Apollo Global Management vs Blackstone
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KIRAβs take AI analyst
I put Apollo Global Management and Blackstone 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 $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 41.9x against 26.1x for Blackstone.
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
Blackstone
BX
1/5
Net margin
Side by side
Best in the row
| Latest fiscal year | APO FY25 | BX FY25 |
|---|---|---|
| Size | ||
| Market cap | $69.7B | $93.3B |
| 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 | 41.9x | 26.1x |
| Piotroski F-score | β | β |
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.