61M	377.71M	372.84M
Operating CF Growth %	-0.09%	-0.16%	-0.16%	0.48%	-0.12%	0.09%	0.25%	-0.22%	0.21%	-0.01%
Net Income	212.11M	173M	150.74M	138.86M	241.46M	308.5M	444.52M	248.38M	202.41M	349.65M
Depreciation & Amortization	4.52M	5.27M	5.3M	5.67M	6.23M	6.63M	6.93M	7.8M	9.35M	9.86M
Deferred Taxes	28.77M	33.31M	104.5M	24.61M	26.91M	32.66M	38.02M	29.24M	0	44.18M
Other Non-Cash Items	-1.24M	-517K	-63.54M	76.96M	-58.7M	-43.63M	-110.15M	-50.77M	103.42M	-168.76M
Working Capital Changes	-2.44M	-12.7M	-33.93M	33.66M	33.8M	-22.51M	-20.43M	36.43M	62.53M	105.43M
Cash from Investing+	-11.32M	-2.33M	-4.7M	-14.34M	-17.51M	18.75M	-26.97M	-63.73M	-67.18M	-24.87M
Purchase of Investments	-6.75M	-4.01M	-5.25M	-500K	-10K	-2.15M	-308.28M	-49.34M	-441.8M	-408.87M
Sale/Maturity of Investments	1000K	1000K	1000K	0	288K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	36K	0	0	0	0	0	274.46M	0	0	96.27M
Cash from Financing+	-326M	-277.71M	-218.86M	-263.48M	-306.57M	-282.23M	-335.43M	-306.4M	-270.63M	-254.22M
Dividends Paid	-123.95M	-115.38M	-131.02M	-167.78M	-188.18M	-203.01M	-274.74M	-248.7M	-183.38M	-221.96M
Share Repurchases	-176.56M	0	-162.49M	-21.48M	0	-63.03M	-56.17M	0	0	-6.83M
Stock Issued	176.56M	0	162.49M	0	0	63.03M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0	0
Other Financing	-25.5M	-162.32M	-87.84M	-71.66M	-118.39M	-79.23M	-4.52M	-57.71M	-87.25M	-25.43M
Net Change in Cash+	-16.09M	-9.68M	2.39M	15.74M	-31.28M	55.2M	1.32M	-57.52M	35.22M	89.75M
Exchange Rate Effect	0	0	0	0	0	0	-1000K	0	-1000K	-1000K
Cash at Beginning	182.28M	167.08M	157.41M	159.8M	175.53M	144.25M	199.45M	200.77M	143.25M	178.47M
Cash at End	166.19M	157.41M	159.8M	175.53M	144.25M	199.45M	200.77M	143.25M	178.47M	268.22M
Interest Paid	11.02M	11.11M	11.02M	10.69M	10.65M	10.26M	10.21M	10.3M	0	7.68M
Income Taxes Paid	29.32M	18.62M	25.3M	20.73M	18.59M	35.48M	70.34M	31.57M	0	42.72M
Free Cash Flow+	313.9M	263.08M	220.12M	319.48M	275.01M	315.58M	392.58M	293.05M	369.07M	368.09M
FCF Growth %	-0.08%	-0.16%	-0.16%	0.45%	-0.14%	0.15%	0.24%	-0.25%	0.26%	-0%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	73.02%	62.35%	43.94%	127.38%	112.22%	100.46%	97.29%	50.33%	43.65%	38.38%
Return on Assets (ROA)	9.11%	7.76%	5.59%	19.28%	18.01%	20.39%	28.52%	16.93%	16.84%	17.18%
Net Interest Margin	-1.24%	-1.24%	-1.37%	-1.39%	-1.18%	-0.94%	-0.85%	-0.78%	-0.16%	0.06%
Efficiency Ratio	13.51%	14.26%	13.36%	13.34%	14.4%	11.72%	10.08%	13.97%	14.58%	13.59%
Equity / Assets	12.32%	12.57%	12.91%	17.45%	14.83%	24.72%	33.69%	33.58%	42.95%	46.33%
Book Value / Share	3.29	3.09	2.42	2.88	2.71	5.12	6.8	6.63	9.51	11.55
NII Growth	-1.16%	0.45%	1.75%	1.97%	1.51%	2.26%	5.18%	6.49%	76.3%	144.14%
Dividend Payout	151.52%	158%	264.16%	105.98%	120.21%	95.48%	75.61%	120.29%	-	76.21%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Asset Management	825.68M	794.34M	884.9M	1.21B	992.73M	970.81M	1.1B
Asset Management Growth	-	-3.80%	11.40%	37.18%	-18.22%	-2.21%	12.99%
Investment Performance	2.96M	4.61M	14.66M	13.31M	557K	4.32M	14.87M
Investment Performance Growth	-	56.09%	217.84%	-9.23%	-95.82%	675.40%	244.22%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	666.65M	748.33M	1.02B	812.39M	794.85M	894.54M
UNITED STATES Growth	-	-	12.25%	36.52%	-20.48%	-2.16%	12.54%
Non-US	-	132.3M	151.24M	205.64M	180.9M	180.28M	217.26M
Non-US Growth	-	-	14.31%	35.97%	-12.03%	-0.34%	20.51%

Frequently Asked Questions

Valuation & Price

Artisan Partners Asset Management Inc. (APAM) has a price-to-earnings (P/E) ratio of 12.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Artisan Partners Asset Management Inc. (APAM) grew revenue by 14.0% over the past year. This is steady growth.

Yes, Artisan Partners Asset Management Inc. (APAM) is profitable, generating $265.2M in net income for fiscal year 2024 (23.4% net margin).

Dividend & Returns

Yes, Artisan Partners Asset Management Inc. (APAM) pays a dividend with a yield of 6.86%. This makes it attractive for income-focused investors.

Artisan Partners Asset Management Inc. (APAM) has a return on equity (ROE) of 38.4%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Artisan Partners Asset Management Inc. (APAM) has a net interest margin (NIM) of 0.1%. NIM has been under pressure due to interest rate environment.

Artisan Partners Asset Management Inc. (APAM) has an efficiency ratio of 13.6%. This is excellent, indicating strong cost control.

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