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Apollo Global Management Inc.

APO Financial Asset Management

Apollo Global Management Inc.’s revenue for fiscal 2025 (year ended December 2025) was $32.0 billion, up 22.7% from fiscal 2024.

Revenue
−51.8%
EPS
−166.0%
Free cash flow
+128.3%
Total debt
+20.7%

Quarter to September 2026, against a year earlier

116.31 0.96 −0.82%
Market cap
$69.3B
P/E
0.0×
Fwd P/E
14.4×
Dividend yield
1.84%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Apollo Global Management Inc. (APO) valuation and DCF model

What the price implies · reverse DCF

At $116.31 the price implies 38.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew −8.9% a year over the last ten years, −11.7% over the last five. The price asks for 47.7 points a year more than its ten-year rate. Return on equity averaged 15.1% over ten years; the price implies 15.1% for good.

In December 2017 the price assumed −6.8% a year; Apollo Global Management Inc. went on to grow the dividend a share 30.7% a year to FY2025.

Price implies
38.8%
Last 5 years, reported
−11.7%
Last 10 years, reported
−8.9%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
38.8% a year for ten years
$116.31
today’s price
Its base case
−8.9% a year for five years, then −5.3%
$3.92
96.6% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Apollo Global Management Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 38.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Apollo Global Management Inc.’s own cost of capital: risk-free 4.3% + beta 1.50 × equity premium 4.5% = 11.0% cost of equity; after-tax cost of debt 1.1%; weighted, 9.3%.

Use 9.3%
Base case value per share $3.92 ten years discounted, and what follows
Current price $116.31 market price per share
Below today’s price 96.6% downside at the base case’s assumptions

How we got there$2.27 10 years of dividends+$1.65 terminal value=$3.92 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E — 48.75× 34.58× — 13.38× —
P/FCF 7.46× 13.62× 11.46× 35% below 7.79× 4% below
P/B 1.94× 2.41× 2.51× 23% below 0.91× 113% above
EV/EBITDA — 9.88× 9.53× — 3.38× —
EV/Sales — 2.66× 3.11× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
7.55×14.51×21.47×28.44×10Y avg 11.46×2016201720182019202120222023202420252026

APO trades at 7.46× P/FCF, against a 10-year average of 11.46× (range 6.10×–30.40×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $178.69 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.