Explain this page
Arphra AIPlain-English read on Apollo Global Management, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | $88B | — | — | — | — |
| Enterprise value | — | — | — | — | $82.13B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | 2.71 | — | — | — | — |
| EV / FCF | — | — | — | — | 11.02 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | +5.09% | — | — | — | — |
| Free cash flow yield | — | — | — | — | +8.47% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +86.93% | +91.55% | +96.85% | +95.63% | +88.47% | +95.61% | +91.54% | +95.81% | +93.14% |
| Operating margin | +33.20% | -39.89% | +18.83% | +31.78% | +34.39% | +28.16% | +28.17% | +27.72% | +29.14% |
| EBITDA margin | +97.38% | -31.87% | +20.36% | +33.89% | +34.61% | +30.20% | +29.41% | +30.33% | +29.11% |
| EBIT margin | +96.92% | -36.70% | +17.90% | +29.77% | +31.18% | +26.76% | +26.57% | +26.05% | +25.81% |
| Pre-tax margin | +81.68% | -38.71% | +17.11% | +28.47% | +25.53% | +23.18% | +24.41% | +23.98% | +23.81% |
| Net margin | +30.90% | -17.88% | +14.95% | +16.95% | +14.79% | +15.91% | +15.71% | +15.39% | +15.55% |
| Cost structure | |||||||||
| Cost of revenue / sales | +13.07% | +8.45% | +3.15% | +4.37% | +11.53% | +6.48% | +6.53% | +6.47% | +6.21% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +53.72% | +15.48% | +7.86% | +10.10% | +11.71% | +10.04% | +9.80% | +9.81% | +10.01% |
| Effective tax rate | +12.22% | — | -16.52% | +14.28% | +10.35% | +12.51% | +12.21% | +12.48% | +12.23% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +15.37% | -12.74% | +19.33% | +14.29% | +10.54% | +14.09% | +14.25% | +13.90% | +13.86% |
| Return on assets (ROA) | +6.03% | -0.76% | +1.56% | +1.17% | +0.97% | +1.20% | +1.21% | +1.19% | +1.18% |
| Return on capital (ROC) | +7.55% | -19.37% | +18.44% | +19.96% | +18.65% | +18.90% | +19.21% | +18.80% | +19.60% |
| Return on invested capital (ROIC) | +7.03% | -14.53% | +14.64% | +10.65% | +8.02% | +10.68% | +10.72% | +10.44% | +10.46% |
| Asset turnover | +19.51% | +4.26% | +10.41% | +6.91% | +6.57% | +7.56% | +7.73% | +7.70% | +7.59% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.90% | -17.88% | +14.95% | +16.95% | +14.79% | +15.91% | +15.71% | +15.39% | +15.55% |
| Asset turnover (× revenue / assets) | +19.51% | +4.26% | +10.41% | +6.91% | +6.57% | +7.56% | +7.73% | +7.70% | +7.59% |
| Equity multiplier (× assets / equity) | +254.95% | +1670.46% | +1241.78% | +1219.80% | +1084.20% | +1170.78% | +1173.09% | +1172.35% | +1173.74% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.20 | 0.04 | 0.10 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 |
| Fixed-asset turnover | 10.32 | 12.50 | — | — | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 12.14 | 2.27 | 7.09 | 2.97 | 2.77 | — | — | — | — |
| Payables turnover | 0.27 | 0.31 | 0.31 | 0.32 | 0.90 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 30.05 | 160.50 | 51.47 | 122.69 | 131.85 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 1335.67 | 1171.39 | 1186.34 | 1157.75 | 403.34 | — | — | — | — |
| Cash conversion cycle | -1305.62 | -1010.88 | -1134.87 | -1035.06 | -271.49 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.58 | -1.93 | 1.30 | 0.73 | 1.66 | 1.19 | 1.17 | 1.25 | 1.19 |
| FCF / Net income | 0.54 | -1.83 | 1.30 | 0.73 | 1.66 | 1.20 | 1.21 | 1.23 | 1.20 |
| FCF margin | +16.79% | +32.70% | +19.37% | +12.46% | +24.59% | +19.03% | +19.07% | +18.98% | +18.65% |
| OCF margin | +17.88% | +34.55% | +19.37% | +12.46% | +24.59% | +18.93% | +18.42% | +19.27% | +18.49% |
| CapEx / Revenue | +1.09% | +1.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| CapEx / D&A | 2.37 | 0.38 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Stock-based comp / Revenue | +19.85% | +4.92% | +3.14% | +2.76% | +2.31% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 7.32 | -3.43 | 8.28 | 7.33 | 7.26 | 8.92 | 10.67 | 12.31 | 13.04 |
| EPS · basic | 7.32 | -3.43 | 8.32 | 7.39 | 7.31 | 9.10 | 10.87 | 12.29 | 13.28 |
| Book value / share | 50.57 | 26.34 | 42.87 | 51.29 | 69.94 | 42.38 | 48.04 | 55.41 | 15.56 |
| Tangible BV / share | 50.08 | 18.94 | 35.52 | 44.12 | 60.20 | 42.38 | 48.04 | 55.41 | 15.56 |
| Sales / share | 25.16 | 18.76 | 55.44 | 43.23 | 49.84 | 37.53 | 43.57 | 50.04 | 13.87 |
| Operating CF / share | 4.50 | 6.48 | 10.74 | 5.39 | 12.26 | 7.10 | 8.03 | 9.64 | 2.56 |
| Free cash flow / share | 4.22 | 6.13 | 10.74 | 5.39 | 12.26 | 7.14 | 8.31 | 9.50 | 2.59 |
| Dividends / share | 2.19 | 1.65 | 1.72 | 1.81 | 2.14 | 1.48 | 1.72 | 1.95 | 0.54 |
| Payout ratio | +28.11% | -49.06% | +20.73% | +24.67% | +28.97% | +24.74% | +25.08% | +25.36% | +24.88% |
| Retention ratio | +71.89% | +149.06% | +79.27% | +75.33% | +71.03% | +75.26% | +74.92% | +74.64% | +75.12% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +84.31% | +197.63% | -20.00% | +16.03% | -23.96% | +15.25% | +13.78% | -72.11% | +4.44% |
| Gross profit · YoY | — | +94.10% | +214.88% | -21.01% | +7.33% | -17.83% | +10.34% | +19.09% | -72.89% | +5.35% |
| Profit | ||||||||||
| Operating income · YoY | — | -321.41% | +240.48% | +35.03% | +25.57% | -37.74% | +15.27% | +11.97% | -70.68% | +2.75% |
| EBITDA · YoY | — | -160.33% | +290.13% | +33.13% | +18.51% | -33.65% | +12.23% | +17.33% | -73.23% | -10.19% |
| Net income · YoY | — | -206.63% | +348.90% | -9.32% | +1.24% | -18.20% | +13.81% | +11.46% | -71.81% | -4.15% |
| Operating | ||||||||||
| EBIT · YoY | — | -169.78% | +245.19% | +33.03% | +21.52% | -34.75% | +14.44% | +11.56% | -72.37% | -11.48% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -146.86% | +341.40% | -11.47% | -0.95% | +22.83% | +19.68% | +15.34% | +5.90% | +7.48% |
| EPS · basic · YoY | — | -146.86% | +342.57% | -11.18% | -1.08% | +24.45% | +19.51% | +13.01% | +8.06% | +7.73% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $14.19B | $7.19B | $8.09B | $10.59B | $13.36B | $8.31B | $9.66B | $11.09B | $3.07B |
| Net debt | $12.81B | -$2.27B | -$7.84B | -$5.58B | -$5.88B | -$4.79B | -$5.75B | -$6.19B | -$1.8B |
| Net debt / EBITDA | 2.21 | 0.65 | -1.18 | -0.63 | -0.56 | -0.69 | -0.74 | -0.68 | -0.73 |
| Debt / equity | 1.19 | 0.47 | 0.32 | 0.34 | 0.31 | 0.32 | 0.33 | 0.33 | 0.33 |
| Debt / assets | +46.53% | +2.79% | +2.58% | +2.80% | +2.90% | +2.73% | +2.81% | +2.83% | +2.77% |
| Equity / assets | +39.22% | +5.99% | +8.05% | +8.20% | +9.22% | +8.54% | +8.52% | +8.53% | +8.52% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.39 | -28.19 | 25.76 | 39.15 | 32.17 | 32.54 | 31.79 | 33.06 | 31.18 |
| Operating income / interest | 2.18 | -35.28 | 23.82 | 36.72 | 31.97 | 30.34 | 30.45 | 30.22 | 31.21 |
| Interest expense | $907M | $124M | $258M | $226M | $326M | $213.83M | $245.63M | $277.11M | $78.66M |
| Liquidity | |||||||||
| Current ratio | 0.63 | 0.73 | 0.82 | 0.80 | 0.78 | — | — | — | — |
| Quick ratio | 0.46 | 0.72 | 0.81 | 0.80 | 0.78 | — | — | — | — |
| Cash ratio | 0.34 | 0.05 | 0.07 | 0.06 | 0.06 | — | — | — | — |
| Working capital | -$1.53B | -$50.46B | -$39.84B | -$53.91B | -$71.54B | — | — | — | — |
| Working capital / revenue | -25.69% | -460.06% | -122.03% | -206.44% | -236.12% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 |
|---|---|
| P / E | — |
| P / B | — |
| EV / EBITDA | — |
| EV / Sales | 2.71x |
| Earnings yield | 5.1% |
| FCF yield | 8.5% |
Returns
| Metric | FY 2025 |
|---|---|
| Gross margin | — |
| Operating margin | — |
| Net margin | — |
| ROE | 19.2% |
| ROA | 1.0% |
| ROIC | 7.2% |
Leverage & liquidity
| Metric | FY 2025 |
|---|---|
| Debt / equity | — |
| Net debt / EBITDA | -0.56 |
| Interest coverage | — |
| Current ratio | 0.78x |
| Quick ratio | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).