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 | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| 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 | +100.00% | +100.00% | +100.00% | +90.01% | +100.00% | +96.14% | +95.37% | +95.88% | +97.40% |
| Operating margin | +47.94% | +75.79% | +88.75% | +85.53% | +22.02% | +64.70% | +67.23% | +66.16% | +66.40% |
| EBITDA margin | 0.00% | 0.00% | 0.00% | +85.53% | +21.60% | +65.09% | +66.09% | +65.28% | +64.19% |
| EBIT margin | 0.00% | 0.00% | 0.00% | +29.34% | +21.60% | +16.56% | +17.23% | +17.45% | +16.61% |
| Pre-tax margin | +83.62% | -39.16% | +17.49% | +28.47% | +20.80% | +22.69% | +22.80% | +22.10% | +22.60% |
| Net margin | +31.64% | -18.08% | +15.80% | +17.53% | +10.88% | +14.63% | +15.14% | +14.31% | +14.76% |
| Cost structure | |||||||||
| Cost of revenue / sales | 0.00% | 0.00% | 0.00% | +9.99% | 0.00% | +3.40% | +3.37% | +3.38% | +3.27% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +52.06% | +24.21% | +11.25% | +4.48% | +14.14% | +10.07% | +9.79% | +10.00% | +9.90% |
| Effective tax rate | +12.22% | — | -16.52% | +14.28% | +19.11% | +15.95% | +16.62% | +16.95% | +16.61% |
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% | +19.99% | +14.77% | +8.21% | +13.55% | +13.74% | +12.83% | +13.66% |
| Return on assets (ROA) | +5.99% | -0.76% | +1.61% | +1.21% | +0.76% | +1.14% | +1.17% | +1.12% | +1.15% |
| Return on capital (ROC) | +10.65% | +37.50% | +85.04% | +53.73% | +12.65% | +45.32% | +45.75% | +44.97% | +46.26% |
| Return on invested capital (ROIC) | +7.03% | +28.12% | +15.14% | +11.01% | +6.25% | +10.25% | +10.30% | +9.72% | +10.29% |
| Asset turnover | +18.94% | +4.22% | +10.19% | +6.91% | +6.96% | +7.79% | +7.71% | +7.80% | +7.81% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +31.64% | -18.08% | +15.80% | +17.53% | +10.88% | +14.63% | +15.14% | +14.31% | +14.76% |
| Asset turnover (× revenue / assets) | +18.94% | +4.22% | +10.19% | +6.91% | +6.96% | +7.79% | +7.71% | +7.80% | +7.81% |
| Equity multiplier (× assets / equity) | +256.55% | +1670.46% | +1241.78% | +1219.80% | +1084.20% | +1188.80% | +1176.27% | +1149.34% | +1184.44% |
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 | 0.19 | 0.04 | 0.10 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 |
| Fixed-asset turnover | 10.08 | — | — | — | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 11.09 | 1.18 | 3.65 | 2.97 | 2.94 | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 32.91 | 309.02 | 100.06 | 122.69 | 124.26 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — | — |
| Cash conversion cycle | — | — | — | 122.69 | — | — | — | — | — |
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 | 1.40 | -3.54 | 1.31 | 0.71 | 0.00 | 0.76 | 0.71 | 0.79 | 0.73 |
| FCF / Net income | 1.37 | -3.54 | 1.31 | 0.71 | 0.00 | 0.75 | 0.74 | 0.78 | 0.74 |
| FCF margin | +43.22% | +63.93% | +20.67% | +12.46% | 0.00% | +10.92% | +11.22% | +11.11% | +10.99% |
| OCF margin | +44.34% | +63.93% | +20.67% | +12.46% | 0.00% | +11.09% | +10.76% | +11.35% | +10.76% |
| CapEx / Revenue | +1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| CapEx / D&A | 0.86 | 0.00 | 0.00 | 0.00 | — | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | +2.76% | +2.18% | — | — | — | — |
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 | 7.55 | -3.28 | 8.21 | 7.42 | 5.54 | 9.26 | 10.88 | 12.75 | 13.47 |
| EPS · basic | 7.55 | -3.28 | 8.32 | 7.64 | 5.76 | 9.44 | 11.28 | 12.95 | 13.76 |
| Book value / share | 50.57 | 26.34 | 42.87 | 51.29 | 71.57 | 42.09 | 50.02 | 56.90 | 279.34 |
| Tangible BV / share | 50.02 | 11.31 | 42.87 | 51.29 | 61.61 | 42.09 | 50.02 | 56.90 | 279.34 |
| Sales / share | 24.57 | 18.55 | 54.25 | 43.24 | 54.04 | 38.99 | 45.38 | 51.02 | 258.48 |
| Operating CF / share | 10.89 | 11.86 | 11.21 | 5.39 | 0.00 | 4.32 | 4.88 | 5.79 | 27.80 |
| Free cash flow / share | 10.62 | 11.86 | 11.21 | 5.39 | 0.00 | 4.26 | 5.09 | 5.67 | 28.41 |
| Dividends / share | 2.34 | 1.65 | 1.76 | 1.81 | 0.00 | 0.95 | 1.10 | 1.25 | 6.30 |
| Payout ratio | +30.12% | -49.06% | +20.49% | +23.86% | 0.00% | +16.68% | +16.03% | +17.19% | +16.51% |
| Retention ratio | +69.88% | +149.06% | +79.51% | +76.14% | +100.00% | +83.32% | +83.97% | +82.81% | +83.49% |
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 | — | +86.55% | +194.58% | -18.25% | +22.93% | -27.28% | +15.47% | +12.47% | +405.38% | +50.53% |
| Gross profit · YoY | — | +86.55% | +194.58% | -26.41% | +36.57% | -30.09% | +14.53% | +13.07% | +413.40% | +50.03% |
| Profit | ||||||||||
| Operating income · YoY | — | +194.90% | +244.93% | -21.21% | -68.35% | +113.65% | +19.99% | +10.68% | +407.20% | +56.78% |
| EBITDA · YoY | — | — | — | — | -68.96% | +119.17% | +17.25% | +11.09% | +396.93% | — |
| Net income · YoY | — | -206.63% | +357.37% | -9.31% | -23.71% | -2.18% | +19.48% | +6.27% | +421.49% | +36.85% |
| Operating | ||||||||||
| EBIT · YoY | — | — | — | — | -9.50% | -44.24% | +20.15% | +13.90% | +381.11% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -143.44% | +350.30% | -9.62% | -25.34% | +67.19% | +17.48% | +17.21% | +5.58% | +7.50% |
| EPS · basic · YoY | — | -143.44% | +353.66% | -8.17% | -24.61% | +63.88% | +19.55% | +14.72% | +6.26% | +7.79% |
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 | $6.52B | $8.09B | $10.59B | $13.36B | $8.12B | $9.89B | $10.78B | $54.31B |
| Net debt | $12.1B | -$4.61B | -$9.6B | -$6.52B | -$7.23B | -$5.99B | -$7.15B | -$7.5B | -$38.87B |
| Net debt / EBITDA | — | — | — | -0.29 | -1.04 | -0.39 | -0.40 | -0.38 | -0.40 |
| Debt / equity | 1.19 | 0.42 | 0.32 | 0.34 | 0.31 | 0.32 | 0.33 | 0.32 | 0.33 |
| Debt / assets | +46.24% | +2.54% | +2.58% | +2.80% | +2.90% | +2.71% | +2.83% | +2.77% | +2.77% |
| Equity / assets | +38.98% | +5.99% | +8.05% | +8.20% | +9.22% | +8.41% | +8.50% | +8.70% | +8.44% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | — | — | 27.08 | 249.26 | 251.16 | 242.44 | 247.70 |
| Operating income / interest | — | — | — | — | 27.61 | 247.75 | 255.48 | 245.71 | 256.22 |
| Interest expense | $0 | $0 | $0 | $0 | $256M | $60.96M | $70.93M | $81.63M | $397.04M |
| Liquidity | |||||||||
| Current ratio | — | — | — | — | 0.00 | — | — | — | — |
| Quick ratio | — | — | — | — | 0.08 | — | — | — | — |
| Cash ratio | — | — | — | — | 0.05 | — | — | — | — |
| Working capital | $0 | $0 | $0 | $0 | -$376.01B | — | — | — | — |
| Working capital / revenue | 0.00% | 0.00% | 0.00% | 0.00% | -1171.29% | — | — | — | — |
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).