$37.78

+0.66 (+1.78%)

Weekly Expected Move ±2.8%

$34 $35 $36 $37 $38

NYSE · Financial Services · Asset Management · Alpha Radar Neutral · Power 52 · $2.7B mcap · 69M float · 1.15% daily turnover · Short 64% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

51.9 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 53.8% · 5Y Avg: 68.7%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. APAM shows a Weak competitive edge (51.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 53.8% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$43

Low

$43

Avg Target

$43

High

Based on 1 analyst since Apr 28, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 8Sell: 2Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$42.67

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-04-30	RBC Capital	—	$48	$43	-5	+16.0%	$37.06
2026-04-21	RBC Capital	Kenneth Lee	Initiated	$48	—	+27.6%	$37.61
2026-04-10	Evercore ISI	Glenn Schorr	$45	$37	-8	+0.8%	$36.72
2025-09-05	Evercore ISI	John Dunn	$40	$45	+5	-2.8%	$46.30
2024-10-03	Goldman Sachs	Alexander Blostein	Initiated	$40	—	-5.9%	$41.99
2024-04-25	Evercore ISI	John Dunn	Initiated	$40	—	-5.2%	$42.20

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. APAM receives an overall rating of A-. Strongest factors: DCF (4/5), ROE (5/5), ROA (5/5). Areas of concern: D/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-04-30	B+	A-
2026-04-28	A-	B+
2026-04-27	B+	A-
2026-04-24	A-	B+
2026-04-21	B+	A-
2026-04-06	A-	B+
2026-02-17	B+	A-
2026-02-09	A-	B+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 64 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. APAM scores highest in Safety (100/100) and lowest in Cash Flow (44/100). An overall grade of A places APAM among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

4.24

Safe Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✗ ✗ ✓ ✗ ✓ ✓

Beneish M-Score

-2.18

Unlikely Manipulator

Ohlson O-Score

-8.17

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AAA

Score: 95.7/100

Trend: Improving

Earnings Quality

50/100

OCF/NI: 0.68x

Accruals: 5.7%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. APAM scores 4.24, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. APAM scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. APAM's score of -2.18 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. APAM's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. APAM receives an estimated rating of AAA (score: 95.7/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). APAM's score of 50/100 is moderate — some divergence between reported earnings and underlying cash flows.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

8.70x

PEG

0.70x

P/S

2.18x

P/B

6.42x

P/FCF

13.26x

P/OCF

13.23x

EV/EBITDA

5.54x

EV/Revenue

2.23x

EV/EBIT

5.64x

EV/FCF

14.05x

Earnings Yield

11.08%

FCF Yield

7.54%

Shareholder Yield

10.62%

Graham Number

$23.65

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 8.7x earnings, APAM trades at a deep value multiple. An earnings yield of 11.1% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $23.65 per share, 60% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.601

NI / EBT

Interest Burden

0.982

EBT / EBIT

EBIT Margin

0.396

EBIT / Rev

Asset Turnover

0.770

Rev / Assets

Equity Multiplier

3.861

Assets / Equity

ROE

69.4%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. APAM's ROE of 69.4% is driven by financial leverage (equity multiplier: 3.86x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

9.92%

Fair P/E

28.34x

Intrinsic Value

$114.32

Price/Value

0.32x

Margin of Safety

68.17%

Premium

-68.17%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with APAM's realized 9.9% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $114.32, APAM appears undervalued with a 68% margin of safety. The adjusted fair P/E of 28.3x compares to the current market P/E of 8.7x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$37.76

Median 1Y

$40.58

5th Pctile

$22.43

95th Pctile

$73.15

Ann. Volatility

35.9%

Analyst Target

$42.67

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Eric R. Colson Executive Chair	$385,000	$1,891,879	$7,244,255
Jason A. Gottlieb Chief Executive Officer	$300,000	$1,548,400	$5,482,136
Christopher J. Krein Head of Global Distribution	$300,000	$995,754	$3,082,700
Charles J. Daley, Jr. Chief Financial Officer	$300,000	$816,493	$3,056,223
Samuel B. Sellers Chief Operating Officer	$300,000	$627,323	$2,636,193
Eileen L. Kwei Chief Administrative Officer	$300,000	$697,045	$2,572,572

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

—

-100.0% YoY

Revenue / Employee

—

Rev: $1,196,683,000

Profit / Employee

—

NI: $290,324,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	1.9%	2.1%	1.4%	1.4%	1.2%	1.0%	76.8%	71.3%	74.8%	78.1%	75.8%	78.8%	80.1%	86.9%	72.9%	73.3%	76.1%	74.4%	70.1%	69.4%	69.39%
ROA	28.5%	31.2%	27.8%	26.8%	23.1%	19.5%	16.9%	15.7%	16.5%	17.2%	16.8%	17.5%	17.8%	19.3%	17.2%	17.3%	17.9%	17.5%	18.2%	18.0%	17.97%
ROIC	1.4%	1.6%	1.2%	1.1%	1.0%	86.9%	62.5%	55.0%	53.1%	54.6%	53.8%	55.5%	57.1%	58.7%	69.0%	70.6%	69.4%	68.4%	54.0%	53.8%	53.83%
ROCE	84.7%	91.0%	76.7%	73.3%	61.4%	51.3%	41.0%	39.5%	43.5%	46.1%	36.9%	38.8%	38.5%	42.8%	40.2%	39.2%	41.9%	41.5%	32.0%	31.3%	31.27%
Gross Margin	54.7%	55.1%	54.5%	50.3%	49.3%	47.9%	46.6%	43.9%	46.3%	47.5%	45.1%	43.3%	45.8%	46.7%	50.0%	44.0%	41.3%	45.8%	99.4%	99.2%	99.22%
Operating Margin	45.2%	45.2%	43.7%	38.0%	35.2%	33.6%	31.0%	29.1%	31.6%	33.0%	30.7%	29.4%	32.0%	33.3%	36.7%	31.2%	28.2%	33.8%	41.8%	29.4%	29.38%
Net Margin	28.9%	27.3%	24.3%	23.2%	17.6%	18.9%	23.4%	21.6%	22.1%	21.4%	26.0%	22.5%	21.3%	26.1%	23.5%	22.1%	23.9%	22.2%	27.0%	19.6%	19.63%
EBITDA Margin	49.8%	46.1%	44.6%	37.5%	25.8%	30.9%	38.8%	40.3%	39.8%	37.3%	31.7%	42.8%	34.9%	47.8%	39.6%	36.8%	44.4%	42.5%	43.2%	30.7%	30.74%
FCF Margin	40.2%	41.6%	37.7%	33.3%	29.7%	26.2%	29.5%	23.6%	28.1%	27.2%	25.1%	27.0%	27.6%	30.0%	33.1%	33.9%	31.5%	24.7%	14.2%	15.9%	15.89%
OCF Margin	40.8%	42.1%	38.2%	34.0%	30.7%	27.8%	31.5%	25.6%	29.6%	28.2%	25.9%	27.8%	28.4%	30.6%	33.5%	34.1%	31.6%	24.7%	14.2%	15.9%	15.92%
ROE 3Y Avg	snapshot only																				67.97%
ROE 5Y Avg	snapshot only																				78.35%
ROA 3Y Avg	snapshot only																				16.93%
ROIC 3Y Avg	snapshot only																				49.83%
ROIC Economic	snapshot only																				38.75%
Cash ROA	snapshot only																				12.42%
Cash ROIC	snapshot only																				33.00%
CROIC	snapshot only																				32.92%
NOPAT Margin	snapshot only																				25.97%
Pretax Margin	snapshot only																				38.87%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				10.65%
SBC / Revenue	snapshot only																				1.63%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	7.09	6.38	6.40	5.81	6.26	5.72	7.18	8.58	10.26	9.52	11.76	11.20	10.16	10.03	10.78	10.06	11.17	11.38	9.96	9.02	8.696
P/S Ratio	1.93	1.77	1.71	1.51	1.47	1.22	1.50	1.74	2.20	2.10	2.68	2.57	2.31	2.40	2.52	2.34	2.67	2.61	2.39	2.11	2.180
P/B Ratio	11.68	11.49	7.61	6.66	6.18	4.77	5.66	6.29	7.88	7.64	8.06	7.98	7.36	7.89	7.20	6.76	7.80	7.76	6.59	5.90	6.419
P/FCF	4.81	4.25	4.55	4.54	4.94	4.64	5.07	7.38	7.86	7.72	10.70	9.52	8.38	8.01	7.61	6.91	8.48	10.56	16.86	13.26	13.259
P/OCF	4.75	4.20	4.49	4.45	4.78	4.38	4.75	6.81	7.45	7.45	10.33	9.27	8.15	7.84	7.51	6.86	8.45	10.54	16.82	13.23	13.228
EV/EBITDA	4.24	3.89	3.87	3.57	3.95	3.70	5.03	5.71	6.39	5.86	7.57	7.13	6.65	6.40	6.17	5.95	6.40	6.45	6.01	5.54	5.537
EV/Revenue	2.02	1.85	1.79	1.59	1.55	1.31	1.67	1.93	2.39	2.29	2.82	2.71	2.44	2.53	2.55	2.37	2.70	2.63	2.51	2.23	2.232
EV/EBIT	4.29	3.93	3.92	3.61	4.01	3.77	5.17	5.88	6.57	6.02	7.77	7.32	6.82	6.56	6.31	6.08	6.54	6.59	6.12	5.64	5.640
EV/FCF	5.02	4.44	4.76	4.78	5.23	5.00	5.67	8.17	8.53	8.40	11.24	10.01	8.85	8.43	7.70	6.99	8.57	10.68	17.77	14.05	14.051
Earnings Yield	14.1%	15.7%	15.6%	17.2%	16.0%	17.5%	13.9%	11.6%	9.7%	10.5%	8.5%	8.9%	9.8%	10.0%	9.3%	9.9%	8.9%	8.8%	10.0%	11.1%	11.08%
FCF Yield	20.8%	23.5%	22.0%	22.0%	20.2%	21.5%	19.7%	13.5%	12.7%	12.9%	9.3%	10.5%	11.9%	12.5%	13.1%	14.5%	11.8%	9.5%	5.9%	7.5%	7.54%
PEG Ratio	snapshot only																				0.700
Price/Tangible Book	snapshot only																				5.904
EV/OCF	snapshot only																				14.018
EV/Gross Profit	snapshot only																				3.062
Acquirers Multiple	snapshot only																				6.615
Shareholder Yield	snapshot only																				10.62%
Graham Number	snapshot only																				$23.65

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.57	0.57	0.71	0.71	0.71	0.71	0.58	0.58	0.58	0.58	0.69	0.69	0.69	0.69	0.82	0.82	0.82	0.82	20.33	20.33	20.331
Quick Ratio	0.57	0.57	0.71	0.71	0.71	0.71	0.58	0.58	0.58	0.58	0.69	0.69	0.69	0.69	0.82	0.82	0.82	0.82	20.33	20.33	20.331
Debt/Equity	1.62	1.62	1.09	1.09	1.09	1.09	1.22	1.22	1.22	1.22	0.96	0.96	0.96	0.96	0.77	0.77	0.77	0.77	0.93	0.93	0.935
Net Debt/Equity	0.52	0.52	0.36	0.36	0.36	0.36	0.67	0.67	0.67	0.67	0.41	0.41	0.41	0.41	0.08	0.08	0.08	0.08	0.35	0.35	0.353
Debt/Assets	0.25	0.25	0.25	0.25	0.25	0.25	0.26	0.26	0.26	0.26	0.22	0.22	0.22	0.22	0.19	0.19	0.19	0.19	0.26	0.26	0.260
Debt/EBITDA	0.56	0.52	0.53	0.55	0.66	0.78	0.97	1.00	0.91	0.86	0.86	0.82	0.82	0.74	0.66	0.67	0.63	0.64	0.81	0.83	0.827
Net Debt/EBITDA	0.18	0.17	0.18	0.18	0.22	0.26	0.53	0.55	0.50	0.48	0.37	0.35	0.35	0.32	0.07	0.07	0.07	0.07	0.31	0.31	0.312
Interest Coverage	47.30	50.86	51.92	49.61	41.51	35.34	32.17	33.16	38.88	42.21	41.26	43.36	42.97	48.25	52.17	50.89	54.57	53.83	58.20	56.62	56.623
Equity Multiplier	6.38	6.38	4.37	4.37	4.37	4.37	4.71	4.71	4.71	4.71	4.34	4.34	4.34	4.34	4.16	4.16	4.16	4.16	3.59	3.59	3.594
Cash Ratio	snapshot only																				12.347
Debt Service Coverage	snapshot only																				57.685
Cash to Debt	snapshot only																				0.623
FCF to Debt	snapshot only																				0.476
Defensive Interval	snapshot only																				318.8 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	1.04	1.13	1.04	1.03	0.99	0.92	0.81	0.77	0.77	0.78	0.74	0.76	0.78	0.81	0.74	0.74	0.75	0.77	0.76	0.77	0.770
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	11.93	12.85	11.28	11.20	10.71	9.95	9.63	9.18	9.09	9.23	9.85	10.15	10.43	10.74	9.64	9.75	9.85	10.04	18.17	18.44	18.442
Payables Turnover	5.38	5.74	6.15	6.15	6.03	5.81	10.21	10.04	10.10	10.27	9.26	9.58	9.87	10.19	5.85	5.91	6.09	6.23	6.98	4.78	4.784
DSO	31	28	32	33	34	37	38	40	40	40	37	36	35	34	38	37	37	36	20	20	19.8 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	68	64	59	59	60	63	36	36	36	36	39	38	37	36	62	62	60	59	52	76	76.3 days
Cash Conversion Cycle	-37	-35	-27	-27	-26	-26	2	3	4	4	-2	-2	-2	-2	-24	-24	-23	-22	-32	-57	-56.5 days
Fixed Asset Turnover	snapshot only																				8.895
Cash Velocity	snapshot only																				4.815
Capital Intensity	snapshot only																				1.282

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	33.3%	38.6%	36.4%	23.4%	6.9%	-7.8%	-19.1%	-22.3%	-19.5%	-12.0%	-1.8%	6.2%	10.1%	11.7%	14.0%	11.9%	10.0%	8.9%	9.0%	9.4%	9.38%
Net Income	78.1%	76.6%	54.4%	24.1%	-8.3%	-29.1%	-37.0%	-39.3%	-26.1%	-8.7%	7.5%	20.3%	16.7%	21.1%	16.9%	13.2%	15.5%	4.1%	11.8%	9.9%	9.86%
EPS	66.4%	66.1%	44.0%	17.5%	-12.0%	-32.1%	-38.8%	-40.4%	-27.5%	-10.0%	-2.1%	18.2%	14.0%	18.2%	14.4%	2.9%	5.9%	-4.5%	11.1%	9.2%	9.24%
FCF	41.6%	49.1%	46.5%	-7.9%	-21.1%	-41.8%	-36.6%	-44.9%	-23.9%	-8.7%	-16.6%	21.6%	8.2%	23.1%	50.6%	40.2%	25.6%	-10.5%	-53.4%	-48.7%	-48.68%
EBITDA	74.7%	61.4%	47.0%	18.3%	-12.0%	-31.2%	-41.9%	-41.2%	-23.1%	-3.1%	9.8%	19.3%	8.0%	13.1%	26.5%	17.4%	26.2%	12.6%	10.5%	10.7%	10.75%
Op. Income	55.5%	59.2%	50.8%	28.5%	1.3%	-20.2%	-36.3%	-41.9%	-38.3%	-27.9%	-11.8%	2.5%	9.9%	12.4%	20.8%	20.0%	14.2%	13.0%	13.1%	10.5%	10.54%
OCF Growth	snapshot only																				-48.95%
Asset Growth	snapshot only																				-2.56%
Equity Growth	snapshot only																				12.83%
Debt Growth	snapshot only																				36.41%
Shares Change	snapshot only																				0.56%
Dividend Growth	snapshot only																				11.89%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	9.1%	11.4%	14.0%	14.9%	13.7%	11.4%	7.5%	5.1%	4.7%	4.0%	2.7%	0.6%	-1.8%	-3.2%	-3.2%	-2.6%	-0.8%	2.3%	6.9%	9.1%	9.14%
Revenue 5Y	7.9%	9.9%	11.2%	10.8%	9.3%	7.1%	4.5%	2.8%	2.2%	2.3%	3.3%	4.6%	5.5%	6.3%	6.8%	6.7%	6.8%	6.5%	6.1%	4.5%	4.49%
EPS 3Y	41.2%	39.6%	19.9%	20.9%	16.5%	10.4%	2.8%	0.4%	2.0%	0.5%	-4.8%	-6.1%	-10.0%	-10.3%	-11.8%	-10.2%	-4.3%	0.5%	7.5%	9.9%	9.92%
EPS 5Y	20.9%	23.2%	23.4%	22.3%	18.5%	11.9%	25.2%	15.1%	12.5%	10.7%	0.7%	4.5%	5.5%	7.4%	4.0%	4.2%	5.1%	2.7%	1.9%	-1.5%	-1.45%
Net Income 3Y	50.9%	49.0%	28.6%	29.8%	24.3%	17.9%	9.7%	6.3%	6.5%	4.6%	1.5%	-3.2%	-7.5%	-7.8%	-7.5%	-6.2%	-0.1%	4.8%	12.0%	14.3%	14.35%
Net Income 5Y	32.3%	34.5%	35.1%	32.8%	26.3%	19.0%	33.0%	22.0%	18.4%	16.4%	7.6%	9.8%	10.6%	12.6%	10.7%	10.3%	10.2%	7.6%	6.4%	2.4%	2.40%
EBITDA 3Y	-6.4%	-4.2%	21.2%	22.7%	16.8%	13.8%	4.9%	4.5%	5.8%	2.5%	-2.1%	-6.0%	-9.9%	-9.0%	-6.9%	-6.3%	1.6%	7.3%	15.3%	15.8%	15.77%
EBITDA 5Y	15.8%	17.6%	18.7%	17.3%	12.6%	7.2%	-10.9%	-12.3%	-11.1%	-10.1%	2.6%	5.3%	5.8%	10.1%	9.9%	9.8%	10.0%	6.5%	5.6%	1.5%	1.54%
Gross Profit 3Y	10.9%	13.7%	17.0%	18.2%	16.2%	12.8%	6.6%	2.8%	1.8%	0.6%	-1.3%	-4.0%	-7.0%	-8.7%	-8.0%	-7.1%	-5.4%	-1.5%	14.5%	26.3%	26.35%
Gross Profit 5Y	10.5%	12.9%	14.5%	13.9%	11.8%	8.3%	4.2%	1.4%	0.3%	0.4%	1.4%	2.9%	3.8%	4.7%	5.4%	5.1%	4.8%	4.0%	9.4%	11.6%	11.65%
Op. Income 3Y	13.6%	17.0%	21.0%	23.0%	20.1%	15.4%	6.7%	1.0%	-1.0%	-2.9%	-5.4%	-8.6%	-11.8%	-13.5%	-12.1%	-10.6%	-8.2%	-2.9%	6.4%	10.8%	10.77%
Op. Income 5Y	13.5%	16.4%	18.2%	17.2%	14.2%	9.3%	3.7%	-0.2%	-1.7%	-1.6%	-0.1%	2.1%	3.3%	4.5%	5.3%	4.8%	4.0%	3.1%	3.0%	0.3%	0.29%
FCF 3Y	18.8%	21.4%	13.1%	18.8%	11.5%	5.0%	2.1%	-9.9%	-5.3%	-7.5%	-8.2%	-14.9%	-13.4%	-13.2%	-7.3%	-2.1%	1.1%	0.2%	-16.4%	-4.4%	-4.36%
FCF 5Y	9.2%	12.5%	11.9%	8.5%	4.5%	0.6%	6.2%	-3.5%	0.1%	-1.0%	-5.2%	2.3%	2.7%	5.4%	6.0%	4.5%	2.9%	-2.7%	-11.5%	-15.0%	-14.99%
OCF 3Y	18.4%	20.4%	12.0%	16.8%	9.1%	4.1%	2.2%	-8.8%	-4.0%	-6.6%	-7.4%	-14.4%	-13.0%	-12.9%	-7.3%	-2.5%	0.1%	-1.6%	-18.1%	-6.8%	-6.81%
OCF 5Y	8.8%	12.0%	11.6%	8.3%	4.8%	1.4%	7.0%	-2.3%	0.7%	-1.0%	-5.4%	1.4%	1.3%	4.1%	5.0%	3.7%	2.7%	-2.8%	-11.6%	-15.1%	-15.11%
Assets 3Y	11.2%	11.2%	14.5%	14.5%	14.5%	14.5%	9.8%	9.8%	9.8%	9.8%	6.9%	6.9%	6.9%	6.9%	10.2%	10.2%	10.2%	10.2%	8.5%	8.5%	8.51%
Assets 5Y	4.0%	4.0%	5.2%	5.2%	5.2%	5.2%	8.1%	8.1%	8.1%	8.1%	11.8%	11.8%	11.8%	11.8%	11.6%	11.6%	11.6%	11.6%	6.5%	6.5%	6.49%
Equity 3Y	18.0%	18.0%	26.9%	26.9%	26.9%	26.9%	25.4%	25.4%	25.4%	25.4%	21.6%	21.6%	21.6%	21.6%	12.1%	12.1%	12.1%	12.1%	18.7%	18.7%	18.73%
Book Value 3Y	10.4%	10.6%	18.4%	18.2%	18.9%	18.9%	17.5%	18.4%	20.2%	20.5%	14.0%	17.9%	18.2%	18.2%	6.8%	7.3%	7.4%	7.5%	14.0%	14.1%	14.13%
Dividend 3Y	1.7%	3.8%	3.2%	5.8%	2.8%	-3.3%	-9.4%	-19.4%	-20.3%	-17.7%	-15.3%	-3.0%	1.7%	2.8%	1.6%	3.8%	3.2%	2.2%	0.9%	-0.2%	-0.20%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.56	0.60	0.69	0.79	0.80	0.69	0.50	0.39	0.33	0.27	0.22	0.23	0.24	0.24	0.23	0.26	0.41	0.69	0.86	0.67	0.671
Earnings Stability	0.81	0.81	0.88	0.93	0.87	0.72	0.63	0.57	0.54	0.44	0.26	0.24	0.23	0.22	0.15	0.09	0.08	0.04	0.05	0.00	0.002
Margin Stability	0.96	0.95	0.95	0.95	0.95	0.95	0.96	0.95	0.94	0.94	0.94	0.93	0.93	0.93	0.93	0.93	0.93	0.94	0.89	0.78	0.783
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.50	0.50	0.90	0.97	0.88	0.85	0.84	0.90	0.97	0.97	0.92	0.93	0.92	0.93	0.95	0.94	0.98	0.95	0.96	0.961
Earnings Smoothness	0.44	0.45	0.57	0.79	0.91	0.66	0.55	0.51	0.70	0.91	0.93	0.82	0.85	0.81	0.84	0.88	0.86	0.96	0.89	0.91	0.906
ROE Trend	0.49	0.59	0.01	-0.16	-0.46	-0.76	-0.39	-0.55	-0.55	-0.52	-0.30	-0.23	-0.15	-0.03	-0.07	-0.05	-0.05	-0.11	-0.02	-0.04	-0.038
Gross Margin Trend	0.04	0.04	0.03	0.02	0.01	-0.02	-0.04	-0.06	-0.07	-0.06	-0.06	-0.05	-0.04	-0.03	-0.01	0.00	-0.00	-0.00	0.14	0.27	0.268
FCF Margin Trend	0.06	0.07	0.03	-0.08	-0.09	-0.14	-0.07	-0.15	-0.07	-0.07	-0.09	-0.01	-0.01	0.03	0.06	0.09	0.04	-0.04	-0.15	-0.15	-0.146
Sustainable Growth Rate	41.9%	44.5%	23.5%	2.5%	-14.5%	-22.4%	-15.6%	-0.3%	9.5%	12.4%	13.3%	13.1%	11.6%	15.6%	10.6%	4.4%	5.8%	3.5%	8.0%	3.0%	2.98%
Internal Growth Rate	6.7%	7.2%	4.8%	0.5%	—	—	—	—	2.1%	2.8%	3.0%	3.0%	2.6%	3.6%	2.6%	1.1%	1.4%	0.8%	2.1%	0.8%	0.78%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.49	1.52	1.43	1.31	1.31	1.31	1.51	1.26	1.38	1.28	1.14	1.21	1.25	1.28	1.44	1.47	1.32	1.08	0.59	0.68	0.682
FCF/OCF	0.99	0.99	0.99	0.98	0.97	0.94	0.94	0.92	0.95	0.96	0.97	0.97	0.97	0.98	0.99	0.99	1.00	1.00	1.00	1.00	0.998
FCF/Net Income	snapshot only																				0.680
OCF/EBITDA	snapshot only																				0.395
CapEx/Revenue	0.6%	0.6%	0.5%	0.7%	1.0%	1.6%	2.0%	2.0%	1.5%	1.0%	0.9%	0.7%	0.8%	0.6%	0.4%	0.3%	0.1%	0.1%	0.1%	0.1%	0.08%
CapEx/Depreciation	snapshot only																				0.110
Accruals Ratio	-0.14	-0.16	-0.12	-0.08	-0.07	-0.06	-0.09	-0.04	-0.06	-0.05	-0.02	-0.04	-0.04	-0.05	-0.07	-0.08	-0.06	-0.01	0.07	0.06	0.057
Sloan Accruals	snapshot only																				0.302
Cash Flow Adequacy	snapshot only																				0.710
Earnings Quality Score	snapshot only																				0.500

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	11.0%	12.3%	13.1%	16.9%	17.9%	21.3%	16.7%	11.7%	8.5%	8.8%	7.0%	7.4%	8.4%	8.2%	7.9%	9.3%	8.3%	8.4%	8.9%	10.6%	10.48%
Dividend/Share	$3.87	$4.26	$4.49	$5.01	$4.90	$4.49	$3.95	$3.05	$2.77	$2.78	$2.65	$2.99	$3.09	$3.21	$3.14	$3.47	$3.54	$3.56	$3.62	$3.86	$3.96
Payout Ratio	77.9%	78.6%	83.7%	98.2%	1.1%	1.2%	1.2%	1.0%	87.3%	84.1%	82.5%	83.3%	85.5%	82.0%	85.5%	94.0%	92.4%	95.2%	88.5%	95.7%	95.70%
FCF Payout Ratio	52.8%	52.4%	59.4%	76.6%	88.4%	99.2%	84.8%	86.4%	66.8%	68.2%	75.0%	70.9%	70.6%	65.4%	60.3%	64.5%	70.1%	88.4%	1.5%	1.4%	1.41%
Total Payout Ratio	83.3%	83.1%	98.4%	1.0%	1.2%	1.3%	1.2%	1.0%	87.5%	84.1%	82.5%	86.3%	88.4%	84.7%	88.1%	97.2%	95.7%	98.6%	91.6%	95.8%	95.85%
Div. Increase Streak	0	1	1	1	1	1	0	0	0	0	0	0	0	0	0	0	1	1	1	1	0
Chowder Number	0.39	0.48	0.48	0.64	0.50	0.32	0.07	-0.26	-0.34	-0.28	-0.19	0.07	0.23	0.26	0.29	0.37	0.33	0.29	0.25	0.22	0.225
Buyback Yield	0.8%	0.7%	2.3%	0.5%	0.5%	0.6%	0.5%	0.0%	0.0%	0.0%	0.0%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%	0.3%	0.3%	0.0%	0.02%
Net Buyback Yield	-0.0%	-0.1%	0.1%	0.1%	0.5%	0.6%	0.5%	0.0%	0.0%	0.0%	0.0%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%	0.3%	0.3%	0.0%	0.02%
Total Shareholder Return	11.0%	12.2%	13.1%	17.0%	18.4%	21.9%	17.3%	11.7%	8.5%	8.8%	7.0%	7.7%	8.7%	8.4%	8.2%	9.7%	8.6%	8.7%	9.2%	10.6%	10.62%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.59	0.60	0.60	0.60	0.62	0.63	0.66	0.64	0.61	0.59	0.58	0.57	0.59	0.58	0.59	0.61	0.59	0.58	0.59	0.60	0.601
Interest Burden (EBT/EBIT)	0.98	0.98	0.98	0.98	0.98	0.97	0.97	0.97	0.97	0.98	1.09	1.08	1.08	1.07	0.98	0.98	0.98	0.98	0.98	0.98	0.982
EBIT Margin	0.47	0.47	0.46	0.44	0.39	0.35	0.32	0.33	0.36	0.38	0.36	0.37	0.36	0.39	0.40	0.39	0.41	0.40	0.41	0.40	0.396
Asset Turnover	1.04	1.13	1.04	1.03	0.99	0.92	0.81	0.77	0.77	0.78	0.74	0.76	0.78	0.81	0.74	0.74	0.75	0.77	0.76	0.77	0.770
Equity Multiplier	6.65	6.65	5.17	5.17	5.17	5.17	4.54	4.54	4.54	4.54	4.50	4.50	4.50	4.50	4.24	4.24	4.24	4.24	3.86	3.86	3.861

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$4.97	$5.42	$5.37	$5.10	$4.37	$3.68	$3.29	$3.04	$3.17	$3.31	$3.22	$3.59	$3.61	$3.91	$3.68	$3.69	$3.83	$3.74	$4.09	$4.03	$4.03
Book Value/Share	$3.02	$3.01	$4.52	$4.45	$4.43	$4.41	$4.17	$4.15	$4.13	$4.13	$4.69	$5.04	$4.99	$4.97	$5.51	$5.49	$5.49	$5.48	$6.18	$6.16	$7.77
Tangible Book/Share	$3.02	$3.01	$4.52	$4.45	$4.43	$4.41	$4.17	$4.15	$4.13	$4.13	$4.69	$5.04	$4.99	$4.97	$5.51	$5.49	$5.49	$5.48	$6.18	$6.16	$6.16
Revenue/Share	$18.21	$19.56	$20.07	$19.63	$18.68	$17.28	$15.79	$14.96	$14.76	$14.98	$14.11	$15.62	$15.89	$16.32	$15.75	$15.88	$16.03	$16.31	$17.07	$17.28	$18.61
FCF/Share	$7.32	$8.13	$7.56	$6.53	$5.54	$4.53	$4.66	$3.53	$4.14	$4.08	$3.54	$4.22	$4.38	$4.90	$5.21	$5.38	$5.05	$4.03	$2.42	$2.74	$2.96
OCF/Share	$7.42	$8.24	$7.66	$6.67	$5.73	$4.81	$4.97	$3.83	$4.37	$4.23	$3.66	$4.34	$4.51	$5.00	$5.28	$5.42	$5.06	$4.03	$2.42	$2.75	$2.96
Cash/Share	$3.32	$3.31	$3.27	$3.22	$3.21	$3.20	$2.28	$2.26	$2.26	$2.25	$2.58	$2.77	$2.75	$2.74	$3.80	$3.79	$3.78	$3.78	$3.60	$3.59	$4.55
EBITDA/Share	$8.67	$9.29	$9.30	$8.76	$7.33	$6.12	$5.26	$5.05	$5.53	$5.85	$5.25	$5.93	$5.84	$6.45	$6.50	$6.32	$6.75	$6.66	$7.14	$6.97	$6.97
Debt/Share	$4.88	$4.87	$4.90	$4.83	$4.81	$4.79	$5.09	$5.06	$5.04	$5.03	$4.52	$4.86	$4.81	$4.80	$4.26	$4.25	$4.24	$4.24	$5.78	$5.76	$5.76
Net Debt/Share	$1.56	$1.55	$1.63	$1.60	$1.60	$1.59	$2.81	$2.79	$2.78	$2.78	$1.94	$2.09	$2.06	$2.06	$0.46	$0.46	$0.46	$0.46	$2.18	$2.17	$2.17

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.239
Altman Z-Prime	snapshot only																				7.581
Piotroski F-Score	8	8	8	7	6	5	4	4	4	4	6	6	7	7	8	8	7	6	6	6	6
Beneish M-Score	-2.73	-2.85	-2.86	-2.69	-2.58	-2.42	-2.92	-2.72	-2.85	-2.79	-2.41	-2.48	-2.51	-2.55	-2.70	-2.69	-2.53	-2.38	-2.14	-2.18	-2.185
Ohlson O-Score	snapshot only																				-8.167
ROIC (Greenblatt)	snapshot only																				90.43%
Net-Net WC	snapshot only																				$-5.25
EVA	snapshot only																				$260137302.27

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				AAA
Credit Score	86.29	86.20	89.75	86.98	85.07	81.39	81.16	78.66	83.67	84.68	85.28	89.00	84.89	88.62	88.34	86.37	88.57	89.57	95.45	95.65	95.655
Credit Grade	snapshot only																				1
Credit Trend	snapshot only																				9.285
Implied Spread (bps)	snapshot only																				50.000
Industry Credit Rank	snapshot only																				94
Sector Credit Rank	snapshot only																				95

APAM NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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