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Apollo Global Management, Inc.
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NYSE: APO Financials AMC 🔎 Screen
S&P 500
$70.8B
Market Cap
81.0
P/E
1.23
PEG
—
ROCE
22.9%
ROE
1.01
D/E
21.9%
OPM
-23.2%
% from 52W High
35
α RS
🔍 APO is showing a multi-screen setup because it matches 5 of 39 tracked screener presets, Sector RRG has Financials in the Leading quadrant with the trail still rolling over, and an ECS of 84.7 last quarter. The main caution: the Value Buys preset's Backtest win rate is only 47%. Net: Mixed signal stack, not a recommendation. ? Conviction RRG ECS Backtest
Sources
Conviction 5/39 · Financials in Leading quadrant · ECS 84.7 · Backtest win rate 47%
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🌏 Global Investor Returns
Currency-adjusted total returns for APO including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
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By Category
📊 Peer Medians
About

Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions. For credit strategies, the firm focuses to invest in multi-sector credit, semi-liquid credit, direct lending, first lien, unitranche, whole loans and private credit. The firm provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients. It also manages real estate funds and private equity funds for its clients. The firm invests in the fixed income and alternative investment markets across the globe. Its fixed income investments include income-oriented senior loans, bonds, collateralized loan obligations, structured credit, opportunistic credit, non-performing loans, distressed debt, mezzanine debt, and value oriented fixed income securities. The firm seeks to invest in chemicals, commodities, consumer and retail, oil and gas, metals, mining, agriculture, commodities, distribution and transportation, financial and business services, manufacturing and industrial, media distribution, cable, entertainment and leisure, telecom, technology, natural resources, energy, packaging and materials, and satellite and wireless industries. It also focuses on clean energy, sustainable industry, climate solutions, energy transition, industrial decarbonization, sustainable mobility, sustainable resource use, and sustainable real estate. It seeks to invest in companies based in across Africa, Asia, North America with a focus on United States, Western Europe and Europe. It employs a combination of contrarian, value, and distressed strategies to make its investments. The firm seeks to make investments in the range of $75 million and $1500 million. The firm seeks to invest in companies with Enterprise value between $750 million to $2500 million. The firm conducts in-house research to create its investment portfolio. It seeks to acquire minority and majority positions in its portfolio companies. Apollo Global Management, Inc. was founded in 1990 and is headquartered in New York, New York with additional offices in North America, Asia, Africa and Europe.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding APO
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Manager Shares Value % of Fund Period
Tiger Global Management Tiger Global Management LLC 3.29M $366.9M 1.61% Mar 2026
Jim Simons Renaissance Technologies LLC 94.9K $10.6M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Fee-related earnings (FRE)
$785M
+25% YoY
Spread-related earnings (SRE)
$877M
+11% YoY
Adjusted net income
$1.3B
EPS $2.11; YoY not stated
FRE margin
58.5%
+1.2pp YoY
What Went Right
  • Record FRE of $785M, up 25% YoY, with management fees up 23% YoY.
  • Record origination of $74B in Q2, including the $35B Broadcom financing, the largest private credit deal ever.
  • Record capital formation of $60B in Q2; Athene H1 inflows of $42B on track for the $85B full-year target.
  • ACS fees of $277M marked the fifth straight quarter above $200M and came from 100+ discrete transactions.
What to Watch
  • Wealth/ADS redemptions: Q3 requests are tracking lower so far than Q2, but it is still early in the window.
  • Monetizations/realizations were light in the quarter; public listings skewed toward growth rather than value.
  • Retail annuity competition is intense with 36 entrants, and management flagged spread pressure plus offshore regulatory arbitrage.
  • Broadcom ACS fees will be recognized over multi-quarter drawdowns, shifting revenue toward Q4 2026 and early 2027.
Management Guidance
  • Reiterated full-year 2026 FRE growth outlook of 20%+.
  • Reiterated full-year SRE growth target of 10%, assuming an 11% return on Athene's alternatives portfolio.
  • Athene full-year inflows target of $85B unchanged; H1 came in at $42B.
  • Athene adjusted net spread full-year outlook maintained at 120-125 bps.
  • FRE margin expansion of roughly 100 bps for full-year 2026; year-to-date margin expansion is about 90 bps.
  • Approximately $400M of annual management fee income potential from $62B of future management fee potential once deployed.
Investor Lens
The thesis looks stronger after this call. Apollo delivered record earnings, record origination and record inflows, while continuing to build the daily pricing, ICE ID, and market-making infrastructure that should widen the addressable market. Broadcom's fee timing is a known near-term shift, not a demand issue. The main risks are wealth-channel redemption pressure and competitive annuity spreads, but management's reaffirmed targets and robust pipeline suggest the growth story remains intact.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record quarter: FRE up 25% to $785M and ANI of $1.3B.
Revenue
Fee-related earnings hit a record $785M, up 25% YoY, and spread-related earnings reached $877M, up 11% YoY, implying combined core earnings of roughly $1.66B. Management fees grew 23% YoY, with capital solutions fees of $277M from over 100 transactions.
Profitability
Adjusted net income was $1.3B, or $2.11 per share. FRE margin expanded to 58.5%, up about 120 bps YoY, with fee-related expenses up 19% YoY as the firm invested in Bridge and long-term priorities.
Margins
FRE margin of 58.5% was up roughly 80 bps sequentially and 120 bps YoY. Management attributed this to positive operating leverage from record fee-related revenue against measured expense growth.
Balance Sheet
Apollo repurchased approximately $100M of shares in Q2 and returned $1.6B to shareholders over the last 12 months via dividends and buybacks. It also allocated nearly $500M to strategic growth initiatives over the last 12 months, including the Athora investment.
Key Risks
Management flagged elevated but improving ADS redemption dynamics, with Q3 requests tracking lower so far than Q2. Competitive pressures in retail annuities and offshore regulatory arbitrage, especially Cayman-based entrants, remain key concerns, though NAIC is moving to address it. Realization activity was light, and Broadcom-related fees will be recognized over multiple quarters.
Outlook
Apollo reiterated its 2026 targets of 20%+ FRE growth and 10% SRE growth, and Athene remains on track for $85B of inflows and a 120-125 bps adjusted net spread. Management expects Broadcom ACS fees to accelerate in Q4 2026 and the first three quarters of 2027 as the $35B financing is drawn.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Record earnings and origination volumes drove strong Q2 results, with robust capital formation and momentum across all business lines. Strategic innovation in transparency, daily pricing, and market making, along with regulatory changes, position the firm for continued growth and industry leadership.
Q1 2026 Q1 2026 2026-05-06
Record Q1 results with FRE up 30% year-over-year, AUM surpassing $1T, and strong origination and capital formation. Outlook reaffirmed for 20% FRE and 10% SRE growth, with robust pipelines and innovation in private credit transparency.
Q4 2025 Q4 2025 2026-02-09
Record 2025 results with $5.9B in combined FRE and SRE, 14% adjusted net income growth, and $228B inflows. Guidance calls for 20%+ FRE and 10% SRE growth in 2026, with expanding global origination and capital formation across six markets.
Q3 2025 Q3 2025 2025-11-04
Record Q3 results with adjusted net income up 17% year-over-year, driven by strong fee and spread-related earnings, robust origination, and record AUM. Outlook calls for 20%+ FRE growth and 10% SRE growth in 2026, with secular demand for private assets and innovation fueling expansion.
Q2 2025 Q2 2025 2025-08-05
Record quarterly results with $627M in FRE, $840B AUM, and $81B in originations. Strong growth across credit, private equity, and retirement services, with robust inflows and expanding margins. Innovation and new market opportunities, especially in Europe and retirement products, underpin a positive outlook.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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