XVARY Composite Score
60
/ 100
Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Artisan Partners manages money for institutions and funds, then takes a slice of assets as fees.
How it gets paid
Last year Artisan Partners made $1.2B in revenue. separate accounts was the main engine at $0.42B, or 35% of sales.
Why it's growing
Revenue grew 7.6% last year. The quarter showed operating leverage in plain English: revenue rose 186% vs.
What just happened
Revenue hit $861M and EPS reached $2.73, a huge jump from the prior year.
At a Glance
B++ balance sheet — above average — nothing keeping you up at night
65/100 earnings predictability — reasonably predictable
11.6x trailing p/e — the market's not buying it — or you found a deal
11.4% dividend yield — cash in your pocket every quarter
44.9% return on capital — every dollar works hard here
XVARY composite: 60/100 — average
What They Do
Artisan Partners manages money for institutions and funds, then takes a slice of assets as fees.
Return on capital is 44.9% while long-term debt is just $314 million, or 10% of capital. Asset-light business → it needs little capital to operate → so more cash can come back to you. That is how you get an 11.4% dividend yield from a company with only 584 employees.
How They Make Money
$1.2B
annual revenue · their business grew +7.6% last year
separate accounts
$0.42B
mutual funds
$0.30B
collective trusts
$0.18B
non-us funds
$0.18B
private funds and other
$0.12B
The Products That Matter
Mutual fund strategies
Artisan Funds
$92.4B in AUM
this $92.4B pool of client money is the public face of the business, and the fee stream rises or falls with market levels, fund performance, and whether clients keep adding assets.
core fee base
Custom institutional portfolios
Separate Accounts
part of $188.5B total AUM
these portfolios make up roughly the other half of the $188.5B asset base, and large clients can be sticky right up until performance gives them a reason not to be.
institutional client base
Key Numbers
11.4%
dividend yield
That yield is huge for a public asset manager. You are getting paid in cash while you wait.
33.9%
operating margin
Operating margin → profit after running the business → so this is a very efficient fee machine.
44.9%
return on capital
Return on capital → profit earned on money tied up in the business → so Artisan turns a small capital base into a lot of earnings.
$314M
long-term debt
Debt is only 10% of capital, which is light versus the cash the business throws off.
Financial Health
B++
Strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $314M (10% of capital)
B++ — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
beat estimates
Revenue hit $861M and EPS reached $2.73, a huge jump from the prior year.
The quarter showed operating leverage in plain English: revenue rose 186% vs. prior year, while EPS rose 194%. Q4 FY2024 EPS was $0.97 versus $0.92 a year earlier, so the earnings base was already improving before the latest surge.
$861M
revenue
$2.73
eps
33.9%
operating margin
the number that mattered
$861 million matters most because fee businesses scale hard; when revenue jumps that fast, a lot of it drops to profit.
source: company earnings report, 2026
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What Could Go Wrong
The #1 risk is client outflows after benchmark underperformance.
High
Asset outflows after weak performance
This is an active manager. If returns lag benchmarks for long enough, clients redeem. A 10% drop in the $188.5B asset base is about $18.9B walking out the door, and fee revenue would feel that fast because the fees sit on assets that can leave.
direct pressure on the main fee stream
Med
CEO transition execution
Jason Gottlieb became CEO in June 2025. If leadership changes unsettle investment teams or clients, the business feels it quickly because trust is part of what clients are buying.
pressure on retention and distribution momentum
Med
Market-level AUM shrinkage
Even if clients stay put, a market drawdown hits assets under management and therefore fees. That is the quiet part of asset management. You can execute fine and still print a weaker quarter because the market marked the asset base lower.
lower fees without a single client redeeming
Med
Yield trap risk
An 11.4% yield gets attention for a reason. If fee income softens, the payout can stop looking generous and start looking fragile. High yields are invitations and warning labels at the same time.
income thesis weakens fast
A 10% decline in the $188.5B asset base would erase about $18.9B of fee-bearing assets, and that is the income stream supporting the 11.4% yield.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Flows
Net inflows or net outflows
This is the cleanest scoreboard. You can get a solid quarter and still have a weak stock if client money starts leaving.
Income
Dividend durability
The 11.4% yield is the hook. Watch whether operating results keep carrying the payout instead of management asking you to admire the headline.
Leadership
The new CEO's first full calendar year
Watch Jason Gottlieb's first full year for strategy changes, team stability, and whether the 2026 marketing push turns into actual asset wins.
Market
AUM direction even without flow changes
Client retention is only half the battle. If markets fall, asset values fall, and the fee base can shrink even when clients do nothing.
Analyst Rankings
earnings predictability
65 / 100
Middle of the pack. In human-speak: analysts see a business with understandable economics, but markets and client behavior can still swing the quarter.
Source: institutional data
Institutional Activity
institutional ownership data for APAM is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$42
Current price
Target midpoint · from current
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