Artisan Partners Asset Management Inc. (APAM)

Price$41.56Cached quoteAs of 2026-09-04 16:23 UTC

AI: Undervalued

Price checkThe shares look inexpensive if recent earnings remain even moderately durable.

At the observed quote, Artisan trades at roughly ten times trailing earnings: the supplied history shows 2025 diluted earnings of $4.05 a share, while the latest four reported quarters total about $4.16. That implies an earnings yield near 10%. The company also returns substantial cash to owners, with its board targeting roughly 80% of quarterly cash generation for regular dividends. With little net debt in the supplied June balance sheet, that valuation provides enough discount to support an Undervalued verdict despite flow risk. Pasted text SEC

Big pictureArtisan stays profitable through cycles, but markets and client withdrawals can move earnings sharply.

The supplied history shows the cycle clearly: revenue fell from $1.23 billion in 2021 to $993 million in 2022, while diluted earnings dropped from $5.09 to $2.94 a share. By 2025, revenue had recovered to $1.20 billion and earnings to $4.05. First-half 2026 revenue then rose about 9% year over year to $611 million. However, clients withdrew a net $13.6 billion during those six months, versus $4.7 billion a year earlier, demonstrating why a low valuation multiple is appropriate. Pasted text SEC

Business strengthStrong investment results, low leverage, and restrained dilution support durable shareholder returns.

More than 75% of assets were outperforming their benchmarks over the three-, five-, ten-year and since-inception periods at June. Credit strategies attracted about $700 million of second-quarter net inflows, their sixteenth straight quarter of positive organic growth, while alternatives added roughly $300 million. The supplied figures also show shares outstanding rising only about 3% from 2020 through June 2026. Artisan pays out substantial cash rather than retaining it unnecessarily, although that policy leaves less cushioning if earnings fall sharply. SEC Pasted text

What could change the storyThe discount survives only if one-off outflows fade and assets stay near current levels.

First-half net client outflows reached $13.6 billion, including $10.5 billion in the second quarter. About $6.4 billion of second-quarter withdrawals came from the U.S. Value team, largely from one sub-advisory mandate, and that business is being wound down. July assets nevertheless remained near $183 billion. If withdrawals normalize and credit and alternatives keep attracting money, roughly $4-per-share earnings power looks plausible. If broad outflows continue after the U.S. Value exit and earnings approach 2022's $2.94 level, today's valuation would lose much of its margin of safety. SEC+1

AI: News

U.S. Value wind-downA large client loss accelerated withdrawals and led Artisan to close its U.S. Value business.

On June 5, Artisan disclosed that a roughly $5.7 billion U.S. Value sub-advisory mandate was expected to terminate, while noting that its unusually low fee meant a muted revenue impact. By July 28, Artisan reported $6.4 billion of second-quarter U.S. Value net outflows and said it would wind down that team's strategies, largely by the end of the third quarter. The episode raises client-concentration concerns but makes headline asset losses look worse than their direct revenue effect. Artisan Partners Asset Management Inc+1

Second-quarter earningsRevenue and adjusted profit rose despite heavy withdrawals, showing diversification cushioned the equity outflows.

Artisan reported second-quarter results on July 28. Revenue increased 9% from a year earlier to $307.9 million, while adjusted operating margin increased to 32.9% from 31.7%. Assets ended at $183.4 billion because $21.2 billion of investment gains more than offset $10.5 billion of net client outflows and other changes. The board declared a $0.80 quarterly dividend. Shares closed about 1% lower the following session, although price timing alone does not establish that the results caused the move. SEC+1

July assets held steadyJuly assets remained near June levels, suggesting the large mandate exit did not trigger broader erosion.

On August 11, Artisan reported July assets under management of $183.0 billion, only slightly below June's $183.4 billion. Assets in Artisan Funds and Artisan Global Funds rose to $94.3 billion from $93.5 billion, while separate-account and other assets declined to $88.7 billion from $89.9 billion. The U.S. Value strategies continued their planned wind-down. Holding overall assets near the June level is encouraging, but one month is insufficient to establish that firmwide withdrawal pressure has ended. Artisan Partners Asset Management Inc+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$1.20B	$1.11B	$975.1M	$993.3M	$1.23B	$899.6M	$799.0M	$828.6M	$795.6M	$720.9M	$805.5M	$828.7M	$685.8M	$505.6M	$455.1M
Operating expenses	$797.1M	$745.2M	$671.5M	$649.2M	$686.7M	$541.2M	$515.5M	$523.7M	$509.2M	$486.6M	$523.1M	$521.8M	$947.0M	$458.5M	$300.8M
Operating income	$399.6M	$366.6M	$303.6M	$344.1M	$540.5M	$358.3M	$283.5M	$304.9M	$286.4M	$234.2M	$282.4M	$306.9M	−$261.2M	$47.1M	$154.3M
Operating margin	33.39%	32.98%	31.13%	34.64%	44.04%	39.83%	35.48%	36.80%	36.00%	32.49%	35.06%	37.03%	−38.09%	9.31%	33.90%
EBITDA	$409.0M	$376.5M	$312.9M	$351.9M	$547.4M	$364.9M	$289.7M	$310.6M	$291.7M	$239.5M	$286.9M	$310.2M	−$258.0M	$49.5M	$156.7M
EBITDA margin	34.18%	33.86%	32.09%	35.43%	44.61%	40.57%	36.26%	37.48%	36.66%	33.23%	35.62%	37.43%	−37.61%	9.79%	34.42%
Net income	$290.3M	$259.7M	$222.3M	$206.8M	$336.5M	$212.6M	$156.5M	$158.3M	$49.6M	$73.0M	$81.8M	$69.6M	$24.8M	$0	$0
Net profit margin	24.26%	23.36%	22.80%	20.82%	27.42%	23.64%	19.59%	19.10%	6.23%	10.13%	10.16%	8.40%	3.62%	0.00%	0.00%
Basic EPSper basic share	$4.05	$3.66	$3.19	$2.94	$5.10	$3.40	$2.65	$2.84	$0.75	$1.57	$1.86	-$0.37	-$2.04	—	—
Diluted EPSper diluted share	$4.05	$3.66	$3.19	$2.94	$5.09	$3.40	$2.65	$2.84	$0.75	$1.57	$1.86	-$0.37	-$2.04	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.77%of listed shares

BlackRock, Inc.11.2M shares · Jun 30, 2026

View holders

Top 20 reported holders of APAM
Holder	% owned
BlackRock, Inc.	15.77%11.2M shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	7.28%5.17M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.93%4.21M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.31%3.06M shares
STATE STREET CORP	4.15%2.95M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	3.96%2.81M shares
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.	3.47%2.47M shares
GEODE CAPITAL MANAGEMENT, LLC	3.18%2.26M shares
MORGAN STANLEY	2.79%1.98M shares
Channing Capital Management, LLC	2.61%1.86M shares
DIMENSIONAL FUND ADVISORS LP	2.45%1.74M shares
VICTORY CAPITAL MANAGEMENT INC	2.44%1.73M shares
WASATCH ADVISORS LP	2.40%1.7M shares
Fisher Asset Management, LLC	1.80%1.28M shares
ROYCE & ASSOCIATES LP	1.38%978.49K shares
NORTHERN TRUST CORP	1.23%872.96K shares
GOLDMAN SACHS GROUP INC	1.15%814.07K shares
FEDERATED HERMES, INC.	1.09%773.68K shares
CITADEL ADVISORS LLC	1.07%760.42K shares
UBS Group AG	0.98%697.38K shares

Percentages use 71M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)4$1.30M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Aug 4, 2025Form 4	Ramirez Gregory KExecutive Vice President	SellClass A Common Stock, par value $0.01 per share	2.5K	$46.50	$116.3K	102.3K
Jun 4, 2025Form 4	DALEY CHARLES J JRExec VP, CFO & Treasurer	SellClass A Common Stock, par value $0.01 per share	15.4K	$40.45	$624.9K	91.4K
May 15, 2025Form 4	Sellers Samuel BentsonExecutive Vice President	SellClass A Common Stock, par value $0.01 per share	6.8K	$44.24	$300.9K	40.5K
Mar 7, 2025Form 4	Ramirez Gregory KExecutive Vice President	SellClass A Common Stock, par value $0.01 per share	5.9K	$43.16	$254.9K	104.8K

Review ownership filings at SEC.gov ↗

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Artisan Partners Asset Management Inc. (APAM)

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