Apollo Global Management vs Blackstone
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The short version
- Apollo Global Management is the larger business, with $32.0B of revenue in fiscal 2025 against $14.5B for Blackstone, about 2.2 times as much.
- Apollo Global Management grew revenue faster (22.7%, against 9.2%).
- Investors pay more for each dollar of Apollo Global Managementβs earnings: a P/E of 41.3x against 26.4x for Blackstone.
| Latest fiscal year | APO Β· FY25 | BX Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.8B | $94.4B |
| Revenue | $32.0B | $14.5B |
| Free cash flow | β | $4.5B |
| Net income | $3.5B | $3.0B |
| Growth | ||
| Revenue growth | 22.7% | 9.2% |
| 5-year growth | 68.6% | 18.8% |
| Share count change | β1.7% | 1.8% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 10.9% | 20.9% |
| FCF margin | β | 31.5% |
| Return on capital | β | 22.1% |
| Return on equity | β | 35.8% |
| Balance sheet | ||
| Net debt | β$7.2B | $9.9B |
| Net debt / EBITDA | β0.8x | 1.3x |
| Dividends and buybacks | $2.0B | $6.0B |
| Valuation & quality | ||
| P/E | 41.3x | 26.4x |
| Piotroski F-score | β | β |
FY16
APO β
BX $5.1B
FY17
APO β
BX $7.1B
FY18
APO β
BX $6.8B
FY19
APO β
BX $7.3B
FY20
APO $2.4B
BX $6.1B
FY21
APO $6.0B
BX $22.6B
FY22
APO $11.0B
BX $8.5B
FY23
APO $32.6B
BX $8.0B
FY24
APO $26.1B
BX $13.2B
FY25
APO $32.0B
BX $14.5B
APO
BX
FY16
APO β
BX β
FY17
APO β
BX β
FY18
APO β
BX β
FY19
APO β
BX β
FY20
APO β
BX β
FY21
APO β
BX β
FY22
APO β
BX β
FY23
APO β
BX β
FY24
APO β
BX β
FY25
APO β
BX β
APO
BX
FY16
APO β
BX β$110M
FY17
APO β
BX β$1.7B
FY18
APO β
BX $27.4M
FY19
APO β
BX $1.9B
FY20
APO β
BX $1.8B
FY21
APO β
BX $3.9B
FY22
APO β
BX $6.1B
FY23
APO β
BX $3.8B
FY24
APO β
BX $3.4B
FY25
APO β
BX $4.5B
APO
BX
FY16
APO β
BX 13.2%
FY17
APO β
BX 15.3%
FY18
APO β
BX 14.1%
FY19
APO β
BX 17.4%
FY20
APO β
BX 11.3%
FY21
APO β
BX 55.0%
FY22
APO β
BX 12.2%
FY23
APO β
BX 10.8%
FY24
APO β
BX 21.6%
FY25
APO β
BX 22.1%
APO
BX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.