APAMArtisan Partners Asset Management Inc.
Investment Advice
- Revenue
- $1.2B
- 7.6% YoY
- Operating margin
- 33.4%
- 1.3% YoY
- EBITDA
- $409M
- 8.6% YoY
- Market cap
- $3.0B
- Employees
- 567
- $2M revenue each
- Net debt / EBITDA
- 0.0×
- $19M net debt
- AI in 10-K
- 1.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes59% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowYes149% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 83rd pctBottom quartile of its SIC industry
- Quiet on AINo1.7 per 10K words · 49th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$298K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $993M | $975M | $1.1B | $1.2B | 7.6% |
| Operating income | $540M | $344M | $304M | $367M | $400M | 9.0% |
| Net income | $337M | $207M | $222M | $260M | $290M | 12% |
| Operating cash flow | $399M | $313M | $253M | $373M | $172M | 54% |
| Capex | $2M | $7M | $2M | $2M | $371K | 76% |
| Stock-based comp | $39M | $40M | $32M | $31M | $27M | 12% |
| Dividends | $275M | $249M | $183M | $222M | $257M | 16% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 5, 2026 | Colson Eric R | SCHEDULE 13D/A | 10.2% | Passive |
| Aug 2, 2024 | Colson Eric R | SC 13D/A | 33.3% | Passive |
| Feb 9, 2024 | Colson Eric R | SC 13D/A | 12.3% | Passive |
| Aug 18, 2022 | Colson Eric R | SC 13D/A | 42.1% | Passive |
| May 11, 2021 | Colson Eric R | SC 13D/A | 14.7% | Passive |
| Mar 2, 2021 | Colson Eric R | SC 13D/A | 15.7% | Active |
| May 22, 2020 | Colson Eric R | SC 13D/A | 53.6% | Active |
| Feb 25, 2020 | Colson Eric R | SC 13D/A | 55.4% | Passive |
| Dec 13, 2019 | Colson Eric R | SC 13D/A | 21.1% | Passive |
| Feb 28, 2019 | Colson Eric R | SC 13D/A | 22.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $298K · 1
- Net
- −$298K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 122 | 196 |
| FY2024 | $7M | $7M | 118 | 187 |
| FY2023 | $7M | $10M | 113 | 135 |
| FY2022 | $7M | $4M | 71 | 110 |
| FY2021 | $8M | $8M | 103 | 141 |