Artisan Partners Asset Management Inc. (APAM) Key Metrics
APAM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.29B
- Enterprise value
- $2.49B
- P/E (TTM)
- 7.8 10-yr median 10.7
- Forward P/E
- 8.6
- PEG ratio
- 1.38
- Price / sales
- 1.8 10-yr median 2.3
- Price / book
- 6.0 10-yr median 9.1
- EV / EBITDA
- 5.0 10-yr median 6.2
- Dividend yield
- 10.72% $3.46 a year
- Beta
- 1.69
APAM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAPAM valuation Price multiples at each fiscal year-end price.
APAM returns How much profit the business earns on the capital it uses.
APAM per-share figures Results divided by the shares outstanding at year-end.
APAM financial health Debt, liquidity and how easily interest is covered.
APAM efficiency & capital use Working capital cycle and where the cash goes.
APAM valuation history
APAM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
APAM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
APAM cash returned to shareholders
APAM price vs earnings per share
APAM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.67B | $2.80B | $2.80B | $1.86B | $2.85B | $2.80B | $1.65B | $1.08B | $1.99B | $1.38B |
| Enterprise value | $2.73B | $2.83B | $2.94B | $2.03B | $3.39B | $3.27B | $2.11B | $1.10B | $2.64B | $2.21B |
| P/E ratio | 9.2 | 10.8 | 12.6 | 9.0 | 8.5 | 13.2 | 10.6 | 6.8 | 40.2 | 18.9 |
| Price / sales | 2.2 | 2.5 | 2.9 | 1.9 | 2.3 | 3.1 | 2.1 | 1.3 | 2.5 | 1.9 |
| Price / book | 6.1 | 7.2 | 8.7 | 7.1 | 9.6 | 14.7 | 11.9 | 8.0 | 18.4 | 11.8 |
| Price / free cash flow | 15.6 | 7.6 | 11.5 | 6.3 | 7.3 | 8.9 | 6.0 | 3.4 | 9.1 | 5.3 |
| Price / operating cash flow | 15.5 | 7.5 | 11.1 | 5.9 | 7.2 | 8.8 | 5.6 | 3.2 | 8.8 | 5.1 |
| EV / sales | 2.3 | 2.5 | 3.0 | 2.0 | 2.8 | 3.6 | 2.6 | 1.3 | 3.3 | 3.1 |
| EV / EBITDA | 5.6 | 6.2 | 7.3 | 6.2 | 6.0 | 8.5 | 7.4 | 3.5 | 4.5 | 9.2 |
| EV / free cash flow | 15.9 | 7.7 | 12.0 | 6.9 | 8.6 | 10.4 | 7.7 | 3.5 | 12.0 | 8.4 |
| Earnings yield | 10.9% | 9.3% | 7.9% | 11.1% | 11.8% | 7.6% | 9.5% | 14.7% | 2.5% | 5.3% |
| Free cash flow yield | 6.4% | 13.2% | 8.7% | 15.8% | 13.8% | 11.3% | 16.6% | 29.6% | 11.0% | 19.0% |
| Dividend yield | 9.6% | 7.9% | 6.5% | 16.5% | 12.9% | 10.3% | 17.1% | 15.5% | 6.6% | 8.3% |
| Shareholder yield (dividends + buybacks) | 9.6% | 8.2% | 6.8% | 16.9% | 14.5% | 12.6% | 22.9% | 17.5% | 14.7% | 8.4% |
| Share price at fiscal year-end | $40.74 | $43.05 | $44.18 | $29.70 | $47.64 | $50.34 | $32.32 | $22.11 | $39.50 | $29.75 |
| Per share | ||||||||||
| Revenue per share | $18.24 | $17.12 | $15.36 | $15.89 | $20.49 | $16.17 | $15.63 | $16.96 | $15.77 | $15.50 |
| Earnings per share | $4.43 | $4.00 | $3.50 | $3.31 | $5.62 | $3.82 | $3.06 | $3.24 | $0.98 | $1.57 |
| Operating cash flow per share | $2.62 | $5.74 | $3.99 | $5.00 | $6.66 | $5.73 | $5.73 | $6.82 | $4.48 | $5.81 |
| Free cash flow per share | $2.61 | $5.67 | $3.85 | $4.69 | $6.56 | $5.67 | $5.38 | $6.54 | $4.36 | $5.66 |
| Cash per share | $3.89 | $4.13 | $2.81 | $2.29 | $3.16 | $2.79 | $2.63 | $3.58 | $2.72 | $3.37 |
| Book value per share | $6.69 | $5.99 | $5.11 | $4.20 | $4.94 | $3.43 | $2.71 | $2.76 | $2.14 | $2.53 |
| Tangible book value per share | $6.69 | $5.99 | $14.33 | −$3.44 | −$3.37 | −$5.23 | −$5.82 | $3.36 | $2.56 | $2.96 |
| Dividends per share | $3.92 | $3.42 | $2.89 | $4.89 | $6.14 | $5.19 | $5.54 | $3.43 | $2.60 | $2.48 |
| Capex per share | $0.01 | $0.07 | $0.14 | $0.31 | $0.10 | $0.06 | $0.35 | $0.28 | $0.12 | $0.16 |
| Debt per share | $4.73 | $4.63 | $4.92 | $5.12 | $12.21 | $11.30 | $11.56 | $4.08 | $15.53 | $21.19 |
| Shares outstanding | 65.6M | 64.9M | 63.5M | 62.5M | 59.9M | 55.6M | 51.1M | 48.9M | 50.5M | 46.5M |
| Change in shares outstanding | +1.0% | +2.3% | +1.6% | +4.4% | +7.6% | +8.8% | +4.6% | −3.2% | +8.5% | +5.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 70.1% | 72.9% | 75.8% | 74.1% | 138.2% | 129.1% | 114.5% | 130.2% | 43.9% | 62.3% |
| Return on invested capital (ROIC) | 67.5% | 66.2% | 55.0% | 42.9% | 58.0% | 47.5% | 67.4% | 56.2% | 16.8% | 21.4% |
| Return on assets (ROA) | 18.2% | 17.2% | 16.8% | 16.9% | 28.5% | 20.4% | 18.0% | 19.3% | 5.6% | 7.8% |
| Return on tangible assets | 18.4% | 16.0% | 11.2% | 27.3% | 47.4% | 31.7% | 31.5% | 19.0% | 5.8% | 7.6% |
| Free cash flow margin | 14.3% | 33.1% | 25.1% | 29.5% | 32.0% | 35.1% | 34.4% | 38.6% | 27.7% | 36.5% |
| Income quality (OCF / net income) | 0.59 | 1.44 | 1.14 | 1.51 | 1.18 | 1.50 | 1.87 | 2.11 | 4.56 | 3.70 |
| Financial health | ||||||||||
| Total debt | $310.0M | $300.7M | $312.7M | $319.9M | $731.2M | $628.5M | $590.9M | $199.3M | $783.7M | $985.2M |
| Cash & short-term investments | $255.5M | $268.2M | $178.5M | $143.2M | $189.2M | $155.0M | $134.6M | $174.9M | $137.3M | $156.8M |
| Net debt | $54.5M | $32.5M | $134.2M | $176.6M | $542.0M | $473.5M | $456.3M | $24.4M | $646.4M | $828.4M |
| Debt / equity | 0.71 | 0.77 | 0.96 | 1.22 | 2.47 | 3.29 | 4.27 | 1.48 | 7.25 | 8.37 |
| Debt / assets | 0.20 | 0.19 | 0.22 | 0.26 | 0.61 | 0.55 | 0.63 | 0.25 | 0.94 | 1.05 |
| Net debt / EBITDA | 0.11 | 0.07 | 0.33 | 0.54 | 0.95 | 1.22 | 1.59 | 0.08 | 1.10 | 3.46 |
| Current ratio | 1.17 | 0.82 | 0.69 | 0.58 | 0.66 | 0.57 | 0.53 | 0.66 | 0.52 | 0.35 |
| Quick ratio | 1.17 | 0.82 | 0.69 | 0.62 | −0.04 | −0.11 | −0.03 | 0.67 | 0.54 | 0.36 |
| Interest coverage | 46.7 | 42.6 | 35.4 | 34.7 | 50.0 | 33.2 | 25.5 | 27.2 | 25.0 | 20.1 |
| Working capital | $62.7M | −$92.0M | −$139.1M | −$187.0M | −$156.9M | −$195.2M | −$194.9M | −$132.2M | −$197.4M | −$402.5M |
| Invested capital | $493.3M | $421.4M | $458.3M | $438.9M | $838.0M | $664.5M | $594.8M | $159.4M | $754.5M | $946.1M |
| Tangible asset value | $782.4M | $749.9M | $1.19B | −$62.4M | −$201.9M | −$291.1M | −$297.4M | $204.0M | $129.1M | $137.7M |
| Net current asset value | −$353.6M | −$459.4M | −$494.3M | −$557.4M | −$606.9M | −$706.1M | −$578.6M | −$371.5M | −$515.1M | −$602.0M |
| Graham number | $25.81 | $23.22 | $20.06 | $17.67 | $25.00 | $17.18 | $13.66 | $14.19 | $6.88 | $9.46 |
| Graham net-net per share | −$6.33 | −$7.77 | −$8.47 | −$9.71 | −$7.92 | −$10.42 | −$9.49 | −$8.21 | −$10.68 | −$13.37 |
| Capital allocation | ||||||||||
| Dividends paid | $257.1M | $222.0M | $183.4M | $305.9M | $367.9M | $288.8M | $283.0M | $167.8M | $131.0M | $115.4M |
| Share buybacks (net) | — | $6.8M | $6.8M | $7.9M | $46.9M | $63.0M | $94.8M | $21.5M | $162.5M | $762,000 |
| Dividend payout ratio | 88.6% | 85.5% | 82.5% | 148.0% | 109.3% | 135.8% | 180.8% | 106.0% | 264.2% | 158.0% |
| Dividends + buybacks / free cash flow | 150.1% | 62.2% | 77.8% | 107.1% | 105.7% | 111.5% | 137.4% | 59.2% | 133.3% | 44.1% |
| Capex / revenue | 0.1% | 0.4% | 0.9% | 2.0% | 0.5% | 0.3% | 2.2% | 1.7% | 0.7% | 1.0% |
| Capex / operating cash flow | 0.4% | 1.3% | 3.4% | 6.3% | 1.5% | 1.0% | 6.1% | 4.2% | 2.6% | 2.7% |
| Capex / depreciation | 0.07 | 0.48 | 0.92 | 2.51 | 0.86 | 0.47 | 2.85 | 2.44 | 1.10 | 1.38 |
| Stock-based compensation / revenue | 2.4% | 2.9% | 3.5% | 4.2% | 3.2% | 4.1% | 5.4% | 6.5% | 7.9% | 10.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 12.3% | 13.6% | 14.6% | 14.0% | 10.1% | 11.7% | 14.4% | 13.3% | 13.4% | 14.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 44.7 | 39.8 | 40.8 | 40.3 | 32.1 | 36.9 | 35.4 | 33.0 | 31.3 | 30.3 |
| Days of inventory on hand | — | — | -5.4 | 109.9 | 202.9 | 222.2 | 103.0 | -5.2 | -8.6 | -8.4 |
| Days payables outstanding | 52.2 | 62.3 | 39.4 | 31.2 | 24.1 | 30.9 | 25.0 | 19.8 | 26.6 | 35.0 |
| Cash conversion cycle (days) | -7.5 | -22.6 | -4.0 | 119.0 | 210.9 | 228.3 | 113.4 | 8.1 | -3.9 | -13.0 |
| Receivables turnover | 8.17 | 9.18 | 8.94 | 9.05 | 11.37 | 9.90 | 10.30 | 11.05 | 11.67 | 12.03 |
| Payables turnover | 6.99 | 5.85 | 9.26 | 11.68 | 15.18 | 11.83 | 14.57 | 18.45 | 13.70 | 10.43 |
| Inventory turnover | — | — | — | — | 1.80 | 1.64 | 3.54 | — | — | — |
| Asset turnover | 0.75 | 0.74 | 0.74 | 0.81 | 1.04 | 0.86 | 0.92 | 1.01 | 0.90 | 0.77 |
| Average receivables | $146.4M | $121.1M | $109.1M | $109.8M | $107.9M | $90.9M | $77.6M | $75.0M | $68.2M | $59.9M |
| Average payables | $92.9M | $101.5M | $57.2M | $43.7M | $37.1M | $36.9M | $27.4M | $22.4M | $29.4M | $36.8M |
| Average inventory | — | — | −$7.9M | $153.7M | $313.0M | $265.3M | $112.9M | −$5.8M | −$9.4M | −$8.8M |
| Intangibles / total assets | 0.0% | 0.0% | −41.7% | 38.6% | 41.2% | 41.8% | 46.7% | −3.6% | −2.5% | −2.1% |
Computed from APAM's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
APAM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Artisan Partners traded at 9.2 times earnings, against a 10-year median of 10.7. Based on the latest twelve months, the trailing P/E is 7.8 and the forward P/E is 8.6. Artisan Partners earned a return on equity of 70.1% and a return on invested capital of 67.5% in fiscal 2025. It ended the year with $310.0 million of debt and $255.5 million in cash and short-term investments, net debt of $54.5 million. It returned $257.1 million to shareholders: $257.1 million in dividends and $0 in share buybacks, 150% of free cash flow. The share count rose 41.1% from 46.5M to 65.6M over 9 years.
See the APAM income statement, the APAM chart for price history, or the APAM stock overview for the latest quote and news.
APAM key metrics FAQ
What is Artisan Partners's P/E ratio?
Artisan Partners's trailing P/E ratio is 7.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.6. At the end of fiscal 2025 it was 9.2, compared with a 10-year median of 10.7.
What is Artisan Partners's EV/EBITDA?
Artisan Partners's enterprise value was 5.6 times EBITDA at the end of fiscal 2025 (enterprise value $2.7 billion, EBITDA $489.0 million); the current EV/EBITDA is 5.0.
What is Artisan Partners's return on equity?
Artisan Partners's return on equity (ROE) was 70.1% in fiscal 2025: net income of $290.3 million on average shareholders' equity of $413.9 million.
What is Artisan Partners's ROIC?
Artisan Partners's return on invested capital was 67.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Artisan Partners have?
Artisan Partners had total debt of $310.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.71 and $54.5 million of net debt (0.11 times EBITDA).
What is Artisan Partners's dividend yield?
Artisan Partners's forward dividend yield is 10.72%. Artisan Partners paid $257.1 million in dividends in fiscal 2025 ($3.92 per share), a payout ratio of 88.6%.
What is Artisan Partners's free cash flow yield?
Artisan Partners generated $171.3 million of free cash flow in fiscal 2025, a free cash flow yield of 6.4% on its market value at year-end ($2.7 billion).
What is Artisan Partners's current ratio?
Artisan Partners's current ratio was 1.17 at the end of fiscal 2025: current assets were 1.17 times current liabilities.