Apollo Global Management is an investment manager and retirement services provider. Through its asset management business it acts as an investment adviser to a range of funds and other vehicles, with investments spanning real estate, collateralised loan obligations (CLOs), natural resources and other assets. Its retirement services business, conducted through Athene, sells and reinsures annuity contracts and writes pension group annuities and funding agreements.
Customers include investors in the funds and vehicles it manages, and policyholders of its retirement services business, among them plan sponsors transferring defined-benefit pension obligations. The group earns fees from managing investor capital and generates investment income and spreads across Athene's institutional and other distribution channels. Many products are distributed through financial intermediaries, including third-party broker-dealers.
The business is organised around asset management and retirement services. It operates internationally, with insurance activities regulated across the United States, the EU, Bermuda, the UK, Switzerland, Australia, Singapore, Canada and elsewhere. In February 2024 the regulator identified the group as an Internationally Active Insurance Group, with Athene named as its head.
Based on Apollo Global Management's 10-K filed February 25, 2026.
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~$74
Valuation models combined (5)
Base case. Range ~$51–$97. Weighted average of 5 models (forward price-to-earnings vs peers, residual income, justified price-to-book, price-to-book vs peers, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 38% below it.
Price used: $119.46, November 2, 2026
Apollo Global Management valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $35.9bn, up 41.2% on a year earlier, faster than 28.2% a quarter earlier. That growth ranks 2 of 12 among the asset management & custody banks companies we cover. Our valuation models combined value is $62.76 a share, against a share price of $112.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Apollo Global Management's trailing-twelve-month revenue grew 41.2% year on year, with a free-cash-flow margin of 21.9%. Where it stands out: change in growth rate of +13.1pp ranks 9 of 43 asset management & custody banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 170.8% while net income fell 44.3%: a 215pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Apollo Global Management said it reported third quarter 2026 results on November 3, 2026. The company declared a cash dividend of $0.5625 per share, payable on November 30, 2026. Apollo stated that origination reached $114 billion in the quarter and assets under management stood at approximately $1.07 trillion.
Apollo Global Management said its subsidiary Athene Holding Ltd. published a presentation on its website on 30 October 2026. The document, titled "Athene's Role in Financing AI-Related Infrastructure", was furnished under Item 7.01 of the Form 8-K. The company noted the information is not deemed filed for Section 18 purposes.
Apollo Global Management said it will acquire a minority equity stake in Mubadala Capital. The firm will commit capital alongside other investors, with an aggregate of $5 billion expected at initial close. The transaction is scheduled to close in the fourth quarter of 2026, subject to regulatory approvals.
Apollo Global Management said it appointed Meyer Malka, founder of Ribbit Capital, to its board of directors. The appointment takes effect on January 1, 2027, and increases the board size to 14 members. The company stated that two-thirds of the directors remain independent.
We value Apollo Global Management as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$97 ~$81–$130 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$61 ~$47–$81 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$68 ~$59–$79 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$51 ~$53–$150 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$73 ~$62–$87 | Included |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$74 ~$51–$97 | 5 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Apollo Global Management with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 3, 2026, before the open. Analysts expect revenue of $1.4bn and EPS of $2.20 (range $2.12 to $2.27) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $8.67 | +3% | $5.4bn | +21% |
| Next | $10.65 | +23% | $6.3bn | +17% |
Next year's EPS estimate has moved −0.2% in 90 days, across 22 analysts.
The consensus EPS forecast for the current fiscal year is −2.0% on 90 days ago. In the last 30 days, 1 analyst raised Apollo Global Management's forecast and 8 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $8.85 | $10.67 |
| 60 days ago | $8.77 | $10.73 |
| 30 days ago | $8.77 | $10.74 |
| 7 days ago | $8.68 | $10.66 |
| Now | $8.67 | $10.65 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $2.16 | $2.11 | −2.2% |
| Mar 2026 | $1.88 | $1.94 | +2.9% |
| Dec 2025 | $2.04 | $2.47 | +21.3% |
| Sept 2025 | $1.90 | $2.17 | +14.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −2.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $25.4bn | $35.9bn | +41.2% |
| Net margin | 13.3% | 5.2% | −60.6% |
| P/E multiple | 21.8x | 38.2x | +75.0% |
| Share count | 601m | 599m | +0.3% |
Biggest factor: net margin.
Last 3 years +47.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $26.8bn | $35.9bn | +33.8% |
| Net margin | 6.3% | 5.2% | −16.9% |
| P/E multiple | 28.1x | 38.2x | +36.0% |
| Share count | 583m | 599m | −2.7% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| APO | +53% | −10% | +49% | +80% | −11% | −16% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| APO | 67% | 33% | 83% | 75% | 42% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| APO | −14% | −36% | −23% | −21% | −37% | −34% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 54% from January 23, 2020 to March 23, 2020. Getting back needed a 115% gain, reached on June 3, 2020, 72 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 5, 2026 | +1.7% | +1.2% | +4.6% | — |
| August 4, 2026 | +0.2% | +1.6% | +8.4% | +2.6% |
| July 1, 2026 | +0.3% | −0.3% | +1.3% | +6.2% |
| May 6, 2026 | −1.9% | +1.1% | +1.0% | −1.3% |
| April 1, 2026 | −3.9% | +0.8% | −4.0% | +17.1% |
| February 9, 2026 | −0.5% | +0.2% | −5.9% | −19.9% |
| January 2, 2026 | +3.5% | +0.9% | +0.7% | −12.4% |
| November 4, 2025 | +7.9% | −0.8% | +7.2% | +10.8% |
| October 2, 2025 | −3.1% | +0.1% | −4.9% | −4.3% |
| August 5, 2025 | +2.7% | +0.3% | +1.8% | −4.8% |
| July 1, 2025 | +0.6% | +0.4% | +3.4% | +2.4% |
How Apollo Global Management’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $135 call expiring December 18, 2026 (46 days) for $1.50 a share — $150 per contract.
Previous session · Bid $1.50, ask $2.00, quoted Mon 2 Nov, 17:14 New York time with APO at $119.7. Option prices move with the shares: check the live chain at your broker before trading.
Own the shares, buy the $110 put and sell the $135 call, both expiring December 18, 2026 (46 days).
Offered because the shares trade at or above our fair value of $74.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $26.4B |
| FY23 Q4 | $32.6B |
| FY24 Q1 | $34.4B |
| FY24 Q2 | $26.7B |
| FY24 Q3 | $31.9B |
| FY24 Q4 | $26.1B |
| FY25 Q1 | $24.6B |
| FY25 Q2 | $25.4B |
| FY25 Q3 | $27.5B |
| FY25 Q4 | $32B |
| FY26 Q1 | $31.6B |
| FY26 Q2 | $35.9B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 261.1% |
| FY23 Q4 | 197.6% |
| FY24 Q1 | 123.2% |
| FY24 Q2 | -0.5% |
| FY24 Q3 | 20.6% |
| FY24 Q4 | -20.0% |
| FY25 Q1 | -28.4% |
| FY25 Q2 | -4.8% |
| FY25 Q3 | -13.8% |
| FY25 Q4 | 22.7% |
| FY26 Q1 | 28.2% |
| FY26 Q2 | 41.2% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 18.9% |
| FY23 Q4 | 16.9% |
| FY24 Q1 | 12.9% |
| FY24 Q2 | 8.0% |
| FY24 Q3 | 13.6% |
| FY24 Q4 | 8.3% |
| FY25 Q1 | 12.4% |
| FY25 Q2 | 11.4% |
| FY25 Q3 | 4.5% |
| FY25 Q4 | 18.1% |
| FY26 Q1 | 20.1% |
| FY26 Q2 | 21.9% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 2.4 | 6.0 | 11.0 | 32.6 | 26.1 | 32.0 | 35.9 |
| Net income | 0.2 | 1.8 | −2.0 | 5.0 | 4.6 | 3.5 | 1.9 |
| Diluted EPS | $0.44 | $7.32 | −$3.43 | $8.28 | $7.33 | $5.54 | $3.13 |
| Growth (year on year) | |||||||
| Revenue | — | +152.8% | +84.3% | +197.6% | −20.0% | +22.7% | +41.2% |
| Net income | — | +>999% | −206.6% | — | −9.3% | −23.7% | −44.3% |
| Diluted EPS | — | +>999% | −146.9% | — | −11.5% | −24.4% | −44.2% |
| Margins | |||||||
| Net margin | 6.7% | 30.9% | −17.9% | 15.5% | 17.5% | 10.9% | 5.2% |
| Cash flow | |||||||
| Cash from operations | −1.6 | 1.1 | 3.8 | 6.3 | 3.3 | 7.2 | 9.5 |
| Stock-based pay | 0.2 | 1.2 | 0.5 | 1.0 | 0.7 | 0.8 | 1.0 |
| Balance sheet | |||||||
| Cash | 1.6 | 0.9 | 9.0 | 17.7 | 17.1 | 20.6 | 28.4 |
| Total debt | 0.0 | 3.1 | 6.5 | 8.1 | 10.6 | 13.4 | 13.7 |
| Net debt (negative = net cash) | −1.6 | 2.2 | −2.5 | −9.6 | −6.5 | −7.2 | −14.7 |
| Diluted shares | 228m | 237m | 585m | 589m | 604m | 594m | 599m |
| Returned to shareholders | |||||||
| Dividends | 0.6 | 0.5 | 1.0 | 1.0 | 1.1 | 1.2 | 1.3 |
| Buybacks | 0.1 | 0.3 | 0.6 | 0.6 | 0.9 | 0.8 | 1.3 |
| Total returned | 0.6 | 0.8 | 1.6 | 1.6 | 2.0 | 2.0 | 2.6 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 7.8 | 5.3 | 5.5 | 6.8 | 9.8 | 9.9 | 5.1 | 11.2 |
| Net income | 0.8 | 1.5 | 0.4 | 0.6 | 1.7 | 0.7 | −1.9 | 1.4 |
| Diluted EPS | $1.29 | $2.39 | $0.68 | $0.99 | $2.78 | $1.07 | −$3.27 | $2.15 |
| Growth (year on year) | ||||||||
| Revenue | +199.5% | −52.2% | −21.2% | +13.2% | +26.4% | +86.7% | −8.8% | +63.7% |
| Net income | +18.9% | −46.1% | −69.0% | −26.1% | +114.1% | −54.0% | −531.2% | +116.0% |
| Diluted EPS | +17.3% | −47.2% | −70.2% | −26.7% | +115.5% | −55.2% | −580.9% | +117.2% |
| Margins | ||||||||
| Net margin | 10.4% | 28.1% | 8.0% | 9.2% | 17.7% | 6.9% | −37.7% | 12.2% |
| Cash flow | ||||||||
| Cash from operations | 1.9 | −0.0 | 1.0 | 1.3 | 0.3 | 4.7 | 1.6 | 2.9 |
| Stock-based pay | 0.1 | 0.2 | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
| Last 12 months unless stated | APO | BLK | BNY | KKR | AMP | BX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $35.9bn | $27.3bn | $22.0bn | $21.3bn | $20.1bn | $16.1bn | $858m |
| Revenue growth, last 12 months | 41.2% | 95.6% | 11.2% | 31.1% | 8.8% | 17.2% | 17.2% |
| Revenue growth, 3-year average | 10.2% | — | 8.4% | 24.2% | 8.9% | 32.3% | 10.2% |
| Revenue growth, latest quarter | 63.7% | 30.6% | 11.7% | 12.5% | 6.1% | 35.9% | 14.4% |
| Net margin | 5.2% | 24.1% | 29.8% | 14.8% | 20.7% | 21.8% | 15.2% |
| Cash from operations / revenue | 26.4% | 14.4% | 42.7% | 11.7% | 37.2% | 34.7% | 26.4% |
| Free-cash-flow margin | 21.9% | 12.9% | 32.5% | 12.6% | 36.4% | 34.1% | 21.9% |
| Free-cash-flow margin, 3-year average | 13.8% | — | 5.7% | 26.6% | 38.5% | 32.1% | 17.6% |
| Stock pay / revenue | 2.7% | 5.4% | 0.0% | 3.6% | 1.0% | 9.8% | 3.7% |
| Change in share count | −0.3% | 6.6% | −3.8% | — | −5.8% | 1.9% | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 41.2% | 17.2% | 12 of 43 |
| Change in growth rate Growth | +13.1pp | +1.0pp | 9 of 43 |
| Net margin Profitability | 5.2% | 15.2% | 32 of 43 |
| Stock pay as % of revenue Cash generation | 2.7% | 4.3% | 15 of 40 |
| Change in share count Balance sheet | -0.3% | -0.3% | 16 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Retirement Services | $27B | ▲ 23.3% |
| Asset Management and Retirement Segments | $20.2B | ▲ 22.5% |
| Asset Management | $5B | ▲ 19.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | YoY |
|---|---|---|
| Asset Management1 | $2.4B | ▲ 25.2% |
| Investment Advice | $1.2B | ▲ 46.2% |
| Management Service Incentive | $245M | ▲ 63.3% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Apollo Global Management's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $3.9B | 33.2M | 8.7% | ▼ 3.8% |
| Vanguard Capital Management LLC | $3.3B | 28.2M | 7.3% | ▲ 0.1% |
| FMR LLC | $2.9B | 24.2M | 6.3% | ▲ 10.2% |
| Capital Research Global Investors | $2.8B | 24.0M | 6.2% | ▼ 8.4% |
| State Street Corp | $2.4B | 19.9M | 5.2% | ▲ 1.3% |
| Capital World Investors | $2.2B | 18.3M | 4.8% | ▼ 3.3% |
| Vanguard Portfolio Management LLC | $1.7B | 14.5M | 3.8% | ▼ 3.7% |
| Franklin Resources Inc | $1.2B | 10.5M | 2.7% | ▲ 5.9% |
| Geode Capital Management, LLC | $1.2B | 10.4M | 2.7% | ▼ 1.0% |
| National Philanthropic Trust | $1.1B | 9.1M | 2.4% | ▲ 1.5% |
| Morgan Stanley | $1.1B | 8.9M | 2.3% | ▲ 1.2% |
| Norges Bank | $866M | 7.3M | 1.9% | — |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Apollo Global Management's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Kelly Martin Chief Financial Officer | August 14, 2026 | Sell | 3,000 | $140.84 | $422,535 |
| Zito John P. Co-President (see Remarks) | May 27, 2026 | Sell | 11,117 | $131.68 | $1.5M |
| Zito John P. Co-President (see Remarks) | May 27, 2026 | Sell | 20,019 | $130.71 | $2.6M |
| Zito John P. Co-President (see Remarks) | May 27, 2026 | Sell | 17,508 | $129.95 | $2.3M |
| Kelly Martin Chief Financial Officer | May 14, 2026 | Sell | 7,000 | $134.64 | $942,514 |
| Chatterjee Whitney Chief Legal Officer | December 10, 2025 | Sell | 8,500 | $146.03 | $1.2M |
| Kelly Martin Chief Financial Officer | December 1, 2025 | Sell | 6,000 | $131.41 | $788,434 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 2 members of Congress disclosed 2 purchases and 2 sales of Apollo Global Management shares.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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