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 $190.2B against $69.3B — 2.7× the size. Apollo Global Management Inc. has negative trailing earnings, so its P/E is not meaningful; BlackRock trades at 26.3×. BlackRock grew revenue faster over the last twelve months: 24.7% against 12.2%. BlackRock has the higher net margin (24.2% vs −3.22%) and the lower return on invested capital (0.00% vs 6.57%). Both pay a dividend; BlackRock yields more (1.91% vs 1.82%). Across the 18 metrics below, BlackRock leads on 10 and Apollo Global Management Inc. on 8.

Valuation

Metric APO BLK Asset Management median
P/E n/m 26.34 13.38
P/S 2.30 6.37 2.99
P/B 1.96 3.14 0.91
Price to free cash flow 7.54 51.71 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (1.60%) 3.80% 4.67%
Free cash flow yield 13.26% 1.93% 4.85%

Profitability

Metric APO BLK Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 10.86% 32.46% 27.27%
Net margin (3.22%) 24.22% 11.89%
Free cash flow margin 0.00% 0.00% 5.96%
Return on equity (2.66%) 0.00% 4.57%
Return on assets (0.21%) 0.00% 1.40%
Return on invested capital 6.57% 0.00% 2.12%

Growth

Metric APO BLK Asset Management median
Revenue growth (TTM) 12.19% 24.72% 7.26%
EPS growth (last fiscal year) (24.42%) (15.95%) (5.64%)
Revenue growth, 5-year CAGR 68.58% 8.37% 11.84%
Net income growth, 5-year CAGR 95.13% 2.40% 0.00%

Health

Metric APO BLK Asset Management median
Debt to equity 0.42 0.33 0.40
Current ratio 1.41 3.59 1.23
Net debt to EBITDA (0.84) 1.13 1.06

Dividend

Metric APO BLK Asset Management median
Dividend yield 1.82% 1.91% 6.43%
Payout ratio 0.79 0.51 0.91

Size

Metric APO BLK Asset Management median
Market cap 69.25b 190.21b 692.54m

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