Apollo Global Management, Inc. APOS

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 25.00 USD on Nov 1, 2026, +0.3% year to date

Quant rating

Quant rating C Rank 360 of 799 in Financials

Growth A 33 of 799
Valuation B 306 of 799
Quality C 353 of 799
Revisions B 312 of 799
Momentum D 649 of 799

Wall Street consensus Buy (2.12)Average target 146.77 USD +487.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 68.4B
Enterprise value: 79.2B
52-week range: 24.99 – 26.70
3-year range: 24.99 – 27.63
Dividend yield: 7.63%
Beta (5 years): –
Shares outstanding: 591M
Next earnings: Nov 3, 2026

About the company

Apollo Global Management, Inc. is a global alternative asset manager and a retirement services provider. It operates through three segments: Asset Management, Retirement Services and Principal Investing. The Asset Management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across its platform based on relative risk and return. The Retirement Services business is conducted by Athene Holding Ltd (Athene), a financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene product lines include annuities and funding agreements. The Principal Investing segment includes realized performance fee income, realized investment income from its balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	28,726	23,737	30,751	9,733	6,006	–
Revenue growth	21.0%	−22.8%	215.9%	62.0%	152.0%	64.5%
EPS (basic, normalized)	8.38	7.43	6.74	5.21	4.56	–
EPS growth	12.8%	10.2%	29.4%	14.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	11.4%	18.2%	15.7%	−20.6%	30.0%	11.0%
ROE	19.1%	–	156.9%	149.8%	87.1%	103.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	15,702
Net debt (mil)	–
Total equity (mil)	21,006
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	28,726	+21.0%	2.8x	37.90	−10.2%	0.7x	8.38	+12.8%	3.0x
2026	22,956	−20.1%	3.4x	55.60	+46.7%	0.4x	8.67	+3.4%	2.9x
2027	26,653	+16.1%	3.0x	56.49	+1.6%	0.4x	10.63	+22.6%	2.4x
2028	30,175	+13.2%	2.6x	58.64	+3.8%	0.4x	12.31	+15.9%	2.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	22,956	0.0%	−1.0%	−0.6%	8.67	−1.0%	−2.1%	−2.4%
2027	26,653	−0.5%	−0.1%	+1.7%	10.63	−0.9%	+0.4%	−0.1%
2028	30,175	−1.9%	−1.0%	+0.6%	12.31	−1.2%	−2.5%	−0.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	7,040	6,018	7,773	5,283	5,548	6,814	9,823	9,864	5,059	11,153
Sales mean (mil)	3,833	3,877	4,131	4,363	4,493	4,602	5,021	5,372	5,321	5,690
Surprise	+83.7%	+55.2%	+88.2%	+21.1%	+23.5%	+48.1%	+95.6%	+83.6%	−4.9%	+96.0%
EPS reported	1.72	1.64	1.85	2.22	1.82	1.92	2.17	2.47	1.94	2.11
EPS mean	1.78	1.76	1.72	1.89	1.87	1.84	1.91	2.05	1.93	2.17
Surprise	−3.3%	−6.7%	+7.3%	+17.5%	−2.5%	+4.1%	+13.5%	+20.5%	+0.5%	−2.9%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
APOS Apollo Global Management, Inc.	68.4B	–	11.4%	3.18x	2.9x	2.4x	10.9x	9.1x
APO Apollo Global Management, Inc.	68.4B	–	11.4%	3.18x	13.4x	10.9x	10.9x	9.1x
MQBKY Macquarie Group Ltd	68.1B	–	–	–	19.2x	18.2x	–	–
DBOEY Deutsche Boerse AG	65.9B	–	26.9%	5.19x	27.9x	25.7x	18.7x	17.7x
LSEGY London Stock Exchange Group PLC	61.1B	–	13.4%	2.48x	19.6x	17.2x	11.5x	10.6x
HKXCY Hong Kong Exchanges and Clearing Limited	59.4B	−14.15x	61.5%	7.68x	23.4x	23.1x	5.6x	5.6x
Mean		−14.15x	24.9%	4.34x	17.7x	16.2x	11.5x	10.4x
Median		−14.15x	13.4%	3.18x	19.4x	17.7x	10.9x	9.1x

Technical analysis

1M−0.7%
3M−1.1%
1Y+2.4%
3Y+21.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Apollo Global Management, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	28,726	23,737	30,751	9,733	6,006	2,383
Cost of revenue	–	–	–	–	–	–
Gross profit	28,726	23,737	30,751	9,733	6,006	2,383
Selling, general & administrative expenses	4,539	3,778	3,594	2,625	3,952	1,432
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	18.6	11.4
Interest expense (income), operating	–	–	–	–	139	133
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	16,573	12,540	21,128	13,100	4.8	1.8
Operating income	7,614	7,419	6,029	−5,992	1,892	805
Net interest income (expense)	−801	−139	−579	1,708	3,118	−272
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−136	155	136	38.0	−148	20.8
Net income before taxes	6,677	7,435	5,586	−4,246	4,862	554
Provision for taxes	1,276	1,062	−923	−739	594	87.0
Minority interest	−1,909	−1,796	−1,462	1,546	−2,429	−310
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,492	4,577	5,047	−1,961	1,838	157
Extraordinary items	–	–	–	–	–	–
Net income	3,492	4,577	5,047	−1,961	1,838	157
EBIT, normalized	–	–	–	–	–	–
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	8.38	7.43	6.74	5.21	4.56	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Apollo Global Management, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	–	–	–	–	–	–
Receivables	663	584	449	465	490	462
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	57.8	46.6
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	577	375
Goodwill	5,920	4,327	4,329	4,322	117	117
Intangibles	625	5,428	5,428	–	14.8	23.6
Long-term investments	386,597	315,329	261,017	216,789	26,091	19,128
Note receivable	–	–	–	–	30.3	43.0
Other long-term assets	67,807	52,811	42,714	36,106	3,672	3,982
Total assets	460,949	377,895	313,488	257,217	30,502	23,669
Liabilities
Accounts payable	3,861	3,616	3,338	2,975	–	–
Payable/accrued	–	–	–	–	145	120
Accrued expenses	–	–	–	–	635	415
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	16,611	13,552	11,259	9,389	13,688	14,288
Minority interest	19,174	13,727	11,201	8,758	8,175	4,867
Other liabilities	401,823	333,363	276,984	232,430	4,850	3,085
Total liabilities	437,608	360,642	299,444	250,577	26,713	22,240
Shareholders' equity
Preferred stock	1,398	1,398	1,398	–	554	554
Common stock	0.1	0.1	0	0	0	0
Additional paid-in capital	16,954	15,327	15,249	14,982	2,096	877
Retained earnings (accumulated deficit)	7,634	6,022	2,972	−1,007	1,144	0
Treasury stock	–	–	–	–	–	–
Other equity	−2,645	−5,494	−5,575	−7,335	−5.4	−2.1
Total equity	23,341	17,253	14,044	6,640	3,789	1,429
Total liabilities & shareholders' equity	460,949	377,895	313,488	257,217	30,502	23,669

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Apollo Global Management, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,401	6,373	6,509	−4,746	4,268	467
Depreciation, depletion & amortization	1,431	1,075	803	594	27.3	18.8
Deferred taxes	–	–	–	–	474	36.0
Non-cash items	−2,292	−2,836	−1,381	6,881	−4,938	296
Changes in working capital	2,706	−1,359	391	1,060	1,232	−2,434
Cash from operations	7,246	3,253	6,322	3,789	1,064	−1,616
Investing activities
Capital expenditures	–	–	–	–	−64.7	−59.6
Other investing cash flows	−63,972	−61,801	−42,407	−23,444	−1,487	−778
Cash from investing	−63,972	−61,801	−42,407	−23,444	−1,552	−838
Financing activities
Financing cash flow items	59,697	57,365	41,703	28,595	1,596	−241
Cash dividends paid	−1,298	−1,189	−1,034	−962	−554	−586
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,801	1,796	1,969	1,077	−933	4,126
Cash from financing	60,200	57,972	42,638	28,710	109	3,299
Foreign exchange effects	5.0	−3.0	10.0	−15.0	–	–
Net change in cash	3,479	−579	6,563	9,040	−378	845
Free cash flow	7,246	3,253	6,322	3,789	999	−1,676

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.