Apollo Global Management Inc. (APO) vs Northern Trust Corporation (NTRS)

Apollo Global Management Inc. and Northern Trust Corporation are both Asset Management companies. Apollo Global Management Inc. is the larger, with a market value of $71.3B against $31.9B — 2.2× the size. Northern Trust Corporation trades at the lower P/E: 15.0× against 43.5×. Apollo Global Management Inc. grew revenue faster over the last twelve months: 41.2% against 3.12%. Northern Trust Corporation has the higher net margin (14.4% vs 4.95%) and the lower return on invested capital (0.00% vs 16.2%). Both pay a dividend; Northern Trust Corporation yields more (3.93% vs 1.76%). Across the 21 metrics below, Apollo Global Management Inc. leads on 13 and Northern Trust Corporation on 8.

Valuation

Metric APO NTRS Asset Management median
P/E 43.46 15.01 14.62
P/S 2.01 2.13 2.97
P/B 1.80 2.58 0.94
Price to free cash flow 7.66 n/m 8.93
EV/EBITDA 6.56 n/m 10.32
EV/Sales 1.63 (1.36) 5.72
Earnings yield 2.30% 6.66% 4.53%
Free cash flow yield 13.06% (0.67%) 4.65%

Profitability

Metric APO NTRS Asset Management median
Gross margin 100.00% 59.61% 100.00%
Operating margin 21.03% 0.00% 33.03%
Net margin 4.95% 14.36% 13.53%
Free cash flow margin 26.39% (1.44%) 12.44%
Return on equity 4.90% 17.81% 4.83%
Return on assets 0.39% 1.24% 1.57%
Return on invested capital 16.15% 0.00% 3.04%

Growth

Metric APO NTRS Asset Management median
Revenue growth (TTM) 41.23% 3.12% 6.97%
EPS growth (last fiscal year) (33.09%) (10.54%) —
Revenue growth, 5-year CAGR 68.58% 17.81% 12.13%
Net income growth, 5-year CAGR 95.13% 8.03% 0.00%

Health

Metric APO NTRS Asset Management median
Debt to equity 0.33 0.40 0.42
Current ratio 1.70 0.65 1.28
Net debt to EBITDA (0.84) 0.00 1.06

Dividend

Metric APO NTRS Asset Management median
Dividend yield 1.76% 3.93% 6.92%
Payout ratio — 0.54 0.77

Size

Metric APO NTRS Asset Management median
Market cap 71.28b 31.93b 721.34m

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