Apollo Global Management, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The asset management business is demonstrably healthy — record fee income, an origination platform that repeatedly beats its own targets, strong credit ratings. The light sits at yellow because the single largest earnings block in the company — the spread income from retirement services arm Athene — is interest-rate- and valuation-sensitive: its own guidance was cut twice before being met again, and 64 percent of the underlying fund investments are priced by model rather than by market. That's an open operational question, not a substance risk — there is no going-concern warning, no negative equity, and no interest coverage below one. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
In the summer of 2026, Apollo Global Management shows two faces at once: a fee business that has beaten its own targets for years (2025 origination of $305 billion versus a planned $150 billion, record FRE in the second quarter of 2026), and a retirement services arm whose balance sheet is so large and complex that a single tax decision in Bermuda could flip reported consolidated income by $1.93 billion into the red — while the adjusted numbers ran at record pace throughout. The real, lasting Achilles' heel isn't the Bermuda charge; it's Athene's interest-rate sensitivity ($4.7 billion on just 100 basis points) and the fact that 64 percent of fund investments are priced by model rather than by market. Not investment advice.
Growth engine: asset management
Fee Related Earnings hit a record $785 million in the second quarter of 2026 (up 25 percent); 2025 origination volume of $305 billion far exceeded the original five-year target of $150 billion — a business that has repeatedly beaten its own targets since 2023.
Earnings quality: GAAP swing versus economic reality
The $1.93 billion GAAP net loss in the first quarter of 2026 was a one-time, non-cash tax entry (the Bermuda valuation allowance); Adjusted Net Income (ANI) stayed stable at $1,208 million and $1,314 million across both 2026 quarters. The charge still distorts the reported trailing-twelve-month P/E until the Q1 2027 report is filed.
Interest-rate sensitivity and valuation judgment at Athene
A 100-basis-point rate increase would, per the company's own disclosure, reduce pre-tax income by $4.7 billion (more than 6 percent of market capitalization); 64 percent of fund investments were valued by model rather than market price as of 12/31/2025.
Guidance track record on spread earnings (SRE)
SRE growth guidance was cut from "low double-digit" to "mid-single-digit" in both 2024 and 2025, then met again from late 2025 onward and exceeded with a record $877 million in the second quarter of 2026 — a setback-and-recovery pattern, not a structural break.
Capital return and credit ratings
The dividend rose from $1.69 to $1.99 per share (2026 target: $2.25), roughly $1.6 billion in share buybacks over the trailing twelve months, strong credit ratings (Apollo A2/A/A, Athene A1/A+/A+/A+).
Governance
Notably low cash compensation for CEO Marc Rowan ($913,367 in 2025) alongside a large personal equity stake (5.9 percent), but disclosed related-party transactions (roughly $3.5 million in private jet usage in 2025, a $200 million donor-advised fund) and a meaningful roughly 29 percent against-vote on the 2026 say-on-pay proposal.
Worth Noting
Apollo showed up on our in-house stock scanner right after the August 4, 2026 earnings release — flagged with a rare double signal of a strikingly high trailing P/E (roughly 81) and sharply negative TTM quarterly earnings growth (−57.3 percent), both consequences of the same Bermuda one-time charge in the first quarter of 2026.
Valuation figures are dated and evergreen: market capitalization roughly $76.8 billion, trailing P/E 81.22, forward P/E 14.20 (all data as of August 5, 2026); daily prices are not a buy argument.
Not to be confused: the GAAP net loss applies only to the first quarter of 2026 (not the full year), and was already replaced by a $1,336 million GAAP profit in the second quarter of 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at APO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 100.30 $ to 152.70 $ · Last price: 126.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Asset Management
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Apollo Global Management, Inc. APO | 75.2 | 79.4 | 7.9 | 36.1 | 13.5 | 16.0 | -7.7 |
| BlackRock Inc BLK | 177.8 | 26.4 | 15.0 | 47.2 | 35.6 | 18.7 | -4.9 |
| Blackstone Group Inc BX | 157.4 | 32.1 | 15.7 | 100.0 | 38.0 | 21.6 | -28.9 |
| KKR & Co. Inc. KKR | 94.9 | 33.2 | 1.4 | 54.8 | 11.0 | -11.0 | -31.5 |
| Brookfield Asset Management Ltd. BAM | 73.0 | 29.0 | 18.9 | 74.4 | 64.5 | 15.8 | -19.5 |
| State Street Corp STT | 50.9 | 18.5 | 0.0 | 100.0 | 27.8 | 3.0 | 69.8 |
| Ameriprise Financial Inc AMP | 49.6 | 13.7 | 0.0 | 54.9 | 37.2 | 9.6 | 12.7 |
| Ares Management LP ARES | 43.1 | 57.6 | 23.1 | 37.4 | 18.4 | 66.6 | -26.7 |
| Northern Trust Corporation NTRS | 32.6 | 18.4 | 0.0 | 100.0 | 31.7 | -9.9 | 39.6 |
| Median of companies shown | 73.0 | 29.0 | 7.9 | 54.9 | 31.7 | 15.8 | -7.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,074 | 977 | 388 | 2.11 | 615 | 1,868 | 5,630 |
| 2017 | 2,772 | 1,479 | 608 | 3.16 | 808 | 2,898 | 6,991 |
| 2018 | 1,093 | 252 | -29 | -0.14 | 814 | 2,452 | 5,992 |
| 2019 | 2,932 | 1,340 | 808 | 3.87 | 1,083 | 3,038 | 8,542 |
| 2020 | 2,354 | 908 | 157 | 0.69 | -1,616 | 6,296 | 23,669 |
| 2021 | 5,951 | 1,976 | 1,839 | 7.77 | 1,064 | 10,194 | 30,502 |
| 2022 | 10,968 | 116 | 1,994 | 3.41 | 3,789 | 15,398 | 257,217 |
| 2023 | 32,644 | 5,882 | 5,047 | 8.57 | 6,322 | 25,245 | 313,488 |
| 2024 | 26,114 | 8,299 | 4,426 | 7.33 | 3,253 | 30,980 | 377,895 |
| 2025 | 32,049 | 8,258 | 3,492 | 5.74 | 7,452 | 23,341 | 460,949 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.39 | -48.00 | 5,283 | -52.20 | 27.20 | -4 | -4 |
| 2025: Q1 | 0.68 | -70.20 | 5,548 | -21.20 | 7.70 | 1,012 | 1,012 |
| 2025: Q2 | 0.99 | -26.70 | 6,814 | 13.20 | 9.20 | 1,262 | 1,262 |
| 2025: Q3 | 2.86 | 114.90 | 9,823 | 26.40 | 17.70 | 303 | 303 |
| 2025: Q4 | 2.78 | 16.50 | 9,864 | 86.70 | 20.80 | 2,819 | 2,819 |
| 2026: Q1 | -3.20 | -570.60 | 5,059 | -8.80 | -37.70 | 1,620 | 1,620 |
| 2026: Q2 | 2.15 | 117.20 | 11,153 | 63.70 | 12.20 | 2,881 | 2,881 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Growth
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 8.77 | 8.56 – 8.98 | 5,413 | 4.6% | 21 |
| 12/31/2027 | 10.74 | 10.06 – 11.23 | 6,335 | 22.5% | 21 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -2.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $7.99B |
|---|---|
| Market cap | $75.20B |
| Free cash flow in year ten | $6.07B |
| Terminal value as a share of market value | 42.5% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Apollo nennt KI in seinen SEC-Berichten mehrfach konkret als Wettbewerbs-, Regulierungs- und Bewertungsrisiko für das eigene Geschäftsmodell und die Anlagestrategien (u. a. Exposure gegenüber digitalen Infrastruktur-Vermögenswerten), ohne KI-Produkte oder -Dienste als eigene Umsatzquelle auszuweisen.
View the full file — quotes, sources, reviewed filings
„AI Technologies could significantly disrupt the business models, investment strategies, operational processes, and markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, which could have a material and adverse effect on our business, financial condition, results of operations, liquidity and cash flows."
KI-Technologien könnten die Geschäftsmodelle, Anlagestrategien, operativen Prozesse und Märkte, in denen wir tätig sind, erheblich stören und uns verstärktem Wettbewerb, rechtlichen und regulatorischen Risiken sowie Compliance-Kosten aussetzen, was sich wesentlich nachteilig auf unser Geschäft, unsere Finanzlage, unsere Betriebsergebnisse, Liquidität und Cashflows auswirken könnte.
10-K · 2026-02-25 · View SEC filing
„Advancements in computing and AI Technologies, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets, a sector to which certain of our investment strategies have significant exposure."
Fortschritte bei Rechenleistung und KI-Technologien, einschließlich Effizienzsteigerungen, könnten – ohne einen entsprechenden Anstieg bei Einführung und Entwicklung dieser Technologien – auch die Nachfrage nach und die Bewertung von digitalen Infrastruktur-Vermögenswerten beeinträchtigen, einem Sektor, in dem bestimmte unserer Anlagestrategien erheblich engagiert sind.
10-K · 2026-02-25 · View SEC filing
„the use and implementation of artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”), and products and platforms involving digital assets and distributed ledger technologies also have the potential to significantly disrupt the way financial institutions, including investment managers and asset managers, do business or attract and address investor demands and strategies, resulting in further competitive pressures for our business."
der Einsatz und die Implementierung künstlicher Intelligenz, einschließlich Machine-Learning-Technologie und generativer künstlicher Intelligenz (zusammen „KI-Technologien“), sowie Produkte und Plattformen rund um digitale Vermögenswerte und Distributed-Ledger-Technologien haben zudem das Potenzial, die Art und Weise, wie Finanzinstitute – einschließlich Investment- und Vermögensverwaltern – Geschäfte tätigen oder Anlegerwünsche und -strategien bedienen, erheblich zu verändern, was zu weiterem Wettbewerbsdruck für unser Geschäft führt.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-Q 2025-05-07 · 10-K 2026-02-25 · 10-K 2025-02-24
Rated on August 7, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 43.0%
- More than 10% revenue growth is expected for the coming year 14.5%
- Share count grows by less than 3% a year 1.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 46.0%
- Gross margin at 40% or higher and without meaningful erosion 95.5%
- Goodwill from acquisitions does not grow faster than revenue 1.3%
- Net debt below twice EBITDA 234,696 m net cash
- Operating cash flow covers the profits of the last three years 4,062 m
- Return on capital at 15% or higher, or up versus two years ago 6.4%
- Insiders hold at least 10% or are net buyers 27.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 35.6%
- Exp. sales growth 3Y > 5% -55.5%
- EBIT growth 10Y > 5% 26.8%
- Exp. EBIT growth 3Y > 5% 36.7%
- Net debt < 4x EBIT -28.4x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 94.1%
- Return on equity > 15% 20.8%
- ROCE > 15% 6.4%
- Expected return > 10% 50.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Belardi James Richard | See Remarks | Other | 38,605 | 0.00 | – |
| Aug 14, 2026 | Kelly Martin | Chief Financial Officer | Sell | 3,000 | 140.85 | 422,535 |
| Aug 14, 2026 | Kelly Martin | Chief Financial Officer | Other | 1,534 | 0.00 | – |
| Jul 29, 2026 | Ldb 2014 Llc | See remarks. | Other | 3,000,000 | – | – |
The company
About the Company
Apollo Global Management, Inc. ist eine Private-Equity-Firma mit Spezialisierung auf Investitionen in den Märkten Kredit, Private Equity, Infrastruktur, Secondaries und Immobilien.
- Employees
- 6,140
- Headquarters
- New York, NY
- Address
- 9 West 57th Street, 10019 New York, United States
- Phone
- 212 515 3200
- IPO Date
- 03/30/2011
- ISIN
- US03769M1062
- Stock Split
- 1:1 on 08/22/2013
Management
| Name | Title | Birth Year |
|---|---|---|
| Marc Jeffrey Rowan | Co-Founder, CEO & Chairman of the Board | 1962 |
| James Richard Belardi | Co- Founder, Executive Chairman, Chief Investment Officer of Athene, Partner & Director | 1957 |
| Martin Bernard Kelly | Partner & CFO | 1968 |
| Whitney A Chatterjee | Partner & Chief Legal Officer | 1975 |
| John T. Zito C.F.A. | Co-President of Apollo Asset Management | 1982 |
| James Charles Zelter | President & Director | 1962 |
| Kristiane Kinahan | MD of Finance in New York & Chief Accounting Officer | 1979 |
| Jamey Lamanna | Partner & Chief Information Officer | – |
| Noah Gunn | MD of Finance & Global Head of Investor Relations in New York | – |
| Yael Kenan Levy J.D. | Chief Compliance Officer and Partner of Legal, Compliance & Tax in New York | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/24/2026 Apollo Global Management, Inc. (APO): Regulation FD Disclosure SEC ↗
- 08/13/2026 Apollo Global Management, Inc. (APO): Regulation FD Disclosure SEC ↗
- 08/11/2026 Apollo Global Management, Inc. (APO): Regulation FD Disclosure SEC ↗
- 08/04/2026 Apollo Global Management, Inc. (APO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.