Apollo Global Management, Inc.APO
NYSE•Financial Services•Asset Management
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.
Apollo Global Management, Inc. (APO) reported trailing twelve months revenue of $31.56B as of March 2026, a 28.2% increase year-over-year. Quarterly revenue reached $5.06B, reflecting continued top-line momentum.
Apollo Global Management, Inc. generated $1.14B in TTM net income, with quarterly EBITDA of $-126.00M. The operating margin contracted from 37.4% to -2.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-2.5%) and net margin (-37.7%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 8.0% a year ago, reflecting increased costs or interest expense.
APO trades at a P/E of 57.2x (a premium multiple) and a P/S of 2.1x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company generated $1.62B in free cash flow over the trailing twelve months, a 60.1% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $467.53B in total assets with $14.22B in long-term debt against $19.95B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 17 quarters of fundamental data
Operating margins are under pressure, averaging 21.0%. The business may lack pricing power or face rising costs.'
ROE averages 20.7% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 17 quarters
Operating margins dropped 37.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 21.1% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation