Apollo Global Management Inc (APO) is undervalued and Blackstone Inc (BX) is overvalued.
Against our estimates of intrinsic value, APO trades at the wider discount: a margin of safety of +36%, against -41% for BX.
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 11.5% (average of 3 methods) values the shares at $87.98; the price of $124.01 is 41% above that value, and 68% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
| Metric | APO | BX |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $124.15 | $124.01 |
| Intrinsic value | $195.25 | $87.98 |
| Margin of safety | +36% | -41% |
| Leak Score | 59/100 (5/12) | 57/100 (8/12) |
| Market cap | $73.3B | $154.0B |
| Revenue growth, 5 years | 68.2% | 16.1% |
| Operating margin | 21.3% | 53.9% |
| Net margin | 4.6% | 22.1% |
| Return on equity | 8.6% | 40.5% |
| Debt to equity | 0.65 | 1.56 |
| P/E | 47.0x | 27.8x |
| Forward P/E | 11.6x | 16.6x |
| P/B | 3.6x | 17.1x |
| Dividend yield | 1.8% | 4.2% |