APAMMEDIUM SIGNALFINANCIAL10-K

APAM shows mixed financial performance with net income growing 11.8% while operating cash flow declined sharply by 53.9%.

The significant disconnect between rising net income and falling operating cash flow suggests potential timing differences in cash collection or changes in working capital management that warrant closer examination. The company maintained a strong balance sheet with increased stockholders' equity, but the cash flow decline could impact future operational flexibility if the trend continues.

Comparing 2026-02-20 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

APAM delivered strong bottom-line growth with net income increasing 11.8% to $290.3M and stockholders' equity rising 12.8% to $438.8M, indicating solid profitability and strengthening financial position. However, operating cash flow declined dramatically by 53.9% to $172.0M while cash and equivalents decreased 16.1% to $134.6M, suggesting potential working capital challenges or timing issues in cash collection. The divergence between earnings growth and cash generation, combined with reduced capital expenditures, creates a mixed picture that requires monitoring of cash flow quality in future periods.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-76.4%
$1.6M→$371K

Capex reduced 76.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
-53.9%
$372.8M→$172.0M

Operating cash flow fell 53.9% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-16.1%
$160.5M→$134.6M

Cash decreased 16.1% — monitor burn rate and upcoming capital needs.

Stockholders Equity
Balance Sheet
+12.8%
$388.9M→$438.8M

Equity base grew 12.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+11.8%
$259.7M→$290.3M

Net income grew 11.8% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-25
ADDED
The number of outstanding shares of the registrant s Class A common stock, par value $0.01 per share, Class B common stock, par value $0.01 per share and Class C common stock, par value $0.01 per share, as of February 19, 2026 were 70,530,755 , 1,137,929 and 8,917,476 , respectively.
Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy / Franchise Strategy-MSCI All Country World Index; Global Discovery Strategy-MSCI All Country World Small Mid Cap Index; Non-U.S.
Small-Mid Growth Strategy-MSCI All Country World Index Ex USA Small Mid Index; U.S.
High Yield Index; Credit Opportunities Strategy-ICE BofA U.S.
Dollar 3-Month Deposit Offered Rate Constant Maturity Index; Antero Peak Strategy / Antero Peak Hedge Strategy / Select Equity Strategy / Value Income Strategy-S P 500 Market Index; International Explorer Strategy-MSCI All Country World Index Ex USA Small Cap; Floating Rate Strategy-S P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-Month U.S.
Treasury Bill Index; Global Special Situations Strategy-ICE BofA Global High Yield Index; Emerging Markets Debt Opportunities Strategy-J.P.
Morgan EMB Hard Currency/Local Currency 50-50; Emerging Markets Local Opportunities Strategy-J.P.
Where applicable, composite returns have been included for the following discontinued strategies and their indexes: Global Small-Cap Growth Strategy (Jul 1, 2013-Dec 31, 2016)-MSCI ACWI Small Cap Index; U.S.
Small-Cap Value Strategy (Jun 1, 1997-Apr 30, 2016)-Russell 2000 Index; Non-U.S.
Small-Cap Growth Strategy (Jan 1, 2002-Nov 30, 2018)-MSCI EAFE Small Cap Index; China Post-Venture Strategy (Apr 1, 2021-Jun 30, 2025)-MSCI China SMID Cap Index.
REMOVED
The number of outstanding shares of the registrant s Class A common stock, par value $0.01 per share, Class B common stock, par value $0.01 per share, and Class C common stock, par value $0.01 per share, as of February 21, 2025 were 70,005,927 , 1,569,068 and 8,712,951 , respectively.
Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy-MSCI ACWI Index; Global Discovery Strategy-MSCI ACWI Small Mid Index; Non-U.S.
Small-Mid Growth Strategy-MSCI ACWI ex-USA Small Mid Index; U.S.
High Yield Index; Credit Opportunities Strategy-ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index; Antero Peak Strategy / Antero Peak Hedge Strategy / Select Equity Strategy / Value Income Strategy-S P 500 Market Index; China Post-Venture Strategy-MSCI China SMID Cap Index; International Explorer Strategy-MSCI All Country World Ex USA Small Cap Index; Floating Rate Strategy-S P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-month U.S.
Treasury Bill Index; Emerging Markets Debt Opportunities Strategy-J.P.
Morgan EMB Hard Currency / Local Currency 50-50 Index; Emerging Markets Local Opportunities Strategy-J.P.
The MSCI EAFE Index, the MSCI EAFE Growth Index, the MSCI EAFE Value Index, the MSCI ACWI Index, the MSCI ACWI Small Mid Index; the MSCI ACWI ex-USA SMID Index, the MSCI ACWI ex-USA Small Cap, the MSCI Emerging Markets Index and MSCI China SMID Cap Index are trademarks of MSCI Inc.
The Russell 2000 Index, the Russell 2000 Value Index, the Russell Midcap Index, the Russell Midcap Value Index, the Russell 1000 Index, the Russell 1000 Value Index, the Russell Midcap Growth Index, the Russell 1000 Growth Index and the Russell 2000 Growth Index are trademarks of Russell Investment Group.
The S P 500 Market Index and S P UBS Leveraged Loan Indices are products of S P Dow Jones Indices LLC (S P DJI) and/or its affiliates and has been licensed for use.
High Yield Index, ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index and the ICE BofA 3-Month U.S.
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