Share count
594Mpeak FY2024
← All companies ← APOG Manual APP → ← APO Capital Markets & Asset Management APPS →
APOS, Apollo Global Management, Inc.
Capital Markets & Asset Management financial
Apollo's direct origination platform is built to offer companies a variety of financing solutions across investment grade and below investment grade, and public and private markets.
As an asset manager, we earn fees for providing investment management services and expertise to our client base.
After expenses, we call the resulting earning stream "Fee Related Earnings" or "FRE", which represents the primary performance measure for the Asset Management segment.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$32.0B
+22.7% YoY · 69% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $31.6B 5-yr avg $21.5B
Net margin 3.6% 5-yr avg 11.4%
Revenue $5.1B −8.8% vs yr-ago qtr
Net income ($1.4B) yr-ago $938M
Net margin −27.9% yr-ago 16.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Retirement Services (84%) and Asset Management (16%).
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median 14%). It earns this on little capital, so return on equity has run near 21%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Retirement Services is 84% of revenue, with Asset Management the other meaningful segment at 16%.
Revenue by reportable segment, FY2025
- Retirement Services84%$27.0B
- Asset Management16%$5.0B
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2020–2025
realized figures from each filing · older years to the left| 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| $2.4B | $6.0B | $11.0B | $32.6B | $26.1B | $32.0B | $31.6B | RevenueRevenue |
| 10.3% | 40.9% | −24.6% | 12.6% | 21.6% | 14.9% | 12.3% | Operating marginOp. mgn |
| 6.7% | 30.9% | −17.9% | 15.5% | 17.5% | 10.9% | 3.6% | Net marginNet mgn |
| $157M | $1.8B | ($2.0B) | $5.0B | $4.6B | $3.5B | $1.1B | Net incomeNet inc. |
| 35% | 24% | — | — | 19% | 27% | — | Effective tax rateTax rate |
| Cash flow & returns | |||||||
| 3% | 49% | -30% | 36% | 27% | 15% | 6% | Return on equityROE |
| −7% | 35% | −44% | 29% | 20% | 10% | −0% | Retained to equityRetained/eq |
| Balance sheet | |||||||
| — | $30.5B | $257.2B | $313.5B | $377.9B | $460.9B | $467.5B | Total assetsAssets |
| $1.6B | $917M | $9.0B | $17.7B | $17.1B | $20.6B | $23.7B | Cash & investmentsCash+inv |
| $5.5B | $3.8B | $6.6B | $14.0B | $17.3B | $23.3B | $20.0B | Shareholders’ equityEquity |
| Per share | |||||||
| 228M | 237M | 585M | 589M | 604M | 594M | 595M | Shares out (diluted)Shares |
| $10.35 | $25.16 | $18.76 | $55.44 | $43.23 | $53.99 | $53.06 | Revenue / shareRev/sh |
| $0.69 | $7.77 | $-3.35 | $8.57 | $7.58 | $5.88 | $1.92 | EPS (diluted)EPS |
| $2.42 | $2.19 | $1.65 | $1.72 | $1.81 | $2.02 | $2.08 | Dividends / shareDiv/sh |
| $24.23 | $16.02 | $11.36 | $23.85 | $28.56 | $39.32 | $33.54 | Book value / shareBVPS |
The diluted share count moved ×2.47 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 5-yr | 5-yr | |
|---|---|---|
| Revenue / share | +39.2%/yr | +39.2%/yr |
| EPS | +53.5%/yr | +53.5%/yr |
| Dividends / share | −3.5%/yr | −3.5%/yr |
| Book value / share | +10.2%/yr | +10.2%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Asset Management+19.7%
“Asset Management Revenues Revenues were $5.0 billion in 2025, an increase of $824 million from $4.2 billion in 2024, primarily driven by an increase in management fees and advisory and transaction fees, net, and incentive fees, partially offset by a decrease in investment income.”
✓ figure matches the filed record
The record, charted
FY2020–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$32.0Blow FY2020
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Operating margin 14.9%Modest fee marginOperating income $4.8B ÷ revenue $32.0BIndustry peers: median 35%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 10.9%SolidNet income $3.5B ÷ revenue $32.0B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 15%SolidNet income $3.5B ÷ equity $23.3BIndustry peers: median 14%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“In addition, some of our competitors may be more successful than us in the development and implementation of new technologies, including services and platforms based on artificial intelligence, to address investor demands or improve operations.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2021 | Leon Black | $357k | $357k | $1.8B |
| 2021 | Marc Rowan | $302k | $302k | $1.8B |
| 2022 | Marc Rowan | $310k | $310k | ($2.0B) |
| 2023 | Marc Rowan | $321k | $321k | $5.0B |
| 2024 | Marc Rowan | $763k | $763k | $4.6B |
| 2025 | Marc Rowan | $913k | $913k | $3.5B |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- Insider ownership8.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$789M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 17% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| APOSApollo Global Management, Inc. | $32.0B | 13.8% | 13.2% | 21% |
| BLKBlackRock Inc. | $24.2B | 35.4% | 29.9% | 14% |
| KKRKKR & Co. Inc. | $19.5B | 75.8% | 28.6% | 14% |
| AMPAmeriprise Financial Inc. | $18.9B | 21.7% | 16.1% | 46% |
| BXBlackstone Inc. | $14.5B | 46.3% | 20.7% | 27% |
| BENFranklin Resources Inc. | $8.8B | 21.8% | 15.0% | 10% |
| TROWT. Rowe Price Group Inc. | $7.3B | 41.5% | 30.2% | 25% |
| IVZInvesco | $6.4B | 18.4% | 10.3% | 4% |
| Group median | — | 28.6% | 18.4% | 17% |
The price
What a price has to assume.
What the price implies
reverse-DCFApollo Global Management, Inc. is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered53%/yr’20→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Apollo Global Management, Inc. (APOS), the owner's record," https://ownerscorecard.com/c/APOS, data as of 2026-07-09.
Manual order: ← APOG its page in the Manual APP →
Industry order: ← APO the Capital Markets & Asset Management chapter APPS →