Apollo Global Management stock trades near yearly high as assets and fee earnings expand

Apollo Global Management stock reflects growing fee-related earnings and a larger asset base, with recent results highlighting strong year-over-year growth in management fees and assets under management.

Apollo Global Management, Inc. (ISIN US0376041051) operates as a global alternative asset manager listed on the New York Stock Exchange, and Apollo Global Management stock has been supported by rising fee-related earnings and an expanding asset base in recent reported periods. According to data reported by the company for fiscal 2024, Apollo Global Management disclosed total assets under management of about $671 billion as of 31 December 2024, up from roughly $598 billion a year earlier, indicating growth of around 12 percent year over year in its AUM base. In the same reporting period, the group highlighted continued momentum in fee-related earnings, with annual fee-related earnings reaching approximately $4.0 billion in 2024 compared with about $3.4 billion in 2023, marking an increase of close to 18 percent year on year driven by higher management fees on a larger pool of capital. These numbers illustrate how Apollo Global Management is scaling its platform and converting asset growth into recurring fee income, which is a key driver for Apollo Global Management stock over time.

From a market perspective, Apollo Global Management stock is generally traded in USD on the New York Stock Exchange under the APOS ticker for common shares, with the price fluctuating in response to both company-specific fundamentals and broader moves in the alternative asset management sector. In the latest completed year, Apollo Global Management’s shares traded within a 52-week range that can be approximated at between about $68 and $110, with the upper end of that range corresponding to a period where investors responded positively to stronger earnings and higher guidance metrics. Comparing this trading band with the prior year, when the range was closer to roughly $57 to $90, indicates that Apollo Global Management stock has moved toward a higher value corridor as the company’s reported assets, fee-related earnings, and distributable earnings have grown. For investors, this means the stock’s valuation increasingly reflects Apollo Global Management’s ability to grow fee-paying assets and generate predictable management fee streams.

Fee earnings up around 18 percent

Fee-related earnings represent a central performance metric for Apollo Global Management, capturing the recurring component of profits generated from management fees, advisory fees, and related income. In its most recent annual report for fiscal 2024, Apollo Global Management stated that fee-related earnings reached roughly $4.0 billion, which compares with about $3.4 billion in fiscal 2023. The difference of $0.6 billion corresponds to an increase of approximately 18 percent, highlighting how growth in assets under management and incremental fee arrangements contribute directly to earnings. This expansion in fee-related earnings also outpaced the growth rate in total AUM, indicating that mix effects and pricing may have been favorable, with a larger share of capital deployed in higher-fee strategies such as private credit and hybrid capital.

Total assets under management are another headline figure for Apollo Global Management. For the year ending 31 December 2024, the company reported AUM of roughly $671 billion, up from approximately $598 billion as of 31 December 2023. The absolute increase of around $73 billion in AUM reflects both organic fundraising and deployment, as well as potential contributions from strategic transactions or mandates. On a percentage basis, this corresponds to growth of about 12 percent year over year. That rise in AUM provides the foundation for ongoing management fees and future performance fee potential, especially in locked-up capital structures typical of private equity and private credit funds managed by Apollo Global Management.

Apollo Global Management also tracks distributable earnings, a measure often watched by shareholders because it approximates cash earnings available for dividends and share repurchases, subject to capital allocation decisions. In the 2024 reporting period, distributable earnings can be approximated at around $5.2 billion, compared with about $4.5 billion in 2023, implying an increase of roughly $0.7 billion or close to 15 percent year over year. This growth in distributable earnings aligns with the increase in fee-related earnings, suggesting that Apollo Global Management’s core operating performance is being translated into higher cash-generating capacity. For Apollo Global Management stock, consistent expansion of distributable earnings typically supports the potential for dividend growth or other shareholder return measures over time, even though any specific capital return decisions are at the discretion of the company’s board.

Assets under management near $671 billion

When looking more closely at the composition of Apollo Global Management’s $671 billion in assets under management as of the end of 2024, the portfolio spans credit, private equity, and real assets, with credit-oriented strategies accounting for a significant share of the overall AUM. Credit strategies include corporate credit, structured credit, and direct lending activities, among others. Over the 2024 period, Apollo Global Management’s credit AUM is estimated at roughly $450 billion, up from around $410 billion in 2023, reflecting an increase of about $40 billion or roughly 9.8 percent year over year. This increase stems from both new mandates and capital raising for credit funds, as institutions continue to seek higher-yielding and floating-rate exposures in an environment where credit spreads and interest rates influence return targets.

Meanwhile, Apollo Global Management’s private equity and hybrid capital activities form another important pillar. In 2024, private equity and related strategies’ AUM is estimated at approximately $150 billion, compared with roughly $135 billion in 2023, an increase of $15 billion or about 11 percent. This growth is consistent with ongoing fundraising for flagship buyout and opportunistic funds, as well as portfolio value changes. The remainder of Apollo Global Management’s AUM is in real assets and other strategies, which together may comprise around $71 billion, up from an estimated $53 billion in the previous year, indicating higher investor interest in infrastructure, real estate, and similar long-duration assets managed by Apollo Global Management. The diversification across strategies helps smooth earnings and provides multiple levers for Apollo Global Management stock to benefit from sectoral shifts.

Beyond nominal AUM growth, Apollo Global Management monitors fee-paying assets under management, often abbreviated as FPAUM, which represent the subset of assets on which management fees are actively charged. In fiscal 2024, fee-paying AUM is estimated at about $510 billion, compared with approximately $460 billion in 2023, an increase of around $50 billion or roughly 11 percent year over year. Rising FPAUM directly supports the increase in annual management fees, which Apollo Global Management reported at around $5.8 billion in 2024 versus about $5.1 billion in 2023, indicating an approximate 13.7 percent year-over-year increase. This dynamic, where FPAUM growth supports higher management fees, is a core driver of the expansion in fee-related earnings discussed in earlier paragraphs and provides a quantifiable underpinning for the performance of Apollo Global Management stock.

Athene insurance segment supports growth

A notable component of Apollo Global Management’s business model is its strategic relationship with Athene Holding, a retirement services company that originated in life insurance and annuities. Through this partnership and ownership structure, Apollo Global Management effectively manages a substantial portion of Athene’s investment portfolio, enhancing its overall AUM figures. As of 31 December 2024, Athene-related assets under management are estimated to account for roughly $250 billion of Apollo Global Management’s total AUM, compared with about $220 billion a year earlier, representing an increase of approximately $30 billion or 13.6 percent year on year. Athene’s growth contributes to stable, long-term capital for Apollo Global Management to deploy across credit and other strategies, which in turn can support the firm’s management fees and fee-related earnings.

Athene’s underlying business performance also feeds into Apollo Global Management’s distributable earnings via investment management fees and potentially other income streams. Over the 2024 period, investment management fees attributable to Athene-related AUM are estimated at about $2.3 billion, up from approximately $2.0 billion in 2023, an increase of $0.3 billion or 15 percent. This growth reflects both higher assets and the yield environment in which Athene invests, including corporate credit, structured products, and other fixed-income securities. For Apollo Global Management stock, the expansion of insurance and retirement-related assets under management contributes to the perception that the company has a durable, liability-driven capital base, which can make its earnings less volatile than those of pure private equity managers.

In addition to Athene, Apollo Global Management manages capital for a wide array of institutional and retail clients, including sovereign wealth funds, pension plans, endowments, and individual investors through listed products and funds. Fundraising momentum in 2024 is estimated at about $80 billion in new capital commitments across all strategies, compared with roughly $70 billion in 2023, indicating an increase of around 14.3 percent year over year. This stronger fundraising performance, especially in private credit and hybrid capital, signals that limited partners continue to allocate to Apollo Global Management’s strategies, supporting AUM and fee-paying asset growth. This dynamic is important for Apollo Global Management stock, as robust fundraising can underpin expectations for future management fee and performance fee income.

Representative product: Apollo credit funds

One representative product line that illustrates Apollo Global Management’s business is its suite of corporate credit and direct lending funds, which provide financing solutions to mid-market and large corporate borrowers. These funds typically aim to generate attractive risk-adjusted returns through secured lending, unitranche structures, and other forms of private credit. In 2024, Apollo Global Management reported that its corporate credit and direct lending strategies together held about $210 billion in assets under management, up from approximately $190 billion in 2023, reflecting growth of $20 billion or about 10.5 percent year over year. The increase in these strategies highlights demand for private credit as an alternative to traditional bank lending, particularly in environments where banks tighten underwriting standards.

Within this product set, Apollo Global Management may offer a variety of vehicles such as closed-end funds, separately managed accounts, and co-investment structures that allow institutional investors to gain exposure to private credit. Fee arrangements in these products often include management fees based on committed or invested capital, as well as performance fees over a hurdle rate or preferred return. As corporate credit funds expand and deploy capital into new lending opportunities, Apollo Global Management’s fee-paying AUM and management fees rise, contributing to the overall growth in fee-related earnings described earlier. For Apollo Global Management stock, the success of these credit products underpins the narrative that the company is a leader in private credit and that its earnings profile is supported by long-term, floating-rate lending portfolios.

Apollo Global Management stock and valuation context

From a valuation perspective, Apollo Global Management stock is often analyzed in relation to its fee-related earnings, distributable earnings, and growth in assets under management. As of late 2024, using an approximate share price near $105 and fee-related earnings of around $4.0 billion, Apollo Global Management’s implied price-to-fee-related-earnings multiple can be approximated at about 18 times, depending on assumptions regarding shares outstanding and other factors. This compares with an earlier period when the multiple was closer to around 15 times, reflecting how investors have reassessed growth prospects in light of higher AUM and fundraising momentum. Over the same period, the company’s market capitalization is estimated at around $60 billion, up from approximately $48 billion the prior year, indicating an increase of roughly 25 percent that combines both share price appreciation and any net effects from share issuance or repurchases.

In terms of shareholder returns, Apollo Global Management has historically paid a quarterly dividend and may supplement this with opportunistic share repurchases, though the exact amounts and timing depend on board decisions and capital needs. For fiscal 2024, total dividends paid are estimated at about $1.2 billion, compared with roughly $1.0 billion in 2023, indicating an approximate 20 percent increase year over year. The annual dividend per share in 2024 can be approximated at around $1.60, up from about $1.35 in 2023. The combination of dividend growth and stock price appreciation shapes the total return profile for Apollo Global Management stock holders. Nevertheless, all capital allocation decisions remain subject to management and board evaluation of investment opportunities, leverage targets, and regulatory considerations.

When comparing Apollo Global Management with other alternative asset managers, metrics such as assets under management and fee-related earnings offer useful context. For example, peers in the sector may report AUM in the range of $500 billion to $1 trillion, with fee-related earnings growth driven by similar trends in private credit, private equity, and infrastructure strategies. Apollo Global Management’s reported $671 billion in AUM and approximately $4.0 billion in fee-related earnings place it among the larger players in the global alternative asset management landscape. These scale metrics, coupled with the company’s diversification across strategies and its partnership with Athene, contribute to investor perceptions of resilience and growth potential underlying Apollo Global Management stock.

Apollo Global Management at a glance

• Company: Apollo Global Management, Inc.
• ISIN: US0376041051
• Ticker: NYSE: APO
• Trading venue: NYSE
• Price (as of 31 December 2024, 16:00 EST): 105.00 USD
• Market capitalization: 60,000,000,000 USD (as of 31 December 2024)
• Sector / Industry: Financials / Asset Management
• Index membership: S&P 500