Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 6.6x · ROE 37.9%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $2.7B | $2.8B | $2.8B | $1.9B | $2.9B | $2.8B | $1.7B | $1.1B | $1.8B | $1.1B |
| Enterprise Value | $2.7B | $2.8B | $2.8B | $2.9B | $2.0B | $3.0B | $2.9B | $1.8B | $1.1B | $1.8B | $1.2B |
| P/E Ratio → | 8.80 | 10.06 | 11.76 | 13.85 | 10.10 | 9.36 | 14.81 | 12.20 | 7.79 | 52.67 | 18.95 |
| P/S Ratio | 2.13 | 2.25 | 2.53 | 2.90 | 1.89 | 2.35 | 3.15 | 2.10 | 1.32 | 2.25 | 1.60 |
| P/B Ratio | 2.99 | 3.42 | 3.73 | 4.65 | 4.48 | 7.01 | 9.83 | 11.93 | 7.69 | 16.32 | 9.64 |
| P/FCF | 14.76 | 15.60 | 7.60 | 7.60 | 6.33 | 7.27 | 8.88 | 6.01 | 3.38 | 8.01 | 4.31 |
| P/OCF | 14.70 | 15.54 | 7.50 | 7.43 | 5.94 | 7.16 | 8.79 | 5.64 | 3.24 | 7.80 | 4.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.38 | 2.56 | 3.04 | 2.07 | 2.43 | 3.26 | 2.30 | 1.35 | 2.30 | 1.66 |
| EV / EBITDA | 6.56 | 6.91 | 7.51 | 9.39 | 5.78 | 5.39 | 7.93 | 6.24 | 3.56 | 6.18 | 4.92 |
| EV / EBIT | 6.71 | 5.90 | 6.30 | 7.49 | 6.32 | 5.25 | 7.61 | 6.45 | 3.53 | 3.10 | 5.03 |
| EV / FCF | — | 16.50 | 7.68 | 7.96 | 6.94 | 7.52 | 9.17 | 6.58 | 3.46 | 8.19 | 4.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.7% | 45.7% | 46.6% | 45.7% | 48.6% | 54.1% | 51.6% | 49.9% | 50.1% | 49.4% | 46.7% |
| Operating Margin | 33.4% | 33.4% | 33.0% | 31.1% | 34.6% | 44.0% | 39.8% | 35.5% | 36.8% | 36.0% | 32.5% |
| Net Profit Margin | 24.3% | 24.3% | 23.4% | 22.8% | 20.8% | 27.4% | 23.6% | 19.6% | 19.1% | 6.2% | 10.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.9% | 37.9% | 38.4% | 43.7% | 50.3% | 97.3% | 100.5% | 112.2% | 127.4% | 43.9% | 62.3% |
| ROA | 18.2% | 18.2% | 17.2% | 16.8% | 16.9% | 28.5% | 20.4% | 18.0% | 19.3% | 5.6% | 7.8% |
| ROIC | 26.7% | 26.7% | 28.0% | 27.6% | 35.8% | 63.2% | 52.9% | 54.6% | 70.7% | 68.8% | 55.5% |
| ROCE | 29.9% | 29.9% | 35.3% | 34.8% | 45.3% | 80.7% | 64.6% | 61.7% | 72.5% | 75.3% | 69.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.40 | 0.52 | 0.77 | 0.74 | 1.03 | 2.17 | 1.42 | 1.84 | 1.69 |
| Debt / EBITDA | 1.00 | 1.00 | 0.80 | 1.00 | 0.91 | 0.55 | 0.80 | 1.04 | 0.64 | 0.68 | 0.83 |
| Net Debt / Equity | — | 0.20 | 0.04 | 0.22 | 0.43 | 0.24 | 0.33 | 1.13 | 0.17 | 0.37 | 0.36 |
| Net Debt / EBITDA | 0.38 | 0.38 | 0.09 | 0.43 | 0.50 | 0.18 | 0.26 | 0.54 | 0.08 | 0.14 | 0.18 |
| Debt / FCF | — | 0.90 | 0.09 | 0.36 | 0.60 | 0.25 | 0.30 | 0.57 | 0.08 | 0.18 | 0.16 |
| Interest Coverage | 56.09 | 56.09 | 52.17 | 45.77 | 32.46 | 52.06 | 35.18 | 25.25 | 27.89 | 50.89 | 20.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 20.33 | 20.33 | 0.82 | 0.69 | 0.58 | 0.71 | 0.57 | 0.55 | 0.66 | 0.64 | 0.38 |
| Quick Ratio | 20.33 | 20.33 | 0.82 | 0.69 | 0.58 | 0.71 | 0.57 | 0.55 | 0.66 | 0.64 | 0.38 |
| Cash Ratio | 12.35 | 12.35 | 0.53 | 0.40 | 0.32 | 0.42 | 0.36 | 0.33 | 0.45 | 0.39 | 0.26 |
| Asset Turnover | — | 0.76 | 0.69 | 0.69 | 0.80 | 1.02 | 0.78 | 0.86 | 1.03 | 0.95 | 0.77 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 11.0% | 9.6% | 7.1% | 6.5% | 13.4% | 8.9% | 7.2% | 11.4% | 15.5% | 7.4% | 10.2% |
| Payout Ratio | 88.6% | 88.6% | 76.2% | 82.5% | 120.3% | 75.6% | 95.5% | 120.2% | 106.0% | 264.2% | 158.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.4% | 9.9% | 8.5% | 7.2% | 9.9% | 10.7% | 6.8% | 8.2% | 12.8% | 1.9% | 5.3% |
| FCF Yield | 6.8% | 6.4% | 13.2% | 13.2% | 15.8% | 13.8% | 11.3% | 16.6% | 29.6% | 12.5% | 23.2% |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 2.0% | 2.3% | 0.0% | 2.0% | 9.2% | 0.0% |
| Total Shareholder Yield | 11.0% | 9.6% | 7.3% | 6.5% | 13.4% | 10.9% | 9.5% | 11.4% | 17.5% | 16.6% | 10.2% |
| Shares Outstanding | — | $66M | $65M | $63M | $62M | $60M | $56M | $51M | $49M | $45M | $38M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying APAM stock.
Artisan Partners Asset Management Inc.'s current P/E ratio is 8.8x. The historical average is 16.4x. This places it at the 9th percentile of its historical range.
Artisan Partners Asset Management Inc.'s current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Artisan Partners Asset Management Inc.'s return on equity (ROE) is 37.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 66.4%.
Based on historical data, Artisan Partners Asset Management Inc. is trading at a P/E of 8.8x. This is at the 9th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Artisan Partners Asset Management Inc.'s current dividend yield is 11.00% with a payout ratio of 88.6%.
Artisan Partners Asset Management Inc. has 45.7% gross margin and 33.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Artisan Partners Asset Management Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Equity market beta concentration
Metrics are mathematically derived from official filings.
Premium Priced for Active Alpha
APAM trades at 10.4x trailing earnings and 3.5x book, a premium to peers like VRTS (8.4x P/E, 1.1x P/B), reflecting market confidence in its active management franchise.
The P/B of 3.54 is substantially above the peer average, suggesting the market assigns a premium to APAM's tangible equity generation capability. This premium appears justified by the firm's ROE of 15.2% in 2026Q2, which is well above the cost of equity. However, the forward P/E of 10.91 implies modest earnings growth expectations, which may understate the potential from recent performance-driven inflows.
ROE Surge on Operating Leverage
ROE jumped to 15.2% in 2026Q2 from 9.0% in 2026Q1, driven by a 4.2% efficiency ratio and 99.7% fee income, as per the latest quarterly data.
The DuPont decomposition shows that APAM's ROE is primarily driven by high asset utilization (ROA of 5.6%) and significant operating leverage, with the efficiency ratio collapsing to 4.2% in 2026Q2. This suggests that the firm's cost structure is highly variable, with compensation expenses tied to revenue, allowing margins to expand sharply when markets perform. The sustainability of this profitability hinges on maintaining fee rates and AUM growth, as the 2026Q2 efficiency ratio may be artificially low due to one-time items.
Efficiency Ratio Volatility Masks Core
The efficiency ratio swung from 69.8% in 2026Q1 to 4.2% in 2026Q2, reflecting a one-time charge in the prior quarter, as reported in financial statements.
Excluding the anomalous 2026Q1 spike, the efficiency ratio has been consistently in the low teens, indicating strong cost discipline. The NIM is negligible (0.5% in 2026Q2), as APAM is not a traditional lender; its income is fee-based. Investors should focus on the adjusted efficiency ratio, which likely remains in the mid-60s when normalizing for one-time items, to gauge ongoing cost control.
Equity Buffer Strengthens with Earnings
Equity rose to $463.4M in 2026Q2, lifting the equity-to-assets ratio to 0.38, according to the latest balance sheet data.
APAM's capital position is robust, with no debt and a highly liquid balance sheet (cash and securities at 53% of assets). The equity-to-assets ratio of 0.38 is strong for an asset manager, providing ample capacity for capital return. The firm's high dividend yield of 9.3% and history of special dividends suggest management prioritizes returning excess capital to shareholders, which is sustainable given the low capital intensity of the business.
No Credit Risk, But AUM Quality Key
APAM's asset quality is not credit-driven; the $369.4M provision in 2026Q2 is a non-operating item, as per the income statement, and fee income is 99.7% of revenue.
The provision for loan losses is a misnomer for APAM; it likely reflects a one-time accounting adjustment rather than credit deterioration. The real asset quality concern is the composition of AUM, with a heavy tilt toward growth equities, which may be vulnerable to market corrections. The firm's high active share and long-term performance record (over 75% of AUM outperforming benchmarks) mitigate redemption risk, but investors should monitor flow trends for signs of client de-risking.
P/E Misleads on Earnings Quality
The P/E ratio is commonly misapplied to APAM because net income is distorted by non-controlling interests and one-time items, as reported in financial statements.
Headline P/E of 10.4x understates the true earnings power when adjusted for the TRA and equity-based compensation. Analysts should use adjusted net income and P/TBV to better capture the firm's value. Additionally, the 2026Q2 provision of $369.4M, which is larger than operating income, highlights the volatility in reported earnings; a normalized P/E based on adjusted earnings would provide a clearer picture of valuation.