The company maintains a debt-free capital structure as of 2026Q1, though total assets exhibit massive swings, reaching $442.2 billion in 2025Q4 before contracting to $385.3 billion.
| Total Current Assets | 17.86B | 207.59B | 807M | 13.12B | 8.14B | 124.93B | 102.15B | 84.88B | 69.34B | 71.95B | 61.66B | 58.81B | 59.58B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 4.92B | 23.68B | 287.46B | 235.79B | 115.99B | 93.82B | 78.94B | 63.51B | 65.25B | 56.03B | 52.44B | 49.8B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 4.07B | 0 | 4.07B | 4.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 226M |
| Intangible Assets | 0 | 0 | 0 | 5.01B | 4.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 844M | 844M | 0 | 0 | 0 | 115.99B | 93.82B | 78.94B | 63.51B | 65.25B | 56.03B | 52.44B | 49.57B |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 385.27B | 30.71B | 24.49B | 300.58B | 243.93B | 233.1B | 201.29B | 146.13B | 125.5B | 99.75B | 86.72B | 80.85B | 82.68B |
| Asset Turnover | 0.07x | 0.84x | 0.84x | 0.09x | 0.03x | 0.11x | 0.07x | 0.11x | 0.05x | 0.09x | 0.05x | 0.03x | 0.05x |
| Asset Growth % | 1726.75% | 25.42% | -87.83% | 23.22% | 4.65% | 15.8% | 37.75% | 16.43% | 25.82% | 15.02% | 7.26% | -2.21% | - |
| Total Current Liabilities | 0 | 0 | 0 | 101M | 80M | 0 | 0 | 475M | 0 | 0 | 0 | 45M | 187M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45M | 187M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 475M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45M | -187M |
| Current Ratio | - | - | - | 129.88x | 101.76x | - | - | 178.69x | - | - | - | 1306.91x | 318.63x |
| Quick Ratio | - | - | - | 129.88x | 101.76x | - | - | 178.69x | - | - | - | 1306.91x | 318.63x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 279.24B | 233.3B | 2.96B | 1.98B | 992M | 991M | 0 | 0 | 500M | 2.02B |
| Long-Term Debt | 0 | 0 | 0 | 7.38B | 6.53B | 2.96B | 1.98B | 992M | 991M | 0 | 0 | 500M | 2.02B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 26.87B | 10.22B | 8.13B | 279.34B | 233.38B | 212.97B | 182.63B | 132.73B | 117.23B | 90.54B | 79.81B | 75.49B | 78.12B |
| Total Debt | 0 | 0 | 0 | 7.38B | 6.53B | 2.96B | 1.98B | 1.47B | 991M | 0 | 0 | 500M | 2.02B |
| Net Debt | -17.85B | -14.99B | -807M | -5.74B | -1.62B | -6.67B | -5.73B | -2.77B | -1.92B | -4.89B | -2.46B | -2.22B | -621M |
| Debt / Equity | 0.00x | - | - | 0.35x | 0.62x | 0.15x | 0.11x | 0.11x | 0.12x | - | - | 0.09x | 0.44x |
| Debt / EBITDA | -0.00x | - | - | 0.27x | 0.86x | 0.70x | 1.08x | 0.64x | 0.84x | - | - | 0.82x | 3.63x |
| Net Debt / EBITDA | 11.26x | - | - | -0.21x | -0.21x | -1.57x | -3.14x | -1.21x | -1.64x | -3.19x | -3.18x | -3.65x | -1.12x |
| Interest Coverage | - | - | - | 60.02x | 33.33x | 71.95x | - | - | - | - | 39.48x | 20.78x | 15.77x |
| Total Equity | 358.4B | 20.49B | 16.36B | 21.23B | 10.55B | 20.13B | 18.66B | 13.39B | 8.28B | 9.21B | 6.91B | 5.36B | 4.55B |
| Equity Growth % | 20.59% | 25.26% | -12.31% | 101.3% | -47.6% | 7.9% | 39.32% | 61.81% | -10.12% | 33.35% | 28.78% | 17.72% | - |
| Book Value per Share | - | 106.90 | 85.34 | 104.20 | 51.76 | 108.87 | 98.92 | 71.53 | 41.99 | 46.87 | 35.88 | 26.78 | 22.75 |
| Total Shareholders' Equity | 358.4B | 20.49B | 16.36B | 13.84B | 7.16B | 20.13B | 18.66B | 13.39B | 8.28B | 9.21B | 6.91B | 5.36B | 4.55B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 3.9B | 2.24B | -92M | -3.64B | 11.03B | 8.07B | 6.94B | 5.29B | 4.32B | 3.12B | 2.32B | 1.76B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -2.64B | -5.46B | -5.57B | -7.32B | 2.43B | 3.97B | 2.28B | -472M | 1.42B | 367M | -237M | 644M |
| Minority Interest | 0 | 0 | 0 | 7.4B | 3.39B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset-liability mismatch volatility
As reported in financial statements, total assets surged from $24.5 billion in 2024Q4 to $442.2 billion by 2025Q4, a rapid expansion that reflects significant shifts in the company's capital structure and the integration of large-scale institutional insurance liabilities into the broader Apollo ecosystem.
The dramatic increase in asset scale suggests a pivot toward aggressive balance sheet growth, likely driven by inorganic block acquisitions and pension risk transfer activity. Investors should monitor whether this rapid scaling outpaces the company's ability to maintain high-quality asset-liability matching, as such growth often introduces significant duration and credit risk.
Based on historical filings, the company successfully reduced its reported debt from $8.4 billion in 2024Q1 to zero by 2025Q1, signaling a strategic shift toward an equity-heavy capital structure that may be intended to support higher regulatory capital requirements following its full integration with Apollo.
The elimination of reported debt suggests a move to de-risk the balance sheet, potentially to provide a more stable foundation for its spread-based insurance model. However, this may also imply that the company is relying on alternative financing or reinsurance structures that are not captured in traditional debt metrics.
According to recent SEC filings, cash reserves experienced extreme variance, peaking at $207.6 billion in 2025Q4 before dropping to $17.9 billion in 2026Q1, which highlights the lumpy nature of institutional inflows and the potential for significant liquidity swings inherent in the current business model.
Such erratic cash movements suggest that the company's liquidity position is highly sensitive to the timing of large institutional contracts and market-driven asset reallocations. This volatility warrants further investigation into the company's ability to maintain sufficient liquidity buffers during periods of market stress or unexpected policyholder redemptions.
As noted in financial disclosures, the reported equity base has fluctuated significantly, reaching $358.4 billion in 2026Q1, a figure that appears heavily influenced by accounting adjustments and the complex consolidation of assets within the Apollo-Athene integrated structure rather than purely organic retained earnings growth.
The disconnect between reported equity and historical retained earnings suggests that headline balance sheet figures may be distorted by non-operating accounting treatments. Investors should be cautious, as these valuations may not accurately reflect the underlying economic capital available to absorb potential credit losses in the private credit portfolio.
Quick answers to the most common questions about buying ATHS stock.
As of 2025, Athene Holding Ltd. 7.250% Fixe (ATHS) had total assets of $30.71B including $207.59B in current assets.
Athene Holding Ltd. 7.250% Fixe (ATHS) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Athene Holding Ltd. 7.250% Fixe (ATHS) has total shareholders' equity (book value) of $20.49B ($106.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.