The firm maintains a stable debt-to-equity ratio between 0.31 and 0.36, even as total assets expanded significantly to $467.5B by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 265.53B | 260.36B | 215.7B | 176.61B | 133.87B | 2.58B | 3.02B | 2.14B | 1.11B | 1.35B | 2.46B | 1.62B | 3.55B | 4.82B | 4.72B | 7.19B | 5.79B | 2.54B | 1.57B | 4.31B | 11.14B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.18B | 1.35B | 946M | 1.76B | 1.61B | 650.24M | 17.71M | 19.78M | 3.46M | 3.88M | 4.68M | 5.7M | 6.35M | 15.61M | 8.36M | 72.2M | 43.32M | 6.82M | 5.84M | 3.36M | 5.99M |
| Total Non-Current Assets | 202B | 200.59B | 162.19B | 136.88B | 123.34B | 27.92B | 20.65B | 6.4B | 4.88B | 5.64B | 3.17B | 2.94B | 19.62B | 17.66B | 15.92B | 786.7M | 764.63M | 840.47M | 906.41M | 803.76M | 44.04M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 877.14M | 576.71M | 375.13M | 232.71M | 19.99M | 19.18M | 25.15M | 31.64M | 35.91M | 40.25M | 53.45M | 52.68M | 44.7M | 67.79M | 68.06M | 20.18M | 36.45M |
| Fixed Asset Turnover | - | - | - | - | 12.50x | 10.32x | 6.28x | 12.60x | 54.68x | 144.49x | 82.43x | 32.93x | 43.45x | 92.76x | 53.51x | 3.26x | 47.21x | 14.26x | -3.92x | 31.61x | 9.51x |
| Goodwill | 5.91B | 5.92B | 4.33B | 4.33B | 4.32B | 117M | 116.96M | 93.91M | 88.85M | 88.85M | 88.85M | 88.85M | 49.24M | 49.24M | 48.89M | 48.89M | 48.89M | 47.9M | 47.9M | 40.06M | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 23.59M | 20.61M | 18.9M | 18.84M | 22.72M | 28.62M | 60.04M | 94.93M | 137.86M | 81.85M | 64.57M | 69.05M | 81.73M | 95.65M | 0 |
| Long-Term Investments | 604.33B | 157.78B | 125.52B | 106.7B | 98.87B | 26.09B | 19.13B | 5.38B | 4.29B | 5.12B | 2.41B | 2.07B | 18.54B | 16.52B | 14.83B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 467.53B | 460.95B | 377.89B | 313.49B | 257.22B | 30.5B | 23.67B | 8.54B | 5.99B | 6.99B | 5.63B | 4.56B | 23.17B | 22.48B | 20.64B | 7.98B | 6.55B | 3.39B | 2.47B | 5.12B | 11.18B |
| Asset Turnover | 0.07x | 0.07x | 0.07x | 0.10x | 0.04x | 0.20x | 0.10x | 0.34x | 0.18x | 0.40x | 0.37x | 0.23x | 0.07x | 0.17x | 0.14x | 0.02x | 0.32x | 0.29x | -0.11x | 0.12x | 0.03x |
| Asset Growth % | 83.34% | 21.98% | 20.55% | 21.88% | 743.28% | 28.87% | 177.09% | 42.57% | -14.3% | 24.19% | 23.46% | -80.32% | 3.09% | 8.92% | 158.74% | 21.73% | 93.56% | 36.8% | -51.63% | -54.24% | - |
| Total Current Liabilities | 340.18B | 331.9B | 269.62B | 216.44B | 184.33B | 4.11B | 1.64B | 1.49B | 1.13B | 1.75B | 1.78B | 1.69B | 1.78B | 2.66B | 1.68B | 1.24B | 1.53B | 936.35M | 1.07B | 1.03B | 259.09M |
| Accounts Payable | 3.86B | 3.86B | 3.62B | 3.34B | 2.98B | 2.85B | 119.98M | 94.36M | 70.88M | 68.87M | 57.47M | 92.01M | 44.25M | 40.67M | 42.32M | 33.55M | 517.64M | 548.59M | 48.89M | 42.05M | 19.72M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 31M | 35M | 38M | 40.53M | 54.47M | 71.36M | 370.86M | 362.07M | 530.7M | 534.06M | 750M | 728.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.02M | 0 | 14.45M |
| Current Ratio | 0.78x | 0.78x | 0.80x | 0.82x | 0.73x | 0.63x | 1.84x | 1.43x | 0.98x | 0.77x | 1.38x | 0.96x | 1.99x | 1.81x | 2.81x | 5.78x | 3.78x | 2.72x | 1.47x | 4.18x | 42.98x |
| Quick Ratio | 0.78x | 0.78x | 0.80x | 0.82x | 0.73x | 0.63x | 1.84x | 1.43x | 0.98x | 0.77x | 1.38x | 0.96x | 1.99x | 1.81x | 2.81x | 5.78x | 3.78x | 2.72x | 1.47x | 4.18x | 42.98x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 87.81B | 86.54B | 77.3B | 71.8B | 57.49B | 14.43B | 15.73B | 4.01B | 2.41B | 2.35B | 1.98B | 1.48B | 15.45B | 13.13B | 12.58B | 4.08B | 1.94B | 975.2M | 1.08B | 1.08B | 588.84M |
| Long-Term Debt | 14.22B | 13.36B | 10.59B | 8.06B | 6.49B | 13.65B | 14.25B | 3.45B | 2.14B | 1.99B | 1.78B | 1.3B | 14.62B | 12.42B | 11.84B | 3.93B | 751.52M | 933.83M | 1.03B | 1.06B | 93.74M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 428B | 418.43B | 346.92B | 288.24B | 241.82B | 18.54B | 17.37B | 5.5B | 3.54B | 4.09B | 3.76B | 3.17B | 17.23B | 15.79B | 14.93B | 5.33B | 3.47B | 2.09B | 2.15B | 2.71B | 847.93M |
| Total Debt | 14.22B | 13.36B | 10.59B | 8.09B | 7.19B | 14.19B | 14.62B | 3.71B | 2.22B | 2.36B | 2.14B | 1.83B | 15.15B | 13.17B | 12.57B | 3.93B | 751.52M | 933.83M | 1.03B | 1.06B | 93.74M |
| Net Debt | -8.35B | -5.88B | -5.58B | -7.84B | -2.27B | 12.81B | 12.17B | 2.11B | 1.56B | 1.52B | 1.28B | 1.15B | 12.86B | 11B | 9.94B | 3.02B | 281.7M | 567.61M | 644.64M | 294.71M | -115.61M |
| Debt / Equity | 0.36x | 0.31x | 0.34x | 0.32x | 0.47x | 1.19x | 2.32x | 1.22x | 0.90x | 0.82x | 1.15x | 1.32x | 2.55x | 1.97x | 2.20x | 1.48x | 0.24x | 0.72x | 3.15x | 0.44x | 0.01x |
| Debt / EBITDA | 1.32x | 1.17x | 1.13x | 1.16x | - | 7.09x | 15.77x | 2.74x | 8.30x | 1.58x | 2.15x | 6.22x | 25.28x | 6.87x | 14.53x | - | - | - | - | - | 60.79x |
| Net Debt / EBITDA | -0.78x | -0.51x | -0.60x | -1.13x | - | 6.40x | 13.13x | 1.55x | 5.83x | 1.02x | 1.29x | 3.92x | 21.45x | 5.74x | 11.49x | - | - | - | - | - | -74.97x |
| Interest Coverage | 26.54x | 28.98x | 34.40x | 22.65x | -32.46x | 6.36x | 2.45x | 12.10x | 2.16x | 34.47x | 25.40x | 13.54x | 40.17x | 85.81x | 84.88x | -30.63x | 18.92x | -0.33x | -45.74x | 4.60x | 203.90x |
| Total Equity | 39.53B | 42.52B | 30.98B | 25.25B | 15.4B | 11.96B | 6.3B | 3.04B | 2.45B | 2.9B | 1.87B | 1.39B | 5.94B | 6.69B | 5.7B | 2.65B | 3.08B | 1.3B | 325.79M | 2.41B | 10.33B |
| Equity Growth % | 104.81% | 37.23% | 22.72% | 63.95% | 28.7% | 90.03% | 107.23% | 23.91% | -15.39% | 55.17% | 34.45% | -76.63% | -11.14% | 17.28% | 115.36% | -14.06% | 137.19% | 298.76% | -86.47% | -76.69% | - |
| Book Value per Share | 66.44 | 69.94 | 51.29 | 42.87 | 26.34 | 50.57 | 27.67 | 14.55 | 12.26 | 15.05 | 10.15 | 8.02 | 38.26 | 47.03 | 44.03 | 22.76 | 25.47 | 10.74 | 2.69 | 24.84 | 106.55 |
| Total Shareholders' Equity | 19.95B | 23.34B | 17.25B | 14.04B | 6.64B | 3.79B | 1.43B | 1.85B | 1.38B | 1.46B | 835.12M | 649.5M | 1.79B | 2.64B | 2.67B | 726.4M | 150.9M | -304.04M | -497.06M | 96.04M | 484.92M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 5.16B | 7.63B | 6.02B | 2.97B | -1.01B | 1.14B | 0 | 0 | -473.28M | -379.46M | -986.19M | -1.35B | -1.4B | -1.57B | -2.14B | -2.43B | -1.94B | -2.03B | -1.87B | -962.11M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.14B | -2.65B | -5.49B | -5.58B | -7.33B | -5M | -2.07M | -4.58M | -4.16M | -1.81M | -8.72M | -7.62M | 932.86M | 1.58B | 144K | -488K | -1.53M | -4.09M | -6.84M | -6.03M | 0 |
| Minority Interest | 19.58B | 19.17B | 13.73B | 11.2B | 8.76B | 8.18B | 4.87B | 1.19B | 1.08B | 1.43B | 1.03B | 739.48M | 4.16B | 4.05B | 3.04B | 1.92B | 2.93B | 1.6B | 822.84M | 2.31B | 9.85B |
Insurance liability volatility
According to recent financial statements, total assets have surged from $313.5B in 2023Q4 to $467.5B in 2026Q1, yet this rapid expansion has not been matched by proportional equity growth, suggesting that the firm is increasingly reliant on leverage to scale its insurance-linked investment platform.
The trajectory of the balance sheet indicates a deliberate strategy to capture spread income through massive asset accumulation. However, the widening gap between asset growth and equity accumulation warrants caution, as it may imply a diminishing margin of safety for shareholders during periods of credit market stress.
Based on reported figures, total debt has climbed from $8.1B in 2023Q4 to $14.2B in 2026Q1, maintaining a debt-to-equity ratio that has fluctuated between 0.31 and 0.36, which suggests that management is utilizing debt to fund growth while keeping headline leverage metrics within a relatively stable range.
While the absolute debt load has increased, the stability of the D/E ratio indicates that the firm is not over-leveraging its core asset management operations. Investors should monitor whether this debt is being deployed into high-quality credit originations or if it is increasingly used to bridge liquidity gaps in the insurance segment.
As reported in quarterly filings, the firm maintains a massive cash position of $253.2B as of 2026Q1, yet the current ratio remains stubbornly low at 0.78, indicating that the vast majority of these assets are likely restricted or tied to insurance policyholder obligations rather than operational liquidity.
The headline cash figure is misleading because it does not represent free liquidity available for corporate use. The persistent current ratio below 1.0 suggests that the firm relies heavily on the continuous inflow of insurance premiums to meet its short-term obligations, creating a structural dependency on market confidence.
Based on an analysis of the consolidated balance sheet, the inclusion of Athene's assets and liabilities creates a significant distortion, as the $428.0B in total liabilities as of 2026Q1 largely reflects policyholder reserves rather than traditional corporate debt, complicating the assessment of true financial risk.
The consolidation of insurance liabilities makes traditional balance sheet analysis difficult, as these liabilities are inherently linked to the performance of the underlying investment portfolio. This structure creates a non-obvious risk where a decline in asset values could trigger a need for capital injections to maintain insurance regulatory requirements.
Quick answers to the most common questions about buying APOS stock.
As of 2025, Apollo Global Management, Inc. (APOS) had total assets of $460.95B including $260.36B in current assets.
Apollo Global Management, Inc. (APOS) carries total debt of $13.36B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Apollo Global Management, Inc. (APOS) has total shareholders' equity (book value) of $23.34B ($69.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Apollo Global Management, Inc. (APOS) reported a current ratio of 0.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.