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Artisan 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $507M | $290M | $171M | 66.2% | 7.6% | 11.8% |
| 2024 | $1.1B | $459M | $260M | $368M | 66.8% | 14.0% | 16.9% |
| 2023 | $975M | $402M | $222M | $244M | 68.6% | -1.8% | 7.5% |
| 2022 | $993M | $330M | $207M | $293M | 78.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 993.28 | 975.13 | 1,111.80 | 1,196.69 |
| Operating Revenue | - | 993.28 | 975.13 | 1,111.80 | 1,196.69 |
| Cost Of Revenue | - | 510.38 | 529.40 | 594.12 | 649.58 |
| Gross Profit | - | 482.90 | 445.74 | 517.68 | 547.11 |
| Operating Expense | - | 138.81 | 142.14 | 151.05 | 147.48 |
| Selling General And Administration | - | 138.81 | 142.14 | 151.05 | 147.48 |
| Total Expenses | - | 649.19 | 671.54 | 745.17 | 797.06 |
| Operating Income | - | 344.10 | 303.59 | 366.63 | 399.63 |
| Total Operating Income As Reported | - | 344.10 | 303.59 | 366.63 | 399.63 |
| EBITDA | - | 329.54 | 401.61 | 459.02 | 507.06 |
| Normalized EBITDA | - | 353.14 | 319.75 | 385.60 | 418.93 |
| EBIT | - | 321.75 | 392.26 | 449.16 | 497.68 |
| Interest Income | - | 0.33 | 6.30 | 9.61 | 9.36 |
| Interest Expense | - | 9.91 | 8.57 | 8.61 | 8.55 |
| Net Interest Income | - | -9.58 | -2.27 | 1 | 0.81 |
| Other Non Operating Income Expenses | - | 0.91 | 0.50 | -0.50 | 0.56 |
| Other Income Expense | - | -22.68 | 82.37 | 72.92 | 88.69 |
| Interest Income Non Operating | - | 0.33 | 6.30 | 9.61 | 9.36 |
| Interest Expense Non Operating | - | 9.91 | 8.57 | 8.61 | 8.55 |
| Net Non Operating Interest Income Expense | - | -9.58 | -2.27 | 1 | 0.81 |
| Pretax Income | - | 311.83 | 383.69 | 440.55 | 489.13 |
| Tax Provision | - | 63.45 | 71.89 | 90.90 | 111.25 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.79 | 15.34 | 15.13 | 20.01 |
| Net Income Continuous Operations | - | 248.38 | 311.80 | 349.65 | 377.88 |
| Net Income From Continuing And Discontinued Operation | - | 206.76 | 222.29 | 259.75 | 290.32 |
| Net Income From Continuing Operation Net Minority Interest | - | 206.76 | 222.29 | 259.75 | 290.32 |
| Net Income | - | 206.76 | 222.29 | 259.75 | 290.32 |
| Net Income Common Stockholders | - | 183.95 | 202.41 | 237.44 | 265.87 |
| Net Income Including Noncontrolling Interests | - | 248.38 | 311.80 | 349.65 | 377.88 |
| Normalized Income | - | 225.56 | 155.76 | 201.45 | 222.19 |
| Diluted NI Availto Com Stockholders | - | 183.95 | 202.41 | 237.44 | 265.87 |
| Basic Average Shares | - | 62.50 | 63.40 | 64.90 | 65.60 |
| Diluted Average Shares | - | 68.10 | 69 | 70.40 | 65.60 |
| Reconciled Depreciation | - | 7.80 | 9.35 | 9.86 | 9.38 |
| Reconciled Cost Of Revenue | - | 510.38 | 529.40 | 594.12 | 649.58 |
| Total Unusual Items | - | -23.60 | 81.86 | 73.42 | 88.13 |
| Total Unusual Items Excluding Goodwill | - | -23.60 | 81.86 | 73.42 | 88.13 |
| Minority Interests | - | -41.63 | -89.52 | -89.90 | -87.56 |
| Gain On Sale Of Security | - | -23.60 | 81.86 | 73.42 | 88.13 |
| General And Administrative Expense | - | 114.19 | 118.52 | 125.29 | 119.35 |
| Other Gand A | - | 85.36 | 89.59 | 95.03 | 90.17 |
| Rent Expense Supplemental | - | 28.83 | 28.93 | 30.26 | 29.18 |
| Other Operating Expenses | 21.94 | 28.83 | - | - | - |
| Selling And Marketing Expense | - | 24.61 | 23.62 | 25.76 | 28.13 |
| Rent And Landing Fees | - | 28.83 | 28.93 | 30.26 | 29.18 |
| Otherunder Preferred Stock Dividend | - | 22.80 | 19.88 | 22.30 | 24.45 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Artisan Partners Asset Management Inc.this co. | APAM | $2.7B | 9.16↓ discount | 6.06 | 66.2% | 5.35 |
| NMI Holdings, Inc. | NMIH | $2.7B | 7.05 | 1.06 | 15.0% | - |
| Palomar Holdings, Inc. | PLMR | $2.7B | 13.89 | 2.90 | 20.9% | - |
| FB Financial Corporation | FBK | $2.7B | 22.32 | 1.40 | 6.3% | - |
| Acadian Asset Management Inc. |
| 2021 | - | - | - | - | - | - | - |
| AAMI |
| $2.7B |
| 33.77 |
| 44.58 |
| 132.0% |
| 15.77 |
| WaFd, Inc. | WAFD | $2.6B | 11.63 | 0.96 | 8.3% | - |
| Trustmark Corporation | TRMK | $2.6B | 11.51 | 1.22 | 10.6% | - |
| Customers Bancorp, Inc. | CUBI | $2.5B | 11.31 | 1.20 | 10.6% | - |
| SiriusPoint Ltd. | SPNT | $2.5B | 5.38 | 1.09 | 20.2% | - |
| Peer Median | - | 11.57 | 1.21 | 12.8% | 15.77 | |