Latest Ratios: P/E Ratio 3.5x · EV/EBITDA 0.8x · 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 | $14.8B | $16.0B | $16.0B | $16.2B | — | — | — | — | — | — | — |
| Enterprise Value | $8.9B | $10.1B | $10.4B | $8.3B | — | — | — | — | — | — | — |
| P/E Ratio → | 3.52 | 3.63 | 3.61 | 3.32 | — | — | — | — | — | — | — |
| P/S Ratio | 0.49 | 0.53 | 0.61 | 0.50 | — | — | — | — | — | — | — |
| P/B Ratio | 0.37 | 0.38 | 0.52 | 0.64 | — | — | — | — | — | — | — |
| P/FCF | 1.98 | 2.15 | 4.92 | 2.56 | — | — | — | — | — | — | — |
| P/OCF | 1.98 | 2.15 | 4.92 | 2.56 | — | — | — | — | — | — | — |
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 | — | 0.33 | 0.40 | 0.26 | — | — | — | — | — | — | — |
| EV / EBITDA | 0.78 | 0.88 | 1.11 | 1.20 | — | — | — | — | — | — | — |
| EV / EBIT | 0.85 | 1.07 | 1.34 | 1.43 | — | — | — | — | — | — | — |
| EV / FCF | — | 1.36 | 3.20 | 1.32 | — | — | — | — | — | — | — |
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 | 8.4% | 8.1% | 6.8% | 6.3% | — | — | — | — | — | — | — |
| 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 | 28.4% | 27.6% | 27.7% | 30.1% | — | — | — | — | — | — | — |
| FCF Yield | 50.4% | 46.5% | 20.3% | 39.1% | — | — | — | — | — | — | — |
| Buyback Yield | 5.2% | 4.8% | 5.6% | 3.5% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 13.6% | 12.9% | 12.4% | 9.7% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $608M | $604M | $589M | $585M | $237M | $228M | $209M | $200M | $193M | $184M |
Insurance liability volatility
According to current market data, APOS trades at a forward P/E of 2.75, which, when compared to pure-play asset managers like Blackstone, suggests that investors are applying a significant conglomerate discount to the firm's integrated insurance-linked earnings profile rather than valuing it as a high-growth credit platform.
The extremely low P/E and P/S multiples relative to the broader alternative asset management peer group indicate that the market remains skeptical of the durability of spread-based income. This valuation gap warrants further investigation into whether the market is mispricing the firm's ability to generate consistent fee-related earnings versus the cyclicality of its insurance investment portfolio.
Based on reported financial statements, the firm's ROIC has fluctuated significantly, dropping to 0.5% in 2026Q1 from a 5.9% peak in 2025Q4, which suggests that the integration of Athene's capital-heavy balance sheet creates substantial volatility in returns that may not reflect the underlying performance of the asset management engine.
The wide variance in ROIC highlights the difficulty in assessing capital efficiency when insurance assets are consolidated into the corporate structure. Investors should monitor whether the firm can maintain stable returns on invested capital as it scales its private credit origination, or if the insurance-linked model inherently dilutes the high-margin potential of the core asset management business.
As reported in recent quarterly filings, the firm maintains a current ratio of 0.78, which, while appearing low, must be interpreted in the context of the massive insurance reserves that dominate the balance sheet and are not readily available for general corporate liquidity or debt service requirements.
The consistency of the current ratio near 0.80 suggests a structural alignment between assets and liabilities within the retirement services segment rather than a liquidity crisis. However, this reliance on insurance-linked assets means that the firm's true operational liquidity is far more constrained than the headline cash balance would imply, necessitating a cautious view on short-term financial flexibility.
Based on an analysis of the firm's unique business model, the most commonly misapplied metric is the traditional P/E ratio, which fails to account for the non-cash volatility and accounting distortions introduced by the consolidation of Athene's insurance liabilities and investment portfolio into the firm's GAAP earnings.
Using P/E to evaluate APOS obscures the underlying cash-generating capacity of the fee-related earnings, which are far more stable than the headline net income suggests. Analysts should instead prioritize Distributable Earnings (DE) as a more accurate proxy for the firm's true earning power and its ability to sustain dividend payments and capital reinvestment.
Includes 30+ ratios · 20 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying APOS stock.
Apollo Global Management, Inc.'s current P/E ratio is 3.5x. The historical average is 3.5x. This places it at the 33th percentile of its historical range.
Apollo Global Management, Inc.'s current EV/EBITDA is 0.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.1x.
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 3.5x. This is at the 33th 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 8.35% 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.