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Artisan Partners
(NYSE:APAM)
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Rating:72Outperform
Price Target:
$37.00
â–¼(-15.00% Downside)
Action:Reiterated
Date:10/10/26
The score is driven primarily by strong financial performance (high margins, solid cash conversion, and improving leverage) and attractive valuation (low P/E and high dividend yield). These strengths are tempered by weak technicals (downtrend with negative MACD) and business mix headwinds highlighted in the earnings call (large outflows and the U.S. Value wind-down), while recent corporate events modestly support liquidity and platform scale.
Positive Factors
Strong long-term investment performance
Broad and sustained benchmark outperformance strengthens Artisan’s ability to retain clients and win mandates across market cycles. Its long-tenured strategies have also compounded capital at attractive rates, supporting brand credibility, fundraising potential, and durable fee-generating assets.
Negative Factors
Significant client outflows
Large net redemptions directly pressure AUM-based fee revenue and weaken the recurring asset base that supports Artisan’s operating model. Continued outflows could offset investment performance and new sales, making durable organic growth and margin preservation more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong long-term investment performance
Broad and sustained benchmark outperformance strengthens Artisan’s ability to retain clients and win mandates across market cycles. Its long-tenured strategies have also compounded capital at attractive rates, supporting brand credibility, fundraising potential, and durable fee-generating assets.
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
$2.63B
Dividend Yield12.43%
Average Volume (3M)1.04M
Price to Earnings (P/E)7.6
Beta (1Y)1.08
Revenue Growth7.40%
EPS Growth9.66%
CountryUS
Employees567
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.24
Shares Outstanding70,996,430
10 Day Avg. Volume1,522,090
30 Day Avg. Volume1,039,629
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 Cap0.91
Enterprise Value/Revenue1.91
Enterprise Value/Gross Profit4.20
Enterprise Value/Ebitda4.76
Forecast
1Y Price Target
$35.25Price Target Upside-19.02% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.79
Revenue Forecast (FY)$1.24B
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 AUM and accrue over time (often daily and paid periodically), so revenue r...
Artisan Partners Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong strategic and financial positives — record AUM, robust long-term investment performance metrics, continued organic growth in credit and alternatives, revenue and margin expansion, and a healthy balance sheet with increased dividend — alongside notable near-term challenges, most prominently $10.5 billion of net client outflows concentrated in the U.S. Value and Growth teams and the planned wind-down of the U.S. Value franchise (with related severance costs and a ~$0.03 per-share sequential headwind). Management articulated a clear plan to diversify the platform (EMsights, Grandview, credit and alternatives expansion) and is making progress on mandates and fundraising. Overall, the positives (record AUM, strong performance statistics, inflows in strategic areas, improving revenues/margins and strong capital position) outweigh the material but addressed outflows and transitional costs, signaling cautious optimism and constructive momentum for the business.Positive Updates
Record Assets Under Management
Quarter-end AUM reached $183.0 billion, a record level, up 6% sequentially and up 5% year-over-year. Average AUM was $182.0 billion (flat sequentially, up 9% vs June 2025) and year-to-date average AUM improved 9% versus the prior 6-month period.
Negative Updates
Large Net Client Outflows
Net client outflows totaled $10.5 billion in the quarter. Approximately $9.2 billion (nearly 90% of the outflows) were from the U.S. Value and Growth teams, including $6.4 billion from U.S. Value and $2.8 billion from Growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Assets Under Management
Quarter-end AUM reached $183.0 billion, a record level, up 6% sequentially and up 5% year-over-year. Average AUM was $182.0 billion (flat sequentially, up 9% vs June 2025) and year-to-date average AUM improved 9% versus the prior 6-month period.
Read all positive updates
Company Guidance
Guidance highlights: Artisan expects the U.S. Value wind‑down to be largely complete by the end of Q3 and to create an approximate $0.03 per‑share headwind to Q3 results versus Q2; fixed expenses are expected to decline sequentially in Q3 as seasonal and separation costs roll off, while full‑year fixed‑expense guidance remains unchanged at mid‑single‑digit growth. At quarter end the firm reported $335 million of cash, redeemed roughly $20 million of seed capital (seed investments ≈ $100 million), and retained > $180 million of excess capital after declaring a $0.80 quarterly dividend (up 4% QoQ, 10% YoY) while evaluating a potential year‑end special dividend or other uses of capital. For context, Q2 results were AUM $183 billion, revenue $308 million and adjusted EPS $0.94.Artisan Partners Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.25B | 1.20B | 1.11B | 975.13M | 993.28M | 1.23B |
| Gross Profit | 568.47M | 547.10M | 517.68M | 445.74M | 482.88M | 664.18M |
| EBITDA | 501.62M | 488.97M | 459.02M | 401.61M | 329.54M | 569.29M |
| Net Income | 300.50M | 290.32M | 259.75M | 222.29M | 206.75M | 336.52M |
Balance Sheet | ||||||
| Total Assets | 1.46B | 1.58B | 1.62B | 1.41B | 1.23B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 334.50M | 255.51M | 268.22M | 178.47M | 143.25M | 200.14M |
| Total Debt | 314.90M | 310.02M | 300.71M | 312.66M | 319.90M | 299.75M |
| Total Liabilities | 908.10M | 794.87M | 868.84M | 802.10M | 819.97M | 801.05M |
| Stockholders Equity | 463.41M | 438.83M | 388.92M | 324.15M | 262.22M | 276.20M |
Cash Flow | ||||||
| Free Cash Flow | 259.86M | 171.31M | 368.09M | 244.40M | 293.05M | 392.58M |
| Operating Cash Flow | 260.73M | 171.99M | 372.84M | 253.03M | 312.61M | 398.55M |
| Investing Cash Flow | 63.59M | 35.25M | -24.87M | -38.17M | -63.73M | -26.97M |
| Financing Cash Flow | -255.57M | -182.96M | -254.22M | -174.96M | -306.40M | -335.43M |
Artisan Partners Technical Analysis
Negative
43.53
Price Trends
39.27
Negative
37.77
Negative
37.72
Negative
Market Momentum
-1.49
Positive
26.40
Positive
12.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APAM, the sentiment is Negative. The current price of 43.53 is above the 20-day moving average (MA) of 35.69, above the 50-day MA of 39.27, and above the 200-day MA of 37.72, indicating a bearish trend. The MACD of -1.49 indicates Positive momentum. The RSI at 26.40 is Positive, neither overbought nor oversold. The STOCH value of 12.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
86 Outperform | $3.20B | 10.27 | 25.41% | 9.94% | ― | 0.94% | |
83 Outperform | $4.18B | 10.30 | 34.06% | 2.55% | 15.25% | 19.43% | |
80 Outperform | $9.87B | 12.25 | 26.95% | 0.01% | 11.74% | 108.91% | |
79 Outperform | $22.18B | 10.42 | 20.45% | 4.92% | 6.97% | 11.41% | |
78 Outperform | $6.82B | 20.21 | 19.29% | 1.76% | 50.24% | 33.56% | |
72 Outperform | $2.63B | 7.65 | 70.98% | 12.04% | 7.40% | 9.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
APAM
Artisan Partners
32.43
-6.95
-17.65%
AMG
Affiliated Managers
381.83
145.11
61.30%
AB
AllianceBernstein
34.70
-0.69
-1.95%
FHI
Federated Hermes
56.03
5.24
10.31%
TROW
T Rowe Price
103.99
3.89
3.89%
VCTR
Victory Capital Holdings
110.95
45.43
69.35%
Artisan Partners Corporate Events
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports Strong September 2026 AUM Levels
Positive
Oct 9, 2026
On October 9, 2026, Artisan Partners Asset Management Inc. reported preliminary assets under management of $168.7 billion as of September 30, 2026, underscoring the scale of its global investment platform. Artisan Funds and Artisan Global Funds re...
Business Operations and StrategyPrivate Placements and Financing
Artisan Partners Expands Liquidity with New Credit Facility
Positive
Sep 25, 2026
On September 23, 2026, Artisan Partners Holdings LP entered into a new five-year revolving credit agreement that provides a $150 million facility, with the option to increase total commitments to $225 million, maturing on September 23, 2031. The f...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports August 2026 Assets Under Management
Neutral
Sep 10, 2026
Artisan Partners Asset Management Inc., a global active investment manager listed on the NYSE under ticker APAM, reported preliminary assets under management of $183.5 billion as of Aug. 31, 2026. Artisan Funds and Artisan Global Funds represented...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reports July AUM, Shifts U.S. Value
Neutral
Aug 11, 2026
On August 11, 2026, Artisan Partners Asset Management Inc. reported preliminary assets under management of $183.0 billion as of July 31, 2026, underscoring the scale of its global investment franchise. Artisan Funds and Artisan Global Funds repres...
Business Operations and StrategyFinancial Disclosures
Artisan Partners Reshapes Platform, Winds Down U.S. Value
Negative
Jul 10, 2026
On July 10, 2026, Artisan Partners Asset Management Inc. reported preliminary assets under management of $183.4 billion as of June 30, 2026, with $93.5 billion in Artisan Funds and Artisan Global Funds and $89.9 billion in separate accounts and ot...
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.