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Apollo Global Management
(NYSE:APO)
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Rating:77Outperform
Price Target:
$127.00
â–¼(-4.64% Downside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by strong financial performance (notably robust free cash flow and healthy operating margins) and a very positive earnings call emphasizing record FRE/SRE, record inflows, and reiterated 2026 growth and margin targets. Technicals are supportive with an established uptrend, but overbought signals add near-term risk. Valuation is the main constraint, with a premium P/E and only a modest dividend yield.
Positive Factors
Durable fee-bearing asset growth
Rapid growth in fee-generating assets expands Apollo’s recurring management-fee base, while the high share of perpetual capital can reduce dependence on fundraising cycles and fund maturities. This supports more durable revenue visibility and operating leverage over the next several quarters.
Negative Factors
Volatile realization-driven earnings
Volatile realizations make part of Apollo’s earnings dependent on transaction timing rather than recurring fees alone. Slower monetizations can delay performance income and create uneven results, reducing predictability even when underlying portfolios and fundraising remain healthy.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable fee-bearing asset growth
Rapid growth in fee-generating assets expands Apollo’s recurring management-fee base, while the high share of perpetual capital can reduce dependence on fundraising cycles and fund maturities. This supports more durable revenue visibility and operating leverage over the next several quarters.
Read all positive factors
Apollo Global Management Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows revenue distribution across various segments, indicating which areas are most lucrative and where the company might focus future growth efforts.
Shows revenue distribution across various segments, indicating which areas are most lucrative and where the company might focus future growth efforts.
Data provided by:
The Fly
The FlyApollo Global Management (APO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$65.96B
Dividend Yield1.92%
Average Volume (3M)3.23M
Price to Earnings (P/E)24.2
Beta (1Y)1.78
Revenue Growth39.52%
EPS Growth-48.06%
CountryUS
Employees6,140
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)4.62
Shares Outstanding590,543,150
10 Day Avg. Volume3,671,118
30 Day Avg. Volume3,229,306
Financial Highlights & Ratios
PEG Ratio-1.06
Price to Book (P/B)3.77
Price to Sales (P/S)2.75
P/FCF Ratio11.81
Enterprise Value/Market Cap1.20
Enterprise Value/Revenue2.20
Enterprise Value/Gross Profit2.61
Enterprise Value/Ebitda8.37
Forecast
1Y Price Target
$151.60Price Target Upside13.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)8.66
Revenue Forecast (FY)$22.92B
Apollo Global Management Business Overview & Revenue Model
Company Description
Apollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spec...
How the Company Makes Money
Apollo primarily makes money through (1) fees earned for managing client capital and (2) investment-related earnings tied to its balance-sheet and affiliated businesses.
1) Management fees (recurring, AUM-based): Apollo earns management fees for ...
Apollo Global Management Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based momentum across origination, fee-related and spread-related earnings, record capital formation, durable AUM growth and tangible operational progress (daily NAV, ICE IDs, market making). Management reiterated targets (20%+ FRE growth; 10% SRE growth) and provided concrete metrics (FRE +25% YoY, SRE +11% YoY, $74B origination, $60B inflows). Notable near-term challenges include lumpy monetizations/realizations, elevated retail redemptions (improving), ongoing investment-driven expense growth and competitive/regulatory pressures in the annuity market. On balance, the positive financial performance, pipeline strength, product innovation and maintained guidance materially outweigh the challenges mentioned.Positive Updates
Record Fee-Related and Spread-Related Earnings
Fee-related earnings (FRE) reached a record $785 million ($1.26/share), up 25% year-over-year and 8% quarter-over-quarter. Spread-related earnings (SRE) were a record $877 million ($1.41/share), up 11% year-over-year (adjusted) and 5% quarter-over-quarter. Combined adjusted net income was $1.3 billion ($2.11/share).
Negative Updates
Monetizations and Market-Driven Realizations Lumpy
Management noted monetizations were slow and the private investment income (PII) / realized gains line is volatile quarter-to-quarter. The Intel repayment produced a lumpier asset roll-off despite an almost $700 million realized GAAP gain at Athene, creating timing variability in results.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Fee-Related and Spread-Related Earnings
Fee-related earnings (FRE) reached a record $785 million ($1.26/share), up 25% year-over-year and 8% quarter-over-quarter. Spread-related earnings (SRE) were a record $877 million ($1.41/share), up 11% year-over-year (adjusted) and 5% quarter-over-quarter. Combined adjusted net income was $1.3 billion ($2.11/share).
Read all positive updates
Company Guidance
Apollo reiterated a confident 2026 outlook anchored in strong Q2 results and forward indicators: fee‑related earnings (FRE) reached a record $785M ($1.26/sh), up 25% YoY and 8% QoQ (management fees +23% YoY), spread‑related earnings (SRE) were $877M ($1.41/sh) and adjusted net income totaled $1.3B ($2.11/sh); capital solutions fees hit $277M (5th straight quarter >$200M) across 100+ transactions. Origination momentum remains high with $74B in Q2 ($150B 1H, ~$320B LTM), including $68B of debt (≈75% IG at avg BBB+, 25% sub‑IG at avg single B) producing excess spreads of ~280bps (IG) and ~440bps (sub‑IG) over Treasuries; $50B of signed/announced deals will benefit upcoming quarters (Broadcom $35B financing fees to be recognized as draws weighted to Q4 ’26 and 1H ’27). Capital formation was a record $60B in Q2 ($38B asset management, $22B Athene), AUM and fee‑generating AUM are +25% and +34% YoY, perpetual capital is 60% of AUM (70% of fee‑AUM), dry powder is $82B (incl. $62B future fee potential, ~70% credit, ~ $400M annual fee impact when deployed), AMAPS reached $25B, Fund XI >$12B, and Athene GIA grew to $414B with YTD inflows $42B (Q2 inflows $22B; retail $12B, flow reinsurance $4B) as Athene stays on pace for an $85B full‑year target. Management targets remain: 20%+ FRE growth for the year, ~100bps of FRE margin expansion for 2026 (FRE margin 58.5%, +80bps QoQ, +120bps YoY; YTD +90bps) and ~10% SRE growth for the full year assuming an 11% alternatives return; capital returns included ~$100M buybacks in Q2 and $1.6B returned over the last 12 months.Apollo Global Management Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.95B | 32.05B | 26.11B | 32.64B | 10.97B | 5.95B |
| Gross Profit | 30.36B | 30.61B | 24.97B | 31.62B | 10.04B | 5.17B |
| EBITDA | 9.45B | 8.48B | 8.85B | 6.65B | -3.50B | 5.79B |
| Net Income | 1.88B | 3.49B | 4.43B | 4.88B | -1.96B | 1.84B |
Balance Sheet | ||||||
| Total Assets | 494.05B | 460.95B | 377.89B | 313.49B | 257.22B | 30.50B |
| Cash, Cash Equivalents and Short-Term Investments | 26.82B | 248.06B | 205.98B | 170.24B | 127.37B | 1.38B |
| Total Debt | 13.73B | 13.36B | 10.59B | 8.09B | 7.19B | 14.19B |
| Total Liabilities | 452.57B | 418.43B | 346.92B | 288.24B | 241.82B | 18.54B |
| Stockholders Equity | 21.01B | 23.34B | 17.25B | 14.04B | 6.64B | 3.79B |
Cash Flow | ||||||
| Free Cash Flow | 7.99B | 7.45B | 3.25B | 6.32B | 3.59B | 999.31M |
| Operating Cash Flow | 7.99B | 7.45B | 3.25B | 6.32B | 3.79B | 1.06B |
| Investing Cash Flow | -48.38B | -61.24B | -61.80B | -42.41B | -23.44B | -1.55B |
| Financing Cash Flow | 53.85B | 57.27B | 57.97B | 42.64B | 28.71B | 109.00M |
Apollo Global Management Technical Analysis
Negative
133.18
Price Trends
125.21
Negative
125.17
Negative
123.76
Negative
Market Momentum
-3.67
Positive
33.10
Neutral
10.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APO, the sentiment is Negative. The current price of 133.18 is above the 20-day moving average (MA) of 115.55, above the 50-day MA of 125.21, and above the 200-day MA of 123.76, indicating a bearish trend. The MACD of -3.67 indicates Positive momentum. The RSI at 33.10 is Neutral, neither overbought nor oversold. The STOCH value of 10.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for APO.
Apollo Global Management Risk Analysis
Apollo Global Management disclosed 40 risk factors in its most recent earnings report. Apollo Global Management reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Apollo Global Management Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $65.96B | 24.18 | 8.58% | 1.92% | 39.52% | -48.06% | |
72 Outperform | $80.08B | 26.75 | 10.32% | 0.85% | 31.83% | 48.98% | |
71 Outperform | $137.02B | 24.35 | 40.87% | 4.77% | 22.60% | 20.33% | |
70 Outperform | $17.07B | 36.13 | 18.59% | 5.08% | 29.91% | 507.73% | |
68 Neutral | $38.65B | 51.10 | 15.20% | 4.42% | 33.64% | 22.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $13.29B | 36.81 | 6.07% | 3.76% | -44.06% | -71.02% |
* Financial Sector Average
APO
Apollo Global Management
114.83
-6.22
-5.14%
KKR
KKR & Co
93.09
-27.00
-22.48%
BX
Blackstone Group
118.75
-30.19
-20.27%
CG
Carlyle Group
39.20
-16.78
-29.98%
ARES
Ares Management
123.70
-18.83
-13.21%
TPG
TPG
46.17
-7.22
-13.52%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.