Apollo Global Management (APO)
Financials · $73.3B market cap · SEC CIK 0001858681
fundamentals score out of 100
Next reports on Nov 2, 2026, before the open, with analysts expecting $2.29 in earnings per share.
The case for APO
- Revenue up 40.7% on the year.
- Has compounded revenue at 52.1% a year over five years.
- Pays a modest 1.9% dividend.
The case against
- Earnings per share down 44.9%.
- Pricey at 39.1× earnings, against a long-run market average nearer 20×.
- Swings harder than the market (beta 1.51).
- Growth is slowing: revenue up 40.7% this year against 52.1% a year over five.
- Net margin of 6% is thinner than 93% of Financials companies.
- The price trend is weak (37/100): -11.6% over a year, -7.0% over three months, 46% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 33 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 75 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 28 |
| Momentumhow the price has behaved lately | 37 |
| Stabilityhow violently it moves, what it owes and what it pays you | 34 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 39.1× |
|---|---|
| Price / book | 3.25× |
| Price / sales | 2.3× |
| Revenue growth (YoY) | +40.7% |
| EPS growth (YoY) | -44.9% |
| Gross margin | — |
| Operating margin | 25% |
| Net margin | 6% |
| Return on equity | 9% |
| Debt / equity | 0.75× |
| Current ratio | 0.06 |
| Dividend yield | 1.89% |
| Beta | 1.51 |
| 52-week range | $99.56 – $153.29 |
| Position in that range | 46% of the way up |
| 3-month return | -7.0% |
| 1-year return | -11.6% |
Five years of financials, as filed
Pulled from Apollo Global Management's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $32.0B | $26.1B | $32.6B | $11.0B | $6.0B |
| Net income | $3.4B | $4.5B | $5.0B | -$2.0B | $1.8B |
| Operating cash flow | $7.2B | $3.3B | $6.3B | $3.8B | $1.1B |
| Total assets | $461B | $378B | $313B | $257B | $30.5B |
| Total liabilities | $418B | $347B | $288B | $242B | $18.5B |
| Shareholder equity | $23.3B | $17.3B | $14.0B | $6.6B | $3.8B |
| Cash | $20.6B | $17.1B | $17.7B | $9.0B | $917M |
| Long-term debt | $13.4B | $10.6B | $8.1B | $6.5B | $3.1B |
| Net margin | 10.6% | 17.2% | 15.3% | -17.9% | 30.3% |
| Diluted shares | 594M | 604M | 589M | 585M | 591M |
Share count is essentially flat over 4 years. Counts are restated for stock splits so the years compare.
What Apollo Global Management says it does
Index to Business Overview 13 Our Businesses 13 Asset Management 13 Retirement Services 17 Principal Investing 23 Competition 24 Human Capital 25 Regulatory and Compliance Matters 26 Available Information 32 12 Table of Contents Overview Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. Our Businesses Asset Management Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment capabilities across our platform based on relative risk and return. As an asset manager, we earn fees for providing investment management services…
Risk factors APO lists in its 10-K
- Declaration, payment and amounts of dividends, if any, to holders of our shares will be uncertain
- Securities Authorized for Issuance Under Equity Compensation Plans
- Unregistered Sales of Equity Securities
- Purchases of Equity Securities by the Issuer and Affiliated Purchasers
- Total number of shares of common stock purchased
- Total number of shares of common stock purchased as part of publicly announced plans or programs
- Approximate dollar value of common stock that may yet be purchased under the plans or programs
- October 1, 2025 through October 31, 2025
- November 1, 2025 through November 30, 2025
- December 1, 2025 through December 31, 2025
- Financial Measures under U.S. GAAP – Asset Management
- The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest"
- Performance Fees for the Year Ended December 31, 2025
- Performance Fees for the Year Ended December 31, 2024