Apollo Global Management vs KKR
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KIRAβs take AI analyst
I put Apollo Global Management and KKR side by side, using each oneβs latest annual report. Here is what stands out:
- Apollo Global Management is the larger business, with $32.0B of revenue in fiscal 2025 against $19.5B for KKR, about 1.6 times as much.
- Apollo Global Management grew revenue faster (22.7%, against β11.0%).
Who comes out ahead
Of the 3 measures where higher (or lower) is clearly better, how many each company leads.
Apollo Global Management
APO
2/3
Revenue growth5-year growth
KKR
KKR
1/3
Net margin
Side by side
Best in the row
| Latest fiscal year | APO FY25 | KKR FY25 |
|---|---|---|
| Size | ||
| Market cap | $69.8B | β |
| Revenue | $32.0B | $19.5B |
| Free cash flow | β | β |
| Net income | $3.5B | $2.4B |
| Growth | ||
| Revenue growth | 22.7% | β11.0% |
| 5-year growth | 68.6% | 35.7% |
| Share count change | β1.7% | β |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 10.9% | 12.2% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | β | 8.7% |
| Balance sheet | ||
| Net debt | β$7.2B | β |
| Net debt / EBITDA | β0.8x | β |
| Dividends and buybacks | $2.0B | $653M |
| Valuation & quality | ||
| P/E | 41.9x | β |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
APO β
KKR $2.0B
FY17
APO β
KKR $3.6B
FY18
APO β
KKR $2.4B
FY19
APO β
KKR $4.2B
FY20
APO $2.4B
KKR $4.2B
FY21
APO $6.0B
KKR $16.2B
FY22
APO $11.0B
KKR $5.7B
FY23
APO $32.6B
KKR $14.5B
FY24
APO $26.1B
KKR $21.9B
FY25
APO $32.0B
KKR $19.5B
APO
KKR
Operating margin
FY16
APO β
KKR β
FY17
APO β
KKR β
FY18
APO β
KKR β
FY19
APO β
KKR β
FY20
APO β
KKR β
FY21
APO β
KKR β
FY22
APO β
KKR β
FY23
APO β
KKR β
FY24
APO β
KKR β
FY25
APO β
KKR β
APO
KKR
Free cash flow
FY16
APO β
KKR β$1.5B
FY17
APO β
KKR β$3.6B
FY18
APO β
KKR β$7.7B
FY19
APO β
KKR β$5.9B
FY20
APO β
KKR β
FY21
APO β
KKR β
FY22
APO β
KKR β
FY23
APO β
KKR β
FY24
APO β
KKR β
FY25
APO β
KKR β
APO
KKR
Return on capital
FY16
APO β
KKR 3.5%
FY17
APO β
KKR 9.2%
FY18
APO β
KKR 7.4%
FY19
APO β
KKR 11.1%
FY20
APO β
KKR 9.6%
FY21
APO β
KKR 17.5%
FY22
APO β
KKR β
FY23
APO β
KKR β
FY24
APO β
KKR β
FY25
APO β
KKR β
APO
KKR
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.