Artisan Partners Asset Management Inc (APAM) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Artisan Partners Asset Management Inc stock $48.21, price $40.21, upside +19.9%, quality 60 out of 100. Rating: undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range $18.80 – $43.64 · fair‑value band $27.81 – $66.45 · the $40.21 price screens below the $48.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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Artisan Partners Asset Management Inc. is publicly owned investment manager.
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It provides its services to pension and profit sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds and non-U.S. funds, as well as mutual funds, non-U.S. funds and collective trusts.
It manages separate client-focused equity and fixed income portfolios. The firm invests in the public equity and fixed income markets across the globe. It invests in growth and value stocks of companies across all market capitalization.
For fixed income component of its portfolio the firm invests in non-investment grade corporate bonds and secured and unsecured loans. It employs fundamental analysis to create its portfolios.
Artisan Partners Asset Management Inc. was founded in 1994 and is based in Milwaukee, Wisconsin with additional offices in Atlanta, Georgia; New York City; San Francisco, California; Leawood, Kansas; and London, United Kingdom.
Stock analysis
Artisan Partners Asset Management Inc (APAM) currently trades at $40.21, while our model-based Fair Value estimate is $48.21, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $59.78 per share, and 4 of the 13 models we run sit above the $40.21 price.
Bear case: the Economic Profit group reads lowest at $21.16, and 9 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $27.81 (bear) to $66.45 (bull), the price of $40.21 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Artisan Partners Asset Management Inc reported revenue of $1.2B in FY2025 versus $1.2B in FY2021, a compound −0.6%/yr. Reported net income was $290M in FY2025, compounding −3.6%/yr from FY2021.
Key figures
Market cap $2.9B Mid · P/E ratio 9.4 · P/S ratio 2.99 · EPS (TTM) $4.28 · Dividend yield 8.6% · Net margin 24.5% · Return on equity 58.5% · Return on assets (EBIT) 28.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (medium confidence).
What moves the price
The share trades about 8% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −2% fair-value upside, at 20%, APAM screens cheaper than that median.
Fair Value models
Bear$27.81Fair Value $48.21Bull$66.45
Price $40.21 · Upside +19.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.7077 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $298,130 and none bought.
SaleGregory K RamirezExecutive Vice President7,000 shares at $42.59$298,130Aug 19, 2026
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+8.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.4%
Dividend (yield on the price)8.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.0% vs 9.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.40% → 33%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 3.4%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +8.6% a year for the price.
News mood ⓘNews mood, the average tone of recent news (94 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Strong profitability metrics stand out as the main strength while limited public evidence on moat factors in asset management forms the central weakness.
Main risk: Large mandates evolving into multi-manager structures could reduce assets under management and pressure fee revenue in the Global Value strategy.
Artisan Partners reported September assets under management of 168.7 billion after a long-standing client rebalanced around six billion dollars out of the Global Value strategy into a multi-manager structure. Revenue feels this shift less sharply than the asset reduction because of the specific fee arrangement. Our models see the stock as undervalued. Will the fee structure buffer future client changes or leave the business more exposed when large mandates evolve?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+19.9% · Above median
Profitability
Return on equity (12 months)58.5% · Top 25%
Return on assets24.0% · Top 25%
Net margin (12 months)31.9% · Above median
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)3.7% · Below median
Dividend yield (12 months)8.6% · Top 25%
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)9.4× · Cheaper than median
P/B6.54× · Priciest 25%
P/S (12 months)2.99× · Cheaper than median
Price / free cash flow (fiscal year)21.8× · Pricier than median
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Is Artisan Partners Asset Management Inc (APAM) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of $48.21 versus a price of $40.21, about +20% upside (undervalued).
What is the fair value of APAM?
Our model-based fair value for Artisan Partners Asset Management Inc is $48.21 (as of Nov 11, 2026), built from audited fundamentals. The current price: $40.21.
What is the quality score of APAM?
Artisan Partners Asset Management Inc has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Artisan Partners Asset Management Inc (APAM)?
Our model-based price target is the fair value of $48.21 (as of Nov 11, 2026) from 13 valuation models. Cautious scenario $27.81, optimistic scenario $66.45. It is a calculation from audited fundamentals, not an analyst target.
What is the Artisan Partners Asset Management Inc stock forecast for 2026?
Our models put fair value at $48.21, about +20% upside versus a price of $40.21 (undervalued). Cautious scenario $27.81, optimistic scenario $66.45. The calculation is refreshed regularly with new filings.
What is the revenue of Artisan Partners Asset Management Inc (APAM)?
Artisan Partners Asset Management Inc reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Nov 11, 2026).
Does Artisan Partners Asset Management Inc pay a dividend?
Artisan Partners Asset Management Inc currently shows a dividend yield of 8.60% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Artisan Partners Asset Management Inc (APAM) and when is the ex-dividend date?
Artisan Partners Asset Management Inc pays a dividend of $3.46 per share a year, a dividend yield of 8.6%. The last ex-dividend date was Aug 17, 2026. A dividend has been paid every year since at least 2013. The payout ratio is 80.8% of earnings. Free cash flow covers the dividend 0.70 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Artisan Partners Asset Management Inc (APAM)?
For today's price to be fair in a discounted-cash-flow model, Artisan Partners Asset Management Inc would have to grow free cash flow by +11.2 % per year for five years (discount rate 11.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.9 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of APAM use?
Our models discount Artisan Partners Asset Management Inc at 11.4 %: a base by market capitalisation (mid), damped by beta 1.69, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Artisan Partners Asset Management Inc that is +11.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.4 %) and the same formula as our fair value.
How much growth has Artisan Partners Asset Management Inc (APAM) delivered so far?
Over the past 5 years revenue at Artisan Partners Asset Management Inc grew +5.9 % a year. The price currently implies free-cash-flow growth of +11.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Artisan Partners Asset Management Inc (APAM) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Artisan Partners Asset Management Inc (+11.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Artisan Partners Asset Management Inc (APAM)?
The free-cash-flow yield on the price is 5.97 %: that much free cash flow Artisan Partners Asset Management Inc produces per unit of market value. When it exceeds the discount rate of our models (11.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Artisan Partners Asset Management Inc (APAM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Artisan Partners Asset Management Inc it is $48.21 per share (as of Nov 11, 2026), against a price of $40.21. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Artisan Partners Asset Management Inc stock overvalued or undervalued in 2026?
As of Nov 11, 2026, APAM trades below its calculated fair value: price $40.21, fair value $48.21, a gap of about +20% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of APAM?
No. The price is what the market pays today ($40.21); the fair value is what the company's own numbers justify ($48.21). For Artisan Partners Asset Management Inc the two are $8.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Artisan Partners Asset Management Inc worth?
The market values Artisan Partners Asset Management Inc at about $2.9B (market capitalisation, as of Nov 11, 2026). Per share that is $40.21; our models calculate a fair value of $48.21 per share.
What do the bullish and bearish scenarios say about APAM?
Our models span a range for Artisan Partners Asset Management Inc: cautious scenario $27.81, base $48.21, optimistic $66.45 per share (as of Nov 11, 2026, price $40.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of APAM?
Artisan Partners Asset Management Inc trades at a price-to-earnings ratio of 9.4 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $48.21 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 8.1. Other multiples: PEG 1.4, P/B 6.5, P/S 3.0, EV/EBITDA 8.7.
What is the PEG ratio of APAM?
The PEG ratio of Artisan Partners Asset Management Inc is 1.38 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Artisan Partners Asset Management Inc (APAM)?
Balance-sheet figures for Artisan Partners Asset Management Inc (as of Nov 11, 2026): return on equity 58.5%, debt of 0.43 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is APAM from its 52-week high?
Artisan Partners Asset Management Inc trades at $40.21, about 8% below its 52-week high of $43.64 and 29% above the low of $31.25 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $48.21 is for.
Which stocks are comparable to Artisan Partners Asset Management Inc?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Artisan Partners Asset Management Inc stock attractive at the current price?
The data as of Nov 11, 2026: price $40.21, calculated fair value $48.21 (+20%), Quality Score 60/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of APAM calculated?
We run Artisan Partners Asset Management Inc through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $48.21 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Artisan Partners Asset Management Inc currently trades 17% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Artisan Partners Asset Management Inc (APAM)?
The closing price on Nov 10, 2026 was $40.21. Our model-based fair value is $48.21, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Artisan Partners Asset Management Inc right now?
A fairly wide model range ($27.81 to $66.45) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Artisan Partners Asset Management Inc (APAM) come from?
Earnings per share at Artisan Partners Asset Management Inc grew +9.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.2 %, EBIT margin −0.8 %, tax rate +2.3 %, residual (interest, one-offs) +9.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Artisan Partners Asset Management Inc
How large is the market capitalisation of Artisan Partners Asset Management Inc (APAM)?
The market capitalisation of Artisan Partners Asset Management Inc is $2.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Artisan Partners Asset Management Inc (APAM)?
The price-to-sales ratio of Artisan Partners Asset Management Inc is 2.99 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Artisan Partners Asset Management Inc (APAM)?
Earnings per share at Artisan Partners Asset Management Inc are $4.28 (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Artisan Partners Asset Management Inc (APAM)?
The dividend yield of Artisan Partners Asset Management Inc is 8.6% (payout 80.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Artisan Partners Asset Management Inc (APAM)?
The net margin of Artisan Partners Asset Management Inc is 24.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Artisan Partners Asset Management Inc (APAM)?
The return on equity (ROE) of Artisan Partners Asset Management Inc is 58.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Artisan Partners Asset Management Inc (APAM)?
On an EBIT basis the return on assets of Artisan Partners Asset Management Inc is 28.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Artisan Partners Asset Management Inc (APAM)?
Revenue at Artisan Partners Asset Management Inc is growing +3.7% versus a year earlier (3y avg +6.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Artisan Partners Asset Management Inc (APAM)?
Earnings per share at Artisan Partners Asset Management Inc are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Artisan Partners Asset Management Inc (APAM) carry?
The net debt of Artisan Partners Asset Management Inc is $155M (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 11, 2026