Apollo Global Management

APO · Asset Management & Custody Banks

$112.83

1.7%

BlackRock

BLK · Asset Management & Custody Banks

$1,118.25

1.7%

The short version

Apollo Global Management is the larger business, with $32.0B of revenue in fiscal 2025 against $24.2B for BlackRock.
Apollo Global Management grew revenue faster (22.7%, against 18.7%).
Investors pay more for each dollar of Apollo Global Management’s earnings: a P/E of 41.3x against 26.8x for BlackRock.

Latest fiscal year	APO · FY25	BLK · FY25
Size
Market cap	$68.8B	$184.1B
Revenue	$32.0B	$24.2B
Free cash flow	—	$3.6B
Net income	$3.5B	$5.6B
Growth
Revenue growth	22.7%	18.7%
5-year growth	68.6%	8.4%
Share count change	−1.7%	6.1%
Profitability
Gross margin	—	—
Operating margin	—	29.1%
Net margin	10.9%	22.9%
FCF margin	—	14.7%
Return on capital	—	10.5%
Return on equity	—	10.7%
Balance sheet
Net debt	−$7.2B	$1.3B
Net debt / EBITDA	−0.8x	0.2x
Dividends and buybacks	$2.0B	$0.0M
Valuation & quality
P/E	41.3x	26.8x
Piotroski F-score	—	—

Revenue

FY16

APO —

BLK $12.3B

FY17

APO —

BLK $13.6B

FY18

APO —

BLK $14.2B

FY19

APO —

BLK $14.5B

FY20

APO $2.4B

BLK $16.2B

FY21

APO $6.0B

BLK $19.4B

FY22

APO $11.0B

BLK $17.9B

FY23

APO $32.6B

BLK $17.9B

FY24

APO $26.1B

BLK $20.4B

FY25

APO $32.0B

BLK $24.2B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APO BLK

Operating margin

FY16

APO —

BLK 37.2%

FY17

APO —

BLK 38.6%

FY18

APO —

BLK 38.4%

FY19

APO —

BLK 38.2%

FY20

APO —

BLK 35.1%

FY21

APO —

BLK 38.5%

FY22

APO —

BLK 35.7%

FY23

APO —

BLK 35.1%

FY24

APO —

BLK 37.1%

FY25

APO —

BLK 29.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APO BLK

Free cash flow

FY16

APO —

BLK $2.2B

FY17

APO —

BLK $3.8B

FY18

APO —

BLK $2.9B

FY19

APO —

BLK $2.6B

FY20

APO —

BLK $3.5B

FY21

APO —

BLK $4.6B

FY22

APO —

BLK $4.4B

FY23

APO —

BLK $3.8B

FY24

APO —

BLK $4.7B

FY25

APO —

BLK $3.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APO BLK

Return on capital

FY16

APO —

BLK 11.7%

FY17

APO —

BLK 17.2%

FY18

APO —

BLK 14.3%

FY19

APO —

BLK 13.4%

FY20

APO —

BLK 13.6%

FY21

APO —

BLK 16.2%

FY22

APO —

BLK 13.9%

FY23

APO —

BLK 13.1%

FY24

APO —

BLK 13.8%

FY25

APO —

BLK 10.5%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APO BLK

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