APAMArtisan Partners Asset Management Inc.
Investment Advice
- Revenue
- $1.2B
- 7.6% YoY
- Operating margin
- 33.4%
- 1.3% YoY
- EBITDA
- $409M
- 8.6% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.0×
- $19M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired59% of net incomeCash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowFired149% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear3% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $993M | $975M | $1.1B | $1.2B | 7.6% |
| Operating income | $540M | $344M | $304M | $367M | $400M | 9.0% |
| Net income | $337M | $207M | $222M | $260M | $290M | 12% |
| Operating cash flow | $399M | $313M | $253M | $373M | $172M | 54% |
| Capex | $2M | $7M | $2M | $2M | $371K | 76% |
| Stock-based comp | $39M | $40M | $32M | $31M | $27M | 12% |
| Dividends | $275M | $249M | $183M | $222M | $257M | 16% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 122 | 196 |
| FY2024 | $7M | $7M | 118 | 187 |
| FY2023 | $7M | $10M | 113 | 135 |
| FY2022 | $7M | $4M | 71 | 110 |
| FY2021 | $8M | $8M | 103 | 141 |