At a glance
Artisan Partners Asset Management Inc is worth $2.82B, about 9 times its fiscal 2025 earnings. Revenue grew 7.6% to $1.20B in fiscal 2025, with 24.3% kept as profit; over 5 years it has grown 5.9% a year. It pays a 11.6% dividend yield, and returned $1.19B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −13.4% over the past year with dividends reinvested and +1.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.7% in the 2020 crash (S&P 500: 33.7%) and 39.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 9 months after the lows.
Price history
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APAM -13.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| U.S. | $956.8M | 80% |
| Non-U.S. | $239.9M | 20% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $312.5M, up 3.7% from a year earlier, and net income was $75.2M (+12.5%).
- For fiscal 2025, revenue was $1.20B (+7.6% year over year; +5.9% a year from FY2020 to FY2025) with a 24.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Operating margin | 33.4% good |
| Free cash flow margin | 14.3% good |
| Return on equity (FY2025) | 66.2% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 18.4% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $899.6M | $212.6M | $316.6M |
| FY2021 | $1.23B | $336.5M | $396.1M |
| FY2022 | $993.3M | $206.8M | $306.0M |
| FY2023 | $975.1M | $222.3M | $250.8M |
| FY2024 | $1.11B | $259.7M | $371.3M |
| FY2025 | $1.20B | $290.3M | $171.6M |
Valuation snapshot
| Market value | $2.82B |
|---|---|
| P/E ratio | 8.6 |
| Dividend yield | 11.6% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APAM price data to Oct 28, 2026 | -8.0% | -13.4% | +11.4% | +1.8% | +12.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.0% |
| 2025 | +2.7% |
| 2024 | +4.8% |
| 2023 | +60.2% |
| 2022 | -31.3% |
| 2021 | +2.7% |
| 2020 | +71.0% |
| 2019 | +66.5% |
| 2018 | -38.1% |
| 2017 | +45.1% |
| 2016 | -8.5% |
| 2015 | -23.0% |
| 2014 | -17.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.6% over that stretch · deepest drop along the way 49.7%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.4% over that stretch · deepest drop along the way 39.5%, back to its old high 9 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (23 read): 0 open-market purchases and 1 sales ($298K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Gregory K Ramirez Executive Vice President | sell | $298K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Mar 31, 2025 |
| Kayne Anderson Rudnick Investment Management, LLC | 8.1% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.91% | Mar 31, 2026 |
| Vanguard Capital Management | 5.05% | Mar 31, 2026 |
ETFs with the most weight in APAM
| ZIG Acquirers Fund | 3.29% |
| KBWD Invesco KBW High Dividend Yield Financial ETF | 2.02% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.91% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.04% |
| FSCS First Trust SMID Capital Strength ETF | 0.96% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.8% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.72% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.66% |
What could go wrong
- Losing key portfolio managers. Past departures have led clients to withdraw money. Artisan has no key-person insurance, and a few managers, such as N. David Samra of International Value, oversee very large sums.
- Weak results can drive clients away. Assets follow results. When a strategy trails its benchmark, clients and consultants pull money, cutting fees. In 2025, Global Opportunities returned 10.14% before fees, versus 22.34% for the MSCI All Country World Index.
- The dividend can shrink. The Board sets each dividend, and payouts have fallen before: from $4.23 a share in 2021 to $2.66 in 2023. Fiscal 2025 dividends topped free cash flow, the business's spare cash.
- Heavy reliance on stock markets. Most assets sit in stock strategies that don't bet against shares, so a market slump shrinks assets and fees together. The stock fell 49.7% in the 2020 crash and 39.5% in 2022.
- Clients can leave on short notice. Contracts can generally be ended with short or no notice, and fund investors can withdraw anytime. Artisan also relies on consultants and platforms to steer money its way, so losing one can hurt quickly.
- Pressure on fee rates. Weak results, competition from other managers or a shift toward lower-fee strategies could push fee rates down. Lower fees on the same assets mean less revenue and thinner profit margins.
Recent events
- Quarterly results released
- Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Other company announcement
- Other company announcement
- Quarterly results released
- Other company announcement
- Other company announcement
- Shareholder vote results
- Other company announcement
For income and retirement investors
Artisan pays a large dividend, but it has risen and fallen rather than climbing steadily. Dividends per share fell from $4.23 in 2021 to $2.66 in 2023, then rose to $3.63 in 2025, a streak of just two years of increases. In 2025 dividends took 88.6% of earnings and 149.8% of free cash flow (cash left after running and investing in the business), so payouts exceeded the cash generated that year. The board decides each payment. The yield was 11.6% as of October 28, 2026, after the stock lost 13.4% over the prior year. Artisan made no share buybacks from 2021 through 2025 and returned $1.19 billion through dividends instead.
The stock has fallen hard in sell-offs. It dropped 49.7% in the 2020 COVID crash and took about 4.4 months to recover. It dropped 39.5% in the 2022 bear market and took about 9 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Artisan Partners make money?
Artisan makes money by charging fees to manage investments for others. Essentially all revenue comes from management fees, mostly set as a percentage of each client's average assets under management. A small share of clients also pay performance fees for beating a benchmark, though the Artisan Funds do not. Fiscal 2025 revenue was about $1.2 billion, up 7.6%, and net income was $290.3 million. U.S. revenue made up 80% of the total.
Does Artisan Partners raise its dividend every year?
No. Artisan's dividend per share has risen and fallen over time. It paid $4.23 in fiscal 2021, $3.67 in 2022 and $2.66 in 2023, then $3.16 in 2024 and $3.63 in 2025. That makes two straight years of increases, but regular dividends grew only about 1.4% a year from FY2020 to FY2025. Fiscal 2025 dividends equaled 88.6% of earnings. The Board decides each payment, so income can vary from year to year.
Why is APAM's dividend yield so high?
Because Artisan pays out most of its profit and its shares trade at a low price relative to earnings. As of October 28, 2026, the yield was 11.6% and the price-to-earnings (P/E) ratio was 8.6, based on fiscal 2025 earnings. Fiscal 2025 dividends equaled 88.6% of earnings. A high yield is not a promise: those dividends were 149.8% of free cash flow, the cash left after running and investing in the business, and the Board sets each payment.
How has Artisan Partners stock performed?
Results have been uneven. As of October 28, 2026, the stock returned 12.6% a year over 10 years but only 1.8% a year over five years, and it lost 13.4% over one year. Swings can be large. The shares fell 49.7% in the 2020 COVID crash, recovering in about 4.4 months, and 39.5% in the 2022 bear market, recovering in 9 months. The worst drop across 13.6 years of price history was 59.5%.
Who runs Artisan Partners' biggest strategies?
N. David Samra leads the International Value Group, which runs International Value, Artisan's largest strategy as of December 31, 2025. Daniel J. O'Keefe leads the Global Value team, which runs Global Value, the second largest. Since its July 2002 start, International Value has beaten the MSCI EAFE Index by 515 basis points a year before fees (a basis point is one-hundredth of a percentage point). Losing key portfolio managers is the first risk Artisan lists in its annual report.