Apollo Global Management, Inc.
- Open
- 121.87
- Day high
- 122.06
- Day low
- 120.25
- Prev close
- 119.84
- Volume
- 3.0M
- Mkt cap
- $69.1B
- P/E (TTM)
- 35.4
- EPS (TTM)
- $3.40
- P/B
- 3.5
- P/S
- 2.3
- Yield
- 1.75%
- Per share
- $2.09
- ▼Insiders net selling -$7.3M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Apollo Global Management, Inc. (APO) is a Financial Services company listed on NYSE. The stock is down 19% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 9 published research articles covering APO.
Apollo Global Management, Inc. (APO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.89 | $1.94 | +2.6% | $5.1B | -2.5% |
| May 2, 2025 | $1.84 | $1.82 | -1.1% | $5.5B | +25.9% |
| Feb 4, 2025 | $1.92 | $2.22 | +15.6% | $5.3B | +449.1% |
| Aug 1, 2024 | $1.76 | $1.64 | -6.8% | $6.0B | +589.2% |
| May 2, 2024 | $1.78 | $1.72 | -3.4% | $7.0B | +748.1% |
| Feb 8, 2024 | $1.73 | $1.91 | +10.4% | $11.0B | +1231.5% |
| Nov 1, 2023 | $1.71 | $1.71 | +0.0% | $2.6B | -26.5% |
| Aug 3, 2023 | $1.65 | $1.70 | +3.0% | $13.7B | +310.0% |
| Feb 9, 2023 | $1.47 | $1.42 | -3.4% | $11.0B | +1077.1% |
| Nov 2, 2022 | $1.19 | $1.33 | +11.8% | $3.0B | +354.6% |
| Aug 4, 2022 | $1.03 | $0.94 | -8.7% | $2.3B | +275.1% |
| May 5, 2022 | $1.01 | $1.52 | +50.5% | $875M | +51.2% |
APO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Toomey Patrickdirector | Grant | 1,589 | — |
| Jul 6, 2026 | BIBLIOWICZ JESSICA Mdirector | Grant | 1,589 | — |
| Jul 6, 2026 | COHN GARY Ddirector | Grant | 1,986 | — |
| Jul 6, 2026 | O'Neill Mitradirector | Grant | 1,589 | — |
| Jul 6, 2026 | SWANN LYNN Cdirector | Grant | 1,589 | — |
| Jul 6, 2026 | JOYNER PAMELA Jdirector | Grant | 1,589 | — |
| Jul 6, 2026 | BEILINSON MARC Adirector | Grant | 1,589 | — |
| Jul 6, 2026 | Leach Briandirector | Grant | 1,589 | — |
| Jul 6, 2026 | Healey Kerry Murphydirector | Grant | 1,589 | — |
| May 28, 2026 | Zito John P.officer: Co-President (see Remarks) | Sell | 20,019 | $130.71 |
| May 28, 2026 | Zito John P.officer: Co-President (see Remarks) | Sell | 11,117 | $131.68 |
| May 28, 2026 | Zito John P.officer: Co-President (see Remarks) | Sell | 17,508 | $129.95 |
| May 19, 2026 | KLEINMAN SCOTTdirector, officer: Co-President (See Remarks) | Grant | 3,170 | $130.93 |
| May 15, 2026 | Kelly Martinofficer: Chief Financial Officer | Sell | 7,000 | $134.64 |
| May 11, 2026 | O'Neill Mitradirector | Grant | 1,771 | — |
Source: APO SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full APO insider & 13F page →APO research & analysis
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Apollo Global Management, Inc. company profile
Overview
Apollo Global Management, Inc. (NYSE:APO) is a leading alternative asset management firm founded in 1990 and headquartered in New York. The company was established by Leon Black, Josh Harris, and Marc Rowan, who previously worked together at Drexel Burnham Lambert. Apollo went public in 2011 and has grown to become one of the world's largest alternative investment managers with $751 billion in assets under management as of 2024. The firm operates across three primary business segments: asset management, retirement services through its Athene subsidiary, and capital solutions. Apollo was added to the S&P 500 index in December 2024, reflecting its significant growth and market position in the alternative asset management industry.
Business
Apollo operates as a global alternative asset manager specializing in three distinct but interconnected business segments that collectively manage capital across credit, private equity, and real estate markets. The Asset Management segment, which generates approximately 35% of total revenue, manages private equity funds, credit funds, and real estate funds for institutional investors such as pension funds, sovereign wealth funds, endowments, and insurance companies. This traditional asset management business involves raising capital from investors, deploying that capital into various investment strategies, and earning management fees (typically 1-2% of assets under management) plus performance fees (usually 20% of profits above a hurdle rate). The firm's private equity investments focus on buyouts, distressed situations, and corporate restructuring, while their credit strategies span senior loans, distressed debt, structured credit, and opportunistic credit investments. The Retirement Services segment, operating through Athene and representing roughly 50% of total revenue, functions as an insurance company that issues annuities and other retirement products to individual consumers. Athene collects premiums from customers seeking guaranteed income in retirement, then invests these funds primarily in alternative assets originated by Apollo's investment platforms. This creates a symbiotic relationship where Athene provides a stable source of capital for Apollo's investments while generating spread income - the difference between what Athene earns on investments and what it pays to annuity holders. The Capital Solutions segment, contributing about 15% of revenue, provides customized financing solutions to corporations and financial institutions. This business leverages Apollo's origination capabilities to structure complex transactions, including hybrid equity investments, structured credit solutions, and bespoke financing arrangements. The segment has grown significantly as companies increasingly seek alternative sources of capital beyond traditional bank lending and public markets.
Revenue model
Apollo generates revenue through multiple complementary streams that create a diversified and resilient business model. The Asset Management business earns management fees based on assets under management (typically 1-2% annually) and performance fees (usually 20% of investment profits above agreed hurdles). These fees are paid by institutional investors including pension funds, sovereign wealth funds, insurance companies, and family offices seeking exposure to alternative investments that potentially offer higher returns than traditional public markets. The Retirement Services business through Athene generates spread income by collecting insurance premiums from individual consumers purchasing annuities and other guaranteed income products, then investing these funds at higher yields than the guaranteed returns paid to policyholders. Athene's competitive advantage lies in its ability to invest in higher-yielding alternative assets originated by Apollo's platforms, rather than being limited to traditional fixed income securities like most insurance companies. Capital Solutions earns fees by providing customized financing to corporations and institutions, typically in situations where traditional banks cannot or will not lend. This includes structuring complex transactions, bridge financing, and hybrid equity investments where Apollo can command premium pricing due to the specialized nature and speed of execution. Several factors influence Apollo's profitability margins. Positive margin drivers include rising interest rates which increase spreads in the retirement services business, growing demand for alternative investments from institutional investors seeking higher returns, the secular shift of individual investors toward private markets, and Apollo's expanding origination capabilities which create proprietary deal flow. Negative margin pressures include increased competition from traditional asset managers entering alternative spaces, potential regulatory changes affecting retirement products, market volatility that could impact performance fees, and the substantial upfront investments required to build origination platforms and expand globally. The firm's integrated model, where Athene provides permanent capital for Apollo's strategies, helps stabilize earnings compared to traditional asset managers dependent solely on external fundraising cycles.
Competitive moat
Apollo's competitive moat stems from its integrated origination and permanent capital model, which creates significant barriers to entry and sustainable competitive advantages. The firm's strongest moat lies in its extensive network of 16 origination platforms employing approximately 4,000 people who source proprietary investment opportunities across industries and geographies. These platforms generate over $220 billion in annual origination volume, providing Apollo with first access to attractive deals that competitors cannot easily replicate. The permanent capital advantage through Athene represents another significant moat. While traditional asset managers must constantly fundraise and face redemption pressures, Apollo has access to $200+ billion of permanent capital through Athene's insurance liabilities. This allows Apollo to pursue longer-term, illiquid investments that generate higher returns, while providing Athene with investment opportunities unavailable to other insurers limited to public markets. Apollo's scale and diversification across credit, private equity, and real estate, combined with its global presence, creates operational leverage that smaller competitors cannot match. The firm's ability to cross-sell strategies and provide comprehensive solutions to large institutional clients strengthens client relationships and increases switching costs. However, Apollo faces meaningful competitive threats. Traditional asset managers like BlackRock and Brookfield are aggressively expanding into alternatives with significant resources. Direct lending banks and business development companies compete in credit markets, while other insurance companies are building their own alternative investment capabilities to reduce dependence on external managers. Additionally, regulatory changes could impact Apollo's retirement services business or limit access to individual investor markets. The strength of Apollo's moat appears moderately strong but not impregnable. While the origination platforms and permanent capital model provide meaningful advantages, the alternative asset management industry is becoming increasingly competitive, and Apollo's premium valuations suggest much of its competitive position is already reflected in its stock price.
Risks & safety
Apollo maintains a strong margin of safety with robust liquidity and conservative capital structure, though valuation metrics suggest limited downside protection at current prices. • Liquidity and Solvency: Strong cash position of $16.2 billion with positive free cash flow of $3.3 billion annually. Debt-to-equity ratio of 0.61 is manageable for a financial services firm, with most debt at the Athene insurance subsidiary backed by investment assets. • Business Model Resilience: Diversified revenue streams reduce single-point-of-failure risk. Management fees provide stable base income while Athene's insurance liabilities offer permanent capital reducing fundraising dependence. • Valuation Metrics: Current P/E ratio of 21.1x and EV/EBITDA of 10.8x appear reasonable for the growth profile, though not deeply discounted. Price-to-book ratio of 5.6x reflects significant intangible value in origination platforms and client relationships. • Other Considerations: Fee-based earnings provide some recession resistance, though performance fees and investment income remain cyclical. Regulatory risks in retirement services and potential competition from traditional asset managers pose medium-term threats to margins and growth rates.
Recent development
Over the past several years, Apollo has executed a comprehensive transformation from a traditional private equity firm into an integrated alternative asset manager and retirement services provider. The most significant strategic pivot has been the integration with Athene, which provides Apollo with permanent capital and stable spread income while offering Athene access to higher-yielding alternative investments unavailable to traditional insurers. Apollo has aggressively expanded its origination capabilities, growing from a handful of platforms to 16 specialized origination teams employing 4,000 people. This expansion enables the firm to source over $220 billion in annual deal flow across diverse sectors including infrastructure, real estate, corporate credit, and structured products. The origination strategy focuses on senior-secured, top-of-capital-structure investments that provide attractive risk-adjusted returns. The firm has made substantial investments in global wealth management, targeting individual investors and high-net-worth clients through products like the Apollo Strategic Fund (AAA vehicle) and other perpetual capital vehicles. This initiative aims to democratize access to alternative investments and reduce dependence on institutional fundraising cycles. Apollo expects this segment to reach $50 billion in assets under management. Product innovation has been another key focus, with Apollo developing hybrid equity products, structured credit solutions, and guaranteed income products for retirement markets. The firm has also explored emerging opportunities in digital finance and tokenization, positioning itself for potential disruption in how alternative assets are accessed and traded. Recent strategic moves include the announced acquisition of Bridge Investment Group to enhance real estate capabilities and continued expansion in Asia-Pacific markets, particularly Japan, India, and Australia. Apollo has also strengthened partnerships with traditional asset managers, providing white-label alternative investment solutions and capital markets expertise.
APO company profile · for informational purposes only — not investment advice.
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