QualityDipStocks / Finance · Investment Managers
Artisan Partners Asset Management APAM
Outside our quality screen, so we don’t track its dips. It’s 17% below its 52-week high.
Outside our quality screen, trading well below our fair value estimate.
Worth knowing
- Dividend yield 11%, top 1% of the 1731 we measure
From the data on this page, as of the last close. How we pick these
- Fair value est.
- $94.79+147%
- Market Value
- forming
- Off 52-wk high
- −17%
- Risk vs market
- Below marketbeta 0.80
5 bullish · 4 bearish See why
Repriced or dip?
Dip: business intact
The price is 17% below its 52-week high (Feb 9), but the business held up: revenue +8.7%, earnings per share +15.4%, free cash flow +14.7%.
Some numbers held up (revenue +8.7%, earnings per share +15.4%, free cash flow +14.7%), others slipped. The price is 17% below its 52-week high.
The price is 17% below its 52-week high, and the business changed too.
Within 10% of its 52-week high, so there is no dip to judge yet.
The evidence 10 numbers, high vs now
- Revenue, last 12 months$1.2B → $1.3B (+8.7%)held up
- Revenue growth rate+8.9% → +8.7% a year (−0.2 pts)held up
- Earnings per share, 12 months$3.69 → $4.26 (+15.4%)held up
- Free cash flow, 12 months$286M → $328M (+14.7%)held up
- Operating margin32.6% → 33.4% (+0.8 pts)held up
- Shares outstanding+1.1% (more shares, each owns less)held up
- Net cash (cash minus debt)+1.4% of market cap since the highheld up
- Stock vs its sector (Finance)stock −17%, sector median +1% since Feb 9about the same
- Price fall vs business numbersprice −17%, revenue/EPS/FCF median +15% (shown, not scored)
- Valuation multipleP/FCF 10.6× at the high → 7.8× now (shown, not scored)
Business numbers as reported at the high (12 months to Sep 30, 2025) vs the latest filing (12 months to Sep 30, 2026). Each measure is scored from −1 (business changed) to +1 (business intact) and weighted: revenue, earnings per share, free cash flow, operating margin, revenue growth rate, share count, net cash and the move vs its sector. 60 or more reads as a dip, 40 or less as a repricing. Analyst estimates are not in our data, so they are not used. How to read it
Data-based read, not advice.
Priced in
How much growth the market assumed at the 52-week high, the low and today (a reverse DCF).
At the high ($46.23, Feb 9) the price assumed about −4%/yr free-cash-flow growth; at the low ($31.25, Oct 13) about −9%; today about −9%. The last 3 years delivered −18%/yr (free cash flow).
Dashed line: what the last 3 years delivered, −18%/yr (free cash flow)
| High | Low | Now | |
|---|---|---|---|
| Price | $46.23Feb 9 | $31.25Oct 13 | $38.43 |
| Implied growth | −4% | −9% | −9% |
| P/E | 12.5× | 7.5× | 9.0× |
| P/FCF | 10.6× | 8.0× | 7.8× |
| EV/Sales | 2.5× | 1.5× | 1.9× |
What this means: the higher the implied growth, the more the price already counts on. If today's number sits well below what the business has delivered, the market expects less than its track record.
How it’s computed
Reverse DCF: the same 10-year free-cash-flow model as our fair value estimate (9.5% discount rate, growth for years 1–5 fading to 3% by year 10, 3% after), solved for the growth that makes it equal the market value at each price. For the high and the low we use only the filings that were public on that day, so nothing from a later report leaks back. Market value = that close × diluted shares. P/E = market value / 12-month net income; Price / FCF = market value / 12-month free cash flow; EV / Sales = (market value + debt − cash) / 12-month revenue. Hidden when the share count moved over 20% (split, merger), free cash flow is negative, or the company reports in another currency.
Valuation
What we estimate it's worth, and how it ranks on value vs every stock we cover.
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 6.4% ±2 points. Bear = 10.5% and 4.4%; bull = 8.5% and 8.4% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price is below even the bear case.
Cyclical / peak cash flow — treat with care
What the price implies To be worth today’s price, APAM’s free cash flow would need to shrink about 9% a year for five years; our estimate uses 6%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 31 to Nov 2, 252 sessions). Beta = how much APAM moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves a bit less than the market, and its own price swings are 2.3× the S&P 500’s.
- Beta vs S&P 500
- 0.80
- Volatility
- 29% vs 13% SPY
- Correlation SPY
- 0.35
- Correlation QQQ
- 0.19
How it ranks
Where APAM stands vs every one of the 1,996 stocks we cover that has the number. Longer bar = better.
Top quarter on 2 of 3 measures
- Discount to fair value estimate147% · price below our base caseTop 3%of 1,314
- Dividends + buybacks yield11% · cash paid out or used to retire shares, vs market capTop 4%of 1,836
- Revenue growth, last 12 months+8.7% · vs the 12 months beforeLowest 46%of 1,814
From SEC filings and our fair value estimate model. A ranking, not advice.
Valuation details
DCF $94.79 · FCF value $83.68
Cyclical / peak cash flow — treat with care
Assumes 6.4% growth for 5 years (revenue grew 6.4% a year FY22–FY25), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $4.94 a share (trailing 12 months to Sep 30, 2026), from the 10-Q filed Oct 29, 2026.
Fundamentals
The business itself: sales, profits, cash and debt, from SEC filings.
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
ValuationFree-cash-flow yield of 12.8% (price / FCF 7.8×): $328M of free cash in the last 12 months.
ProfitabilityReturn on invested capital of 132%, above the 9.5% discount rate our DCF uses.
ProfitabilityReturn on equity of 67% over the last 12 months.
ValuationOur DCF fair value estimate is $94.79, 147% above the price (cyclical or peak cash flow, so treat with care).
ValuationP/E of 9.0× vs a 13.6× median for the 291 Finance companies we cover.
Top bearish points 4 of 5
Cash returnsPays out more in dividends than it earns: $287M paid vs $283M of net income.
ValuationPrice / book of 5.8×, above the 1.7× median for the 296 Finance companies we cover.
Cash returnsShare count up 1.1% over 12 months, above the −1.7% median for the 249 Finance companies we cover.
GrowthSales grew 6.4% a year over the last three fiscal years, below the 9.2% median for the 286 Finance companies we cover.
All fundamentals
P/E 9.0 · FCF yield 12.8% · ROE 67%
Valuation
- P/E
- 9.0×Finance median 13.6×
- Price / FCF
- 7.8×
- FCF yield
- 12.8%
- EV / EBITDA
- 5.5×
- Price / sales
- 2.03×
- Price / book
- 5.75×
- Market cap
- $2.6Bprice × diluted shares
- Enterprise value
- $2.4B
Growth
- Revenue, 12 months
- $1.3B
- Sales growth, 12 months
- +8.7%vs the 12 months before
- Sales growth, 3 yrs
- +6.4%/yrfrom FY2022
- Diluted EPS, 12 months
- $4.28
- EPS growth, last FY
- +10.7%
- Net income, 12 months
- $283M
- Net income growth
- +17%12 months vs before
Profitability
- Gross margin
- n/agross profit isn't reported (common for service and financial companies)
- Operating margin
- 33.4%
- Net margin
- 22.5%
- FCF margin
- 26.0%
- Return on equity
- 67%
- Return on invested capital
- 132%
Balance sheet
- Cash & short-term inv.
- $378M
- Total debt
- $190M
- Net cash
- $188M
- Debt / equity
- 0.43×
- Interest coverage
- 48.7×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $328M
- FCF growth, 12 months
- +15%
- Dividend yield
- 11.26%$287M paid
- Payout ratio
- 101%
- Buybacks, 12 months
- n/anot reported in its SEC filings
- Share count, 1 year
- +1.1%diluted shares vs a year ago
- Stock-based comp
- $27M
Trailing 12 months to Sep 30, 2026; balance sheet at Sep 30, 2026. From Artisan Partners Asset Management’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
The business
FCF $0.3B · Sales +4%
- Free cash flow, 12 months$0.3B
- Free-cash-flow yield12.8%
- Free-cash-flow margin21%
- Gross margin46%
- Operating margin35%
- Return on invested capital92%
- Return on equity58%
- Sales growth (latest quarter vs year-ago quarter)+4%
- Net debt / EBITDA−0.1×
Chart & levels
Where the price is vs its key levels and trends.
Key levels
Every level vs today’s $38.43
- 52-wk lowlowest close, 1 year$31.25−18.7%
- PriceMon Nov 2 close$38.43you are here
- 52-wk highhighest close, 1 year$46.23+20.3%
- Fair value est.base case$94.79+146.7%
Momentum & 52-week range
RSI 67 · 5 days +15.3%
Signals
Reversal signal setups, the public ledger and the next earnings date.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
APAM is outside our quality screen
One text when a published rule fires on one of the 332 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.
Voices & buzz
Who is talking about it, and how it compares with peers.
Who’s talking about it
Notable investors, executives, analysts and public figures on Artisan Partners Asset Management in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 3, 1:01 PM ET.
Compare with peers
Closest in size in Investment Managers
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.