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Side-by-side financial comparison of Artisan Partners Asset Management Inc. (APAM) and Barnes & Noble Education, Inc. (BNED). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $335.5M, roughly 1.8× Artisan Partners Asset Management Inc.). Artisan Partners Asset Management Inc. runs the higher net margin — 35.2% vs 4.2%, a 31.0% gap on every dollar of revenue. On growth, Artisan Partners Asset Management Inc. posted the faster year-over-year revenue change (12.9% vs 6.9%). Artisan Partners Asset Management Inc. produced more free cash flow last quarter ($171.6M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 12.7%).
Artisan Partners is an American asset management company headquartered in Milwaukee, Wisconsin. Outside the United States, the company has offices in Dublin, Hong Kong, London, Singapore and Sydney.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
APAM vs BNED — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $335.5M | $598.2M |
| Net Profit | $118.1M | $25.0M |
| Gross Margin | — | 21.7% |
| Operating Margin | 39.2% | 6.8% |
| Net Margin | 35.2% | 4.2% |
| Revenue YoY | 12.9% | 6.9% |
| Net Profit YoY | 34.9% | -49.7% |
| EPS (diluted) | $1.36 | $0.72 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $335.5M | $598.2M | ||
| Q3 25 | $301.3M | $274.2M | ||
| Q2 25 | $282.7M | $233.0M | ||
| Q1 25 | $277.1M | $419.7M | ||
| Q4 24 | $297.1M | $559.7M | ||
| Q3 24 | $279.6M | $250.9M | ||
| Q2 24 | $270.8M | $192.7M | ||
| Q1 24 | $264.4M | $415.4M |
| Q4 25 | $118.1M | $25.0M | ||
| Q3 25 | $66.8M | $-18.3M | ||
| Q2 25 | $67.6M | $-23.0M | ||
| Q1 25 | $61.1M | $17.9M | ||
| Q4 24 | $87.5M | $43.2M | ||
| Q3 24 | $73.0M | $-103.9M | ||
| Q2 24 | $57.6M | $-41.9M | ||
| Q1 24 | $59.5M | $-9.3M |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 30.3% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 39.2% | 6.8% | ||
| Q3 25 | 33.8% | -8.4% | ||
| Q2 25 | 28.2% | -4.9% | ||
| Q1 25 | 31.2% | 4.5% | ||
| Q4 24 | 36.7% | 8.4% | ||
| Q3 24 | 33.3% | -15.4% | ||
| Q2 24 | 32.0% | -16.3% | ||
| Q1 24 | 29.4% | 0.4% |
| Q4 25 | 35.2% | 4.2% | ||
| Q3 25 | 22.2% | -6.7% | ||
| Q2 25 | 23.9% | -9.9% | ||
| Q1 25 | 22.1% | 4.3% | ||
| Q4 24 | 29.5% | 7.7% | ||
| Q3 24 | 26.1% | -41.4% | ||
| Q2 24 | 21.3% | -21.7% | ||
| Q1 24 | 22.5% | -2.2% |
| Q4 25 | $1.36 | $0.72 | ||
| Q3 25 | $0.93 | $-0.54 | ||
| Q2 25 | $0.94 | $2.97 | ||
| Q1 25 | $0.82 | $0.59 | ||
| Q4 24 | $0.99 | $1.63 | ||
| Q3 24 | $1.03 | $-7.69 | ||
| Q2 24 | $0.80 | $-15.68 | ||
| Q1 24 | $0.84 | $-3.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $11.7M |
| Total DebtLower is stronger | $190.0M | $122.5M |
| Stockholders' EquityBook value | $438.8M | $283.2M |
| Total Assets | $1.6B | $1.1B |
| Debt / EquityLower = less leverage | 0.43× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.7M | ||
| Q3 25 | — | $7.3M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | — | $9.2M | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $8.2M | ||
| Q2 24 | — | $10.5M | ||
| Q1 24 | — | $8.1M |
| Q4 25 | $190.0M | $122.5M | ||
| Q3 25 | $190.0M | $170.0M | ||
| Q2 25 | $200.0M | $103.1M | ||
| Q1 25 | $200.0M | $141.2M | ||
| Q4 24 | $200.0M | $177.6M | ||
| Q3 24 | $200.0M | $221.9M | ||
| Q2 24 | $200.0M | $196.3M | ||
| Q1 24 | $200.0M | $30.2M |
| Q4 25 | $438.8M | $283.2M | ||
| Q3 25 | $402.1M | $256.5M | ||
| Q2 25 | $381.8M | $272.2M | ||
| Q1 25 | $356.5M | $292.9M | ||
| Q4 24 | $388.9M | $211.4M | ||
| Q3 24 | $372.1M | $149.8M | ||
| Q2 24 | $341.2M | $80.4M | ||
| Q1 24 | $320.3M | $121.5M |
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.6B | $950.8M | ||
| Q2 25 | $1.4B | $790.3M | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $973.2M | ||
| Q2 24 | $1.5B | $909.9M | ||
| Q1 24 | $1.5B | $1.2B |
| Q4 25 | 0.43× | 0.43× | ||
| Q3 25 | 0.47× | 0.66× | ||
| Q2 25 | 0.52× | 0.38× | ||
| Q1 25 | 0.56× | 0.48× | ||
| Q4 24 | 0.51× | 0.84× | ||
| Q3 24 | 0.54× | 1.48× | ||
| Q2 24 | 0.59× | 2.44× | ||
| Q1 24 | 0.62× | 0.25× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $172.0M | $66.2M |
| Free Cash FlowOCF − Capex | $171.6M | $61.9M |
| FCF MarginFCF / Revenue | 51.2% | 10.4% |
| Capex IntensityCapex / Revenue | 0.1% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.46× | 2.65× |
| TTM Free Cash FlowTrailing 4 quarters | $420.6M | $-4.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $172.0M | $66.2M | ||
| Q3 25 | $40.4M | $-67.6M | ||
| Q2 25 | $50.9M | $52.6M | ||
| Q1 25 | $157.9M | $-41.9M | ||
| Q4 24 | $372.8M | $47.4M | ||
| Q3 24 | $112.8M | $-143.5M | ||
| Q2 24 | $75.9M | $81.7M | ||
| Q1 24 | $147.0M | $-35.8M |
| Q4 25 | $171.6M | $61.9M | ||
| Q3 25 | $40.4M | $-71.3M | ||
| Q2 25 | $50.9M | $49.5M | ||
| Q1 25 | $157.7M | $-44.7M | ||
| Q4 24 | $371.3M | $44.4M | ||
| Q3 24 | $112.4M | $-147.5M | ||
| Q2 24 | $75.2M | $79.1M | ||
| Q1 24 | $146.9M | $-39.0M |
| Q4 25 | 51.2% | 10.4% | ||
| Q3 25 | 13.4% | -26.0% | ||
| Q2 25 | 18.0% | 21.3% | ||
| Q1 25 | 56.9% | -10.7% | ||
| Q4 24 | 125.0% | 7.9% | ||
| Q3 24 | 40.2% | -58.8% | ||
| Q2 24 | 27.8% | 41.1% | ||
| Q1 24 | 55.6% | -9.4% |
| Q4 25 | 0.1% | 0.7% | ||
| Q3 25 | 0.0% | 1.4% | ||
| Q2 25 | 0.0% | 1.3% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | 0.5% | 0.5% | ||
| Q3 24 | 0.1% | 1.6% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.0% | 0.8% |
| Q4 25 | 1.46× | 2.65× | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.58× | -2.34× | ||
| Q4 24 | 4.26× | 1.10× | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 2.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APAM
Segment breakdown not available.
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
