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Apollo Global Management
(NYSE:APO)
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Rating:67Neutral
Price Target:
$128.00
â–²(2.71% Upside)
Action:Downgraded
Date:07/02/26
APO’s score is driven primarily by solid financial performance (profitability and strong free-cash-flow generation) and a constructive earnings outlook with reaffirmed growth guidance and strong operating momentum. Offsetting these positives, technicals are notably weak (price below key moving averages with negative MACD and low RSI), and valuation is somewhat demanding with a high P/E despite a modest dividend yield.
Positive Factors
Scale & AUM Growth
Approaching $1T of AUM and rapid fee‑bearing AUM growth create durable fee revenue scale, improving fee diversification and bargaining power with allocators. Larger AUM supports recurring management fees, cross‑selling, and amortizes fixed operating costs, strengthening long‑term earnings resilience.
Negative Factors
Earnings & Margin Volatility
Sharp net margin compression year‑over‑year signals earnings sensitivity to realization timing, impairments and nonrecurring items. That cyclicality can pressure ROE and cash conversion in weak markets, complicating consistent capital returns and strategic investment pacing over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & AUM Growth
Approaching $1T of AUM and rapid fee‑bearing AUM growth create durable fee revenue scale, improving fee diversification and bargaining power with allocators. Larger AUM supports recurring management fees, cross‑selling, and amortizes fixed operating costs, strengthening long‑term earnings resilience.
Read all positive factors
Apollo Global Management Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows revenue distribution across various segments, indicating which areas are most lucrative and where the company might focus future growth efforts.
Shows revenue distribution across various segments, indicating which areas are most lucrative and where the company might focus future growth efforts.
Data provided by:
The Fly
The FlyApollo Global Management (APO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$68.38B
Dividend Yield1.34%
Average Volume (3M)3.37M
Price to Earnings (P/E)35.0
Beta (1Y)1.81
Revenue Growth26.77%
EPS Growth-71.87%
CountryUS
Employees5,141
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.39
Shares Outstanding576,517,500
10 Day Avg. Volume3,263,772
30 Day Avg. Volume3,367,581
Financial Highlights & Ratios
PEG Ratio-18.14
Price to Book (P/B)3.77
Price to Sales (P/S)2.90
P/FCF Ratio11.81
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue2.39
Enterprise Value/Gross Profit2.67
Enterprise Value/Ebitda7.04
Forecast
1Y Price Target
$150.18Price Target Upside20.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)8.94
Revenue Forecast (FY)$23.09B
Apollo Global Management Business Overview & Revenue Model
Company Description
Apollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spec...
How the Company Makes Money
Apollo primarily makes money by earning fees for managing client assets and by earning performance-based income tied to investment results. Its key revenue streams include: (1) Management fees: recurring fees charged on assets under management (AU...
Apollo Global Management Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call delivered a strongly positive operating and financial update: record fee-related earnings, robust origination and capital formation, large AUM growth approaching $1 trillion, and material progress on transparency and market-making initiatives. Management reaffirmed growth guidance (20%+ FRE growth, 10% SRE growth assuming 11% alts return) and emphasized high-quality origination, product innovation at Athene (AMAPS, new markets) and a defensive yet opportunistic positioning. Headwinds noted include a near-term hit to SRE from specific impairments and capital transactions, some spread compression and competitive pricing in select origination channels, elevated expenses, and ongoing regulatory and liquidity-market structure risks. On balance, positive operational momentum and sizable strategic advantages outweigh the quarter-specific challenges and risks.Positive Updates
Record Fee-Related Earnings (FRE)
FRE of $728 million, a new high, up 30% year-over-year and 6% quarter-over-quarter; FRE margin expanded to 58%, ~50 basis points year-over-year.
Negative Updates
SRE Impacted by Portfolio Items and Lower Net Spread
SRE of $719 million was below a hypothetical long-term alts return scenario ($907 million if alts hit 11% altreturn); blended net spread across Athene was 97 basis points versus 120 basis points in the prior quarter (management adjusted that the net spread would be ~25 bps higher after certain items).
Read all updates
Q1-2026 Updates
Positive
Negative
Record Fee-Related Earnings (FRE)
FRE of $728 million, a new high, up 30% year-over-year and 6% quarter-over-quarter; FRE margin expanded to 58%, ~50 basis points year-over-year.
Read all positive updates
Company Guidance
Apollo reaffirmed its 2026 financial guide: fee-related earnings (FRE) growth of 20%+ and spread-related earnings (SRE) growth of 10% (assuming an 11% alternatives return), a blended Athene net spread target ~120–125 bps for the year (Q1 spread was 97 bps), and Athora’s PIK acquisition to contribute roughly 20 bps annualized starting in Q2; Q1 results underpinning the guide included FRE $728M ($1.17/sh, +30% YoY, +6% QoQ) and SRE $719M ($1.15/sh), total adjusted net income $1.2B ($1.94/sh), ACS fees $246M, origination $71B (record origination peak $97B), capital formation $115B ($50B organic, $65B PIC), AUM near $1T with asset-management AUM +31% YoY and fee‑gen AUM +40% YoY, a Q1 FRE margin of 58%, and a maintained dividend annualizing $2.25/sh (10% YoY); management also expects Q2 origination to be stronger, net spread stabilization as prepay headwinds abate, and industry-wide rollout of daily pricing (100% of credit by ~9:30).Apollo Global Management Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.68B | 30.30B | 26.11B | 32.64B | 10.97B | 5.95B |
| Gross Profit | 26.52B | 26.80B | 24.97B | 31.62B | 10.04B | 5.17B |
| EBITDA | 10.06B | 10.49B | 8.85B | 6.65B | -3.50B | 5.79B |
| Net Income | 2.15B | 4.48B | 4.43B | 4.88B | -1.96B | 1.84B |
Balance Sheet | ||||||
| Total Assets | 467.53B | 460.95B | 377.89B | 313.49B | 257.22B | 30.50B |
| Cash, Cash Equivalents and Short-Term Investments | 253.18B | 248.06B | 205.98B | 170.24B | 127.37B | 1.38B |
| Total Debt | 14.22B | 13.36B | 10.59B | 8.09B | 7.19B | 14.19B |
| Total Liabilities | 428.00B | 418.43B | 346.92B | 288.24B | 241.82B | 18.54B |
| Stockholders Equity | 19.95B | 23.34B | 17.25B | 14.04B | 6.64B | 3.79B |
Cash Flow | ||||||
| Free Cash Flow | 6.00B | 7.45B | 3.25B | 6.32B | 3.59B | 999.31M |
| Operating Cash Flow | 6.00B | 7.45B | 3.25B | 6.32B | 3.79B | 1.06B |
| Investing Cash Flow | -52.83B | -61.24B | -61.80B | -42.41B | -23.44B | -1.55B |
| Financing Cash Flow | 55.06B | 57.27B | 57.97B | 42.64B | 28.71B | 109.00M |
Apollo Global Management Technical Analysis
Negative
124.62
Price Trends
128.82
Negative
121.18
Negative
128.17
Negative
Market Momentum
-3.02
Positive
36.68
Neutral
16.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APO, the sentiment is Negative. The current price of 124.62 is below the 20-day moving average (MA) of 128.25, below the 50-day MA of 128.82, and below the 200-day MA of 128.17, indicating a bearish trend. The MACD of -3.02 indicates Positive momentum. The RSI at 36.68 is Neutral, neither overbought nor oversold. The STOCH value of 16.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for APO.
Apollo Global Management Risk Analysis
Apollo Global Management disclosed 40 risk factors in its most recent earnings report. Apollo Global Management reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Apollo Global Management Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $14.09B | 69.75 | 3.89% | 5.45% | 19.26% | -20.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $68.38B | 34.99 | 10.03% | 1.34% | 26.77% | -71.87% | |
66 Neutral | $15.92B | 50.98 | 12.56% | 3.03% | 11.60% | 28307.69% | |
64 Neutral | $38.56B | 51.73 | 14.54% | 2.65% | 46.89% | 21.89% | |
62 Neutral | $84.26B | 29.79 | 9.92% | 0.56% | 35.81% | 27.22% | |
54 Neutral | $15.42B | 28.13 | 9.65% | 2.30% | -26.37% | -49.86% |
* Financial Sector Average
APO
Apollo Global Management
118.61
-22.40
-15.89%
KKR
KKR & Co
93.84
-40.81
-30.31%
CG
Carlyle Group
42.83
-10.75
-20.06%
ARES
Ares Management
116.90
-51.73
-30.68%
OWL
Blue Owl Capital
9.04
-8.98
-49.84%
TPG
TPG
41.43
-9.32
-18.36%
Apollo Global Management Corporate Events
Financial Disclosures
Apollo, Athene Issue Preliminary Q2 2026 Investment Update
Positive
Jul 1, 2026
Apollo Global Management and its subsidiary Athene reported preliminary estimates of alternative net investment income for the second quarter ended June 30, 2026, ahead of their scheduled August 4, 2026 earnings release. The companies expect appro...
Executive/Board ChangesShareholder Meetings
Apollo Shareholders Back Board, Executive Pay and Auditor
Positive
Jun 9, 2026
On June 8, 2026, Apollo Global Management, Inc. held its 2026 Annual Meeting of Stockholders, at which shareholders elected 13 directors, including co-presidents Scott Kleinman and James Zelter and CEO Marc Rowan, to one-year terms expiring at the...
Regulatory Filings and Compliance
Apollo Clarifies Legal Status of Recent 8-K Disclosure
Neutral
May 15, 2026
Apollo Global Management stated that certain information in its Current Report on Form 8-K is being furnished rather than filed under the Securities Exchange Act of 1934. This designation means the information is not subject to Section 18 liabilit...
Regulatory Filings and Compliance
Apollo Global Management Issues Regulation FD Disclosure Update
Neutral
May 1, 2026
Apollo Global Management furnished information in a Current Report on Form 8-K that will not be treated as filed for purposes of Section 18 of the Securities Exchange Act of 1934. The company clarified that this information will not carry Section ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.