회사 개요
Artisan Partners Asset Management Inc. operates as a publicly owned investment manager that provides comprehensive financial services to a diverse array of institutional clients, including pension and profit-sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds, and non-U.S. funds. The company functions within the Financial Services sector and specifically within the Asset Management industry, where it generates revenue by managing assets for these specific client types. Its operational scale is significant, evidenced by a market capitalization of $2.61B, an annual revenue of $1.20B over the trailing twelve months, and an employee base of 567 individuals. These valuation and revenue figures indicate that the company holds a substantial position within the asset management landscape, serving a wide spectrum of clients ranging from mutual funds to non-U.S. funds while maintaining a sizable workforce to support its complex management operations.
재무 건전성
The company reported a revenue of $1.20B and a net income of $265.87M for the trailing twelve months, resulting in an EBITDA of $409.01M, which highlights a robust cost structure where operating expenses are significantly lower than total revenue. The generation of free cash flow amounting to $193.17M underscores the company's strong financial flexibility, allowing it to fund operations and potentially manage liquidity needs without relying heavily on external financing. Profitability is further clarified by three distinct margins: a gross margin of 45.8%, an operating margin of 39.2%, and a profit margin of 24.3%, indicating that the company retains a substantial portion of its revenue after covering the cost of goods sold and operating expenses. Regarding leverage, the company holds $255.51M in cash against $310.02M in total debt, resulting in a debt-to-equity ratio of 39.62, which suggests a balance sheet that utilizes moderate leverage but maintains a conservative stance given its cash reserves. Liquidity is robust as indicated by a current ratio of 3.24, signaling that the company possesses more than three times the current assets necessary to cover its short-term liabilities. Management effectiveness is demonstrated by a return on equity of 49.3% and a return on assets of 15.6%, metrics that reveal the company generates high returns relative to the shareholders' equity and the total asset base employed.
밸류에이션 평가
Valuation multiples for the company show a trailing P/E ratio of 9.15 and a forward P/E of 8.79, implying that the market expects earnings to grow slightly faster than the current run rate as the forward multiple is lower than the trailing one. The price-to-book ratio stands at 5.95, indicating that the market values the company at nearly six times its book value, reflecting a significant premium likely due to the intangible value of its investment management franchise and client base. Alternative valuation metrics such as a price-to-sales ratio of 2.18 and an EV/EBITDA of 7.36 provide context that the company is trading at a premium relative to its sales and earnings power before interest, taxes, depreciation, and amortization. The stock has traded between a 52-week low of $33.21 and a 52-week high of $48.50, and without the current price explicitly provided in the source data, the range itself defines the historical volatility floor and ceiling for the security. The beta of 1.75 indicates that the stock price is significantly more volatile than the broader market, moving with approximately 75% greater amplitude than the market index over the measurement period.
Growth & Income
Growth metrics reveal a revenue growth rate of 12.9% year-over-year and an earnings growth rate of 35.8% year-over-year, demonstrating that earnings are expanding at a pace more than double that of revenue, which often implies improving operational leverage or margin expansion. As a dividend payer, the company offers a dividend yield of 8.9% with a payout ratio of 77.3%, a level that requires careful monitoring to ensure sustainability given the high proportion of earnings distributed to shareholders. The high payout ratio coupled with the substantial earnings growth suggests that while the yield is attractive, the company's ability to maintain this yield while fueling further growth depends on sustaining the current earnings trajectory. Overall, the company presents a profile characterized by double-digit revenue expansion, significantly higher earnings growth, and a high-yield dividend policy that balances income distribution with the capital needs of a growing asset management firm.