Artisan Partners Asset Management Inc. (APAM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+13.6%

$43.34

vs $38.14 price

Levered DCF

$47.25

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.8

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.06×	11.76×	13.85×	10.1×	9.34×	14.81×	12.2×	7.79×
P/B	6.09×	7.18×	8.65×	7.08×	10.33×	15.52×	12.43×	8×
P/S	2.23×	2.51×	2.87×	1.87×	2.32×	3.11×	2.07×	1.3×
EV / EBITDA	5.58×	6.16×	7.31×	6.17×	5.18×	7.48×	6.31×	3.47×
Gross margin	45.7%	46.6%	45.7%	48.6%	54.1%	51.6%	49.9%	50.1%
Operating margin	33.4%	33.0%	31.1%	34.6%	44.0%	39.8%	35.5%	36.8%
Net margin	24.3%	23.4%	22.8%	20.8%	27.4%	23.6%	19.6%	19.1%
Current ratio	1.17×	0.82×	0.69×	0.58×	0.71×	0.57×	0.55×	0.66×
Debt / equity	0.71×	0.77×	0.96×	1.22×	1.09×	1.62×	2.26×	1.48×
Interest coverage	46.73×	42.58×	35.42×	34.72×	50.03×	33.17×	25.54×	27.17×
Dividend yield	9.6%	7.9%	6.5%	13.4%	9.6%	7.2%	11.4%	15.5%
Payout ratio	88.6%	85.5%	82.5%	120.3%	81.6%	95.5%	120.2%	106.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	66.2%	66.8%	68.6%	78.8%	121.8%	117.8%	117.7%	117.2%
Return on invested capital	25.8%	26.0%	25.7%	34.9%	59.4%	49.4%	50.4%	57.8%
Return on assets	18.4%	16.0%	15.8%	16.7%	27.9%	18.5%	16.8%	19.7%
Free cash flow yield	6.4%	13.2%	8.7%	15.8%	13.8%	11.3%	16.6%	29.6%
Earnings yield	10.9%	9.3%	7.9%	11.1%	11.8%	7.6%	9.5%	14.7%
Enterprise value	$2.7B	$2.8B	$2.9B	$2B	$3B	$2.9B	$1.8B	$1.1B
Net debt / EBITDA	0.11×	0.07×	0.33×	0.54×	0.17×	0.24×	0.55×	0.08×
Cash conversion cycle (days)	24	-44	-1	2	4	-70	-11	14