Latest Ratios: P/E Ratio 16.8x · EV/EBITDA 5.6x · ROE 12.2%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $70.4B | $88.0B | $99.8B | $54.9B | $37.3B | $17.1B | $11.1B | $10.0B | $4.9B | $6.4B | $3.6B |
| Enterprise Value | $64.6B | $82.1B | $94.2B | $47.0B | $35.0B | $29.9B | $23.3B | $12.1B | $6.5B | $8.0B | $4.8B |
| P/E Ratio → | 16.83 | 19.94 | 22.53 | 11.25 | — | 9.89 | 111.32 | 12.86 | — | 10.79 | 9.18 |
| P/S Ratio | 2.32 | 2.90 | 3.82 | 1.68 | 3.40 | 2.88 | 4.73 | 3.40 | 4.49 | 2.33 | 1.72 |
| P/B Ratio | 1.75 | 2.07 | 3.22 | 2.17 | 2.42 | 1.43 | 1.77 | 3.28 | 2.00 | 2.22 | 1.91 |
| P/FCF | 9.45 | 11.81 | 30.67 | 8.68 | 10.40 | 17.15 | — | 9.55 | 6.14 | 8.06 | 5.85 |
| P/OCF | 9.45 | 11.81 | 30.67 | 8.68 | 9.84 | 16.10 | — | 9.20 | 6.03 | 7.97 | 5.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.71 | 3.61 | 1.44 | 3.19 | 5.03 | 9.90 | 4.12 | 5.91 | 2.87 | 2.34 |
| EV / EBITDA | 5.63 | 7.17 | 10.05 | 6.77 | — | 14.95 | 25.15 | 8.90 | 24.22 | 5.32 | 4.87 |
| EV / EBIT | 6.19 | 8.69 | 12.12 | 8.05 | — | 5.19 | 24.96 | 7.86 | 32.99 | 4.37 | 4.39 |
| EV / FCF | — | 11.02 | 28.95 | 7.44 | 9.77 | 29.97 | — | 11.57 | 8.08 | 9.96 | 7.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.5% | 88.5% | 95.6% | 96.9% | 91.5% | 86.9% | 73.3% | 82.5% | 58.0% | 62.6% | 59.0% |
| Operating Margin | 34.4% | 34.4% | 31.8% | 18.8% | -39.9% | 33.2% | 38.6% | 45.7% | 23.0% | 53.3% | 47.1% |
| Net Profit Margin | 14.8% | 14.8% | 16.9% | 15.0% | -17.9% | 30.9% | 6.7% | 27.6% | -2.6% | 22.0% | 18.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 15.7% | 24.0% | -14.3% | 20.1% | 3.4% | 29.4% | -1.1% | 25.5% | 23.8% |
| ROA | 1.1% | 1.1% | 1.3% | 1.7% | -1.4% | 6.8% | 1.0% | 11.1% | -0.4% | 9.6% | 7.6% |
| ROIC | 16.0% | 16.0% | 16.6% | 16.5% | -13.5% | 6.3% | 4.9% | 17.6% | 3.8% | 23.9% | 20.3% |
| ROCE | 8.8% | 8.8% | 8.1% | 7.2% | -8.8% | 8.2% | 6.2% | 22.5% | 5.0% | 32.5% | 29.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 0.34 | 0.32 | 0.47 | 1.19 | 2.32 | 1.22 | 0.90 | 0.82 | 1.15 |
| Debt / EBITDA | 1.17 | 1.17 | 1.13 | 1.16 | — | 7.09 | 15.77 | 2.74 | 8.30 | 1.58 | 2.15 |
| Net Debt / Equity | — | -0.14 | -0.18 | -0.31 | -0.15 | 1.07 | 1.93 | 0.69 | 0.63 | 0.52 | 0.69 |
| Net Debt / EBITDA | -0.51 | -0.51 | -0.60 | -1.13 | — | 6.40 | 13.13 | 1.55 | 5.83 | 1.02 | 1.29 |
| Debt / FCF | — | -0.79 | -1.71 | -1.24 | -0.63 | 12.82 | — | 2.02 | 1.95 | 1.90 | 2.11 |
| Interest Coverage | 28.98 | 28.98 | 34.40 | 22.65 | -32.46 | 6.36 | 2.45 | 12.10 | 2.16 | 34.47 | 25.40 |
Net cash position: cash ($19.2B) exceeds total debt ($13.4B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.78 | 0.78 | 0.80 | 0.82 | 0.73 | 0.63 | 1.84 | 1.43 | 0.98 | 0.77 | 1.38 |
| Quick Ratio | 0.78 | 0.78 | 0.80 | 0.82 | 0.73 | 0.63 | 1.84 | 1.43 | 0.98 | 0.77 | 1.38 |
| Cash Ratio | 0.06 | 0.06 | 0.06 | 0.07 | 0.05 | 0.34 | 1.49 | 1.07 | 0.58 | 0.27 | 0.48 |
| Asset Turnover | — | 0.07 | 0.07 | 0.10 | 0.04 | 0.20 | 0.10 | 0.34 | 0.18 | 0.40 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 29.0% | 29.0% | 24.7% | 20.7% | — | 28.1% | 350.3% | 53.9% | — | 60.3% | 61.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 5.0% | 4.4% | 8.9% | — | 10.1% | 0.9% | 7.8% | — | 9.3% | 10.9% |
| FCF Yield | 10.6% | 8.5% | 3.3% | 11.5% | 9.6% | 5.8% | — | 10.5% | 16.3% | 12.4% | 17.1% |
| Buyback Yield | 1.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $608M | $604M | $589M | $585M | $237M | $228M | $209M | $200M | $193M | $184M |
Insurance liability volatility
Based on current market data, Apollo trades at a forward P/E of 13.25, which appears to discount the firm relative to pure-play asset managers like Blackstone, likely due to investor skepticism regarding the volatility inherent in its consolidated insurance-heavy business model and complex earnings profile.
The firm's PEG ratio of 0.22 suggests that the market may be significantly underestimating future growth potential, potentially mispricing the durability of spread-related earnings. Investors should monitor whether this valuation gap narrows as the market gains confidence in the sustainability of the Athene-integrated model.
As reported in financial statements, Apollo's ROIC has fluctuated significantly, dropping to 0.5% in 2026Q1 from a peak of 5.9% in 2025Q4, which highlights the difficulty in assessing true compounding power when consolidated insurance investment results introduce substantial noise into the return metrics.
The volatility in ROIC suggests that traditional return metrics are heavily influenced by unrealized gains and losses on the insurance balance sheet rather than the underlying asset management business. Analysts should focus on fee-related return on capital to better gauge the firm's core operational efficiency.
According to recent SEC filings, Apollo has maintained a relatively stable debt-to-equity ratio between 0.31 and 0.36, suggesting a disciplined approach to corporate leverage despite the massive scale of consolidated insurance assets that have expanded the firm's total asset base to $467.5 billion.
While the debt-to-EBITDA ratio has shown volatility, peaking at 39.50 in 2026Q1, this appears to be a function of earnings compression rather than an aggressive debt-funded expansion strategy. The firm's interest coverage remains adequate, though it warrants further investigation as insurance liability costs evolve.
As evidenced by the quarterly data, the P/E ratio is a commonly misapplied metric for Apollo, as GAAP net income is frequently distorted by the full consolidation of Athene's investment portfolio, which introduces non-cash volatility that obscures the firm's actual fee-related and spread-related earnings power.
Investors should prioritize Fee-Related Earnings (FRE) and Spread-Related Earnings (SRE) as more accurate indicators of core profitability. Relying on standard P/E multiples risks misinterpreting the firm's fundamental health by conflating insurance investment volatility with the stable, recurring nature of the asset management business.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying APO stock.
Apollo Global Management, Inc.'s current P/E ratio is 16.8x. The historical average is 23.9x. This places it at the 58th percentile of its historical range.
Apollo Global Management, Inc.'s current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Apollo Global Management, Inc.'s return on equity (ROE) is 12.2%. The historical average is 3.0%.
Based on historical data, Apollo Global Management, Inc. is trading at a P/E of 16.8x. This is at the 58th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apollo Global Management, Inc.'s current dividend yield is 1.75% with a payout ratio of 29.0%.
Apollo Global Management, Inc. has 88.5% gross margin and 34.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Apollo Global Management, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.