Latest Ratios: P/E Ratio 8.9x · EV/EBITDA 6.6x · ROE 37.9%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $2.7B | $2.8B | $2.8B | $1.9B | $2.9B | $2.8B | $1.7B | $1.1B | $1.8B | $1.1B |
| Enterprise Value | $2.7B | $2.8B | $2.8B | $2.9B | $2.0B | $3.0B | $2.9B | $1.8B | $1.1B | $1.8B | $1.2B |
| P/E Ratio → | 8.90 | 10.06 | 11.76 | 13.85 | 10.10 | 9.36 | 14.81 | 12.20 | 7.79 | 52.67 | 18.95 |
| P/S Ratio | 2.14 | 2.23 | 2.51 | 2.88 | 1.87 | 2.32 | 3.11 | 2.07 | 1.30 | 2.22 | 1.57 |
| P/B Ratio | 3.02 | 3.42 | 3.73 | 4.65 | 4.48 | 7.01 | 9.83 | 11.93 | 7.69 | 16.32 | 9.64 |
| P/FCF | 14.93 | 15.60 | 7.60 | 7.60 | 6.33 | 7.27 | 8.88 | 6.01 | 3.38 | 8.01 | 4.31 |
| P/OCF | 14.87 | 15.54 | 7.50 | 7.43 | 5.94 | 7.16 | 8.79 | 5.64 | 3.24 | 7.80 | 4.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.36 | 2.54 | 3.01 | 2.05 | 2.41 | 3.22 | 2.26 | 1.33 | 2.27 | 1.63 |
| EV / EBITDA | 6.63 | 6.91 | 7.51 | 9.39 | 5.78 | 5.39 | 7.93 | 6.24 | 3.56 | 6.18 | 4.92 |
| EV / EBIT | 6.79 | 5.90 | 6.30 | 7.49 | 6.32 | 5.25 | 7.61 | 6.45 | 3.53 | 3.10 | 5.03 |
| EV / FCF | — | 16.50 | 7.68 | 7.96 | 6.94 | 7.52 | 9.17 | 6.58 | 3.46 | 8.19 | 4.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.7% | 45.7% | 46.6% | 45.7% | 48.6% | 54.1% | 51.6% | 49.9% | 50.1% | 49.4% | 46.7% |
| Operating Margin | 33.4% | 33.4% | 33.0% | 31.1% | 34.6% | 44.0% | 39.8% | 35.5% | 36.8% | 36.0% | 32.5% |
| Net Profit Margin | 24.3% | 24.3% | 23.4% | 22.8% | 20.8% | 27.4% | 23.6% | 19.6% | 19.1% | 6.2% | 10.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.9% | 37.9% | 38.4% | 43.7% | 50.3% | 97.3% | 100.5% | 112.2% | 127.4% | 43.9% | 62.3% |
| ROA | 18.2% | 18.2% | 17.2% | 16.8% | 16.9% | 28.5% | 20.4% | 18.0% | 19.3% | 5.6% | 7.8% |
| ROIC | 26.7% | 26.7% | 28.0% | 27.6% | 35.8% | 63.2% | 52.9% | 54.6% | 70.7% | 68.8% | 55.5% |
| ROCE | 29.9% | 29.9% | 35.3% | 34.8% | 45.3% | 80.7% | 64.6% | 61.7% | 72.5% | 75.3% | 69.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.40 | 0.52 | 0.77 | 0.74 | 1.03 | 2.17 | 1.42 | 1.84 | 1.69 |
| Debt / EBITDA | 1.00 | 1.00 | 0.80 | 1.00 | 0.91 | 0.55 | 0.80 | 1.04 | 0.64 | 0.68 | 0.83 |
| Net Debt / Equity | — | 0.20 | 0.04 | 0.22 | 0.43 | 0.24 | 0.33 | 1.13 | 0.17 | 0.37 | 0.36 |
| Net Debt / EBITDA | 0.38 | 0.38 | 0.09 | 0.43 | 0.50 | 0.18 | 0.26 | 0.54 | 0.08 | 0.14 | 0.18 |
| Debt / FCF | — | 0.90 | 0.09 | 0.36 | 0.60 | 0.25 | 0.30 | 0.57 | 0.08 | 0.18 | 0.16 |
| Interest Coverage | 56.09 | 56.09 | 52.17 | 45.77 | 32.46 | 52.06 | 35.18 | 25.25 | 27.89 | 50.89 | 20.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 20.33 | 20.33 | 0.82 | 0.69 | 0.58 | 0.71 | 0.57 | 0.55 | 0.66 | 0.64 | 0.38 |
| Quick Ratio | 20.33 | 20.33 | 0.82 | 0.69 | 0.58 | 0.71 | 0.57 | 0.55 | 0.66 | 0.64 | 0.38 |
| Cash Ratio | 12.35 | 12.35 | 0.53 | 0.40 | 0.32 | 0.42 | 0.36 | 0.33 | 0.45 | 0.39 | 0.26 |
| Asset Turnover | — | 0.76 | 0.69 | 0.69 | 0.80 | 1.02 | 0.78 | 0.86 | 1.03 | 0.95 | 0.77 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.9% | 9.6% | 7.1% | 6.5% | 13.4% | 8.9% | 7.2% | 11.4% | 15.5% | 7.4% | 10.2% |
| Payout Ratio | 88.6% | 88.6% | 76.2% | 82.5% | 120.3% | 75.6% | 95.5% | 120.2% | 106.0% | 264.2% | 158.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.2% | 9.9% | 8.5% | 7.2% | 9.9% | 10.7% | 6.8% | 8.2% | 12.8% | 1.9% | 5.3% |
| FCF Yield | 6.7% | 6.4% | 13.2% | 13.2% | 15.8% | 13.8% | 11.3% | 16.6% | 29.6% | 12.5% | 23.2% |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 2.0% | 2.3% | 0.0% | 2.0% | 9.2% | 0.0% |
| Total Shareholder Yield | 10.9% | 9.6% | 7.3% | 6.5% | 13.4% | 10.9% | 9.5% | 11.4% | 17.5% | 16.6% | 10.2% |
| Shares Outstanding | — | $66M | $65M | $63M | $62M | $60M | $56M | $51M | $49M | $45M | $38M |
Active management fee compression
Based on recent market data, APAM trades at a forward P/E of 9.28, which suggests that investors are pricing in significant skepticism regarding the firm's ability to achieve long-term organic growth amidst the broader industry shift toward passive investment vehicles and lower-cost institutional mandates.
The current valuation multiple appears compressed relative to historical averages, reflecting the market's tendency to treat the firm as a high-beta play on equity markets rather than a boutique manager with unique alpha potential. Investors should monitor whether this discount persists, as it may imply that the market is failing to account for the firm's capacity to launch new strategies with minimal capital expenditure.
As reported in financial statements, APAM's ROIC has fluctuated between 6.3% and 10.0% over the last ten quarters, indicating that the firm's ability to compound returns on invested capital is heavily dependent on market-driven AUM levels rather than consistent operational efficiency gains.
The variability in ROIC suggests that the firm's decentralized multi-boutique structure, while effective for talent retention, creates a high hurdle for achieving scalable returns on capital. This trend warrants further investigation into whether the firm's recent expansion into credit strategies can provide a more stable, less market-sensitive base for future capital compounding.
According to the provided quarterly data, the firm's asset turnover remains consistently low at approximately 0.20, which reflects the inherent nature of an asset management business model where revenue generation is tied to AUM rather than the rapid turnover of physical or working capital assets.
The lack of meaningful movement in asset turnover suggests that operational efficiency is not the primary lever for margin expansion at APAM. Instead, investors should focus on the firm's ability to manage its cost-to-revenue ratio, as the variable compensation model is the primary mechanism for protecting margins during periods of market-driven revenue contraction.
Based on an analysis of the firm's business model, the P/E ratio is frequently misapplied to APAM, as it fails to account for the significant portion of earnings allocated to non-controlling interests and the lumpy nature of performance fee recognition inherent in active management.
Analysts should prioritize Adjusted Net Income and EV/EBITDA to better capture the firm's true earning power, as these metrics strip away the noise created by the Tax Receivable Agreement and equity-based compensation vesting. Relying solely on headline P/E may lead to an inaccurate assessment of the firm's valuation, as it obscures the underlying stability of the management fee revenue base.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying APAM stock.
Artisan Partners Asset Management Inc.'s current P/E ratio is 8.9x. The historical average is 16.4x. This places it at the 9th percentile of its historical range.
Artisan Partners Asset Management Inc.'s current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Artisan Partners Asset Management Inc.'s return on equity (ROE) is 37.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 66.4%.
Based on historical data, Artisan Partners Asset Management Inc. is trading at a P/E of 8.9x. This is at the 9th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Artisan Partners Asset Management Inc.'s current dividend yield is 10.88% with a payout ratio of 88.6%.
Artisan Partners Asset Management Inc. has 45.7% gross margin and 33.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Artisan Partners Asset Management Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.