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Arphra AIPlain-English read on Artisan Partners Asset Management Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
A+Top tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin45.7%
Operating margin33.4%
Net margin24.3%
ROE37.1%
ROA18.4%
ROIC32.9%
Liquidity & leverage
Current ratio20.33×
Quick ratio20.33×
Debt / equity0.52×
Net debt / EBITDA0.32×
Interest coverage47×
Efficiency & per-share
Asset turnover0.76×
Inventory days0
Days sales out.50
FCF / share$2.61
Book value / share$11.93
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $2.79B | $2.67B | — | — | — |
| Enterprise value | — | — | — | $2.83B | $2.83B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.54 | 2.36 | — | — | — |
| EV / FCF | — | — | — | 7.68 | 16.50 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +9.30% | +10.86% | — | — | — |
| Free cash flow yield | — | — | — | +13.17% | +6.41% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +54.12% | +48.61% | +45.71% | +46.56% | +45.72% | +44.70% | +45.02% | +44.84% |
| Operating margin | +44.04% | +34.64% | +31.13% | +32.98% | +33.39% | +31.58% | +32.17% | +32.77% |
| EBITDA margin | +46.39% | +33.18% | +41.19% | +41.29% | +40.85% | +40.36% | +42.27% | +39.96% |
| EBIT margin | +45.82% | +32.39% | +40.23% | +40.40% | +40.08% | +41.00% | +39.32% | +41.31% |
| Pre-tax margin | +44.94% | +31.39% | +39.35% | +39.63% | +40.87% | +39.73% | +40.89% | +39.51% |
| Net margin | +27.42% | +20.82% | +22.80% | +23.36% | +24.26% | +22.94% | +23.63% | +23.68% |
| Cost structure | ||||||||
| Cost of revenue / sales | +45.88% | +51.39% | +54.29% | +53.44% | +54.28% | +55.21% | +53.18% | +52.82% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +10.12% | +13.97% | +14.58% | +13.59% | +12.32% | +13.44% | +13.34% | +13.81% |
| Effective tax rate | +19.40% | +20.35% | +18.74% | +20.63% | +22.74% | +21.13% | +20.83% | +20.35% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +82.68% | +49.86% | +36.82% | +34.64% | +37.11% | +36.00% | +36.81% | +36.40% |
| Return on assets (ROA) | +27.86% | +16.75% | +15.81% | +16.05% | +18.41% | +16.05% | +16.42% | +16.43% |
| Return on capital (ROC) | +76.48% | +46.85% | +33.13% | +34.90% | +33.51% | +33.13% | +33.79% | +33.91% |
| Return on invested capital (ROIC) | +47.62% | +28.15% | +24.26% | +24.72% | +24.34% | +24.07% | +24.82% | +24.51% |
| Asset turnover | +101.59% | +80.45% | +69.36% | +68.68% | +75.87% | +69.97% | +69.50% | +69.38% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +27.42% | +20.82% | +22.80% | +23.36% | +24.26% | +22.94% | +23.63% | +23.68% |
| Asset turnover (× revenue / assets) | +101.59% | +80.45% | +69.36% | +68.68% | +75.87% | +69.97% | +69.50% | +69.38% |
| Equity multiplier (× assets / equity) | +296.82% | +297.76% | +232.85% | +215.86% | +201.60% | +224.29% | +224.18% | +221.50% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 1.02 | 0.80 | 0.69 | 0.69 | 0.76 | 0.70 | 0.69 | 0.69 |
| Fixed-asset turnover | 9.90 | 6.64 | 6.90 | 8.91 | 8.65 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 10.04 | 9.59 | 8.52 | 8.71 | 7.24 | — | — | — |
| Payables turnover | 11.45 | 10.05 | 8.33 | 4.26 | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 36.36 | 38.07 | 42.86 | 41.91 | 50.39 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 31.88 | 36.31 | 43.84 | 85.63 | — | — | — | — |
| Cash conversion cycle | 4.48 | 1.77 | -0.98 | -43.73 | 50.39 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.18 | 1.51 | 1.70 | 1.44 | 0.59 | 1.23 | 1.19 | 1.20 |
| FCF / Net income | 1.17 | 1.42 | 1.66 | 1.42 | 0.59 | 1.27 | 1.22 | 1.22 |
| FCF margin | +31.99% | +29.50% | +37.85% | +33.11% | +14.32% | +29.04% | +28.77% | +28.97% |
| OCF margin | +32.48% | +31.47% | +38.73% | +33.53% | +14.37% | +28.23% | +28.18% | +28.32% |
| CapEx / Revenue | +0.49% | +1.97% | +0.89% | +0.43% | +0.06% | +0.46% | +0.45% | +0.45% |
| CapEx / D&A | 0.86 | 2.51 | 0.92 | 0.48 | 0.07 | — | — | — |
| Stock-based comp / Revenue | +3.23% | +4.18% | 0.00% | +2.92% | +2.39% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 5.09 | 2.94 | 3.19 | 3.66 | 4.05 | 3.83 | 4.03 | 4.12 |
| EPS · basic | 5.10 | 2.94 | 3.19 | 3.66 | 4.05 | 3.82 | 4.02 | 4.09 |
| Book value / share | 6.80 | 6.63 | 9.51 | 11.55 | 11.93 | 11.77 | 12.43 | 13.33 |
| Tangible BV / share | 6.80 | 6.63 | 9.51 | 11.55 | 11.93 | 11.77 | 12.43 | 13.33 |
| Sales / share | 20.49 | 15.89 | 15.36 | 17.12 | 18.24 | 18.47 | 19.36 | 20.49 |
| Operating CF / share | 6.66 | 5.00 | 5.95 | 5.74 | 2.62 | 5.22 | 5.46 | 5.80 |
| Free cash flow / share | 6.56 | 4.69 | 5.81 | 5.67 | 2.61 | 5.36 | 5.57 | 5.94 |
| Dividends / share | 4.25 | 3.98 | 2.89 | 3.05 | 3.92 | 3.65 | 3.66 | 3.98 |
| Payout ratio | +75.61% | +120.29% | +82.50% | +76.21% | +88.56% | +86.19% | +79.93% | +81.97% |
| Retention ratio | +24.39% | -20.29% | +17.50% | +23.79% | +11.44% | +13.81% | +20.07% | +18.03% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | -19.06% | -1.83% | +14.02% | +7.63% | +2.14% | +4.52% | +5.95% | +1.41% |
| Gross profit · YoY | — | -27.30% | -7.69% | +16.14% | +5.68% | -0.13% | +5.25% | +5.54% | -1.28% |
| Profit | |||||||||
| Operating income · YoY | — | -36.34% | -11.77% | +20.76% | +9.00% | -3.41% | +6.46% | +7.94% | -2.78% |
| EBITDA · YoY | — | -42.11% | +21.87% | +14.30% | +6.51% | +0.90% | +9.47% | +0.15% | -0.73% |
| Net income · YoY | — | -38.56% | +7.51% | +16.85% | +11.77% | -3.41% | +7.64% | +6.20% | -0.69% |
| Operating | |||||||||
| EBIT · YoY | — | -42.79% | +21.92% | +14.51% | +6.77% | +4.48% | +0.25% | +11.31% | -0.08% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -42.24% | +8.50% | +14.73% | +10.66% | -5.37% | +5.15% | +2.23% | -2.98% |
| EPS · basic · YoY | — | -42.35% | +8.50% | +14.73% | +10.66% | -5.57% | +5.14% | +1.70% | -3.11% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $299.75M | $319.9M | $312.66M | $300.71M | $410.21M | $386.03M | $396.1M | $427.37M |
| Net debt | $99.61M | $176.65M | $134.19M | $32.49M | $154.7M | $130.13M | $119.8M | $132.48M |
| Net debt / EBITDA | 0.17 | 0.54 | 0.33 | 0.07 | 0.32 | 0.26 | 0.22 | 0.24 |
| Debt / equity | 0.74 | 0.77 | 0.52 | 0.40 | 0.52 | 0.50 | 0.48 | 0.49 |
| Debt / assets | +24.81% | +25.91% | +22.24% | +18.58% | +26.01% | +22.10% | +21.55% | +21.91% |
| Equity / assets | +33.69% | +33.58% | +42.95% | +46.33% | +49.60% | +44.59% | +44.61% | +45.15% |
| Coverage | ||||||||
| EBITDA / interest expense | 52.70 | 33.25 | 46.86 | 53.31 | 57.17 | 52.66 | 52.53 | 49.27 |
| Operating income / interest | 50.03 | 34.72 | 35.42 | 42.58 | 46.73 | 41.20 | 39.97 | 40.41 |
| Interest expense | $10.8M | $9.91M | $8.57M | $8.61M | $8.55M | $9.37M | $10.28M | $10.98M |
| Liquidity | ||||||||
| Current ratio | 0.71 | 0.58 | 0.69 | 0.82 | 20.33 | — | — | — |
| Quick ratio | 0.68 | 0.55 | 0.66 | 0.79 | 20.33 | — | — | — |
| Cash ratio | 0.42 | 0.32 | 0.40 | 0.53 | 12.35 | — | — | — |
| Working capital | -$139.03M | -$186.98M | -$139.1M | -$91.99M | $400.03M | — | — | — |
| Working capital / revenue | -11.33% | -18.82% | -14.26% | -8.27% | +33.43% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.36x | 2.54x |
| Earnings yield | 10.9% | 9.3% |
| FCF yield | 6.4% | 13.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 66.2% | 66.8% |
| ROA | 18.4% | 16.0% |
| ROIC | 19.6% | 26.0% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.32 | 0.07 |
| Interest coverage | — | — |
| Current ratio | 20.33x | 0.82x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).