Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Apollo Global Management

APO stock analysis · Financials · Asset Management & Custody Banks

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$118.31HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$68.1B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Reverse DCF

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Relative valuation

-6.5%

9 industry peers · median 18.8×

How this is calculated ↗
Valuation

Historical multiples

18.7×

3 annual observations · snapshot P/E 20.1× · 7.3% versus history

How this is calculated ↗
Valuation

Free cash flow yield

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Quality

ROIC / quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Value composite

Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

22.0%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Momentum

Fundamental momentum

Requires two adjacent years of revenue, operating income and cash flow.

Requires two adjacent years of revenue, operating income and cash flow.

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 7.2B2020-12-31: cfo -$1,616,000,000.00 (negative; lower scale compressed)20202021-12-31: cfo $1,064,000,000.0020212022-12-31: cfo $3,789,000,000.0020222023-12-31: cfo $6,322,000,000.0020232024-12-31: cfo $3,253,000,000.0020242025-12-31: cfo $7,246,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%
10.0%
12.0%

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3132B5.4B7.2B460.9B
2024-12-3126.1B6.4B3.3B377.9B
2023-12-3132.6B6.5B6.3B313.5B
2022-12-3111B-3.5B3.8B257.2B
2021-12-316B4.3B1.1B30.5B
2020-12-312.4B467M-1.6B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue32BRevenues2026-02-25
netIncome5.4BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-25
Parent/common earnings proxy3.4BNetIncomeLossAvailableToCommonStockholdersBasic2026-02-25
cfo7.2BNetCashProvidedByUsedInOperatingActivities2026-02-25
capexNot reported under a supported tag
operatingIncomeNot reported under a supported tag
assets460.9BAssets2026-02-25
equity42.5BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-25
Parent book equity proxy23.3BStockholdersEquity2026-02-25
debt13.4BLongTermDebt2026-02-25
shortDebtNot reported under a supported tag
cash20.6BCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents2026-02-25
shares593.7MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-25
dividends1.2BPaymentsOfDividendsCommonStock2026-02-25
buybacks773MPaymentsForRepurchaseOfCommonStock2026-02-25
issuanceNot reported under a supported tag