Apollo Global Management, Inc. (APO) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Apollo Global Management, Inc.

Updated on September 26, 2026 · accounts published on August 4, 2026

Reading of September 26, 2026: A fast-growing financial business with slipping margins

Apollo Global Management trades at a P/E of 27.8, 111 % above its sector median and higher than in 95 % of quarters of the last decade.

• Is Apollo Global Management expensive or cheap? At a P/E of 27.8 over the last 12 months, Apollo Global Management trades 111 % above its sector median of 13.1.
• How is the business doing? Revenue grew 23 % over the last 12 months, but EPS fell 24 % and the operating margin slipped to 24 % from 34 % in fiscal 2025.
• How strong is the balance sheet? Debt stands at 0.65 times equity over the last 12 months, above the 0.5 the sector treats as prudent; the dividend yields 1.8 %.
• What to expect from the next earnings? Analysts expect EPS of $2.28 when Apollo Global Management reports on November 3, 2026; 23 of 28 rate the stock a buy.
• Is it a scalable, lightly leveraged business? Revenue per share grew 37 % a year in fiscal 2020-2025, yet ROE of 8.6 % over the last 12 months trails the 15 % sector bar.

Is Apollo Global Management expensive or cheap?

Apollo Global Management trades at a P/E of 27.8 over the last 12 months, 62 % above its ten-year average of 17.2. It has traded cheaper in 95 % of the quarters of the last decade, within a range from 7.9 to 58.1. Against 484 financial services peers, whose median P/E is 13.1, the premium is 111 %. The multiple also sits well above its four-year average of 15.8. The stock is down 10 % over the last 12 months and 20 % below its 52-week high of $152.70, but falling earnings have kept the multiple high. The 10.7 % free cash flow yield is the kinder reading.

How is the business doing?

Apollo Global Management is selling more but keeping less. Revenue rose 23 % over the last 12 months, while EPS dropped 24 %. The operating margin of 24 % over the last 12 months sits below both fiscal 2025, at 34 %, and the 2014-2025 average of 29 %. The net margin is a thin 5 %, and ROE of 8.6 % falls well short of the 15 % the sector treats as healthy. The longer record is stronger: revenue per share compounded 37 % a year over fiscal 2020-2025, and free cash flow covered 166 % of net income in fiscal 2025.

How strong is the balance sheet?

Debt of 0.65 times equity over the last 12 months is manageable, but it sits above the 0.5 ceiling that marks a prudent balance sheet in financial services. Shareholder returns are modest and well covered. The dividend yields 1.8 % over the last 12 months, and the payout took 29 % of fiscal 2025 earnings, a wide cushion. The dividend per share has risen for three consecutive fiscal years through 2025. A price to book of 3.4× over the last 12 months means investors pay well above the accounting value of equity, a premium that an ROE of 8.6 % does not fully support.

What to expect from the next earnings?

The last report, on August 4, 2026, fell short: EPS of $2.11 against $2.16 expected, a 2.3 % miss. That broke a better pattern, since the company has beaten EPS estimates in 6 of the last 8 quarters. For the quarter reported on November 3, 2026, the consensus is $2.28. The 2026 EPS forecast has held at $8.77 over the last 11 days among 11 analysts, and revenue estimates have barely moved, so expectations are stable going in. Coverage is broad and upbeat: 23 of 28 analysts say buy, 5 say hold and none say sell.

Is it a scalable, lightly leveraged business?

Asset managers, brokers, fintech and exchanges are not banks, so the useful tests are how fast revenue grows, how much of it becomes operating profit and whether earnings turn into cash. Apollo Global Management clears the growth bar easily, with revenue per share up 37 % a year over fiscal 2020-2025 against a 6 % threshold. Its fiscal 2025 operating margin of 34 % beats the 30 % mark, and free cash flow reached 166 % of net income, above the 90 % bar. Two tests fail: ROE of 8.6 % over the last 12 months against 15 %, and debt of 0.65 times equity against a 0.5 ceiling.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.