APAM Artisan Partners Asset Management Inc.

Overview and Growth

Fiscal 2025 results for Artisan Partners Asset Management Inc. combined $1.20B of revenue with net income of $290.32M and an operating cash inflow of $171.99M. At $1.20B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 7.6% above fiscal 2024 revenue of $1.11B, marking a year-over-year increase. Diluted earnings per share were $4.05, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 10.7% increase from fiscal 2024 diluted EPS of $3.66. The company employed $1.58B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.76x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced $399.63M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 33.4%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $290.32M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 24.3% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $489.13M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 40.9%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $111.25M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 22.7%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 60.7% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 18.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

Total assets were $1.58B, supported by $794.87M of liabilities and $478.16M of shareholder equity. Cash and equivalents totaled $255.51M, identifying the most liquid reported component available within the broader current-asset balance. Total debt was $190.00M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.4x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 12.0%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 50.4%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 16.2% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 2.6% from $1.62B in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 13.3% from $422.00M in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $171.99M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 0.59x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $371.00K, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 0.2% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $171.62M, leaving a positive amount after capital expenditures. Free cash flow represented 14.3% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 10.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.