Apollo Global Management, Inc. (APOS) Stock Analysis

Price updated today · SEC data refreshed 2 months ago ⓘ · Not investment advice

Apollo Global Management, Inc.

APOS Financial Services Asset Management📄 SEC filings ↗
Valuation N/A
Long-term trend (200d) 2% below 200-day Risk 39/100 Moderate
▾ What's in the 39/100 risk score? (higher = riskier)
Fundamental health (43%) 22/100 → +9.4
leverage 20/100 · FCF trend 25/100 · Altman Z not scored — input unavailable (see Financial Health)
Smart money (short interest + insider buying) (31%) 71/100 → +22.3
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 28/100 → +7.2
Total39/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the the Altman Z score, whose retained-earnings input this filer does not report separately, which relies on a proxied (estimated) input. See the Financial Health section for the full balance-sheet read.

💵 Price $25.56 · today 📄 Financials SEC EDGAR · refreshed 2 months ago
📍 START HERE

How to read APOS

We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.

Where to start — the sections that matter most for this stock
  1. 1 Reported earnings & margins ↓
    What the company actually reported — unaffected by the valuation being held.
  2. 2 Balance sheet & book value ↓
    Assets, liabilities and equity as filed.
  3. 3 Who's selling & betting against it ↓
    Insider and short-interest behaviour needs no valuation model.
Or — what are you trying to decide?
One rule first: never trade out of fear — and that includes the fear of missing out. A stock up 10% a day for three days is excitement, not data. If you can't point to the evidence behind a trade, you're more likely to lose. So whichever of these you are, check the data below before you act.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ A share-count quirk blocked the per-share math

The share count we read for APOS looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.

What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.

This note is only about the single DCF fair-value number — APOS's full financial statements, health scores, and written analysis are all below.

ⓘ Why does APOS trade at $25.56?

Apollo Global Management, Inc. has 593.7 million shares outstanding. At $25.56 per share, the market values all outstanding APOS equity at $15.2 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash — and it matters here because APOS carries substantial debt. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values APOS in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
PEER BASKET — TIGHT COMPARABLES

How does APOS stack up against its closest peers?

We take the 8 same-industry companies most similar to APOS (similar size) and check what investors are paying for each dollar of their revenue (or profits). If APOS is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →		 1.1x / 2.7x / 3.7x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

What APOS would be worth at the median peer's multiple
$155.95
If APOS traded at the typical (median) peer's EV/Sales multiple, the share price would be about $155.95.
Plain English: the stock currently trades at $25.56. That's 83.6% LESS than peer multiples imply — the stock looks cheap vs peers. Either an opportunity, or the market sees something wrong with this name that doesn't apply to peers.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GP EV/EBIT FCF Yield
KKRS KKR & Co. Inc. Asset Management $14.6B 0.7x — — 31.8%
TPG TPG Inc. Asset Management $15.9B 7.3x — — 1.4%
EVR Evercore Inc. Asset Management $14.4B 3.7x — — 3.5%
BEN FRANKLIN RESOURCES INC Asset Management $16.1B 2.1x — 30.6x 4.3%
CG Carlyle Group Inc. Asset Management $16.4B 3.4x — — 0.2%
IVZ Invesco Ltd. Asset Management $12.6B 2.3x — — 10.5%
KKRT KKR & Co. Inc. Asset Management $21.9B 1.1x — — 21.2%
TROW PRICE T ROWE GROUP INC Asset Management $22.4B 3.1x — 10.2x 5.5%
FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
n/a
Not reliably computable

We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.

Piotroski checks
5 passed · 2 failed · 2 n/a
Partial result, not a standard F-score: 5 of 7 measurable checks passed. 2 of the 9 standard checks couldn't be measured, so this is scored out of 7, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $3,492.0M in the latest year.
  • ✓ Positive operating cash flow
    Operating cash flow $7,246.0M (was $3,253.0M the prior year).
  • ✓ Cash flow backs up reported profit
    Operating cash flow $7,246.0M vs net income $3,492.0M.
  • ✗ Return on assets improving
    Return on assets 0.8% vs 1.2% a year ago.
    Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
  • ✗ Debt load (vs assets)
    Long-term debt is 2.9% of assets vs 2.8% a year ago ($13,364.0M now).
    Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
  • · Short-term liquidity (current ratio) (n/a — data not reported; not scored)
  • ✓ Share count (dilution)
    Share count declined 1.7% (604.0M → 593.7M year-over-year), so the no-dilution check passed. (This 1-year change differs from the ~4%/yr multi-year buyback CAGR the DCF cites.)
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.07x vs 0.07x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for APOS. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for APOS because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
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—

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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation quietly eats returns: a 9% gain at 3% inflation is only ~6% in real purchasing power. The intrinsic value above is already in today's dollars (a nominal DCF cancels inflation out of both growth and the discount rate), so this doesn't change the value — it shows what's left of your return after the tax.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think APOS can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$25.56
    Model IVNot applicable — DCF couldn't price this stock. See Reverse DCF and Football Field below.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for Apollo Global Management due to data issues, specifically suppressed per-share values from missing or unreliable shares data. Investors are likely focused on the company's strong revenue growth, which has been 52.3% per year over the last four years, and its consistent profitability and positive operating cash flow. The primary quantifiable risk is the rising long-term debt, which has increased from $6,472M to $13,364M.

    ⚠️ Growth capped at 25%/yr: the company is buying back 0% of shares per year on top of the underlying business growth, which would push per-share growth above 25% — we cap that to keep the model conservative.

    As of 2 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    APOS Apollo Global Management, Inc. stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    10.9%
    profit
    Where each $1 of revenue goes
    Net profit — 10.9¢ of every dollar ($5.88/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $5.54, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 89.1¢ (on $53.99 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: $26/share buys $53.99 of revenue per share per year, generates $5.88 of net income per current share, and $10.88 of free cash flow per share. Each share carries $22.51 of debt.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    The bull case hinges on Apollo's continued ability to grow its assets under management and generate high management and performance fees, extending its revenue growth trend of 52.3% per year.
    🐻 The Bear Case
    The biggest fundamental risk is the rising long-term debt, which has more than doubled from $6,472M to $13,364M; if this trend continues without commensurate asset growth, it could strain financial flexibility.
    📌 Signposts to watch — update your view as these print
    • Growth in assets under management (AUM)
    • Trends in management and performance fees
    • Changes in long-term debt levels
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (2024 → 2025)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +23% to $32.05B.
    • Free cash flow rose to $6.46B.
    ⚠ Worsening
    • Net income fell -24% to $3.49B.
    WHO

    Management & Leadership

    Marc Rowan serves as the Chief Executive Officer of Apollo Global Management, a firm he co-founded. Josh Harris and Scott Kleinman are also key executives, serving as Co-Presidents. Rowan has been instrumental in shaping Apollo's strategy and growth over decades.

    Marc Rowan
    Chief Executive Officer
    Josh Harris
    Co-President
    Scott Kleinman
    Co-President
    WHAT

    What They Make

    Apollo Global Management is a leading global alternative investment manager. It provides investment solutions across private equity, credit, and real assets to institutional and individual investors.

    End Markets

    Institutional InvestorsHigh-Net-Worth IndividualsPension Funds

    Revenue Drivers

    Management Fees
    Performance Fees
    Investment Income
    Market Cap: 15.2BBeta: 0.55
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Access to alternative asset classes
    Diversification of investment portfolios
    Potential for attractive risk-adjusted returns
    No discounted-cash-flow value for this filer We aren't publishing a discounted-cash-flow value here: the model's output failed our plausibility checks, so showing it would imply more precision than we have.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing Apollo based on its impressive revenue growth of 52.3% per year over the last four years and its consistent profitability, with positive net income in four out of five years. Investors are betting on the continued expansion of its asset management platform and its ability to generate strong fees from its growing asset base, rather than current cash flow metrics which are difficult to model due to data issues.

    HOW

    Business Model & Valuation

    How They Make Money

    Charging management fees on assets under management (AUM)
    Earning performance fees from successful investments
    Generating investment income from its own capital deployed

    The company funds itself through its positive operating cash flow and has seen its long-term debt rising, indicating a reliance on debt financing for growth.

    Free Cash Flow DCF

    Standard FCF DCF: positive free cash flow in a sector suited for cash-flow-based valuation.

    Show advanced inputs
    RevenueGrowth52.3%
    HistoricalFcfGrowth25.7%
    SectorDefault8.0%
    BestEstimate39.0%
    Methodblend(70% revenue_cagr, 30% sector)
    GrowthBasistotal

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth / re-investment phase

    Moat Signals

    Large scale and global reach
    Strong brand reputation in alternative assets
    Diversified investment strategies

    Revenue has been growing at 52.3% per year over the last four years, from $5951M to $32049M.

    WHERE

    Geography & Markets

    Apollo Global Management operates globally, with a significant presence in North America, Europe, and Asia, serving a diverse client base across these regions. Exact geographic segment splits are not available in current filings.

    Geographic Risks

    Global economic downturn impacting asset values and investor demand
    Regulatory changes in the financial services and alternative asset industries
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape neutral - aligned.
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    56.3NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$25.79Price below (-0.9%)Price below its 50-day average = near-term downtrend.
    200-Day Average$26.18Price belowThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (3 notes — click to expand/collapse)
    Guardrail Notes (3)
    • Growth capped at 25%/yr: the company is buying back 0% of shares per year on top of the underlying business growth, which would push per-share growth above 25% — we cap that to keep the model conservative.
    • Extreme valuation (P/IV 0.0307x, IV $848.21 vs price $26.07); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
    • DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From Apollo Global Management, Inc.'s SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    202532.0B3.5B$5.54
    202426.1B4.6B$7.33
    202332.6B5.0B$8.28
    202211.0B-2.0B$-3.43
    20216.0B1.8B$7.32

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 7.2B — 789.0M 6.5B
    2024 3.3B — 721.0M 2.5B
    2023 6.3B — 1.0B 5.3B
    2022 3.8B — 540.0M 3.2B
    2021 1.1B — 1.2B -117.0M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 7.2B − — − 789.0M (SBC & adj.) = 6.5B. This is the same owner-earnings FCF definition the valuation model uses.

    Balance Sheet

    Total Assets460.9B
    Total Liabilities418.4B
    Equity23.3B
    Total Debt13.4B
    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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