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Arphra AIPlain-English read on Artisan Partners Asset Management Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $1.23B | $993.29M | $975.13M | $1.11B | $1.2B | $1.22B | $1.28B | $1.35B |
| Cost of revenue | $563.05M | $510.4M | $529.4M | $594.13M | $649.58M | $674.85M | $679.35M | $714.81M |
| Gross profit | $664.18M | $482.89M | $445.74M | $517.68M | $547.1M | $546.39M | $575.05M | $606.9M |
| Gross margin | +54.12% | +48.61% | +45.71% | +46.56% | +45.72% | +44.70% | +45.02% | +44.84% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $124.21M | $138.8M | $142.14M | $151.05M | $147.48M | $164.23M | $170.45M | $186.95M |
| Total operating expenses | $123.69M | $138.8M | $142.14M | $151.05M | $147.48M | $161.05M | $169.08M | $178.54M |
| Operating income | $540.49M | $344.1M | $303.59M | $366.63M | $399.63M | $385.98M | $410.91M | $443.54M |
| Operating margin | +44.04% | +34.64% | +31.13% | +32.98% | +33.39% | +31.58% | +32.17% | +32.77% |
| EBITDA | $569.29M | $329.54M | $401.61M | $459.02M | $488.89M | $493.28M | $540M | $540.8M |
| EBIT | $562.35M | $321.75M | $392.26M | $449.16M | $479.59M | $501.09M | $502.32M | $559.13M |
| Below the line | ||||||||
| Interest expense | $10.8M | $9.91M | $8.57M | $8.61M | $8.55M | $9.37M | $10.28M | $10.98M |
| Interest income | $559K | $333K | $6.3M | $9.61M | $11.85M | $9.95M | $10.58M | $11.01M |
| Other income / expense | $11.06M | -$32.26M | $80.1M | $73.92M | $89.51M | — | — | — |
| Pre-tax income | $551.55M | $311.84M | $383.69M | $440.55M | $489.14M | $485.61M | $522.33M | $534.78M |
| Income tax expense | $107.03M | $63.45M | $71.89M | $90.9M | $111.25M | $102.59M | $108.82M | $108.84M |
| Earnings | ||||||||
| Net income | $336.52M | $206.76M | $222.29M | $259.75M | $290.32M | $280.43M | $301.84M | $320.55M |
| Net income · continuing ops | $444.52M | $248.39M | $311.8M | $349.65M | $377.8M | $388.87M | $405.37M | $417.57M |
| Net margin | +27.42% | +20.82% | +22.80% | +23.36% | +24.26% | +22.94% | +23.63% | +23.68% |
| EPS · basic | $5.10 | $2.94 | $3.19 | $3.66 | $4.05 | $3.82 | $3.99 | $4.09 |
| EPS · diluted | $5.09 | $2.94 | $3.19 | $3.66 | $4.05 | $3.83 | $4.00 | $4.12 |
| EPS · low estimate | — | — | — | — | — | $3.76 | $3.83 | $4.10 |
| EPS · high estimate | — | — | — | — | — | $3.90 | $4.17 | $4.14 |
| Shares · basic | 59.87M | 62.48M | 63.45M | 64.9M | 65.6M | 65.73M | 65.25M | 65.47M |
| Shares · diluted | 59.88M | 62.5M | 63.49M | 64.94M | 65.6M | 66.17M | 65.98M | 66.05M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 1 | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 2 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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