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Artisan Partners Asset Management Inc.

APAM Clue Score57
United States Fiscal year ends December CIK 0001517302
$32.43 -3.08% Close, 12 Oct 2026
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Price $32.43 −29.82% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue720.9Operating income234.2Net income73.0Fiscal year 2017Revenue795.6 +10.4%Operating income286.4Net income49.6 −32.1%Fiscal year 2018Revenue828.6 +4.1%Operating income304.9Net income158.3 +219.2%EPS, diluted2.84Fiscal year 2019Revenue799.0 −3.6%Operating income283.5Net income156.5 −1.1%EPS, diluted2.65 −6.7%Fiscal year 2020Revenue899.6 +12.6%Operating income358.3Net income212.6 +35.8%EPS, diluted3.40 +28.3%Fiscal year 2021Revenue1,227.2 +36.4%Operating income540.5Net income336.5 +58.3%EPS, diluted5.09 +49.7%Fiscal year 2022Revenue993.3 −19.1%Operating income344.1Net income206.8 −38.6%EPS, diluted2.94 −42.2%Fiscal year 2023Revenue975.1 −1.8%Operating income303.6Net income222.3 +7.5%EPS, diluted3.19 +8.5%Fiscal year 2024Revenue1,111.8 +14.0%Operating income366.6Net income259.7 +16.9%EPS, diluted3.66 +14.7%Fiscal year 2025Revenue1,196.7 +7.6%Operating income399.6Net income290.3 +11.8%EPS, diluted4.05 +10.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 720.9 795.6 828.6 799.0 899.6 1,227.2 993.3 975.1 1,111.8 1,196.7
Growth +10.4% +4.1% −3.6% +12.6% +36.4% −19.1% −1.8% +14.0% +7.6%
Operating income 234.2 286.4 304.9 283.5 358.3 540.5 344.1 303.6 366.6 399.6
Net income 73.0 49.6 158.3 156.5 212.6 336.5 206.8 222.3 259.7 290.3
Growth −32.1% +219.2% −1.1% +35.8% +58.3% −38.6% +7.5% +16.9% +11.8%
EPS, diluted n/a n/a 2.84 2.65 3.40 5.09 2.94 3.19 3.66 4.05
Growth −6.7% +28.3% +49.7% −42.2% +8.5% +14.7% +10.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin32.5%Net margin10.1%Free cash flow margin37.1%Fiscal year 2017Operating margin36.0%Net margin6.2%Free cash flow margin28.2%Fiscal year 2018Operating margin36.8%Net margin19.1%Free cash flow margin39.9%Fiscal year 2019Operating margin35.5%Net margin19.6%Free cash flow margin36.2%Fiscal year 2020Operating margin39.8%Net margin23.6%Free cash flow margin35.2%Fiscal year 2021Operating margin44.0%Net margin27.4%Free cash flow margin32.3%Fiscal year 2022Operating margin34.6%Net margin20.8%Free cash flow margin30.8%Fiscal year 2023Operating margin31.1%Net margin22.8%Free cash flow margin25.7%Fiscal year 2024Operating margin33.0%Net margin23.4%Free cash flow margin33.4%Fiscal year 2025Operating margin33.4%Net margin24.3%Free cash flow margin14.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 37.1% 28.2% 39.9% 36.2% 35.2% 32.3% 30.8% 25.7% 33.4% 14.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow270.4Capital expenditure−2.9Free cash flow267.4Dividends paid−115.4Fiscal year 2017Operating cash flow226.0Capital expenditure−1.6Free cash flow224.4 −16.1%Dividends paid−131.0Fiscal year 2018Operating cash flow333.3Capital expenditure−2.8Free cash flow330.5 +47.3%Dividends paid−167.8Fiscal year 2019Operating cash flow292.8Capital expenditure−3.5Free cash flow289.3 −12.5%Dividends paid−188.2Fiscal year 2020Operating cash flow318.7Capital expenditure−2.0Free cash flow316.6 +9.4%Dividends paid−203.0Fiscal year 2021Operating cash flow398.6Capital expenditure−2.4Free cash flow396.1 +25.1%Dividends paid−274.7Fiscal year 2022Operating cash flow312.6Capital expenditure−6.6Free cash flow306.0 −22.8%Dividends paid−248.7Fiscal year 2023Operating cash flow253.0Capital expenditure−2.3Free cash flow250.8 −18.0%Dividends paid−183.4Fiscal year 2024Operating cash flow372.8Capital expenditure−1.6Free cash flow371.3 +48.1%Dividends paid−222.0Fiscal year 2025Operating cash flow172.0Capital expenditure−0.4Free cash flow171.6 −53.8%Dividends paid−257.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 270.4 226.0 333.3 292.8 318.7 398.6 312.6 253.0 372.8 172.0
Capital expenditure −2.9 −1.6 −2.8 −3.5 −2.0 −2.4 −6.6 −2.3 −1.6 −0.4
Free cash flow 267.4 224.4 330.5 289.3 316.6 396.1 306.0 250.8 371.3 171.6
Growth −16.1% +47.3% −12.5% +9.4% +25.1% −22.8% −18.0% +48.1% −53.8%
Dividends paid −115.4 −131.0 −167.8 −188.2 −203.0 −274.7 −248.7 −183.4 −222.0 −257.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash156.8Shareholders’ equity131.7Fiscal year 2017Cash137.3Shareholders’ equity109.9Fiscal year 2018Cash160.5Shareholders’ equity135.0Fiscal year 2019Cash134.6Shareholders’ equity133.0Fiscal year 2020Cash199.5Shareholders’ equity180.5Fiscal year 2021Cash200.8Total debt200.0Net cash (debt)0.8Shareholders’ equity276.2Debt to equity0.72Fiscal year 2022Cash143.2Total debt200.0Net cash (debt)−56.8Shareholders’ equity262.2Debt to equity0.76Fiscal year 2023Cash178.5Total debt200.0Net cash (debt)−21.5Shareholders’ equity324.2Debt to equity0.62Fiscal year 2024Cash268.2Total debt200.0Net cash (debt)68.2Shareholders’ equity388.9Debt to equity0.51Fiscal year 2025Cash255.5Total debt190.0Net cash (debt)65.5Shareholders’ equity438.8Debt to equity0.43
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 156.8 137.3 160.5 134.6 199.5 200.8 143.2 178.5 268.2 255.5
Total debt n/a n/a n/a n/a n/a 200.0 200.0 200.0 200.0 190.0
Net cash (debt) n/a n/a n/a n/a n/a 0.8 −56.8 −21.5 68.2 65.5
Shareholders’ equity 131.7 109.9 135.0 133.0 180.5 276.2 262.2 324.2 388.9 438.8
Debt to equity n/a n/a n/a n/a n/a 0.72 0.76 0.62 0.51 0.43

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
156.8 137.3 160.5 134.6 199.5 200.8 143.2 178.5 268.2 255.5
20.0 21.0 29.1 39.5 35.9 35.3 48.1 46.6 41.5 33.0
n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.0
936.2 837.2 805.0 933.6 1,152.0 1,208.0 1,234.6 1,405.9 1,618.8 1,577.3
Growth −10.6% −3.8% +16.0% +23.4% +4.9% +2.2% +13.9% +15.1% −2.6%
Liabilities
n/a n/a n/a n/a n/a 200.0 200.0 200.0 200.0 190.0
calc n/a n/a n/a n/a n/a 200.0 200.0 200.0 200.0 190.0
818.5 666.5 630.2 752.0 867.2 801.1 820.0 802.1 868.8 794.9
Equity
13.4 −37.9 38.6 44.5 72.9 134.9 93.1 132.1 170.0 203.4
131.7 109.9 135.0 133.0 180.5 276.2 262.2 324.2 388.9 438.8
Growth −16.5% +22.9% −1.5% +35.7% +53.0% −5.1% +23.6% +20.0% +12.8%
Per share and net cash
calc n/a n/a n/a n/a n/a 0.8 −56.8 −21.5 68.2 65.5
74.4 75.6 76.9 77.8 78.6 79.0 79.6 80.0 80.4 80.7
calc 1.77 1.45 1.76 1.71 2.30 3.49 3.29 4.05 4.84 5.44

Lines marked calc are worked out here from filed figures; point at one for how.