APAM
Artisan Partners Asset Management Inc.
APAM offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
BAC
Bank of America Corporation
BAC has the edge over APAM overall, supported by stronger modeled upside and stronger fundamentals.
APAM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
APAM's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like APAM.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
APAM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.9x | $38.02 | -0.2% |
| Current | 8.9x | $38.10 | — |
| Forward | 10x | $38.10 | — |
| Fair | 12x | $50.23 | +32% |
| Expensive | 14x | $58.90 | +55% |
Historical ranges are pointers, not guarantees.
APAM has the edge over BAC in the historical PE scenario, which offers more potential upside but is not a forecast.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 10x next year's earnings, in its cheap range.
APAM Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect APAM's earnings and profitability to decline, with its revenue holding steady.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over APAM on the outlook, with more favorable valuation and earnings expectations.
APAM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.68 | -14% |
| Q3 2026 | $4.27 | +16% |
| Q2 2026 | $4.16 | +10% |
| Q1 2026 | $3.99 | +9.6% |
| Q4 2025 | $4.05 | +11% |
| Q3 2025 | $3.68 | +1.7% |
| Q2 2025 | $3.78 | +13% |
| Q1 2025 | $3.64 | +10% |
| Q4 2024 | $3.66 | +15% |
APAM's earnings per share have climbed steadily: $4.27 over the past year, up 16% from the year before, and higher year over year for 12 quarters in a row.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC has the edge over APAM on earnings, with stronger typical year-over-year growth.
APAM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $312.5M | +3.7% |
| Q2 2026 | $307.9M | +8.9% |
| Q1 2026 | $303M | +9.3% |
| Q4 2025 | $335.5M | +13% |
| Q3 2025 | $301.3M | +7.8% |
| Q2 2025 | $282.7M | +4.4% |
| Q1 2025 | $277.1M | +4.8% |
| Q4 2024 | $297.1M | +19% |
APAM's revenue has grown year over year for 13 quarters in a row: $313M last quarter, up 3.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +1.3 points |
| Q2 2026 | 27% | -0.7 points |
| Q1 2026 | 31% | -0.1 points |
| Q4 2025 | 39% | +2.5 points |
| Q3 2025 | 34% | +0.5 points |
| Q2 2025 | 28% | -3.8 points |
| Q1 2025 | 31% | +1.8 points |
| Q4 2024 | 37% | +6.1 points |
APAM has the edge over BAC on profitability, with a higher operating margin.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
BAC has the edge over APAM on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC's operating margin was 30% last quarter, down 3.7 points from the same quarter a year ago.
APAM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $108.4M | +168% |
| Q2 2026 | $115.4M | +127% |
| Q1 2026 | $181.2M | +15% |
| Q4 2025 | -$77.3M | -311% |
| Q3 2025 | $40.4M | -64% |
| Q2 2025 | $50.9M | -32% |
| Q1 2025 | $157.7M | +7.3% |
| Q4 2024 | $36.7M | +$48.2M |
APAM has the edge over BAC on cash flow, with more consistent year-over-year improvement.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC's free cash flow was $41.4B over the past year, down 33% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BAC.
APAM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +24.4K shares |
| 1 year | +1.1% | +713K shares |
| 3 years | +4.5% | +2.9M shares |
| 5 years | +18% | +10M shares |
APAM has 66M diluted shares, up 1.1% from a year ago.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has the edge over APAM on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
APAM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.4x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.2x | Net Cash |
APAM has the edge over BAC on leverage, with a lower net debt burden relative to earnings.
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
APAM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.1 | Neutral |
| Stochastic | 52.8 | Neutral |
APAM's weekly RSI is 51 (neutral) and its Stochastic is 53 (neutral).
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
APAM PE vs Financial Services Sector
| Metric | APAM | Sector median | Relative |
|---|---|---|---|
| PE | 8.9x | 13x | 31% below |
| PE % | 17 | 63 | 46 pts below |
APAM has the edge over BAC on valuation relative to its sector.
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC is trading at 12x earnings, in line with the Financial Services sector's median of 13x.
APAM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $35.5 | 7.3% above |
| 20 week MA | $38.0 | 0.3% above |
| 50 week MA | $38.8 | 1.8% below |
| 100 week MA | $40.8 | 6.6% below |
| 200 week MA | $40.3 | 5.5% below |
APAM has the edge over BAC on trend strength, trading above more of its moving averages.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
BAC has fallen below most of its moving averages, though it's still 19% above its 200-week average.
APAM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.2 | $49.9 | +55% |
| 2021 | $49.9 | $47.0 | -5.9% |
| 2022 | $47.0 | $30.8 | -34% |
| 2023 | $30.8 | $44.2 | +43% |
| 2024 | $44.2 | $44.0 | -0.5% |
| 2025 | $44.0 | $41.8 | -4.9% |
| 2026 YTD | $41.8 | $38.1 | -8.9% |
APAM has the edge over BAC on returns for 2026, with the stronger performance.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has finished higher in four of the last six years. It's down 10% so far in 2026.