Apollo Global Management, Inc. (APO)

Price$128.86Cached quoteAs of 2026-09-11 19:59 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced, but the recent rally removed an obvious bargain.

At the August 14 close of $140.76, Apollo’s roughly $8.69 of adjusted earnings per share over the latest four quarters implies about 16.2 times earnings and a 6.2% earnings yield—profit as a percentage of price. The $2.25 annual dividend yields 1.6%. Adjusted earnings remove market-value swings and other items, making them useful but less conservative than reported profit. The stock has risen 19% since June 30 and values post-conversion common equity near $83 billion. Growth supports this valuation, but the risks prevent an undervalued verdict.

Big pictureRecurring fees and retirement spreads are growing, while reported profit remains volatile.

In the supplied history, 2025 operating cash flow rose to $7.25 billion from $3.25 billion, while the first half of 2026 produced $4.50 billion versus $2.27 billion a year earlier. Free cash flow—cash left after running and investing in the business—cannot be calculated because capital spending is unavailable, and insurer cash flows make the consolidated statement unusually noisy. More durable measures improved: second-quarter earnings from recurring management fees rose 25% to $785 million, while earnings from investing retirement premiums above their funding cost rose 7% to $877 million.

Business strengthStrong liquidity and ratings help, though buybacks have not fully prevented dilution.

June consolidated cash was $28.42 billion against $13.73 billion of debt, but most cash sits inside regulated retirement operations and is not freely available to shareholders. Excluding Athene and consolidated funds, Apollo showed $3.41 billion of cash, $3.47 billion of investments and $5.76 billion of debt; Apollo and Athene retained solid investment-grade ratings. First-half buybacks of $729 million exceeded $478 million of stock compensation, trimming common shares 0.5% from year-end. However, July’s expected preferred-stock conversion issued about 14.6 million common shares, roughly 2.5% dilution, while ending the preferred dividend.

What could change the storyGrowth can justify today’s price, but fund withdrawals could break that case.

Fee-producing assets grew 34% to $858 billion and the fee margin reached 58.5%, supporting the bull case; $62 billion of undeployed capital may earn future fees. The bear case is specific: Apollo Debt Solutions received withdrawal requests equal to 16.8% of shares, while Apollo’s quarterly total-asset outflows reached $24.6 billion and private-equity exits stayed weak. At an unchanged 16.2-times multiple, roughly 8%–9% annual adjusted-earnings growth plus the current dividend would be needed to approach a 10% five-year annual return. Slower asset growth, credit losses or a lower multiple would weaken that outcome.

AI: News

Record second-quarter earningsBoth major earnings engines reached records, showing that Apollo’s core businesses kept expanding.

On August 4, Apollo reported second-quarter adjusted net income of $1.31 billion, or $2.11 per share, up from $1.18 billion and $1.92 a year earlier. Earnings from recurring management fees reached a record $785 million, retirement spread earnings reached $877 million, and assets under management rose 25% to $1.05 trillion. The stock closed 2.9% higher that day. The before-market release makes a positive reaction plausible, but one day’s move cannot establish sole causation.

Private-credit withdrawal surgeWithdrawal requests jumped at a major wealth fund, testing confidence in Apollo’s fastest-growing channel.

On June 22, Apollo Debt Solutions, a $26 billion fund sold mainly to wealthy investors, disclosed requests to withdraw 16.8% of shares, up from 11.2% the prior quarter. Its rules limited payouts to 5%, producing about $700 million of gross withdrawals against $300 million of inflows and roughly 3% net outflow for 2026 through then. Apollo shares fell 3.4% on June 23 and 6.1% on June 24; the timing is notable, but broader private-credit concerns also affected peers.

Artificial-intelligence financing pushLarge computing deals opened a new fee pool while adding borrower and technology concentration risk.

On June 9, Apollo said its funds and affiliates led an initial $35 billion Broadcom financing designed to support more than 20 gigawatts of computing capacity; Apollo shares closed 4.0% higher. On August 10, Apollo joined five other financial groups in memorandums aimed at mobilizing more than $500 billion for Nvidia computing infrastructure, and the shares rose 3.6%. These platforms could produce management and arranging fees, but Apollo’s exact allocation, economics, borrower protections and final August agreements were not disclosed, leaving attribution and value uncertain.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$32.05B	$26.11B	$32.64B	$10.97B	$5.95B	$2.35B
Operating expenses	$25.29B	$18.98B	$27.33B	$15.91B	$4.11B	$1.58B
Operating income	$8.26B	$8.30B	$6.15B	−$4.38B	—	—
Operating margin	25.77%	31.78%	18.83%	−39.89%	—	—
EBITDA	$8.48B	$8.85B	$6.65B	−$3.50B	—	—
EBITDA margin	26.45%	33.89%	20.36%	−31.87%	—	—
Net income	$3.49B	$4.58B	$5.05B	−$1.96B	$1.84B	$157.0M
Net profit margin	10.90%	17.53%	15.46%	−17.88%	30.90%	6.67%
Basic EPSper basic share	$5.58	$7.39	$8.32	-$3.43	$7.32	$0.44
Diluted EPSper diluted share	$5.54	$7.33	$8.28	-$3.43	$7.32	$0.44

Review official source filings ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$68.13M disclosed value

Sells (SEC code S)71$637.29M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 27, 2026Form 4	Zito John P.Co-President (see Remarks)	SellCommon Stock	11.1K	$131.68	$1.46M	3.06M
May 27, 2026Form 4	Zito John P.Co-President (see Remarks)	SellCommon Stock	20.0K	$130.71	$2.62M	3.07M
May 27, 2026Form 4	Zito John P.Co-President (see Remarks)	SellCommon Stock	17.5K	$129.95	$2.28M	3.09M
May 14, 2026Form 4	Kelly MartinChief Financial Officer	SellCommon Stock	7.0K	$134.64	$942.5K	401.6K
Dec 10, 2025Form 4	Chatterjee WhitneyChief Legal Officer	SellCommon Stock	8.5K	$146.03	$1.24M	74.7K

Review ownership filings at SEC.gov ↗

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