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Apollo Global Management

APO
60
Asset Management · Financial Services
Price
$120.47
-2.87 (-2.33%)
Market Cap
$69.45B
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+157.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 236.6M (2021) → 607.9M (2025)

Apollo Global Management is a large financial company that manages money for other people and institutions. It runs investment funds that buy assets like private companies, real estate, and loans — mainly on behalf of pension funds, insurance companies, and wealthy investors. Apollo is one of the largest alternative asset managers in the world, with over $600 billion in assets under management.

Apollo makes money by charging fees to manage those funds, plus it earns a share of the profits when investments do well, called "carried interest." It operates globally, with a strong presence in the United States and Europe. Apollo has a competitive edge because large institutional clients tend to stick with established managers they trust, making it hard for newer firms to break in. The key growth driver is the rising demand from insurance companies and retirement funds seeking higher returns than traditional stocks and bonds can offer, though a market downturn could reduce asset values and hurt fee income.

Winston Score History

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26 trades / 12mo

13 Congressional buys and 13 sells on APO in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-11.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-576.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

21.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$23.4B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Apollo Global Management's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Operating Margin
6.7%
Modest — 6.7% operating margin
ROCE
1.0%
Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+20.6%
Fast-growing sales (20.6% YoY)
EPS YoY
-41.0%
Earnings shrinking (-41.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
279%
Turns 279% of profit into real cash
FCF Margin
20.2%
Converts sales into free cash efficiently (20.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.71
Moderate — manageable debt (0.71)
Interest Cover
28.63x
Comfortably covers interest (28.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
35.5x
Pricey — P/E 35.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+24.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (35.5 → 11.3)

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Dividends

Dividend Yield
1.74%
Small dividend — 1.74% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+10.3%
Dividend growing fast (10.3% YoY)

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