Apollo Global Management, Inc. (APO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+351.1%

$547.03

vs $121.26 price

Levered DCF

$704.30

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.94×	22.35×	11.2×	-18.6×	9.89×	111.32×	12.83×	-81.56×
P/B	3.77×	5.61×	3.86×	5.62×	4.52×	7.8×	5.33×	3.57×
P/S	2.75×	3.71×	1.66×	3.4×	2.88×	4.73×	3.37×	4.49×
EV / EBITDA	9.69×	10.31×	6.97×	-10.02×	5.17×	24.47×	7.73×	30.61×
Gross margin	95.5%	95.6%	96.9%	91.5%	86.9%	73.3%	82.5%	58.0%
Operating margin	25.8%	31.8%	18.8%	-39.9%	33.2%	38.6%	45.7%	23.0%
Net margin	10.9%	16.9%	15.0%	-17.9%	30.9%	6.7%	27.6%	-2.6%
Current ratio	0.78×	0.8×	0.82×	0.73×	0.63×	1.84×	1.43×	0.98×
Debt / equity	0.57×	0.61×	0.58×	1.08×	3.75×	10.23×	2×	1.61×
Interest coverage	22.32×	36.72×	23.82×	-35.28×	2.18×	2.38×	10.57×	2.78×
Dividend yield	1.5%	1.2%	1.9%	2.6%	3.2%	5.3%	4.8%	8.9%
Payout ratio	37.2%	26.9%	21.2%	-49.1%	30.1%	373.4%	58.4%	-1539.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	25.7%	34.8%	-29.5%	48.5%	11.0%	43.6%	-2.1%
Return on invested capital	5.2%	6.6%	6.3%	-5.0%	6.6%	3.5%	18.9%	0.9%
Return on assets	0.8%	1.2%	1.6%	-0.8%	6.0%	0.7%	9.5%	-0.5%
Free cash flow yield	8.5%	3.4%	11.7%	9.6%	5.8%	-15.0%	10.6%	16.3%
Earnings yield	4.0%	4.6%	9.0%	-5.3%	10.7%	1.4%	8.2%	-0.6%
Enterprise value	$82.1B	$91.2B	$46.3B	$35B	$29.9B	$23.3B	$12B	$6.5B
Net debt / EBITDA	-0.69×	-0.63×	-1.18×	0.65×	2.21×	12.77×	1.36×	7.37×
Cash conversion cycle (days)	-852	-1,035	-1,135	-1,011	-1,306	9	-9	76