Apollo Global Management vs BlackRock
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KIRA’s take AI analyst
I put Apollo Global Management and BlackRock side by side, using each one’s latest annual report. Here is what stands out:
- 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 41.9x against 27.0x for BlackRock.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Apollo Global Management
APO
4/5
Revenue growth5-year growthNet debt / EBITDAShare count change
BlackRock
BLK
1/5
Net margin
Side by side
Best in the row
| Latest fiscal year | APO FY25 | BLK FY25 |
|---|---|---|
| Size | ||
| Market cap | $69.8B | $185.6B |
| 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 | 41.9x | 27.0x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.