MeritValue

Artisan Partners Asset Management Inc.

APAMdata completeness 100%15 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 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 shares59.9M62.5M63.5M64.9M65.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000015%
of the whole company
Your share of last year’s profit
$44.25
Your share of its debt
$28.96
Your share of free cash flow
$26.16
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$52.69
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$250.8M
DCF · Growth Exit 5Y
$56.94
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$250.8M
Earnings Power Value
$41.72
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$259.7M
  • growthAssumed0.0%
Graham Number
$24.69
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $56.94

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001517302-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001517302-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001517302-26-000047 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001517302-24-000015 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001517302-25-000015 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001517302-26-000047 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001517302-25-000015 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001517302-26-000047 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)