Apollo Global Management Inc (APO) is undervalued and Blackrock Inc (BLK) is overvalued.
Against our estimates of intrinsic value, APO trades at the wider discount: a margin of safety of +36%, against -46% for BLK.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.0% (average of 3 methods) values the shares at $195.25; the price of $124.15 is 36% below that value, and 71% of that value comes from beyond year five.
Leak Score 59/100 on 5 of 12 signals
Discounting its cash flows at 11.0% (average of 3 methods) values the shares at $729.27; the price of $1066.66 is 46% above that value, and 70% of that value comes from beyond year five.
Leak Score 24/100 on 5 of 12 signals
| Metric | APO | BLK |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $124.15 | $1066.66 |
| Intrinsic value | $195.25 | $729.27 |
| Margin of safety | +36% | -46% |
| Leak Score | 59/100 (5/12) | 24/100 (5/12) |
| Market cap | $73.3B | $173.3B |
| Revenue growth, 5 years | 68.2% | 8.0% |
| Operating margin | 21.3% | 34.0% |
| Net margin | 4.6% | 23.8% |
| Return on equity | 8.6% | 12.3% |
| Debt to equity | 0.65 | 0.26 |
| P/E | 47.0x | 26.5x |
| Forward P/E | 11.6x | 16.6x |
| P/B | 3.6x | 3.0x |
| Dividend yield | 1.8% | 2.1% |