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Founded in 1994, Artisan is a global multi-asset investment platform focused on providing high value-added active investment strategies in growing asset classes to sophisticated clients around the world. Since our founding, we have maintained a business model that is designed to maximize our ability to produce attractive investment results for our clients, and we believe this model has…
Margins and capital returns are both well above average: 33.39% operating margin, ROIC at 40.05%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 7.6%, steady but not accelerating. Free cash flow declined 54% despite revenue growth, conversion is weakening.
Free cash flow declined 54% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$1.22B
▲ +7.6% YoY
Net Income (TTM)
$287M
▲ +11.8% YoY
Op. Margin
33.32%
▲ +0.4pp YoY
ROIC
41.82%
▼ -1.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$195M
▼ -53.8% YoY
Op. Cash Flow (TTM)
$196M
▼ -53.9% YoY
Net Debt
$10M
Cash & Equiv.
$300M
5Y CAGR: +5.9%
5Y CAGR: -11.5%
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