Apollo Global Management LLC (APO)
NYSE:APO
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Apollo Global Management
(NYSE:APO)
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Rating:73Outperform
Price Target:
$149.00
â–˛(19.56% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by solid financial performance (strong cash generation and profitability despite recent margin/revenue softness) and constructive technical momentum (price above major moving averages with a positive MACD). A strongly positive earnings-call outlook with reaffirmed growth guidance supports the rating, while valuation is tempered by a negative P/E and only a modest dividend yield.
Positive Factors
Scale & Fee-Generating AUM
Near‑$1T scale and rapid fee‑generating AUM growth underpin durable, recurring management fees and diversification across credit, PE and real assets. Large scale improves pricing power, supports product distribution, and reduces client concentration risk, stabilizing base fee revenue over months.
Negative Factors
Net Spread Compression
Sustained lower net spreads reduce spread‑related earnings and depend on asset yields and liability crediting. If spreads remain compressed, Athene’s contribution to recurring earnings and cash generation will be impaired, pressuring long‑term SRE and sensitivity to interest rate moves.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Fee-Generating AUM
Near‑$1T scale and rapid fee‑generating AUM growth underpin durable, recurring management fees and diversification across credit, PE and real assets. Large scale improves pricing power, supports product distribution, and reduces client concentration risk, stabilizing base fee revenue over months.
Read all positive factors
Apollo Global Management Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Reveals gross profit margins in different segments, offering insight into operational efficiency and profitability across the company's diverse operations.
Reveals gross profit margins in different segments, offering insight into operational efficiency and profitability across the company's diverse operations.
Data provided by:
The Fly
The FlyApollo Global Management (APO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$78.05B
Dividend Yield1.34%
Average Volume (3M)5.34M
Price to Earnings (P/E)―
Beta (1Y)1.79
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. Volume4,819,229
30 Day Avg. Volume5,338,376
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 Cap0.87
Enterprise Value/Revenue2.29
Enterprise Value/Gross Profit2.57
Enterprise Value/Ebitda7.34
Forecast
1Y Price Target
$145.18Price Target Upside16.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)8.93
Revenue Forecast (FY)$22.96B
Apollo Global Management Business Overview & Revenue Model
Company Description
Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity and real estate markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt...
How the Company Makes Money
Apollo makes money primarily from (1) asset management and advisory fees earned for managing client capital, (2) performance-based revenues earned when investments generate returns above agreed thresholds, and (3) earnings generated through its re...
Apollo Global Management Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 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 | 9.28B | 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 | 23.45B | 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
Positive
124.62
Price Trends
113.64
Positive
127.19
Negative
131.51
Negative
Market Momentum
1.55
Negative
68.80
Neutral
93.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APO, the sentiment is Positive. The current price of 124.62 is above the 20-day moving average (MA) of 111.05, above the 50-day MA of 113.64, and below the 200-day MA of 131.51, indicating a neutral trend. The MACD of 1.55 indicates Negative momentum. The RSI at 68.80 is Neutral, neither overbought nor oversold. The STOCH value of 93.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $78.05B | -8.70 | 10.03% | 1.34% | 26.77% | -71.87% | |
69 Neutral | $40.71B | 42.85 | 14.54% | 2.65% | 46.89% | 21.89% | |
68 Neutral | $14.75B | 99.93 | 3.88% | 5.45% | 19.26% | -20.10% | |
68 Neutral | $16.06B | -1,111.90 | 12.56% | 3.03% | 11.60% | 28307.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $87.07B | 50.85 | 9.92% | 0.56% | 35.81% | 27.22% | |
58 Neutral | $17.29B | -32.87 | 9.65% | 2.30% | -26.37% | -49.86% |
* Financial Sector Average
APO
Apollo Global Management
135.38
-6.71
-4.72%
KKR
KKR & Co
96.97
-27.69
-22.21%
CG
Carlyle Group
48.02
1.01
2.14%
ARES
Ares Management
123.70
-39.47
-24.19%
OWL
Blue Owl Capital
9.49
-8.63
-47.62%
TPG
TPG
41.35
-7.33
-15.05%
Apollo Global Management Corporate Events
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 ...
Financial Disclosures
Apollo Reports Strong Preliminary Q1 Alternative Investment Returns
Positive
Apr 1, 2026
Apollo Global Management and its retirement services subsidiary Athene reported preliminary estimates for alternative net investment income of about $205 million pre-tax for the quarter ended March 31, 2026, implying a 6% annualized return on alte...
Business Operations and StrategyPrivate Placements and Financing
Apollo Global Issues $750 Million Senior Notes Offering
Positive
Mar 30, 2026
On March 30, 2026, Apollo Global Management, Inc. issued $750 million of 5.700% senior notes due 2036 in a previously announced underwritten public offering, with interest payable semi-annually beginning September 30, 2026. The notes, sold off an ...
Business Operations and StrategyExecutive/Board Changes
Apollo Global Mourns Director David Simon’s Passing
Negative
Mar 24, 2026
Apollo Global Management, Inc. announced that independent director David Simon, who had served on its board and that of its predecessor since June 2021, passed away on March 22, 2026. The company expressed deep regret at his death, extended condol...
Regulatory Filings and Compliance
Apollo Global Issues Clarifying Regulation FD Disclosure 8-K
Neutral
Feb 19, 2026
Apollo Global Management furnished information in a Current Report on Form 8-K, clarifying that the material is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934. The company also indicated that this ...
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.