Apollo Global Management, Inc.
$123.47
+2.12 (+1.75%) · delayed · Nov 13, 2026
Five-year price
52w $99.56 to $153.29
- Market cap
- $72.9B
- Enterprise value
- $65.7B
- P/E
- 22.3×
- 17.5× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 9.9%
- ROIC
- —
- Debt / equity
- 0.57
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 19.3%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 115% (5y avg)
- ●Growing revenueRevenue CAGR 5y 68.6%
- ○Shrinking share countDiluted shares 160.9% over 5y
Value
25
- ○P/E below 15P/E 22.3
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 9.9%
- ○Price below Graham NumberGraham Number $70.20
- ○P/B below 3P/B 3.1
Safety
33
- ○Debt / equity below 0.5D/E 0.57
- ●Debt payable in < 4 yrs of earningsNet debt $-7.2B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $32.0B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- –Earnings stability (no loss, 10y)6 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 388%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 17.5
- ○P/E × P/B ≤ 22.5Product 54.7
Valuation lab
What do you have to believe?
At $123.47, the market is pricing in about −5.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$7.2B · 590M shares · 5y revenue CAGR 68.6%
Intrinsic value
$734.68
Price
$123.47
Margin of safety
83%
What the price implies
The market is paying for −5.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Revenue | 2,354 | 5,951 | 10,968 | 32,644 | 26,114 | 32,049 |
| Gross profit | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — |
| Pre-tax income | 553 | 4,861 | (4,246) | 5,586 | 7,435 | 6,677 |
| Income tax | 86 | 594 | (739) | (923) | 1,062 | 1,276 |
| Net income | 157 | 1,839 | (1,961) | 5,047 | 4,577 | 3,492 |
| EPS (diluted) | 0.44 | 7.32 | -3.43 | 8.28 | 7.33 | 5.54 |
| Diluted shares | 228 | 237 | 585 | 589 | 604 | 594 |
Who owns it