Apollo Global Management, Inc. Financial Ratios — APO-PA

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	315.03	- -	- -	99.62	49.72
Return on Assets (%)	-6.45	2.17	3.06	0.74	0.97	7.91	9.97	-0.16	11.6	0.97	6.79	-1.36	1.77	1.32	0.83
Return on Capital (%)	- -	-28.29	-7.05	-2.23	-0.56	-7.34	-4.85	-0.66	- -	1.32	0.95	- -	- -	11.09	5.14
Return on Invested Capital (%)	- -	6.87	9.35	2.25	1.9	24.75	26.03	0.93	- -	5.54	7.45	- -	- -	18.99	13.71
Gross Margin (%)	-681.19	38.97	57.3	52.53	48.41	59.05	62.65	57.95	82.45	73.32	86.93	91.55	96.85	95.63	95.5
EBITDA Margin (%)	-780.62	32.33	51.37	38.42	28.19	48.04	54.01	24.41	46.26	39.38	33.66	-35.07	21.29	35.9	30.23
Operating Margin (%)	-795.92	30.47	49.91	35.53	23.92	47.14	53.34	23.02	45.72	38.57	33.2	-39.89	18.83	31.78	25.77
Incremental Operating Margin (%)	- -	83.23	113.56	60.24	58.86	70.57	71.78	73.09	59.21	74.83	29.69	- -	48.54	-32.97	-0.69
Pretax Margin (%)	-752.93	108.85	66.47	56.23	36.21	51.17	63.84	9.63	48.02	23.49	81.68	-38.71	17.11	28.47	20.83
Profit Margin (%)	-273.16	10.87	17.66	10.78	12.91	19.43	22.7	-0.95	28.76	6.67	30.9	-17.88	15.46	17.53	10.9
Net Income to Common Margin (%)	-273.16	10.87	17.66	10.78	12.91	19.43	22.21	-3.85	27.51	5.1	30.28	-18.21	15.32	17.16	10.59
Effective Tax Rate (%)	- -	2.1	4.33	16.79	7.09	8.55	18.42	81.71	- -	15.55	12.22	- -	- -	14.28	19.11
Dvd Payout Ratio (%)	-5.59	8.53	24.57	93.61	62.57	15.55	16.34	2,363.28	19.84	74.32	7.77	-18.18	12.47	13.53	16.65
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	290.57	- -	- -	86.14	41.44

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	3,928	12,573	13,174	15,151	1,827	2,139	2,364	2,216	3,710	14,621	13,688	6,522	8,092	10,588	13,364
ST Debt	- -	728	750	534	531	362	371	71	54	41	38	35	31	- -	- -
LT Debt	3,928	11,844	12,424	14,617	1,296	1,777	1,994	2,145	3,656	14,580	13,650	6,487	8,061	10,588	13,364
Total Debt/EBITDA	-2.93	13.6	6.87	25.28	6.22	2.15	1.58	8.3	2.74	15.77	6.83	-1.7	1.16	1.13	1.38
Net Debt/EBITDA	-2.25	10.75	5.74	21.45	3.92	1.29	1.02	5.83	1.4	12.77	6.14	0.76	-1.13	-0.6	-0.61
Total Debt/EBIT	-2.88	14.43	7.07	27.33	7.33	2.19	1.6	8.81	2.77	16.1	6.93	-1.49	1.32	1.28	1.62
Net Debt/EBIT	-2.21	11.41	5.9	23.19	4.62	1.31	1.03	6.19	1.42	13.04	6.23	0.67	-1.27	-0.67	-0.71
EBITDA to Interest Expense	-32.8	24.91	65.54	26.77	9.77	22.91	28.31	2.94	10.7	2.43	2.21	-17.4	26.93	27.65	26.19
EBITDA-CapEx/Interest Expense	-33.32	24.61	65.28	26.5	9.56	22.76	28.15	2.78	10.39	2.28	2.14	-18.32	26.93	27.65	26.19
EBIT to Interest Expense	-33.44	23.48	63.69	24.75	8.29	22.48	27.96	2.78	10.57	2.38	2.18	-19.8	23.82	24.48	22.32
Interest Expense	41	37	29	22	30	43	53	91	127	381	907	221	258	339	370
Common Equity/Total Assets	-30.42	-10.38	-6.98	-6.04	-29.57	-17.52	-5.43	-7.9	- -	- -	3.75	-0.39	0.95	1.59	1.66
Long-Term Debt/Equity (%)	148.33	207.67	185.74	245.93	93.29	95.15	68.8	87.47	120.33	231.58	114.09	42.13	31.93	34.18	31.43
Long-Term Debt/Capital (%)	114.73	87.95	79.35	81.63	106.42	81.32	54.11	63.59	67.07	72.75	57.93	45.45	34.07	33.36	32.15
Long-Term Debt/Total Assets (%)	49.25	57.39	55.27	63.08	28.42	31.56	28.52	35.79	42.8	61.6	44.75	2.52	2.57	2.8	2.9
Total Debt/Equity (%)	148.33	220.44	196.96	254.92	131.5	114.54	81.6	90.38	122.12	232.22	114.41	42.36	32.05	34.18	31.43
Total Debt/Capital (%)	114.73	93.36	84.14	84.61	150.01	97.88	64.18	65.71	68.07	72.95	58.1	45.69	34.2	33.36	32.15
Total Debt/Total Assets (%)	49.25	60.92	58.61	65.38	40.06	38	33.82	36.98	43.43	61.77	44.88	2.54	2.58	2.8	2.9
Net Debt to Equity	113.89	174.33	164.44	216.31	82.97	68.75	52.46	63.48	62.51	188.04	102.88	-19.03	-31.04	-18.01	-13.82
Net Debt/Capital (%)	120.08	91.75	81.58	82.35	212.03	96.52	53.53	57.37	49.35	67.29	55.49	-60.78	-101.31	-35.83	-26.31
EBITDA	-1,340	925	1,918	599	294	996	1,497	267	1,356	927	2,003	-3,846	6,949	9,374	9,689
EBITDA-CapEx	-1,361	913	1,910	593	287	990	1,488	252	1,317	867	1,938	-4,049	6,949	9,374	9,689
Operating Income (Loss)	-1,366	872	1,864	554	249	977	1,479	252	1,340	908	1,976	-4,375	6,146	8,299	8,258

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	4.88	7.4	0.82	1.29	0.4	0.48	0.69	0.93	1.44	1.49	0.34	0.69	0.79	0.76	0.75
Current Ratio	5.78	2	1.81	2	0.96	1.38	0.77	0.98	1.43	1.84	0.63	0.73	0.82	0.8	0.78
Quick Ratio	5.72	8.28	1.8	1.97	0.93	1.33	0.87	1.28	1.76	1.8	0.46	0.72	0.81	0.8	0.78
CFO/Avg Current Liab	0.54	0.18	0.45	-0.17	0.34	0.35	0.49	0.57	0.83	-1.03	0.37	0.04	0.03	0.01	0.02
Common Equity/Total Assets	-30.42	-10.38	-6.98	-6.04	-29.57	-17.52	-5.43	-7.9	- -	- -	3.75	-0.39	0.95	1.59	1.66
Long-Term Debt/Equity (%)	148.33	207.67	185.74	245.93	93.29	95.15	68.8	87.47	120.33	231.58	114.09	42.13	31.93	34.18	31.43
Long-Term Debt/Capital (%)	114.73	87.95	79.35	81.63	106.42	81.32	54.11	63.59	67.07	72.75	57.93	45.45	34.07	33.36	32.15
Long-Term Debt/Total Assets (%)	49.25	57.39	55.27	63.08	28.42	31.56	28.52	35.79	42.8	61.6	44.75	2.52	2.57	2.8	2.9
Total Debt/Equity (%)	148.33	220.44	196.96	254.92	131.5	114.54	81.6	90.38	122.12	232.22	114.41	42.36	32.05	34.18	31.43
Total Debt/Capital (%)	114.73	93.36	84.14	84.61	150.01	97.88	64.18	65.71	68.07	72.95	58.1	45.69	34.2	33.36	32.15
Total Debt/Total Assets (%)	49.25	60.92	58.61	65.38	40.06	38	33.82	36.98	43.43	61.77	44.88	2.54	2.58	2.8	2.9
CFO/Total Liabilities	13.96	2.22	7.18	-2.16	18.38	15.94	21.01	23	19.67	-9.3	5.74	1.57	2.19	0.94	1.73
CFO/CapEx	34.95	29.45	149.72	-62.69	93.93	94.37	100.82	55.24	27.41	-27.13	16.44	18.71	- -	- -	- -
Altman's Z-Score	-0.08	0.27	0.46	0.15	-0.02	0.86	0.97	0.21	0.97	0.3	0.4	-0.26	0.03	-0.01	-0.03

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	4.87	46.01	38.42	17.44	7.89	11.36	16.39	6.58	6.23	5.86	0.52	0.32	0.33	0.33	0.39
Accounts Payable Turnover Days	75.03	7.93	9.5	20.93	46.27	32.12	22.27	55.49	58.61	62.29	695.98	1,146.19	1,121.83	1,113.25	945.64
Cash Conversion Cycle	-75.03	-7.93	-9.5	-20.93	-46.27	-32.12	-22.27	-55.49	-58.61	-62.29	-695.98	-1,146.19	-1,121.83	-1,113.25	-945.64
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	912	2,630	2,175	2,295	674	855	844	659	1,602	2,449	1,380	9,452	15,928	16,166	19,240
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	264	554	554	554	554	- -	1,398	1,398	1,398
+ Minority/Non Controlling Interest	1,922	3,037	4,051	4,157	739	1,032	1,435	1,076	1,186	4,867	8,175	8,758	11,201	13,727	19,174
+ Total Debt	3,928	12,573	13,174	15,151	1,827	2,139	2,364	2,216	3,710	14,621	13,688	6,522	8,092	10,588	13,364
Enterprise Value	-221	-1,848	15,051	17,013	1,892	2,316	2,855	2,793	3,294	17,593	21,037	-112,093	-149,552	-180,267	-214,124
Total Capital	3,424	13,467	15,657	17,907	1,218	2,185	3,684	3,372	5,450	20,041	23,561	14,273	23,663	31,735	41,570
Total Debt/Capital (%)	114.73	93.36	84.14	84.61	150.01	97.88	64.18	65.71	68.07	72.95	58.1	45.69	34.2	33.36	32.15
Total Debt / EV	-17.74	-6.8	0.88	0.89	0.97	0.92	0.83	0.79	1.13	0.83	0.65	-0.06	-0.05	-0.06	-0.06
EV/Sales	- -	- -	4.03	10.91	1.82	1.12	1.03	2.56	1.12	7.47	3.54	- -	- -	- -	- -
EV/EBITDA	- -	- -	7.85	28.38	6.44	2.33	1.91	10.47	2.43	18.98	10.5	- -	- -	- -	- -
EV/EBIT	- -	- -	8.08	30.69	7.59	2.37	1.93	11.1	2.46	19.38	10.65	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	12.95	- -	3.1	3.62	3.16	3.36	2.7	- -	11.31	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	12.86	- -	3.07	3.59	3.13	3.3	2.61	- -	10.93	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	4,938	12,979	15,051	17,013	1,892	2,316	3,220	3,186	3,849	17,593	21,037	5,828	4,763	9,547	14,696
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	172	2,860	3,734	1,560	1,042	2,074	2,772	1,093	2,932	2,354	5,951	10,968	32,644	26,114	32,049
TTM EBITDA	-1,340	925	1,918	599	294	996	1,497	267	1,356	927	2,003	-3,846	6,949	9,374	9,689
TTM Operating Income	-1,366	872	1,864	554	249	977	1,479	252	1,340	908	1,976	-4,375	6,146	8,299	8,258
TTM Cash Flow to Firm	785	368	1,162	-354	611	640	903	831	1,221	-1,294	1,860	3,972	6,623	3,544	7,545
TTM Free Cash Flow to Firm	806	379	1,170	-348	617	646	912	846	1,261	-1,235	1,925	4,174	6,623	3,544	7,545

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	8.08	30.69	7.59	2.37	1.93	11.1	2.46	19.38	10.65	- -	- -	- -	- -
Enterprise Value	-221	-1,848	15,051	17,013	1,892	2,316	2,855	2,793	3,294	17,593	21,037	-112,093	-149,552	-180,267	-214,124
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.8	53.94	56.89
EV/Sales	- -	- -	4.03	10.91	1.82	1.12	1.03	2.56	1.12	7.47	3.54	- -	- -	- -	- -
EV/EBITDA	- -	- -	7.85	28.38	6.44	2.33	1.91	10.47	2.43	18.98	10.5	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	28.77	4.54	4.03	10.91	1.82	1.12	1.16	2.92	1.31	7.47	3.54	0.53	0.15	0.37	0.46
EV/Sales High	28.77	4.54	4.03	10.91	1.82	1.12	1.16	2.92	1.31	7.47	3.54	0.53	0.15	0.37	0.46
EV/Sales Low	28.77	4.54	4.03	10.91	1.82	1.12	1.16	2.92	1.31	7.47	3.54	0.53	0.15	0.37	0.46
EV/EBITDA Average	-3.69	14.04	7.85	28.38	6.44	2.33	2.15	11.94	2.84	18.98	10.5	-1.52	0.69	1.02	1.52
EV/EBITDA High	-3.69	14.04	7.85	28.38	6.44	2.33	2.15	11.94	2.84	18.98	10.5	-1.52	0.69	1.02	1.52
EV/EBITDA Low	-3.69	14.04	7.85	28.38	6.44	2.33	2.15	11.94	2.84	18.98	10.5	-1.52	0.69	1.02	1.52
EV/EBIT Average	-3.61	14.89	8.08	30.69	7.59	2.37	2.18	12.66	2.87	19.38	10.65	-1.33	0.77	1.15	1.78
EV/EBIT High	-3.61	14.89	8.08	30.69	7.59	2.37	2.18	12.66	2.87	19.38	10.65	-1.33	0.77	1.15	1.78
EV/EBIT Low	-3.61	14.89	8.08	30.69	7.59	2.37	2.18	12.66	2.87	19.38	10.65	-1.33	0.77	1.15	1.78
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	56.39	86.91	75.52
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	57.5	98.95	90.81
Enterprise Value Average	4,938	12,979	15,051	17,013	1,892	2,316	3,220	3,186	3,849	17,593	21,037	5,828	4,763	9,547	14,696
Enterprise Value High	4,938	12,979	15,051	17,013	1,892	2,316	3,220	3,186	3,849	17,593	21,037	5,828	4,763	9,547	14,696
Enterprise Value Low	4,938	12,979	15,051	17,013	1,892	2,316	3,220	3,186	3,849	17,593	21,037	5,828	4,763	9,547	14,696

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	124	130	146	163	181	185	195	201	223	229	249	570	568	566	579
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Apollo Global Management, Inc.

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