# Apollo Global Management, Inc. (APO)

> Source: Nexqual · https://nexqual.com/APO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Apollo Global Management, Inc. (APO), nexqual.com/APO" · informational, not investment advice.

**Price:** USD 114.83 (+2.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 111.69 · day 109.97–114.86 · 52w 99.56–153.29 · market cap $67.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $35.9B, net income $1.88B (5.2% margin) (SEC filings).
- Valuation: P/E 36.2x (avg 19.1x at the last 3 fiscal year-ends), net cash $14.7B.
- 3 of 80 tracked superinvestors hold APO (13F, Q2 2026): 0 new, 0 added, 1 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $7.7M; 3 not under a Rule 10b5-1 plan ($7.7M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.05 on a 1–5 scale) (22 analysts), mean target USD 148.7 (range 127–173).
- Total return with dividends: 1Y -5.1% vs S&P 500 +14.9%; 5Y +58.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 2.2, revenue estimate $1.36B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.95B | $11.0B | $32.6B | $26.1B | $32.0B | $35.9B |
| Net income | $1.84B | -$1.96B | $5.05B | $4.58B | $3.49B | $1.88B |
| EPS (diluted) | $7.32 | -$3.43 | $8.28 | $7.33 | $5.54 | — |
| Net margin | 30.9% | -17.9% | 15.5% | 17.5% | 10.9% | 5.2% |
| Revenue growth | +152.8% | +84.3% | +197.6% | -20.0% | +22.7% | — |
| Cash + short-term investments | $917M | $8.98B | $17.7B | $17.1B | $20.6B | — |
| Total debt | $3.13B | $6.47B | $8.09B | $10.6B | $13.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 36.2x · P/S 1.9x · EV/Sales 1.5x · P/B 3.2x · Earnings yield 2.76% · Dividend yield (paid, TTM) 1.87% · Buyback yield (TTM) 1.93% · Net cash $14.7B · EV $53.1B
P/E at fiscal year-ends: Dec 2025 24.6x, Dec 2024 21.8x, Dec 2023 10.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold APO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Leon Cooperman | Omega Family Office | 4.46% | $158M | Unchanged |
| Chase Coleman | Tiger Global Management | 1.34% | $322M | Reduced -17.3% |
| Thomas Gayner | Markel Group | 0.91% | $120M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Kelly Martin | Chief Financial Officer | 3,000 | $423K | 0.7% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-27 | Zito John P. | Co-President (see Remarks) | 48,644 | $6.4M | 1.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Kelly Martin | Chief Financial Officer | 7,000 | $943K | 1.6% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.05 on a 1–5 scale), 22 analysts; mean target USD 148.7 (low 127, high 173).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Target lowered | Overweight | $159 → $145 |
| 2026-10-13 | UBS | Target lowered | Buy | $172 → $163 |
| 2026-10-12 | TD Cowen | Target lowered | Buy | $159 → $154 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $127 |
| 2026-09-02 | JP Morgan | Target raised | Overweight | $150 → $154 |
| 2026-08-05 | UBS | Target raised | Buy | $157 → $172 |
| 2026-08-05 | RBC Capital | Target raised | Sector Perform | $137 → $146 |
| 2026-08-05 | Barclays | Target raised | Overweight | $132 → $157 |
| 2026-07-21 | Morgan Stanley | Target lowered | Overweight | $165 → $164 |
| 2026-07-20 | HSBC | Initiated | Buy | $145 |
| 2026-07-13 | RBC Capital | Target lowered | Sector Perform | $146 → $137 |
| 2026-07-13 | BMO Capital | Target lowered | Market Perform | $140 → $126 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.1% | +58.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.2% | +9.7% |
| Volatility (annualized) | 35.8% | 37.2% |
| Max drawdown | -34.0% (Jan 2026→Mar 2026) | -40.3% (Dec 2024→Apr 2026) |

## Peers (Asset Management)
BAM (Brookfield Asset Management Inc) USD 47.64 +3.45% · KKR (KKR & Co. Inc.) USD 93.09 +3.58% · BN (Brookfield Corporation) USD 38.28 +2.05% · STT (State Street Corporation) USD 167.84 -0.66% · AMP (Ameriprise Financial, Inc.) USD 496.83 +1.29% · ARES (Ares Management Corporation) USD 123.7 +5.72%

## More
Full page: https://nexqual.com/APO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in APO's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1858681/000185868126000013/apo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Athene Holding Ltd. (ATH-PA) | "AHL's information security program is managed by its CISO with collaboration across lines of businesses and corporate functions." |

Other companies that name APO in their own reports (relationship from APO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | ADT Inc. (ADT) | 10-K 2026-03-02 | "As a result of Apollo selling shares of our Common Stock (as discussed in Note 16 "Related Party Transactions") and our share repurchase program, an ownership change (as defined under Sections 382 and…" |
| partner | QXO, Inc. (QXO) | 10-K 2026-02-27 | "In January 2026, the Company entered into an investment agreement with AP Quince Holdings, L.P., a fund managed by affiliates of Apollo Global Management, Inc., and the other investors party thereto, …" |
| partner | Hilton Grand Vacations Inc. (HGV) | 10-K 2026-02-26 | "Stockholders Agreement with Apollo" |
| partner | MidCap Financial Investment Corp (MFICL) | 10-K 2026-02-26 | "We are dependent upon Apollo Investment Management, L.P.'s key personnel for our future success and upon their access to Apollo Global Management, Inc's investment professionals and partners." |
| partner | Apollo Commercial Real Estate Finance, Inc. (ARI) | 10-K 2026-02-10 | "AGM's CISO, in coordination with the Apollo Technology and ERM teams, works collaboratively across Apollo to implement a program designed to protect its information systems from cybersecurity threats …" |
| partner | Phoenix Education Partners, Inc. (PXED) | 10-K 2025-11-20 | "Apollo and Vistria are affiliated with entities that have ownership interests in Phoenix Education Partners." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retirement Services | $9.53B | 85.4% | +66.9% |
| Asset Management and Retirement Segments | $5.57B | 50.0% | +14.7% |
| Asset Management | $1.63B | 14.6% | +47.0% |
| Principal Investing | $157.0M | 1.4% | -32.3% |
| Total revenue | $11.15B | 100% | — |
The lines above cover 151.4% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asset Management1 | $749.0M | 6.7% | +28.5% |
| Investment Advice | $418.0M | 3.7% | +50.9% |
| Management Service Incentive | $59.0M | 0.5% | +1.7% |
| Total revenue | $11.15B | 100% | — |
The lines above cover 11% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.20 | $2.29 | -4.0% | $1.36B | 18 |
| Next quarter (ends 2026-12-31) | $2.40 | $2.45 | -1.9% | $1.43B | 15 |
| Current fiscal year (ends 2026-12-31) | $8.67 | $8.85 | -2.0% | $5.40B | 22 |
| Next fiscal year (ends 2027-12-31) | $10.65 | $10.66 | -0.1% | $6.31B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±8.7%; earnings reaction alone ±5.3%; last 8 reports averaged ±2.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 43.7% | ±5.2% |
| 2026-11-06 | 14 | 53.9% | ±8.7% |
| 2026-11-13 | 21 | 48.7% | ±9.6% |
| 2026-11-20 | 28 | 45.1% | ±10.2% |
| 2026-11-27 | 35 | 41.5% | ±10.4% |
| 2026-12-04 | 42 | 41.2% | ±11.3% |
| 2026-12-18 | 56 | 40.2% | ±12.6% |
| 2027-01-15 | 84 | 39.3% | ±15.1% |