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Apollo Commercial Real Estate Finance

ARI Real Estate Reit Mortgage

Apollo Commercial Real Estate Finance’s revenue for fiscal 2025 (year ended December 2025) was $271.6 million, down 10.6% from fiscal 2024. In the quarter to June 2026, revenue fell 37.4%, EPS fell 8.33%, free cash flow fell 20.1% and total debt fell 2.04%, each against the same quarter a year earlier.

6.38 0.03 −0.47%
Market cap
$824.0M
P/E
8.0×
Fwd P/E
31.6×
Dividend yield
66.6%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.59
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — — — 1 — — 1 — —
Insider Ownership 2.91%

Capital & Financial Ratios $m

Market Cap 823.96
Revenue 237.89
Net Income 132.00
Free Cash Flow 21.41
Net Debt (1,239.48)
Current Ratio 2.45
Debt/Equity 0.00
P/E ratio 7.98
Fwd P/E 31.60
P/S ratio 3.51
P/B ratio 0.67
Past 5Y EPS Growth 140.82% (at or above 15%: strong)
This Y EPS Growth (323.81%) (below 0%: weak)
Next Y EPS Growth 107.23% (at or above 15%: strong)
Next Y revenue growth (84.54%) (below 0%: weak)
Next 5Y EPS Growth 43.50% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 9.4×; over the ten years it ranged from 3.4× in 2026 to 32.6× in 2026.
P/E against its own 10 years 9.33%
10-year low 10-year high
P/S against its own 10 years 1.44%
10-year low 10-year high
P/B against its own 10 years 17.58%
10-year low 10-year high
EV/Sales against its own 10 years 0.59%
10-year low 10-year high
EV/FCF against its own 10 years 88.50%
10-year low 10-year high

Dividends

Payout Ratio 5.31
Annual Dividend Rate 4.25
Annual Dividend Yield 66.61%
total individual payouts
2027 Powerpack
2026 4.00
0.25
3.75
3.50
2025 1.00
0.25
0.25
0.25
0.25
2024 1.20
0.35
0.35
0.25
0.25
2023 1.40
0.35
0.35
0.35
0.35
2022 1.40
0.35
0.35
0.35
0.35
2021 1.40
0.35
0.35
0.35
0.35
2020 1.45
0.40
0.35
0.35
0.35
2019 1.84
0.46
0.46
0.46
0.46
2018 1.84
0.46
0.46
0.46
0.46
2017 1.84
0.46
0.46
0.46
0.46
2016 1.84
0.46
0.46
0.46
0.46
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 225 317 140 1,239
Receivables — — — —
Inventory — — — —
Other — — — —
8,151 7,074 8,852 1,239
2023 2024 2025 Q'26
Payables 120 138 91 507
ST’ Debt — — — —
Other — — — —
120 138 91 507

Compound Annual Growth %

10y 5y 3y
Sales 6.60% (0.51%) (3.65%)
Cash Flow 4.93% (2.77%) (18.95%)
Earnings 2.28% 88.28% (23.23%)
Book Value 3.04% (3.95%) (7.62%)

Revenue $m

Mar Jun Sep Dec Year
’26 59 44 — — —
’25 66 71 62 73 272
’24 81 81 72 70 304
’23 87 92 81 84 345
’22 64 76 76 87 304
’21 71 76 67 71 285
’20 75 71 69 65 279
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 34 — — —
’25 39 63 32 8 143
’24 53 50 47 50 200
’23 110 49 83 31 274
’22 50 50 126 43 268
’21 44 77 44 35 199
’20 54 (1) 60 51 164
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 0 25 — — —
’25 14 31 7 (10) 42
’24 15 10 2 96 123
’23 96 34 66 5 201
’22 50 50 105 31 235
’21 44 119 44 34 242
’20 54 (1) 60 51 164
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.17 0.11 — — —
’25 0.16 0.12 0.34 0.18 0.81
’24 (0.76) 0.23 (0.69) 0.27 (0.97)
’23 0.32 (0.62) 0.30 0.30 0.29
’22 0.08 0.44 1.13 (0.06) 1.68
’21 0.37 0.42 0.38 0.23 1.46
’20 (0.86) 0.36 0.31 0.23 0.01
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 13.80 16.62 16.41 16.43 4.12 10.69 7.91 8.58 8.52 7.70

Analyst estimates 2026–2028

Powerpack
High 18.10 19.92 19.57 19.76 18.76 16.94 14.55 12.75 12.00 11.11
People
People Employees — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income, $m
Income, $m Revenue 201 260 289 334 279 285 304 345 304 272
Gross margin, % 88.34 87.85 87.41 87.82 85.74 86.59 87.35 88.98 88.11 87.42
EBT 158 193 220 230 18 224 265 59 (119) 127
EBT margin, % 78.70 74.11 76.04 68.82 6.59 78.56 87.35 17.00 (39.27) 46.78
Net income 158 193 220 230 18 224 265 58 (120) 127
Depreciation (6) (41) (53) (70) (49) (53) (38) (7) (1) (5)
Per share, $
Per share, $ Revenue 2.77 2.61 2.33 2.28 1.88 2.03 2.16 2.44 2.17 1.96
Earnings 1.74 1.54 1.52 1.41 0.01 1.48 1.77 0.29 (0.97) 0.81
Cash flow 1.71 1.55 2.14 1.86 1.11 1.43 1.90 1.94 1.43 1.03
Capex 20.84 0.00 0.00 0.00 0.00 0.30 (0.24) (0.51) (0.56) (0.72)
Free cash flow 22.55 1.55 2.14 1.86 1.11 1.73 1.67 1.42 0.88 0.30
Book value 26.70 20.91 20.22 17.91 15.34 16.41 16.75 15.63 13.42 13.37
Shares, m 72 100 124 147 148 140 141 141 140 139
Valuation, ×
Valuation, × P/E 10.13 11.82 10.89 12.79 223.40 8.95 6.15 38.80 0.00 12.10
P/S 6.10 7.02 7.15 8.03 5.93 6.47 5.04 4.77 3.98 4.95
P/B 0.63 0.88 0.82 1.02 0.73 0.80 0.65 0.74 0.65 0.72
EV/Sales 3.65 8.97 8.82 9.82 8.53 11.70 9.21 7.76 7.06 32.03
EV/FCF 5.92 15.09 9.59 12.01 14.49 12.08 11.91 13.29 17.47 205.57
Cash, $m
Cash, $m Operating cash flow 124 155 266 273 164 199 268 274 200 143
Capex 1,508 (1) — — — 42 (33) (73) (78) (100)
Free cash flow 1,632 155 266 273 164 242 235 201 123 42
Balance, $m
Balance, $m Working capital 2,314 2,661 3,884 5,679 5,702 7,253 8,116 8,030 6,936 8,760
Total debt 250 585 592 1,050 1,049 1,832 1,488 1,255 1,251 1,225
Net debt (491) 507 482 597 724 1,489 1,266 1,029 933 1,085
Shareholders’ equity 1,932 2,088 2,510 2,630 2,271 2,295 2,355 2,209 1,874 1,856
Returns, %
Returns, % ROA 4.12 4.13 4.20 3.53 0.07 2.74 2.81 0.49 (1.49) 1.25
ROIC 6.60 5.01 4.85 5.22 4.43 3.22 3.15 3.78 3.22 2.41
ROE 7.71 7.77 8.38 8.24 0.20 9.22 10.88 2.01 (6.46) 6.14
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Apollo Commercial Real Estate Finance vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LADR Ladder Capital Corp $1.1B 21.7× 19.0× +4.91% (above 0%: growing) −14.29% (below 0%: shrinking) −9.50% (below 0%: shrinking) 100.00% 60.88% Compare
ORC Orchid Island Capital, Inc. $1.0B 3.4× 8.9× +77.91% (above 0%: growing) n/m +342.48% (above 0%: growing) 100.00% 117.80% Compare
ARI Apollo Commercial Real Estate Finance $824.0M 8.0× 31.6× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46%
CIM Chimera Investment Corporation $715.7M — (loss-making) 16.4× +10.10% (above 0%: growing) n/m −4,466.16% (below 0%: shrinking) 100.00% 1.81% Compare
ADAM Adamas Trust, Inc. $700.2M 4.5× 9.5× +23.77% (above 0%: growing) n/m +171.68% (above 0%: growing) 26.87% 30.52% Compare
MFA MFA Financial, Inc. $677.3M 6.5× 10.1× +4.48% (above 0%: growing) +59.09% (above 0%: growing) +162.56% (above 0%: growing) 100.00% 78.90% Compare
PMT PennyMac Mortgage Investment Trust $615.7M 4.9× 8.4× +3.60% (above 0%: growing) n/m −45.97% (below 0%: shrinking) 63.63% 34.80% Compare
IVR INVESCO MORTGAGE CAPITAL INC $607.1M 3.7× 10.2× +20.93% (above 0%: growing) n/m +3.93% (above 0%: growing) 35.24% 28.86% Compare
ABR Arbor Realty Trust $522.4M 38.6× 22.1× −2.77% (below 0%: shrinking) n/m +172.80% (above 0%: growing) 19.79% (4.57%) Compare
Median of peers $688.7M 4.9× 10.1× +7.51% — +83.24% 81.81% 32.66%

All 37 Reit Mortgage stocks →

Apollo Commercial Real Estate Finance (ARI) key facts

  • Concern: Apollo Commercial Real Estate Finance’s revenue for fiscal 2025 (year ended December 2025) was $271.6 million, down 10.6% from fiscal 2024.
  • Apollo Commercial Real Estate Finance (ARI) is a Reit Mortgage company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ARI traded at $6.38, a market capitalization of $824.0 million.
  • Apollo Commercial Real Estate Finance pays an annual dividend of $4.25 per share, a yield of 66.6%.
  • Return on equity was 6.14% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Apollo Commercial Real Estate Finance (ARI) Latest News

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stockrow.com/ARI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com