Apollo Global Management (APO)
Market Price (6/28/2026): $118.97 | Market Cap: $70.8 BilSector: Financials | Industry: Asset Management & Custody Banks
Apollo Global Management (APO)
Market Price (6/28/2026): $118.97Market Cap: $70.8 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -340% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 7.9 Bil, FCF LTM is 7.9 Bil Attractive yieldFCF Yield is 11% Stock buyback supportStock Buyback 3Y Total is 2.4 Bil Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, Sustainable Infrastructure, Renewable Energy Transition, Show more. | Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -6.1% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 62x Weak revenue growthRev Chg QQuarterly Revenue Change % is -9.0% Key risksAPO key risks include [1] regulatory and capital adequacy challenges within its Athene insurance subsidiary, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -340% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 7.9 Bil, FCF LTM is 7.9 Bil |
| Attractive yieldFCF Yield is 11% |
| Stock buyback supportStock Buyback 3Y Total is 2.4 Bil |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, Sustainable Infrastructure, Renewable Energy Transition, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -6.1% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 62x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -9.0% |
| Key risksAPO key risks include [1] regulatory and capital adequacy challenges within its Athene insurance subsidiary, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Apollo Global Management (APO) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Exceeding Fiscal Q1 2026 Earnings Expectations and Record Fee-Related Earnings.
Apollo Global Management reported adjusted earnings per share (EPS) of $1.94 for fiscal Q1 2026, which ended March 31, 2026, surpassing the consensus estimate of $1.89 by $0.05, or 2.65%. This strong performance was underscored by record fee-related earnings (FRE) that surged 30% year-over-year to $728 million during the quarter.
2. Milestone Achievement in Assets Under Management (AUM) and Record Inflows.
The firm achieved a significant milestone by surpassing $1 trillion in total assets under management (AUM) for the first time, reaching $1.026 trillion by the end of fiscal Q1 2026. This growth was fueled by record quarterly total inflows of $115 billion, contributing to a 40% increase in fee-generating AUM.
Show more
Apollo Global Management (APO) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Exceeding Fiscal Q1 2026 Earnings Expectations and Record Fee-Related Earnings.
Apollo Global Management reported adjusted earnings per share (EPS) of $1.94 for fiscal Q1 2026, which ended March 31, 2026, surpassing the consensus estimate of $1.89 by $0.05, or 2.65%. This strong performance was underscored by record fee-related earnings (FRE) that surged 30% year-over-year to $728 million during the quarter.
2. Milestone Achievement in Assets Under Management (AUM) and Record Inflows.
The firm achieved a significant milestone by surpassing $1 trillion in total assets under management (AUM) for the first time, reaching $1.026 trillion by the end of fiscal Q1 2026. This growth was fueled by record quarterly total inflows of $115 billion, contributing to a 40% increase in fee-generating AUM.
3. Robust Origination Activity and Strategic Capital Solutions.
Apollo demonstrated strong operational momentum with origination activity totaling $71 billion in fiscal Q1 2026, marking a 25% increase year-over-year. The company also engaged in notable strategic initiatives, including leading a reported $35 billion capital solution for Broadcom's AI XPV Platform in partnership with Blackstone, and being close to securing a nearly $10 billion deal to acquire Atlantic Aviation.
Show less
Stock Movement Drivers
Fundamental Drivers
The 13.6% change in APO stock from 2/28/2026 to 6/27/2026 was primarily driven by a 246.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 104.16 | 118.29 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32,057 | 31,558 | -1.6% |
| Net Income Margin (%) | 10.9% | 3.6% | -66.7% |
| P/E Multiple | 17.7 | 61.5 | 246.9% |
| Shares Outstanding (Mil) | 594 | 595 | -0.1% |
| Cumulative Contribution | 13.6% |
Market Drivers
2/28/2026 to 6/27/2026| Return | Correlation | |
|---|---|---|
| APO | 13.6% | |
| Market (SPY) | 6.6% | 34.2% |
| Sector (XLF) | 4.7% | 44.9% |
Fundamental Drivers
The -9.5% change in APO stock from 11/30/2025 to 6/27/2026 was primarily driven by a -76.8% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.76 | 118.29 | -9.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,476 | 31,558 | 14.9% |
| Net Income Margin (%) | 15.6% | 3.6% | -76.8% |
| P/E Multiple | 17.9 | 61.5 | 242.7% |
| Shares Outstanding (Mil) | 589 | 595 | -0.9% |
| Cumulative Contribution | -9.5% |
Market Drivers
11/30/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| APO | -9.5% | |
| Market (SPY) | 7.3% | 40.3% |
| Sector (XLF) | 1.3% | 56.0% |
Fundamental Drivers
The -8.0% change in APO stock from 5/31/2025 to 6/27/2026 was primarily driven by a -75.1% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 128.63 | 118.29 | -8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,630 | 31,558 | 28.1% |
| Net Income Margin (%) | 14.6% | 3.6% | -75.1% |
| P/E Multiple | 21.0 | 61.5 | 192.5% |
| Shares Outstanding (Mil) | 587 | 595 | -1.3% |
| Cumulative Contribution | -8.0% |
Market Drivers
5/31/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| APO | -8.0% | |
| Market (SPY) | 25.1% | 43.2% |
| Sector (XLF) | 6.7% | 58.8% |
Fundamental Drivers
The 85.5% change in APO stock from 5/31/2023 to 6/27/2026 was primarily driven by a 104.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.76 | 118.29 | 85.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,407 | 31,558 | 104.8% |
| P/S Multiple | 2.4 | 2.2 | -7.8% |
| Shares Outstanding (Mil) | 584 | 595 | -1.8% |
| Cumulative Contribution | 85.5% |
Market Drivers
5/31/2023 to 6/27/2026| Return | Correlation | |
|---|---|---|
| APO | 85.5% | |
| Market (SPY) | 81.3% | 62.8% |
| Sector (XLF) | 77.0% | 66.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APO Return | 53% | -10% | 49% | 80% | -11% | -15% | 180% |
| Peers Return | 87% | -29% | 66% | 47% | -1% | -24% | 143% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| APO Win Rate | 67% | 33% | 83% | 75% | 42% | 50% | |
| Peers Win Rate | 73% | 35% | 63% | 72% | 50% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| APO Max Drawdown | -14% | -36% | -23% | -21% | -37% | -34% | |
| Peers Max Drawdown | -17% | -44% | -21% | -16% | -38% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, KKR, ARES, CG, BAM. See APO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | APO | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.8% | -7.8% |
| % Gain to Breakeven | 20.2% | 8.5% |
| Time to Breakeven | 45 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.0% | -6.7% |
| % Gain to Breakeven | 25.0% | 7.1% |
| Time to Breakeven | 80 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.9% | 32.4% |
| Time to Breakeven | 211 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.9% | -33.7% |
| % Gain to Breakeven | 95.7% | 50.9% |
| Time to Breakeven | 64 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.8% | -19.2% |
| % Gain to Breakeven | 55.7% | 23.8% |
| Time to Breakeven | 193 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.3% | -12.2% |
| % Gain to Breakeven | 59.4% | 13.9% |
| Time to Breakeven | 273 days | 62 days |
In The Past
Apollo Global Management's stock fell -16.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 20.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | APO | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.0% | -6.7% |
| % Gain to Breakeven | 25.0% | 7.1% |
| Time to Breakeven | 80 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.9% | 32.4% |
| Time to Breakeven | 211 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.9% | -33.7% |
| % Gain to Breakeven | 95.7% | 50.9% |
| Time to Breakeven | 64 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.8% | -19.2% |
| % Gain to Breakeven | 55.7% | 23.8% |
| Time to Breakeven | 193 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.3% | -12.2% |
| % Gain to Breakeven | 59.4% | 13.9% |
| Time to Breakeven | 273 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -41.5% | -6.8% |
| % Gain to Breakeven | 71.0% | 7.3% |
| Time to Breakeven | 301 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -42.3% | -17.9% |
| % Gain to Breakeven | 73.3% | 21.8% |
| Time to Breakeven | 395 days | 123 days |
In The Past
Apollo Global Management's stock fell -16.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 20.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Apollo Global Management (APO)
Apollo Global Management, Inc. (APO) is a leading global alternative investment manager specializing in private equity, credit, and real estate investments. The firm distinguishes itself through a disciplined contrarian, value, and distressed investment approach, actively seeking opportunities to acquire or invest in complex and undervalued assets and companies across various sectors worldwide. Founded in 1990, Apollo has established itself as a significant player in the alternative asset management industry.
Apollo offers investors a range of products and services primarily through its diverse investment funds and managed accounts. In private equity, it executes traditional buyouts, growth capital, and distressed investments, taking both minority and majority positions in companies, typically targeting enterprise values between $750 million and $2.5 billion. Its expansive credit platform invests across the fixed income and alternative credit markets, encompassing senior loans, bonds, distressed debt, and structured credit. Additionally, Apollo manages substantial real estate funds, providing comprehensive exposure to property markets globally.
The firm primarily caters to a sophisticated client base, including large institutional investors such as endowment funds, sovereign wealth funds, and other institutional and individual investors. Apollo's investment reach is broad, covering a wide array of industries from consumer and retail to financial services, manufacturing, media, technology, and natural resources. Geographically, Apollo maintains a global footprint, with a strong focus on North America, Europe, and Asia, consistently seeking to identify and capitalize on compelling investment opportunities in both developed and growth markets.
AI Analysis | Feedback
Here are 1-3 brief analogies for Apollo Global Management (APO):
- Imagine a **BlackRock or Vanguard, but focused on private markets**, investing billions for institutions in private companies, real estate, and specialized credit.
- Think of it as a **Warren Buffett-style investment firm (like Berkshire Hathaway), but for institutional clients**, acquiring and managing private companies, real estate, and complex debt through dedicated funds.
- It's like the **private equity and specialized lending divisions of a major investment bank (e.g., Goldman Sachs), but operating as a standalone global asset manager** for institutions and wealthy investors.
AI Analysis | Feedback
- Private Equity Fund Management: Apollo manages funds that invest across various private equity strategies including buyouts, distressed assets, growth capital, and corporate restructuring.
- Credit and Fixed Income Fund Management: The firm manages a range of credit-focused funds investing in senior loans, bonds, structured credit, distressed debt, and other fixed income securities.
- Real Estate Fund Management: Apollo launches and manages funds dedicated to investments in real estate markets, encompassing both debt and equity strategies.
- Hedge Fund Management: The firm launches and manages hedge funds for its institutional and individual clients.
AI Analysis | Feedback
Apollo Global Management (APO) is an asset management firm, and its customers are the investors whose capital it manages in various funds and portfolios. The company primarily serves the following categories of investors:
- Institutional Investors, including endowment funds and sovereign wealth funds.
- Other Institutional Investors.
- Individual Investors.
AI Analysis | Feedback
AI Analysis | Feedback
Marc Rowan, Chief Executive Officer (CEO)
Mr. Rowan is a Co-Founder, CEO, and Chair of the board of Apollo Global Management, Inc.. He co-founded Apollo in 1990 with Leon Black and Josh Harris after working in the mergers and acquisitions department of Drexel Burnham Lambert. He became CEO in 2021. Mr. Rowan was an investor in Beats Electronics, which was acquired by Apple in 2014. He is also involved in public policy and is a funder of the Penn Wharton Budget Model.
Martin Kelly, Chief Financial Officer (CFO)
Mr. Kelly has served as Chief Financial Officer of Apollo Global Management, Inc. since 2012. Prior to joining Apollo, he was a Managing Director, CFO of the Americas, and Global Head of Financial Control for Barclays Capital's Corporate and Investment Bank from 2008 to 2012. He also held senior finance roles at Lehman Brothers from 2000 to 2008 and was a partner at PricewaterhouseCoopers in their Financial Services Group.
James Zelter, President
Mr. Zelter has served as President of Apollo Global Management, Inc. since January 2025 and is a member of the board of directors. He joined Apollo in 2006 and previously served as Co-President of Apollo Asset Management from 2018-2025 and as CIO of Apollo's credit business from 2006-2025. Prior to joining Apollo, Mr. Zelter was Chief Investment Officer of Citigroup Alternative Investments from 2003 to 2005, and before that, he was a high-yield trader at Goldman Sachs.
Scott Kleinman, Co-President, Apollo Asset Management
Mr. Kleinman is an executive officer and Co-President of Apollo Asset Management, Inc., where he co-leads day-to-day operations for all of Apollo's revenue-generating businesses and enterprise solutions. He joined Apollo in 1996 and was named Lead Partner for Private Equity in 2009 before becoming Co-President in 2018. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. He co-founded the Kleinman Center for Energy Policy at the University of Pennsylvania in 2014.
Matt Nord, Partner, Co-Head of Private Equity and Head of Hybrid
Mr. Nord is a Partner, Co-Head of Private Equity and Head of Hybrid at Apollo. He joined Apollo in 2003 and has led numerous investments across the technology, healthcare, and business services sectors. Before joining Apollo, Mr. Nord was a member of the Investment Banking division of Salomon Smith Barney Inc. He was involved in the take-private buyout of Tech Data in 2020.
AI Analysis | Feedback
The key risks to Apollo Global Management's business operations include vulnerabilities within the private credit market, ongoing legal and reputational challenges, and inherent revenue volatility tied to its investment portfolio.
The most significant risk stems from the < strong>private credit market, where Apollo Global Management faces potential challenges. The CEO, Marc Rowan, has specifically highlighted concerns over rising defaults on loans to software firms, predicting a substantial impact on the broader private credit market, partly due to the increasing influence of artificial intelligence on software companies. Furthermore, Apollo's structured-credit division has experienced significant exposure from collapses, such as the Market Financial Solutions event, underscoring vulnerabilities in the sector. The firm's reliance on lender financing practices also introduces multiple layers of leverage, making it difficult to fully assess the risk of underlying loans to private companies. A major economic downturn could trigger widespread defaults across these investments.
Secondly, Apollo Global Management is exposed to significant < strong>legal and reputational risks. The company is currently facing class action lawsuits alleging that it misled investors regarding senior leaders' contacts with Jeffrey Epstein. These lawsuits bring legal and reputational risk to the forefront for both current and prospective shareholders. Overall risk analysis indicates that "Finance & Corporate" and "Legal & Regulatory" are key risk categories for the company.
Finally, < strong>revenue volatility presents a considerable risk to Apollo Global Management. As an alternative asset manager, the firm's revenue can fluctuate significantly, as demonstrated by a substantial miss against analyst expectations in the third quarter of 2025. The Principal Investing segment, in particular, can cause considerable swings in top-line numbers. This volatility is inherently tied to the valuation of Apollo's diverse investment portfolio; if asset values materially diverge from their stated valuations, fund investors could lose confidence, potentially leading to redemptions from managed funds or difficulties in raising new capital.
AI Analysis | Feedback
AI Analysis | Feedback
The addressable markets for Apollo Global Management's main products and services are substantial, primarily encompassing global private equity, private credit, and professionally managed real estate investments.
For **private equity**, the global market size reached approximately $10.8 trillion in assets under management (AUM) at the end of 2024. In the United States, the private equity AUM was around $3.128 trillion as of September 2024.
The **private credit** market, globally, was estimated to be $3.5 trillion in AUM by the end of 2024. Within the U.S., the private credit market totaled approximately $1.34 trillion by the second quarter of 2024.
In the **professionally managed real estate investment** market, the global size was $12.5 trillion in 2024. The U.S. market for professionally managed real estate was approximately $4.9 trillion in the same year.
AI Analysis | Feedback
Apollo Global Management (APO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Assets Under Management (AUM) and Fee-Related Earnings (FRE) driven by Private Credit and Flagship Fundraises: Apollo anticipates over 20% growth in fee-related earnings for 2026, supported by robust origination activities that exceeded $300 billion in 2025. The firm is actively raising capital for its 11th flagship fund, targeting up to $25 billion with a final close expected in the first quarter of 2027. This focus, particularly on private credit, which Apollo views as a $40 trillion market, is a significant driver of increasing AUM and associated management fees.
- Expansion of Retirement Services (Athene) and Associated Inflows: Apollo's retirement services business, Athene, is a substantial contributor to spread-related earnings (SRE) and provides a stable source of long-term capital. Athene's net invested assets grew by 18% year-over-year in 2025, and Apollo projects approximately $85 billion in inflows for retirement services in 2026. This growth is driven by the increasing global demand for retirement income solutions.
- Broadening Distribution Channels, including Global Wealth and New Geographic Markets: Apollo is strategically expanding its reach to individual investors and entering new markets. The firm generated $18 billion from global wealth fundraising in 2025, representing a nearly 50% year-over-year increase. Management expects more than $5 billion of 2026 inflows to originate from markets the firm was not active in 18 months prior. Strategic partnerships, such as the one with Schroders in February 2026, aim to develop wealth and retirement investment solutions in the UK and US, further diversifying its investor base.
- Strategic Investments and Diversification into High-Growth Alternative Asset Classes: Apollo is actively expanding its footprint into critical sectors such as infrastructure and asset-backed finance, which diversifies its income sources and offers innovative liquidity solutions. Notable strategic acquisitions, including Bridge Investment Group in September 2025 (which nearly doubled its real estate AUM) and Argo Infrastructure Partners in January 2025, are designed to strengthen these platforms and support long-term fee-based revenue growth. Additionally, Apollo has committed or deployed $30 billion towards clean energy and net-zero aligned projects, with an ambitious target of investing $100 billion in energy transition solutions by 2030.
AI Analysis | Feedback
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 99.63 |
| Mkt Cap | 71.0 |
| Rev LTM | 9,248 |
| Op Inc LTM | 2,103 |
| FCF LTM | 1,966 |
| FCF 3Y Avg | 1,752 |
| CFO LTM | 1,999 |
| CFO 3Y Avg | 1,860 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.7% |
| Rev Chg 3Y Avg | 41.0% |
| Rev Chg Q | 10.7% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 10.7% |
| Op Inc Chg 3Y Avg | 228.0% |
| Op Mgn LTM | 20.8% |
| Op Mgn 3Y Avg | 22.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 26.7% |
| CFO/Rev 3Y Avg | 27.6% |
| FCF/Rev LTM | 26.1% |
| FCF/Rev 3Y Avg | 27.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retirement Services | 27,049 | 21,938 | 29,137 | 8,199 | |
| Asset Management | 5,000 | 4,176 | 3,507 | 2,769 | 5,951 |
| Total | 32,049 | 26,114 | 32,644 | 10,968 | 5,951 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retirement Services | 430,122 | 355,683 | 294,730 | 243,815 | |
| Adjustments | 14,274 | 9,453 | 7,247 | 16,928 | |
| Principal Investing | 11,527 | 10,473 | 9,573 | ||
| Asset Management | 5,026 | 2,286 | 1,938 | 13,402 | |
| Credit Segment | 7,633 | ||||
| Private Equity Segment | 5,068 | ||||
| Real Assets Segment | 872 | ||||
| Total | 460,949 | 377,895 | 313,488 | 257,217 | 30,502 |
Price Behavior
| Market Price | $118.29 | |
| Market Cap ($ Bil) | 70.4 | |
| First Trading Date | 03/30/2011 | |
| Distance from 52W High | -23.0% | |
| 50 Days | 200 Days | |
| DMA Price | $129.17 | $127.66 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -8.4% | -7.3% |
| 3M | 1YR | |
| Volatility | 36.5% | 35.8% |
| Downside Capture | 138.85 | 159.73 |
| Upside Capture | 103.04 | 104.60 |
| Correlation (SPY) | 41.5% | 41.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.97 | 1.59 | 0.81 | 1.26 | 1.31 | 1.51 |
| Up Beta | 1.65 | 2.14 | 0.99 | 1.31 | 1.28 | 1.53 |
| Down Beta | 0.45 | -0.00 | 0.40 | 1.00 | 1.29 | 1.79 |
| Up Capture | 52% | 121% | 112% | 117% | 117% | 249% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 19 | 33 | 64 | 131 | 410 |
| Down Capture | 135% | 181% | 53% | 144% | 138% | 108% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 22 | 30 | 60 | 119 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APO | |
|---|---|---|---|---|
| APO | -12.8% | 35.7% | -0.32 | - |
| Sector ETF (XLF) | 5.5% | 14.5% | 0.15 | 57.6% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 41.9% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 2.0% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -2.9% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 25.1% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 30.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APO | |
|---|---|---|---|---|
| APO | 18.0% | 37.2% | 0.53 | - |
| Sector ETF (XLF) | 10.7% | 18.6% | 0.44 | 67.7% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 67.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 2.0% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 16.4% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 45.9% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 29.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APO | |
|---|---|---|---|---|
| APO | 27.5% | 37.9% | 0.76 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.55 | 64.7% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 66.7% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 0.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 24.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 50.8% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -0.6% | 1.3% | -1.0% |
| 2/9/2026 | 0.7% | -6.0% | -18.4% |
| 11/4/2025 | 5.3% | 5.6% | 10.8% |
| 8/5/2025 | 2.5% | 0.1% | -6.3% |
| 5/2/2025 | -1.8% | -3.4% | -5.0% |
| 2/4/2025 | -2.7% | -3.0% | -15.7% |
| 11/5/2024 | 7.1% | 19.6% | 25.7% |
| 8/1/2024 | -7.5% | -17.7% | -9.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 9 |
| # Negative | 7 | 7 | 9 |
| Median Positive | 4.0% | 5.1% | 10.8% |
| Median Negative | -2.7% | -4.9% | -9.2% |
| Max Positive | 8.0% | 19.6% | 25.7% |
| Max Negative | -7.5% | -17.7% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -0.6% | 1.3% | -1.0% |
| 2/9/2026 | 0.7% | -6.0% | -18.4% |
| 11/4/2025 | 5.3% | 5.6% | 10.8% |
| 8/5/2025 | 2.5% | 0.1% | -6.3% |
| 5/2/2025 | -1.8% | -3.4% | -5.0% |
| 2/4/2025 | -2.7% | -3.0% | -15.7% |
| 11/5/2024 | 7.1% | 19.6% | 25.7% |
| 8/1/2024 | -7.5% | -17.7% | -9.2% |
| 5/2/2024 | 4.0% | 5.1% | 8.2% |
| 2/8/2024 | 1.4% | 6.3% | 3.1% |
| 11/1/2023 | 8.0% | 8.9% | 19.4% |
| 8/3/2023 | 5.7% | 0.5% | 8.0% |
| 5/9/2023 | 0.7% | 2.2% | 16.6% |
| 2/9/2023 | -7.4% | -2.0% | -18.0% |
| 11/2/2022 | 4.0% | 11.4% | 21.8% |
| 8/4/2022 | 1.3% | 4.8% | -3.6% |
| 5/5/2022 | -0.5% | -4.9% | 8.5% |
| 2/11/2022 | -5.7% | -5.8% | -14.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 9 |
| # Negative | 7 | 7 | 9 |
| Median Positive | 4.0% | 5.1% | 10.8% |
| Median Negative | -2.7% | -4.9% | -9.2% |
| Max Positive | 8.0% | 19.6% | 25.7% |
| Max Negative | -7.5% | -17.7% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/06/2019 | 10-Q |
Insider Activity
Updated 6/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zito, John P | Co-President (see Remarks) | Direct | Sell | 5282026 | 130.66 | 48,644 | 6,355,708 | 400,295,126 | Form |
| 2 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 5152026 | 134.64 | 7,000 | 942,514 | 54,078,374 | Form |
| 3 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 12122025 | 146.03 | 8,500 | 1,241,257 | 10,907,288 | Form |
| 4 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 12032025 | 131.41 | 6,000 | 788,434 | 42,786,189 | Form |
| 5 | Black, Leon D | Shares held by spouse. | Sell | 9082025 | 134.03 | 915,000 | 122,637,450 | 606,619,780 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zito, John P | Co-President (see Remarks) | Direct | Sell | 5282026 | 130.66 | 48,644 | 6,355,708 | 400,295,126 | Form |
| 2 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 5152026 | 134.64 | 7,000 | 942,514 | 54,078,374 | Form |
| 3 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 12122025 | 146.03 | 8,500 | 1,241,257 | 10,907,288 | Form |
| 4 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 12032025 | 131.41 | 6,000 | 788,434 | 42,786,189 | Form |
| 5 | Black, Leon D | Shares held by spouse. | Sell | 9082025 | 134.03 | 915,000 | 122,637,450 | 606,619,780 | Form | |
| 6 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 8142025 | 145.11 | 15,500 | 2,249,230 | 48,234,962 | Form |
| 7 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 8072025 | 146.03 | 4,500 | 657,149 | 12,148,786 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.