CluenexApollo Global Management APO
Apollo Global Management scores weak on business quality (4.1 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Apollo Global Management does
Apollo Global Management runs an alternative asset management business, originating private credit and equity deals and generating fees from institutional and retail capital. It pairs this with its Athene retirement services arm, collecting insurance premiums to invest across private markets.
- What it does best
Apollo turns insurance float into private credit returns with scale few rivals match, holding $18.3 billion in cash. Athene gives it permanent capital that locks in yields without sudden redemption risk. Its operating margin sits in the 63rd percentile of its sector, outpacing VOYA's 12%.
- The main risk
Revenue contraction threatens its top line as revenue fell 22.8% over the latest period. If private credit deal flow slows or insurance yields compress, fee generation drops and pressures earnings.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin sits at 25.5%, supported by asset management fees and insurance spreads. Net margin is 5.1%. Profitability remains constrained by financing costs and market volatility.
Its moat rests on massive permanent capital vehicles like Athene that lock in institutional and retail liabilities. With an ROE of 8.6%, scale defends its deal flow, but weak recent metrics limit the moat score.
Revenue dropped 22.8% to $32.0 billion over the latest period, reversing the bounce seen in prior years. Growth is fading sharply compared to historical peaks.
Total debt of $13.4 billion is cushioned by $18.3 billion in cash, leaving net debt negative at $4.9 billion. Interest coverage is 16x. The balance sheet is getting softer.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
1 sold $423K outside pre-planned sales.
Our sealed record on APO
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Apollo Global Management scores weak on the Cluenex quality check (4.1 of 10), measured against its own industry. Profitability is weak, moat weak, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: 1 sold $423K outside pre-planned sales.
Nov 3, 2026, before the open.
See APO today
- Today's verdict on APO, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Apollo Global Management (APO)”, https://cluenex.com/stocks/apo/, data as of Oct 10, 2026.