← Artisan Partners Asset Management
The business behind the dividend
| Measure | APAM | Median | Formula |
|---|---|---|---|
| Return on equity | 66.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 63.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $299.33m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $171.62m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 33.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 24.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.43x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Interest cover — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 66.2% | 66.8% | 68.6% | 78.8% | 121.8% | 117.8% | 117.7% | 117.2% | 45.1% | 55.4% | 68.6% |
| Return on capital employed | 63.6% | 62.3% | 57.9% | 74.4% | 113.6% | 94.4% | 85.4% | 91.2% | 92.7% | 70.7% | 74.4% |
| Operating margin | 33.4% | 33.0% | 31.1% | 34.6% | 44.0% | 39.8% | 35.5% | 36.8% | 36.0% | 32.5% | 34.6% |
| Net margin | 24.3% | 23.4% | 22.8% | 20.8% | 27.4% | 23.6% | 19.6% | 19.1% | 6.2% | 10.1% | 20.8% |
| Debt to equity | 0.43x | 0.51x | 0.62x | 0.76x | 0.72x | 1.10x | 1.50x | 1.48x | 1.81x | 1.51x | 0.76x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, Artisan Partners Asset Management pays out less than 1 of them. The median for that group is 19.5%, against this company’s 149.8%.
Closest on free cash flow
- CME Group (CME) 93.8%
- Blackstone (BX) 132.2%
- Brookfield Asset Management (BAM) 134.7%
- StepStone Group (STEP) 184.4%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →