Apollo Global Management Inc. (APO) vs BlackRock (BLK)

Apollo Global Management Inc. and BlackRock are both Asset Management companies. BlackRock is the larger, with a market value of $174.4B against $71.3B — 2.4× the size. BlackRock trades at the lower P/E: 25.6× against 43.5×. Apollo Global Management Inc. grew revenue faster over the last twelve months: 41.2% against 26.5%. BlackRock has the higher net margin (24.1% vs 4.95%) and the lower return on invested capital (8.37% vs 16.2%). Both pay a dividend; BlackRock yields more (2.62% vs 1.76%). Across the 22 metrics below, Apollo Global Management Inc. leads on 12 and BlackRock on 10.

Valuation

Metric APO BLK Asset Management median
P/E 43.46 25.63 14.62
P/S 2.01 6.18 2.97
P/B 1.80 2.91 0.94
Price to free cash flow 7.66 47.96 8.93
EV/EBITDA 6.56 17.08 10.32
EV/Sales 1.63 6.49 5.72
Earnings yield 2.30% 3.90% 4.53%
Free cash flow yield 13.06% 2.08% 4.65%

Profitability

Metric APO BLK Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 21.03% 32.57% 33.03%
Net margin 4.95% 24.09% 13.53%
Free cash flow margin 26.39% 12.88% 12.44%
Return on equity 4.90% 12.27% 4.83%
Return on assets 0.39% 4.08% 1.57%
Return on invested capital 16.15% 8.37% 3.04%

Growth

Metric APO BLK Asset Management median
Revenue growth (TTM) 41.23% 26.54% 6.97%
EPS growth (last fiscal year) (33.09%) (15.95%) —
Revenue growth, 5-year CAGR 68.58% 8.37% 12.13%
Net income growth, 5-year CAGR 95.13% 2.40% 0.00%

Health

Metric APO BLK Asset Management median
Debt to equity 0.33 0.33 0.42
Current ratio 1.70 3.59 1.28
Net debt to EBITDA (0.84) 1.13 1.06

Dividend

Metric APO BLK Asset Management median
Dividend yield 1.76% 2.62% 6.92%
Payout ratio — 0.58 0.77

Size

Metric APO BLK Asset Management median
Market cap 71.28b 174.38b 721.34m

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