Artisan Partners Asset Manageme
APAM
Jodie read · what matters now
Revenue hit $1.2B in 2025 and operating margin was 33.4%, but the firm sits at a 58% discount to peers, the gap between bull and bear comes down mostly to which exit multiple investors pick.
The story is only the start. Jodie keeps watching the filing evidence, the companies connected to APAM, and whether its market group begins moving.
Earlier comparable assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-04 against the comparable filing from 2025-05-02.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
What improved
- Revenue increased 9.3% versus the comparable filing period.
What weakened
- Net margin fell 2.9 percentage points.
- Operating cash flow was 3.13x net income; review non-cash and one-time items before treating this as recurring conversion.
Filing receipts
“Cash Flows For the Three Months Ended March 31, 2026 2026 2025 (unaudited; in millions) Cash and cash equivalents as of January 1 $ 255.5 $ 268.2 Net cash provided by operating activities 181.8 157.9 Net cash used in investing activities (12.0) (38.3) Net cash used in financing activities (95.1) (91.8) Net impact of deconsolidation of consolidated investment products (29.7) (37.0) Cash and cash equivalents as of March 31 $ 300.5 $ 259.0 Net cash provided by operating activities increased $23.9 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to changes in working capital of $18.8 million, which included the collection, in th...”
“Financial highlights for the quarter included the following: • During the three months ended March 31, 2026, our AUM declined to $173.0 billion, a decrease of $6.9 billion, or 4%, compared to $179.9 billion at December 31, 2025, primarily due to $4.6 billion of market depreciation, $3.1 billion of net client cash outflows and $0.1 billion of Artisan Funds’ distributions not reinvested, partially offset by the acquisition of $0.9 billion from Grandview Property Partners.”
“Net cash used in investing activities decreased $26.3 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a $49.1 million increase in cash from net security investment activity in the three months ended March 31, 2026.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Who this business touches
The relationships behind APAM
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Filing peers
Companies whose filings use similar operating language.
You can see the shape of the network here. Pro opens the original filing receipts, and alerts when connected names begin moving. See Pro →
What is moving around it
Live connections
APAM is currently a Follower in the organic co-movement group Asset Management & Finance. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.
Theme membership history
No durable theme membership has been observed for this name yet.