Artisan Partners Asset Management Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Artisan Partners Asset Management Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	721	796	829	799	900	1,227	993	975	1,112	1,197
Selling and marketing		29.6	26.6	23.2	24.3	31.7	24.6	23.6	25.8	28.1
Operating expenses	487	509	524	515	541	687	649	672	745	797
Operating income	234	286	305	283	358	540	344	304	367	400
Interest expense	11.7	11.4	11.2	11.1	10.8	10.8	9.91	8.57	8.61	8.55
Interest income						0.56	0.33	6.3	9.61	9.36
Other non-operating income	-9.75	285	-3.15	-14.2	11	11.1	-32.3	80.1	73.9	89.5
Pre-tax income	224	571	302	269	369	552	312	384	441	489
Income tax	51.5	421	47.6	27.8	60.8	107	63.5	71.9	90.9	111
Net income to minority interests	100	99	91.1
Net income	73	49.6	158	157	213	337	207	222	260	290
EBITDA	240	292	311	290	365	547	352	313	376	409
EPS, basic	1.57	0.75	2.84	2.65	3.40	5.10	2.94	3.19	3.66	4.05
EPS, diluted	1.57	0.75	2.84	2.65	3.40	5.09	2.94	3.19	3.66	4.05
Shares, basic (weighted)	38.1	44.6	48.9	51.1	55.6	59.9	62.5	63.5	64.9	65.6
Shares, diluted (weighted)	38.1	44.6	48.9	51.1	55.6	59.9	62.5	63.5	64.9	65.6
Dividend per share	2.80	2.76	3.19	3.39	3.39	4.23	3.67	2.66	3.16	3.63

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	157	137	160	135	199	201	143	178	268	256
Property, plant and equipment	20	21	29.1	39.5	35.9	35.3	48.1	46.6	41.5	33
Lease right-of-use assets			0	87.2	79.3	88.6	101	94.7	83.4	105
Goodwill										0
Intangible assets										0
Total assets	936	837	805	934	1,152	1,208	1,235	1,406	1,619	1,577
Accrued liabilities	12.6	2.91	12.7	16.2	12.9	7.52	29.8	52.2
Total liabilities	818	667	630	752	867	801	820	802	869	795
Total debt	200	200	200	200	200	200	200	200	200	190
Paid-in capital	119	148	97.6	89.1	108	142	171	194	221	236
Retained earnings	13.4	-37.9	38.6	44.5	72.9	135	93.1	132	170	203
Other comprehensive income	-1.65	-0.87	-1.9	-1.43	-0.99	-1.31	-3.08	-2.5	-2.76	-1.69
Shareholders' equity	132	110	135	133	180	276	262	324	389	439
Minority interests	-14	-1.86	5.44	5.54	10.6	19.8	17.1	27.2	33.1	39.3
Total equity	118	108	140	139	191	296	279	351	422	478
Total liabilities and equity	936	837	805	934	1,152	1,208	1,235	1,406	1,619	1,577
Shares outstanding	74.4	75.6	76.9	77.8	78.6	79	79.6	80	80.4	80.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	173	151	254	241	309	445	248	312	350	378
Depreciation and amortization	5.27	5.3	5.67	6.23	6.63	6.93	7.8	9.35	9.86	9.38
Stock-based compensation	28.1	12.7	52.9	42.1	36.5	39.2	40	32.2	31.3	27.4
Deferred income tax	34	395	24.9	7.36	28	38.4	30.2	42.5	44.2	55.7
Change in receivables	0.32	-17	9	-14.2	-18	-16	16.6	0.13	-16.9	-34.7
Change in payables	-3.52	-9.2	10	6.88	1.62	-1.3	16.5	27.4	42.7	64.1
Cash from operations	270	226	333	293	319	399	313	253	373	172
Capital expenditures	-2.93	-1.58	-2.83	-3.5	-2.05	-2.44	-6.64	-2.26	-1.57	-0.37
Purchases of investments	-4.01	-5.25	-0.5	-0.01	-2.15	-33.8	-49.3	-35.5	-31.8	-41.4
Sales and maturities of investments	8.96	6.38	0	0.29	24	12.8	5.16	5.95	11.7	77.3
Cash from investing	-2.33	-4.7	-14.3	-17.5	18.8	-27	-63.7	-38.2	-24.9	35.2
Debt issued	0	60	0	50	0	0	90	0	0	50
Debt repaid	0	-60	0	-50	0	0	-90	0	0	-60
Dividends paid	-115	-131	-168	-188	-203	-275	-249	-183	-222	-257
Cash from financing	-278	-219	-263	-307	-282	-335	-306	-175	-254	-183
Net change in cash	-9.42	-19.5	55.5	-31.3	55.2	36.1	-57.5	39.9	93.7	24.3
Free cash flow	267	224	330	289	317	396	306	251	371	172
Interest paid	11.1	11	10.7	10.6	10.3	10.2	10.3	7.68	7.68	7.8
Income taxes paid	18.6	25.3	20.7	18.6	35.5	70.3	31.6	30.7	42.7	57

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $36.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	33.0%	Operating income / revenue.
EBITDA margin	33.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	38.8%	Pre-tax income / revenue.
Net margin	24.1%	Net income / revenue.
FCF margin	20.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.9%	Cash from operations / revenue.
Effective tax rate	22.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	71.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	20.6%	Net income / average total assets.
Return on invested capital (ROIC)	122.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-53.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-53.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-17.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-11.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-0.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.0%	Total debt / total assets.
Liabilities / assets	62.2%	Total liabilities / total assets.
Net debt	-$160.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.38x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	47.8x	Operating income / interest expense.
Goodwill and intangibles / assets	3.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$372.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.85x	Revenue / average total assets.
Fixed asset turnover	40.4x	Revenue / average property, plant and equipment.
FCF conversion	86.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.80	Revenue / diluted weighted shares.
FCF per share	$3.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.93	Cash from operations / diluted weighted shares.
Book value per share	$5.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.59	Tangible book value / shares outstanding.
Cash per share	$4.33	(Cash + short-term investments) / shares outstanding.
Payout ratio	93.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	108.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.93B	Share price x shares outstanding.
Enterprise value	$2.77B	Market cap + total debt - cash - short-term investments.
P/E	9.76x	Market cap / net income. Only when net income is positive.
P/S	2.35x	Market cap / revenue.
P/B	6.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.88x	Market cap / tangible book value, when positive.
P/FCF	11.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	2.22x	Enterprise value / revenue.
EV/EBIT	6.72x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.58x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.9%	Free cash flow / market cap.
Earnings yield	10.3%	Net income / market cap (the inverse of P/E).
Dividend yield	9.6%	Dividends paid over the period / market cap.
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.87x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Artisan Partners Asset Management Inc.'s revenue in fiscal 2025?

Artisan Partners Asset Management Inc. reported revenue of $1.20B for fiscal 2025, 7.6% higher than the year before.

Was Artisan Partners Asset Management Inc. profitable in fiscal 2025?

Yes. Net income was $290.3M, a net margin of 24.3%.

How much free cash flow did Artisan Partners Asset Management Inc. generate in fiscal 2025?

Cash from operations of $172.0M minus capital expenditures of $371.0K left free cash flow of $171.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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