Apollo Commercial Real Estate Finance, Inc. (ARI) Financial Ratios
17 years of historical data (2009–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↑
19.38
+13% vs avg
5yr avg: 17.16
30Y Low10.0·High35.2
P/FCF
↑
34.00
↑+73% vs avg
5yr avg: 19.61
30Y Low7.0·High39.3
P/B Ratio
↓
0.81
+5% vs avg
5yr avg: 0.77
30Y Low0.6·High1.2
ROE
↓
6.8%
↓+38% vs avg
5yr avg: 4.9%
30Y Low-6%·High11%
Debt/EBITDA
↑
16.65
+17% vs avg
5yr avg: 14.26
30Y Low3.6·High27.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ARI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Apollo Commercial Real Estate Finance, Inc. trades at 13.4x earnings, 21% below its 5-year average of 17.0x, sitting at the 86th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 44%. On a free-cash-flow basis, the stock trades at 34.0x P/FCF, 73% above the 5-year average of 19.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.3B | $1.2B | $1.7B | $1.8B | $2.2B | $1.7B | $3.2B | $2.6B | $1.9B | $1.2B |
| Enterprise Value | $9.2B | $9.1B | $7.3B | $8.4B | $8.5B | $7.9B | $5.9B | $6.9B | $4.9B | $3.7B | $2.4B |
| P/E Ratio → | 13.37 | 11.95 | — | 40.48 | 6.40 | 9.01 | 1175.79 | 13.06 | 11.26 | 12.22 | 9.72 |
| P/S Ratio | 2.02 | 1.89 | 1.72 | 2.13 | 2.78 | 5.26 | 4.82 | 6.57 | 6.20 | 6.48 | 4.11 |
| P/B Ratio | 0.81 | 0.72 | 0.65 | 0.75 | 0.76 | 0.97 | 0.73 | 1.22 | 1.02 | 0.89 | 0.63 |
| P/FCF | 34.00 | 31.77 | 39.33 | 8.24 | 7.59 | 11.12 | 10.08 | 11.76 | 9.64 | 12.17 | 10.39 |
| P/OCF | 10.10 | 9.43 | 6.04 | 6.06 | 6.65 | 11.12 | 10.08 | 11.76 | 9.64 | 12.06 | 10.25 |
P/E links to full P/E history page with 30-year chart
ARI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Apollo Commercial Real Estate Finance, Inc.'s enterprise value stands at 19.4x EBITDA, 13% above its 5-year average of 17.2x. The Real Estate sector median is 17.0x, placing the stock at a 14% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.84 | 10.38 | 10.80 | 13.30 | 18.71 | 17.16 | 14.09 | 11.91 | 12.86 | 8.19 |
| EV / EBITDA | 19.38 | 19.18 | 16.96 | 17.63 | 13.11 | 18.90 | 35.16 | 17.99 | 14.72 | 13.67 | 10.96 |
| EV / EBIT | 19.85 | 15.54 | 18.93 | 15.99 | 15.92 | 20.42 | 35.16 | 17.99 | 14.72 | 13.67 | 10.96 |
| EV / FCF | — | 215.60 | 236.82 | 41.68 | 36.34 | 39.56 | 35.85 | 25.20 | 18.52 | 24.14 | 20.72 |
ARI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Apollo Commercial Real Estate Finance, Inc. earns an operating margin of 65.4%, significantly above the Real Estate sector average of 24.8%. Operating margins have expanded from 60.2% to 65.4% over the past 3 years, signaling improving operational efficiency. ROE of 6.8% is modest. ROIC of 4.0% represents below-average returns on invested capital.
Margins
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 | 80.1% | 80.1% | 79.9% | 83.6% | 85.6% | 85.0% | 88.4% | 91.7% | 91.2% | 89.0% | 92.1% |
| Operating Margin | 65.4% | 65.4% | 59.5% | 60.2% | 101.3% | 98.4% | 40.5% | 42.6% | 88.5% | 61.9% | 53.1% |
| Net Profit Margin | 17.8% | 17.8% | -17.1% | 7.5% | 41.4% | 53.1% | 5.4% | 47.1% | 53.2% | 67.0% | 53.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | -5.9% | 2.5% | 11.4% | 9.8% | 0.8% | 9.0% | 9.6% | 9.6% | 9.5% |
| ROA | 1.4% | 1.4% | -1.4% | 0.6% | 2.9% | 2.9% | 0.3% | 3.8% | 4.8% | 5.1% | 5.1% |
| ROIC | 4.0% | 4.0% | 3.7% | 3.9% | 5.7% | 4.3% | 1.6% | 2.8% | 6.2% | 3.8% | 4.1% |
| ROCE | 5.6% | 5.6% | 5.3% | 5.3% | 8.0% | 6.1% | 2.2% | 4.0% | 9.6% | 4.7% | 5.1% |
ARI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Apollo Commercial Real Estate Finance, Inc. carries a Debt/EBITDA ratio of 16.7x, which is highly leveraged (110% above the sector average of 7.9x). Net debt stands at $7.8B ($7.9B total debt minus $140M cash). Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.27 | 4.27 | 3.41 | 3.15 | 2.96 | 2.62 | 2.01 | 1.57 | 0.98 | 0.92 | 0.76 |
| Debt / EBITDA | 16.65 | 16.65 | 14.88 | 14.62 | 10.72 | 14.41 | 27.22 | 10.77 | 7.39 | 7.07 | 6.65 |
| Net Debt / Equity | — | 4.19 | 3.24 | 3.05 | 2.87 | 2.47 | 1.86 | 1.40 | 0.94 | 0.88 | 0.63 |
| Net Debt / EBITDA | 16.36 | 16.36 | 14.14 | 14.14 | 10.38 | 13.59 | 25.28 | 9.59 | 7.06 | 6.78 | 5.47 |
| Debt / FCF | — | 183.83 | 197.48 | 33.44 | 28.76 | 28.44 | 25.77 | 13.44 | 8.88 | 11.97 | 10.33 |
| Interest Coverage | 1.28 | 1.28 | 0.76 | 1.13 | 1.98 | 2.38 | 1.12 | 2.51 | 2.92 | 3.47 | 3.48 |
ARI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.30x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.30 | 0.30 | 0.37 | 0.34 | 0.64 | 0.31 | 0.73 | 0.60 | 0.18 | — | — |
| Quick Ratio | 0.30 | 0.30 | 0.37 | 0.34 | 0.64 | 0.31 | 0.73 | 0.60 | 0.18 | — | — |
| Cash Ratio | 0.20 | 0.20 | 0.32 | 0.26 | 0.49 | 0.28 | 0.65 | 0.56 | 0.14 | — | — |
| Asset Turnover | — | 0.07 | 0.08 | 0.08 | 0.07 | 0.05 | 0.05 | 0.07 | 0.08 | 0.07 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ARI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Apollo Commercial Real Estate Finance, Inc. returns 9.4% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 111.5%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 7.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 9.4% | 10.5% | 15.4% | 12.2% | 11.3% | 9.0% | 14.4% | 8.4% | 8.9% | 9.8% | 10.9% |
| Payout Ratio | 111.5% | 111.5% | — | 347.5% | 75.6% | 89.3% | 1293.7% | 117.0% | 103.3% | 95.3% | 83.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 8.4% | — | 2.5% | 15.6% | 11.1% | 0.1% | 7.7% | 8.9% | 8.2% | 10.3% |
| FCF Yield | 2.9% | 3.1% | 2.5% | 12.1% | 13.2% | 9.0% | 9.9% | 8.5% | 10.4% | 8.2% | 9.6% |
| Buyback Yield | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 7.7% | 0.0% | 0.0% | 6.3% | 0.0% |
| Total Shareholder Yield | 9.4% | 10.5% | 18.7% | 12.2% | 11.3% | 9.0% | 22.1% | 8.4% | 8.9% | 16.1% | 10.9% |
| Shares Outstanding | — | $139M | $140M | $141M | $166M | $168M | $148M | $176M | $154M | $101M | $73M |
Peer Comparison
Compare ARI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ARIYou | $1B | 13.4 | 19.4 | 34.0 | 80.1% | 65.4% | 6.8% | 4.0% | 16.7 |
 BXMT | $3B | 28.3 | 16.2 | 11.1 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 KREF | $454M | -6.7 | 18.5 | 6.8 | 88.3% | 59.3% | -3.6% | 3.4% | 17.1 |
 TRTX | $665M | 15.1 | 15.1 | 7.4 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 GPMT | $63M | -1.1 | 20.6 | 23.7 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 RC | $289M | -1.2 | 47.7 | — | 87.7% | 24.2% | -12.8% | 1.2% | 47.4 |
 ACRE | $256M | -281.7 | 18.2 | 13.0 | 57.4% | 72.4% | -0.2% | 2.9% | 14.9 |
 LADR | $1B | 20.0 | 17.2 | 14.9 | 71.8% | 62.0% | 4.3% | 4.4% | 12.7 |
 BRSP | $722M | -21.3 | 18.7 | 9.9 | 49.6% | 39.5% | -3.2% | 3.0% | 14.8 |
 FBRT | $649M | 13.2 | 48.5 | 2.2 | — | — | 5.4% | 1.2% | 43.6 |
 SACH | $45M | 23.7 | 11.0 | 17.8 | 97.8% | 58.8% | 3.5% | 4.8% | 9.8 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
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ARI — Frequently Asked Questions
Quick answers to the most common questions about buying ARI stock.
What is Apollo Commercial Real Estate Finance, Inc.'s P/E ratio?
Apollo Commercial Real Estate Finance, Inc.'s current P/E ratio is 13.4x. The historical average is 13.3x. This places it at the 86th percentile of its historical range.
What is Apollo Commercial Real Estate Finance, Inc.'s EV/EBITDA?
Apollo Commercial Real Estate Finance, Inc.'s current EV/EBITDA is 19.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
What is Apollo Commercial Real Estate Finance, Inc.'s ROE?
Apollo Commercial Real Estate Finance, Inc.'s return on equity (ROE) is 6.8%. The historical average is 6.6%.
Is ARI stock overvalued?
Based on historical data, Apollo Commercial Real Estate Finance, Inc. is trading at a P/E of 13.4x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Apollo Commercial Real Estate Finance, Inc.'s dividend yield?
Apollo Commercial Real Estate Finance, Inc.'s current dividend yield is 9.39% with a payout ratio of 111.5%.
What are Apollo Commercial Real Estate Finance, Inc.'s profit margins?
Apollo Commercial Real Estate Finance, Inc. has 80.1% gross margin and 65.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Apollo Commercial Real Estate Finance, Inc. have?
Apollo Commercial Real Estate Finance, Inc.'s Debt/EBITDA ratio is 16.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.