APO
Apollo Global Management · Financials · Asset Management & Custody Banks
$132.79
52w 99.56 – 153.29
20y monthly, adjusted
Mkt cap
$78.4B
P/E
22.4
P/FCF
10.8
FCF yield
9.2%
ROE
15.0%
Shldr yield
2.5%
div 1.5% + bb 1.0%
What today's price assumes
At $78.4B, the market is pricing in -0.8% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth).
Simple DCF per-share range: $187 · $251 · $313 (4% / base / optimistic growth). An estimate, not a target.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+43.0%
Rev 5y
+68.6%
Rev 10y
+68.6%
EPS 5y
+98.9%
EPS 10y
+98.9%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2020–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $11.2B | +63.7% | $1.4B | +116.0% | 2.15 | $2.9B |
| Q1'26 | $5.1B | −8.8% | −$1.9B | −531.2% | -3.27 | $1.6B |
| Q4'25 * | $9.9B | +86.7% | $684.0M | −54.0% | 1.09 | $4.7B |
| Q3'25 | $9.8B | +26.4% | $1.7B | +114.1% | 2.78 | $303.0M |
| Q2'25 | $6.8B | +13.2% | $630.0M | −26.1% | 0.99 | $1.3B |
| Q1'25 | $5.5B | −21.2% | $442.0M | −69.0% | 0.68 | $1.0B |
| Q4'24 * | $5.3B | −52.2% | $1.5B | −46.1% | 2.41 | −$4.0M |
| Q3'24 | $7.8B | +199.5% | $811.0M | +18.9% | 1.29 | $1.9B |
| Q2'24 | $6.0B | −56.1% | $853.0M | +42.4% | 1.35 | $1.3B |
| Q1'24 | $7.0B | +32.8% | $1.4B | +41.3% | 2.28 | $70.0M |
| Q4'23 * | $11.0B | +128.2% | $2.8B | +330.6% | 4.52 | $2.1B |
| Q3'23 | $2.6B | −12.9% | $682.0M | — | 1.10 | −$364.0M |
| Q2'23 | $13.7B | +499.4% | $599.0M | — | 1.00 | $3.6B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +43.0% | +68.6% | — | — |
| Operating cash flow | +24.1% | — | — | — |
| Free cash flow | +24.1% | — | — | — |
| EPS (diluted) | +16.9% | +98.9% | — | — |
| Equity | +52.0% | +33.5% | — | — |
| LT debt | +27.3% | — | — | — |
| Diluted shares | +0.5% | +1.1% | — | — |
| Stock price | +16.6% | +19.5% | +26.4% | +24.2% |
$100, 3 years ago
$159vs $176 in SPY
16.6% vs 20.7%/yr
$100, 5 years ago
$244vs $181 in SPY
19.5% vs 12.6%/yr
$100, 10 years ago
$1,045vs $412 in SPY
26.4% vs 15.2%/yr
$100, 15 years ago
$2,568vs $813 in SPY
24.2% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$6.86
$56.3B created / $8.2B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
19.7%
OCF ÷ (equity + debt)
OCF / EV yield
10.2%
MC vs 10× OCF
1.08
≤1 = priced under 10× OCF
Debt / FCF
1.8y
SBC / FCF
10.9%
Owner earnings
$6.5B
OCF − capex − SBC
OE yield
8.2%
Share count 5y
+1.1%
per year; negative = buybacks
Growth engine (5y): reinvested 56.1% of operating cash flow at an incremental return of 72.9% — an organically fundable growth rate of about 40.9% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
20 of 22 checks pass · 91%. Checks with structurally missing inputs are excluded.
Growth & Consistency
5/6
- pass
Revenue growth
68.6% · 5y CAGR ≥ 5%
- pass
EPS growth
98.9% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
4 of 5 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
5 of 6 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
5 of 6 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
61.5% vs 68.6% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
5/5
- pass
Net margin
10.9% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
15.0% · ≥ 12%
- pass
Cash ROIC
19.7% · ≥ 12%
- pass
FCF margin
22.6% · ≥ 5%
- pass
Earnings back their cash
OCF $7.2B vs NI $3.5B · OCF ≥ net income (latest FY)
Balance Sheet
4/4
- pass
Debt payable from cash flow
1.8y · LT debt ≤ 3× FCF
- pass
Cash cushion
154% · cash ≥ 50% of LT debt
- pass
Leverage
0.57 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$23.3B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
3/4
- fail
Share count flat or shrinking
1.1% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
11% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
27% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
6 of 6 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
3/3
- pass
FCF yield
9.2% · ≥ 3%
- pass
Earnings multiple
22.4 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
2.5% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 32,049 | — | — | 3,492 | 5.54 | 7,246 | — | 7,246 | 1,201 | 773 | 789 | 20,591 | 13,364 | 23,341 | 594 |
| 2024 | 26,114 | — | — | 4,577 | 7.33 | 3,253 | — | 3,253 | 1,092 | 890 | 721 | 17,112 | 10,588 | 17,253 | 604 |
| 2023 | 32,644 | — | — | 5,047 | 8.28 | 6,322 | — | 6,322 | 1,012 | 561 | 1,026 | 17,691 | 8,092 | 14,044 | 589 |
| 2022 | 10,968 | — | — | -1,961 | -3.43 | 3,789 | — | 3,789 | 962 | 635 | 540 | 8,980 | 6,472 | 6,640 | 585 |
| 2021 | 5,951 | — | — | 1,839 | 2.96 | 1,064 | — | 1,064 | 517 | 299 | 1,181 | 917 | 3,134 | 3,789 | 585 |
| 2020 | 2,354 | — | — | 157 | 0.18 | -1,616 | — | -1,616 | 550 | 92 | 213 | 1,556 | — | 5,513 | 562 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.