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Alternative asset manager known for private credit and retirement services, via its Athene annuity subsidiary.
Alternative asset manager known for private credit and retirement services, via its Athene annuity subsidiary.
Earns management fees on invested funds, performance fees when investments are sold at gains, and the spread at Athene, the annuity insurer it merged with in 2022: Athene sells savings products and Apollo invests the money in loans it originates. That ties its private-credit business to a steady source of funding.
Moat: narrow (scale, distribution, process know-how). Owning insurer Athene gives Apollo permanent, low-cost capital to fund its private-credit origination at scale.
Headquarters: New York, New York, US · Founded: 1990 · Employees: 6,140
Size Apollo Global Management (APO) is a United States Financials company (Investment Managers) with a market value of $68.9B, the 194th largest of 3,117 United States companies the cockpit tracks. Shares closed at $116.75 on 6 Nov 2026.
Performance Over six months the shares fell 12.0%, against +6.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +7.8%); the operating margin is 10.8% (peer median 30.9%).
Valuation It trades at 4.32× book value against a peer median of 2.45× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 43.6%; Apollo Global Management delivers -5.1%, so the price asks more than the business earns today.
Credit Apollo Global Management has 11 bonds outstanding ($7.72B), rated A by the agencies and trading like BB+ at a weighted spread of 148 bp.
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $30.9B | $32.5B | $26.3B | $33.2B | $11.8B |
| Revenue growth | — | +23% | -21% | +182% | — |
| Gross profit | $21.1B | $19.9B | $16.4B | $32.3B | $11.1B |
| EBITDA | n/a | $8.48B | $8.59B | $9.46B | -$1.46B |
| Net income | -$1.00B | $3.38B | $4.43B | $4.88B | -$2.01B |
| Free cash flow | n/a | $7.45B | $4.13B | $6.60B | $6.93B |
| Capital expenditure | n/a | $0 | $0 | $0 | $0 |
| Total debt | $15.2B | $19.4B | $16.3B | $11.9B | $11.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Apollo Global Management APO | $68.9B | -12% | +11% | -5% | 4.32× | 43.6% |
| KKR & KKR | $86.6B | -6% | +32% | 11% | 3.04× | 34.8% |
| Blackstone BX | $149B | -3% | +9% | 41% | 16.81× | 162.6% |
| Ares Management ARES | $30.0B | +7% | +7% | 12% | 10.56× | 102.5% |
| Blue Owl Capital OWL | $15.4B | -7% | +11% | 4% | 3.54× | 32.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +3.3% | 8th lowest of 21 |
| 6-month return | -12.0% | +6.1% | 3rd lowest of 21 |
| Return on equity | -5.1% | 14.8% | lowest of 21 |
| Price / book | 4.32× | 2.45× | 7th most expensive of 21 |
| ROE the price implies | 43.6% | 22.9% | 7th most demanding of 21 |
| ROE delivered | -5.1% | 15.4% | lowest of 18 |
| Bond spread | 148 bp | 97 bp | 2nd widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Apollo Global Management APO | United States | $68.9B | -12% | +11% | -5% | 4.32× | 43.6% | -5.1% |
| KKR & KKR | United States | $86.6B | -6% | +32% | 11% | 3.04× | 34.8% | 10.6% |
| Brookfield Asset Management BAM | United States | $86.7B | +6% | +120% | 35% | 11.56× | 96.9% | 34.9% |
| Brookfield BN.TO | Canada | $102B | -8% | +1% | 3% | 2.17× | 22.8% | 3.1% |
| Ameriprise Financial AMP | United States | $43.5B | +8% | +9% | 72% | 8.54× | 66.8% | 72.0% |
| Guotai Haitong Securities 601211.SS | China | $40.4B | +2% | +3% | 10% | 0.85× | 3.6% | 9.5% |
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 14% | 4.20× | 33.0% | 13.6% |
| UBS UBSG.SW | Switzerland | $148B | +13% | -5% | 11% | 1.62× | 8.4% | 10.6% |
| Blackstone BX | United States | $149B | -3% | +9% | 41% | 16.81× | 162.6% | 41.3% |
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 18% | 2.51× | 23.0% | 18.3% |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 18% | 2.39× | 18.7% | 18.5% |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 12% | 10.56× | 102.5% | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 11% | 1.12× | 10.4% | 11.4% |
| BlackRock BLK | United States | $192B | +9% | +24% | 11% | 3.44× | 33.2% | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 17% | 2.00× | 15.5% | 16.8% |
| CSC Financial 6066.HK | Hong Kong | $23.5B | -15% | +3% | 15% | 0.76× | 7.6% | 15.4% |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 19% | 2.03× | 21.6% | 19.2% |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 11% | 1.52× | 15.2% | 11.0% |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 75% | 11.80× | 52.6% | 75.4% |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 26% | 20.25× | 344.4% | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 14% | 0.76× | 5.9% | 14.2% |
Apollo Global Management has 11 bonds outstanding with $7.72B face value. The agencies rate it A; its bonds trade like BB+. Weighted yield 6.18%, a spread of 148 bp over government bonds.