Apollo Global Management Inc. (APO) vs Blackstone Inc. (BX)

Apollo Global Management Inc. and Blackstone Inc. are both Asset Management companies. Blackstone Inc. is the larger, with a market value of $149.0B against $69.3B — 2.2× the size. Apollo Global Management Inc. has negative trailing earnings, so its P/E is not meaningful; Blackstone Inc. trades at 26.8×. Blackstone Inc. grew revenue faster over the last twelve months: 22.1% against 12.2%. Blackstone Inc. has the higher net margin (22.1% vs −3.22%) and the higher return on invested capital (16.2% vs 6.57%). Both pay a dividend; Blackstone Inc. yields more (4.20% vs 1.82%). Across the 18 metrics below, Apollo Global Management Inc. leads on 9 and Blackstone Inc. on 9.

Valuation

Metric APO BX Asset Management median
P/E n/m 26.78 13.38
P/S 2.30 5.99 2.99
P/B 1.96 4.92 0.91
Price to free cash flow 7.54 17.57 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (1.60%) 3.73% 4.67%
Free cash flow yield 13.26% 5.69% 4.85%

Profitability

Metric APO BX Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 10.86% 51.23% 27.27%
Net margin (3.22%) 22.11% 11.89%
Free cash flow margin 0.00% 0.00% 5.96%
Return on equity (2.66%) 18.02% 4.57%
Return on assets (0.21%) 7.39% 1.40%
Return on invested capital 6.57% 16.18% 2.12%

Growth

Metric APO BX Asset Management median
Revenue growth (TTM) 12.19% 22.11% 7.26%
EPS growth (last fiscal year) (24.42%) 6.91% (5.64%)
Revenue growth, 5-year CAGR 68.58% 18.82% 11.84%
Net income growth, 5-year CAGR 95.13% 23.63% 0.00%

Health

Metric APO BX Asset Management median
Debt to equity 0.42 0.68 0.40
Current ratio 1.41 0.71 1.23
Net debt to EBITDA (0.84) 1.32 1.06

Dividend

Metric APO BX Asset Management median
Dividend yield 1.82% 4.20% 6.43%
Payout ratio 0.79 1.12 0.91

Size

Metric APO BX Asset Management median
Market cap 69.25b 148.98b 692.54m

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