Artisan Partners Asset Management Inc.
APAMdata completeness 100%15 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
Artisan Partners Asset Management Inc. earns about 197% on invested capital, far above its ~9% cost of capital, but has diluted owners by 10% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $40.86 and $55.29 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.23B1 | $993.3M2 | $975.1M3 | $1.11B3 | $1.2B3 |
| Net income | $336.5M4 | $206.8M5 | $222.3M6 | $259.7M6 | $290.3M6 |
| Operating cash flow | $398.6M7 | $312.6M8 | $253M9 | $372.8M9 | $172M9 |
| Capital expenditure | $2.44M10 | $6.64M11 | $2.26M12 | $1.57M12 | $371,00012 |
| Free cash flow (derived) | $396.1M7 | $306M8 | $250.8M9 | $371.3M9 | $171.6M9 |
| Total debt | — | $200M13 | $200M14 | $200M15 | $190M15 |
| Cash & equivalents | $200.8M16 | $143.2M17 | $178.5M17 | $268.2M17 | $255.5M17 |
| Diluted shares | 59.9M | 62.5M | 63.5M | 64.9M | 65.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $66.89 of net worth that earned you $44.25 and generated $26.16 of cash last year, against $28.96 of debt.
It earned about 197% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 10% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $40.86 and $55.29 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$250.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$250.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$259.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $55.29 |
| Base | 0.0% | $55.29 |
| Bull | 5.0% | $68.42 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001517302-24-000015 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001517302-25-000015 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001517302-26-000047 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001517302-25-000015 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001517302-26-000047 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)