Apollo Global Management, Inc.

APO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006
Valuation
Market cap	$84,022	$93,450	$52,890	$36,506	$17,860	$12,077	$11,764	$6,051	$8,253	$4,774	$3,743	$3,663	$4,399	$2,217	$1,444	–	–	–	–	–
Enterprise value	($132,851)	($89,177)	($99,835)	($75,483)	$37,541	$30,009	$15,039	$8,683	$11,208	$7,090	$5,635	$20,677	$19,450	$15,196	$1,223	–	–	–	–	–
P/E (TTM) at period end	24.75×	20.86×	10.58×	–	9.91×	100.65×	14.56×	–	13.56×	12.30×	35.31×	21.77×	6.67×	7.13×	–	–	–	–	–	–
P/S (TTM) at period end	2.62×	3.58×	1.62×	3.33×	3.00×	5.13×	4.01×	5.54×	2.98×	2.30×	3.59×	2.35×	1.18×	0.78×	8.41×	–	–	–	–	–
P/B at period end	3.60×	5.42×	3.77×	5.50×	4.71×	8.45×	6.35×	4.40×	5.64×	5.72×	5.76×	2.05×	1.67×	0.83×	1.99×	–	–	–	–	–
EV / EBITDA (TTM)	(13.71×)	(9.51×)	(14.37×)	–	18.74×	32.37×	11.09×	32.54×	7.49×	7.12×	19.19×	34.50×	10.14×	17.56×	–	–	–	–	–	–
EV / Sales (TTM)	(4.15×)	(3.41×)	(3.06×)	(6.88×)	6.31×	12.75×	5.13×	7.94×	4.04×	3.42×	5.41×	13.25×	5.21×	5.31×	7.12×	–	–	–	–	–
Returns
Return on equity	14.5%	26.0%	35.6%	(29.5%)	47.6%	8.4%	43.6%	(2.1%)	41.6%	46.5%	16.3%	9.4%	25.0%	11.7%	(64.5%)	62.7%	–	–	(593.1%)	76.9%
Return on invested capital	18.9%	29.1%	39.3%	(28.7%)	7.4%	4.1%	26.1%	1.1%	25.2%	28.4%	9.1%	2.5%	10.1%	5.1%	(24.1%)	(1.2%)	(36.9%)	(158.0%)	(36.0%)	(0.0%)
Dividend yield	1.4%	1.2%	1.9%	2.6%	2.9%	4.6%	3.7%	6.7%	4.4%	5.0%	9.5%	33.0%	22.8%	22.3%	8.3%	–	–	–	–	–
Financial health
Current ratio	–	–	–	–	0.63×	1.84×	1.43×	0.98×	0.77×	1.38×	0.96×	1.99×	1.81×	2.81×	5.78×	3.78×	2.72×	1.47×	4.18×	42.98×
Debt / equity	1.15×	1.23×	–	–	0.84×	10.00×	1.89×	1.61×	1.62×	2.56×	2.81×	8.48×	5.00×	4.71×	5.41×	4.98×	(3.07×)	(2.06×)	11.01×	0.19×
Effective tax rate	19.1%	14.3%	(16.5%)	17.4%	12.2%	15.6%	(9.2%)	81.7%	18.4%	8.5%	7.1%	16.8%	4.3%	2.1%	(0.9%)	14.4%	(43.1%)	1.3%	0.5%	0.4%
Share count
Diluted shares outstanding	594	604	589	585	237	228	209	200	193	184	173	155	142	130	116	121	121	121	97	97

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006
Revenue and gross profit
Revenue	$35,899	$32,049	$26,114	$32,644	$10,968	$5,951	$2,354	$2,932	$1,093	$2,772	$2,074	$1,042	$1,560	$3,734	$2,860	$172	$2,110	$967	($267)	$638	$346
Cost of revenue	–	–	($1,140)	($1,027)	($927)	($778)	($628)	($515)	($460)	($1,035)	($849)	($537)	($741)	($1,594)	($1,745)	($1,341)	($1,943)	($1,495)	–	($1,450)	($267)
Gross profit	–	–	$24,974	$31,617	$10,041	$5,173	$1,726	$2,417	$633	$1,736	$1,224	$504	$820	$2,139	$1,115	($1,169)	$167	($528)	–	($812)	$80
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,870)	($3,096)	($2,638)	($2,567)	($1,698)	($3,197)	($818)	($1,077)	($382)	($258)	($247)	($255)	($265)	($222)	($190)	($171)	($154)	($95)	($420)	($159)	($78)
Total operating expenses	($26,021)	–	($16,675)	($25,471)	($14,416)	($3,197)	($818)	($1,077)	($382)	($258)	($247)	($255)	($265)	($276)	($302)	($197)	($214)	($161)	–	($166)	($81)
Total costs and expenses	($27,223)	($23,791)	($17,815)	($26,498)	($15,343)	($3,975)	($1,446)	($1,591)	($841)	($1,293)	($1,096)	($792)	($1,006)	($1,870)	($2,048)	($1,538)	($2,157)	($1,656)	($1,286)	($1,617)	($348)
Operating income	$8,676	$8,258	$8,299	$6,146	($4,375)	$1,976	$908	$1,340	$252	$1,479	$977	$249	$554	$1,864	$812	($1,366)	($47)	($690)	($1,553)	($979)	($2)
Earnings
EBITDA	$10,278	$9,689	$9,374	$6,949	($3,846)	$2,003	$927	$1,356	$267	$1,497	$996	$294	$599	$1,918	$865	($1,340)	($23)	($665)	($1,531)	($971)	$2
Interest income	$5,876	$131	$172	$176	$354	$746	$440	$65	$56	$6	$4	$3	$10	$12	$10	$5	$2	$1	$19	$52	$38
Interest expense	($709)	($618)	($474)	($268)	($222)	($138)	($133)	($127)	($91)	($53)	($43)	($30)	($22)	($29)	($37)	($41)	($35)	($50)	($63)	($346)	($9)
Pre-tax income	$7,419	$6,677	$7,435	$5,586	($4,246)	$4,861	$553	$1,408	$105	$1,770	$1,061	$377	$877	$2,482	$3,113	($1,292)	$635	($67)	($2,927)	$1,247	$1,793
Income tax expense	($3,120)	($1,276)	($1,062)	$923	$739	($594)	($86)	$129	($86)	($326)	($91)	($27)	($147)	($108)	($65)	($12)	($92)	($29)	$37	($7)	($6)
Net income	$1,875	$3,492	$4,577	$5,047	($1,961)	$1,839	$157	$808	($28)	$608	$388	$106	$168	$659	$311	($469)	$95	($155)	($912)	($570)	$373
Per share
Diluted EPS (GAAP)	$4.44	$5.54	$7.33	$8.28	($3.43)	$7.32	$0.44	$3.71	($0.3009)	$3.10	$2.11	$0.61	$0.62	$4.03	$2.03	($4.18)	$0.6662	($1.29)	($7.54)	($5.87)	$3.85
Basic EPS (GAAP)	$4.51	$5.58	$7.39	$8.32	($3.43)	$7.32	$0.44	$3.72	($0.3009)	$3.12	$2.11	$0.61	$0.62	$4.06	$2.06	($4.18)	$0.6662	($1.29)	($7.54)	($5.87)	$3.85
Basic shares outstanding	596	589	586	581	585	237	228	207	200	191	184	173	155	139	128	116	121	121	121	97	97
Margins
Gross margin	–	–	95.6%	96.9%	91.5%	86.9%	73.3%	82.5%	58.0%	62.6%	59.0%	48.4%	52.5%	57.3%	39.0%	(681.2%)	7.9%	(54.6%)	–	(127.4%)	23.0%
Operating margin	24.2%	25.8%	31.8%	18.8%	(39.9%)	33.2%	38.6%	45.7%	23.0%	53.3%	47.1%	23.9%	35.5%	49.9%	28.4%	(795.9%)	(2.3%)	(71.3%)	582.2%	(153.5%)	(0.5%)
Net margin	5.2%	10.9%	17.5%	15.5%	(17.9%)	30.9%	6.7%	27.6%	(2.6%)	22.0%	18.7%	10.2%	10.8%	17.7%	10.9%	(273.2%)	4.5%	(16.1%)	342.0%	(89.3%)	107.6%

Analyst consensus

Buy28 analysts

Bearish · 0 · Hold · 5 · Bullish · 23

Earnings history

	EPS	Estimate
Q3 2024	$1.81	$1.73	Beat
Q4 2024	$2.22	$1.92	Beat
Q1 2025	$1.82	$1.84	Miss
Q2 2025	$1.92	$1.84	Beat
Q3 2025	$2.14	$1.90	Beat
Q4 2025	$2.47	$2.04	Beat
Q1 2026	$1.94	$1.89	Beat
Q2 2026	$2.11	$2.16	Miss

Peers

Company overview

IPO dateMar 30, 2011

CEOMarc Jeffrey Rowan

Employees6,140

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNew York Stock Exchange

Websitewww.apollo.com

Apollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spectrum of transactions, ranging from traditional management buyouts, recapitalizations, and distressed acquisitions to corporate carve-outs, growth capital infusions, turnaround financing, bridge loans, strategic acquisitions, and industry consolidation initiatives. This also includes debt investments in real estate and corporate partnerships, along with investments in distressed assets and special situations within the middle market. Its client base is diverse, encompassing sovereign wealth and endowment funds, as well as various other institutional and private investors. The firm constructs and oversees bespoke portfolios for clients and actively manages a suite of investment vehicles, including hedge funds, real estate funds, and private equity funds. Globally, Apollo also deploys capital in fixed income and alternative investment markets. Its fixed income strategies span a wide array, featuring income-oriented senior secured loans, corporate bonds, collateralized loan obligations (CLOs), structured credit products, opportunistic and non-performing loans, distressed debt, mezzanine financing, and other value-oriented fixed income instruments. Apollo seeks investment opportunities across numerous sectors, such as chemicals, energy (including oil, gas, natural resources), metals and mining, agriculture, consumer and retail, distribution and transportation, financial and business services, manufacturing and industrial, media (distribution, cable, entertainment), telecommunications, technology, packaging and materials, and satellite and wireless communications. Geographically, the firm targets investments in Africa, North America (with a strong emphasis on the United States), and Europe, while also making significant inroads into Western Europe and Asia. Its investment methodology combines contrarian insights with a rigorous focus on intrinsic value and distressed situations. Apollo typically commits equity capital ranging from $10 million to $1.5 billion per transaction, generally pursuing companies with an enterprise value between $750 million and $2.5 billion. Proprietary in-house research underpins its investment selection process. The firm is open to acquiring both minority and controlling stakes in its portfolio companies. Established in 1990 and headquartered in New York, New York, Apollo maintains additional offices across North America, Asia, and Europe to support its global operations.

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