Artisan Partners Asset Management Inc. (APAM) intrinsic value & 10-year financials
Artisan Partners Asset Management Inc. (APAM) has a Graham intrinsic value of $66.04 per share. At $32.29 on Oct 17, 2026, the stock trades 51% below that value. Over the last 10 fiscal years revenue grew 5.8% a year to $1.2B, with an average return on invested capital of 107.4%.
- Graham intrinsic value
- $66.04
- Share price (Oct 17, 2026)
- $32.29
- Price vs Graham value
- 51% below
- Market cap
- $2.1B
- Revenue (FY2025)
- $1.2B
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- 107.4%
- Free cash flow (FY2025)
- $171.6M
APAM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | $290.3M | $4.05 | $171.6M | 33.4% | 83.3% |
| FY2024 | $1.1B | $259.7M | $3.66 | $371.3M | 33.0% | 81.5% |
| FY2023 | $975.1M | $222.3M | $3.19 | $250.8M | 31.1% | 69.0% |
| FY2022 | $993.3M | $206.8M | $2.94 | $306.0M | 34.6% | 88.6% |
| FY2021 | $1.2B | $336.5M | $5.09 | $396.1M | 44.0% | 179.7% |
| FY2020 | $899.6M | $212.6M | $3.40 | $316.6M | 39.8% | 146.9% |
| FY2019 | $799.0M | $156.5M | $2.65 | $289.3M | 35.5% | 129.1% |
| FY2018 | $828.6M | $158.3M | $2.84 | $330.5M | 36.8% | 135.0% |
| FY2017 | $795.6M | $49.6M | — | $202.5M | 36.0% | 82.4% |
| FY2016 | $720.9M | $73.0M | — | $267.4M | 32.5% | 78.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Artisan Partners Asset Management Inc. has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
Artisan Partners Asset Management Inc. has earned high returns on invested capital, averaging 89.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Artisan Partners Asset Management Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Artisan Partners Asset Management Inc. is modeled at 5.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $66.04 per share.