A Business at a Glance
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Apollo Global Management, Inc.
APO
$75.1B
Mkt Cap
$122.61
+3.03%
Apollo Global Management, Inc. (APO) has a current P/E ratio of 22.1, compared to its historical median P/E of 22.8. The stock is currently considered Fair based on its historical valuation range.
Apollo Global Management, Inc. (APO) has a 5-year average return on invested capital (ROIC) of 11.8%. This indicates solid capital allocation.
Apollo Global Management, Inc. (APO) has a market capitalization of $70.7B. It is classified as a large-cap stock.
Yes, Apollo Global Management, Inc. (APO) pays a dividend with a trailing twelve-month yield of 1.75%. The company also returns capital through share buybacks, with a buyback yield of 1.71%.
Based on historical P/E analysis, Apollo Global Management, Inc. (APO) appears fair. The current P/E of 22.1 is 3% below its historical median of 22.8. The estimated fair value CAGR (P/E method) is 14.6%.
Apollo Global Management, Inc. (APO) operates in the Investment Advice industry, within the Financials sector.
Apollo is a global alternative asset manager and retirement services provider founded in 1990, operating through three reportable segments: Asset Management, Retirement Services, and Principal Investing. The Asset Management segment manages $938.4 billion in AUM as of December 31, 2025, earning fees for investment management services across credit and equity strategies, with credit representing the largest strategy at $749.2 billion of AUM spanning direct origination, asset-backed finance, opportunistic credit, and multi-credit, while equity strategies totaling $189.2 billion include corporate private equity, hybrid value, AAA perpetual capital vehicles, real estate equity, and infrastructure and clean transition equity. Apollo's business model is built on integrated origination capabilities across 16 platforms that source assets for both asset management clients and its retirement services business, generating $309 billion in origination volumes in 2025, with capital solutions fees reaching $800 million annually through advisory and structuring services. The Retirement Services segment, operated through consolidated subsidiary Athene, manages $292 billion in net invested assets and generates spread-related earnings through liability origination and asset deployment, with perpetual capital representing $535.6 billion of total AUM providing stable, long-duration funding. Apollo's competitive differentiation stems from its contrarian, value-oriented investment approach emphasizing downside protection, vertically integrated asset management capabilities including property management and transaction advisory services, and the ability to deploy capital across the full capital structure of portfolio companies, serving institutional investors, insurance companies, and retail clients globally.
【Strong origination momentum continuing】 Management expects origination volumes to remain robust in 2026, with Q2 expected to be even stronger than Q1 based on the visible pipeline, and anticipates the business to deliver on previously communicated targets despite a macro environment requiring defensive positioning and capital preservation. The company is reaffirming its 20%+ FRE growth outlook for 2026, with 75% of revenue growth expected from well-established core businesses and annualized growth already in the ground, while the remaining 25% will come from newer initiatives including Apollo Sports Capital and Athora's pending PIC acquisition. For Retirement Services, management expects 10% SRE growth in 2026 assuming an 11% alternatives return, supported by strong organic growth, origination capabilities generating high-quality assets with spread, and the expectation that prepayment headwinds will diminish as CLO exposure continues to decline. Management is also focused on expanding into new markets and channels, including significant growth opportunities from traditional asset managers, insurance partnerships, and emerging retirement income products, while maintaining disciplined underwriting and risk management frameworks across all business segments.
| Metric | Target | Period |
|---|---|---|
| FRE Growth | 20%+ | FY2026 |
| SRE Growth | 10% | FY2026 |
| Origination Volume | north of $5 billion | FY2026 (AMAPS) |
| Athene Inflows | approximately $85 billion | FY2026 |
| SRE | approximately $3.85 billion | FY2026 |
| Net Spread | 120 to 125 basis points | FY2026 |
FRE Growth (FY2026): “we're reaffirming our 26% outlook of 20% FRE growth and 10% SRE growth”
SRE Growth (FY2026): “we're reaffirming our 26% outlook of 20% FRE growth and 10% SRE growth”
Origination Volume (FY2026 (AMAPS)): “We expect to be north of $5 billion this year”
Athene Inflows (FY2026): “You should expect approximately $85 billion of inflows in 2026”
SRE (FY2026): “For SRE, we anticipate 10% growth assuming an 11% alts return or approximately $3.85 billion in 2026”
Net Spread (FY2026): “120, 125 is the spread range, assuming also 11%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 31.6B | 32.0B | 26.1B | 32.6B | 11.0B | 6.0B |
| Net Income | 1.0B | 3.4B | 4.5B | 5.0B | -2.0B | 1.8B |
| EPS | $1.80 | $5.54 | $7.33 | $8.28 | $-3.43 | $7.32 |
| Free Cash Flow | 0 | 7.2B | 3.3B | 6.3B | 3.8B | 1.1B |
| ROIC | 0.0% | 10.5% | 17.9% | 28.4% | -19.6% | 21.5% |
| Gross Margin | - | 27.2% | 34.4% | 55.8% | -13.6% | - |
| Debt/Equity | 0.71 | 0.57 | 0.61 | 0.58 | 0.97 | 0.83 |
| Dividends/Share | $2.14 | $1.99 | $1.81 | $1.69 | $1.60 | $2.10 |
| Operating Income | 0 | 6.7B | 7.4B | 5.6B | -4.2B | 4.9B |
| Operating Margin | 0.0% | 20.8% | 28.5% | 17.1% | -38.7% | 81.7% |
| ROE | 5.2% | 16.7% | 28.6% | 48.4% | -37.6% | 38.7% |
| Shares Outstanding | 577M | 613M | 611M | 604M | 572M | 246M |
| Metric | |||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 2.4B | 6.0B | 11.0B | 32.6B | 26.1B | 32.0B | 31.6B |
| Gross Margin | N/A | N/A | -13.6% | 55.8% | 34.4% | 27.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 553M | 4.9B | -4.2B | 5.6B | 7.4B | 6.7B | 0 |
| Op. Margin | 23.5% | 81.7% | -38.7% | 17.1% | 28.5% | 20.8% | 0.0% |
| Net Income | 120M | 1.8B | -2.0B | 5.0B | 4.5B | 3.4B | 1.0B |
| Net Margin | 5.1% | 30.3% | -17.9% | 15.3% | 17.2% | 10.6% | 3.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | 1.9% | 21.5% | -19.6% | 28.4% | 17.9% | 10.5% | 0.0% |
| ROE | 2.8% | 38.7% | -37.6% | 48.4% | 28.6% | 16.7% | 5.2% |
| ROA | N/A | 5.9% | -1.4% | 1.8% | 1.3% | 0.8% | 0.2% |
| Cash Flow | |||||||
| Op. Cash Flow | -1.6B | 1.1B | 3.8B | 6.3B | 3.3B | 7.2B | 7.9B |
| Free Cash Flow | -1.6B | 1.1B | 3.8B | 6.3B | 3.3B | 7.2B | 0 |
| Owner Earnings | -1.8B | -144M | 2.7B | 4.5B | 1.5B | 5.0B | 5.5B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 19M | 27M | 529M | 803M | 1.1B | 1.4B | 1.5B |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 19M | 27M | 529M | 803M | 1.1B | 1.4B | 1.5B |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 550M | 517M | 962M | 1.0B | 1.1B | 1.2B | 1.2B |
| Dividend Yield | 5.2% | 3.9% | 3.1% | 2.3% | 1.5% | 1.4% | 1.7% |
| Share Buybacks | 92M | 299M | 635M | 561M | 890M | 773M | 1.2B |
| Buyback Yield | 0.8% | 0.8% | 1.9% | 1.0% | 0.9% | 0.9% | 1.7% |
| Stock-Based Comp | 213M | 1.2B | 540M | 1.0B | 721M | 789M | 872M |
| Debt Repayment | 925M | 2.0B | 4.0B | 3.8B | 5.3B | 4.6B | 4.6B |
| Balance Sheet | |||||||
| Net Debt | 2.7B | 2.2B | -114.7B | -157.9B | -190.7B | -225.9B | -206.4B |
| Cash & Equiv. | 1.6B | 917M | 9.0B | 17.7B | 17.1B | 20.6B | 220.7B |
| Long-Term Debt | 4.3B | 3.1B | 6.5B | 8.1B | 10.6B | 13.4B | 14.2B |
| Debt/Equity | 0.78 | 0.83 | 0.97 | 0.58 | 0.61 | 0.57 | 0.71 |
| Interest Coverage | 4.2 | 35.2 | -3.7 | 3.4 | 4.0 | 3.7 | 3.7 |
| Equity | 5.5B | 3.8B | 6.6B | 14.0B | 17.3B | 23.3B | 20.0B |
| Total Assets | N/A | 30.5B | 257.2B | 313.5B | 377.9B | 460.9B | 467.5B |
| Total Liabilities | 0 | 18.5B | 241.8B | 288.2B | 346.9B | 418.4B | 428.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 1.1B | -1.0B | 3.0B | 6.0B | 7.6B | 5.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||
| EPS | 0.44 | 7.32 | -3.43 | 8.28 | 7.33 | 5.54 | 1.80 |
| Owner EPS | -6.78 | -0.58 | 4.76 | 7.44 | 2.38 | 8.20 | 9.47 |
| Book Value | 20.21 | 15.39 | 11.61 | 23.25 | 28.23 | 38.09 | 34.61 |
| Cash Flow/Share | -5.93 | 4.32 | 6.63 | 10.47 | 5.32 | 11.82 | 4.45 |
| Dividends/Share | 2.31 | 2.10 | 1.60 | 1.69 | 1.81 | 1.99 | 2.14 |
| Shares Out. | 272.7M | 246.2M | 571.7M | 604.0M | 611.2M | 612.8M | 576.5M |
| Valuation | |||||||
| P/E Ratio | 97.7 | 22.0 | N/A | 11.0 | 22.8 | 26.7 | 68.1 |
| P/FCF | N/A | 15.7 | 8.9 | 8.7 | 31.4 | 12.5 | N/A |
| EV/EBIT | 42.7 | 8.2 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 2.1 | 10.2 | 5.1 | 3.9 | 5.9 | 3.9 | 3.5 |
| Price/Sales | 4.5 | 5.1 | 2.9 | 1.4 | 2.8 | 2.6 | 2.2 |
| FCF Yield | -13.8% | 2.8% | 11.2% | 11.5% | 3.2% | 8.0% | N/A |
| Market Cap | 11.7B | 38.6B | 33.8B | 55.1B | 102.2B | 90.6B | 70.7B |
| Avg. Price | 39.04 | 53.47 | 54.86 | 73.17 | 120.02 | 138.54 | 122.61 |
| Year-End Price | 43.00 | 67.70 | 59.14 | 91.22 | 167.23 | 147.92 | 122.61 |
Apollo Global Management, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Apollo Global Management, Inc. trades at 22.1x trailing earnings, compared to its 15-year median P/E of 22.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.4x vs a median of 12.5x. The company's 5-year average ROIC is 11.8% with a gross margin of 25.9%. Total shareholder yield (dividends + buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is +35.9%.
Apollo Global Management, Inc. (APO) reported annual revenue of $32.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Apollo Global Management, Inc. (APO) has a net profit margin of 10.6%. This is a healthy margin.
Apollo Global Management, Inc. (APO) generated $7.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Apollo Global Management, Inc. (APO) has a debt-to-equity ratio of 0.57. This indicates moderate leverage.
Apollo Global Management, Inc. (APO) reported earnings per share (EPS) of $5.54 in its most recent fiscal year.
Apollo Global Management, Inc. (APO) has a return on equity (ROE) of 16.7%. This indicates the company generates strong returns for shareholders.
Apollo Global Management, Inc. (APO) has a 5-year average gross margin of 25.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Apollo Global Management, Inc. (APO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Apollo Global Management, Inc. (APO) has a book value per share of $38.09, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects origination volumes to remain robust in 2026, with Q2 expected to be even stronger than Q1 based on the visible pipeline, and anticipates the business to deliver on previously communicated targets despite a macro environment requiring defensive positioning and capital preservation. The company is reaffirming its 20%+ FRE growth outlook for 2026, with 75% of revenue growth expected from well-established core businesses and annualized growth already in the ground, while the remaining 25% will come from newer initiatives including Apollo Sports Capital and Athora's pending PIC acquisition. For Retirement Services, management expects 10% SRE growth in 2026 assuming an 11% alternatives return, supported by strong organic growth, origination capabilities generating high-quality assets with spread, and the expectation that prepayment headwinds will diminish as CLO exposure continues to decline. Management is also focused on expanding into new markets and channels, including significant growth opportunities from traditional asset managers, insurance partnerships, and emerging retirement income products, while maintaining disciplined underwriting and risk management frameworks across all business segments.
Based on recent SEC filings and earnings calls, Apollo Global Management, Inc. (APO) has provided the following forward guidance: FRE Growth: 20%+ (FY2026); SRE Growth: 10% (FY2026); Origination Volume: north of $5 billion (FY2026 (AMAPS)); Athene Inflows: approximately $85 billion (FY2026); SRE: approximately $3.85 billion (FY2026), plus 1 additional metric.