APO
Apollo Global Management, Inc.
APO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has the edge over APO overall, supported by stronger fundamentals and stronger modeled upside.
APO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| N/A | |
| N/A |
APO's revenue is currently stable, but its profitability is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like APO.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
APO PE Valuation
APO has no meaningful PE right now: it lost money over the past year.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
APO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for APO, with profitability holding steady.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over APO on the outlook, with more favorable profitability expectations.
APO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.14 | — |
| Q3 2026 | -$1.81 | -126% |
| Q2 2026 | $2.75 | -49% |
| Q1 2026 | $1.59 | -72% |
| Q4 2025 | $5.54 | -24% |
| Q3 2025 | $6.86 | -27% |
| Q2 2025 | $5.37 | -42% |
| Q1 2025 | $5.73 | -36% |
| Q4 2024 | $7.33 | -11% |
APO has swung to a loss: it lost $1.81 per share over the past year, after a profit the year before.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS has the edge over APO on earnings quality, reporting a profit while its opponent remains loss making.
APO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.7B | -52% |
| Q2 2026 | $11.2B | +64% |
| Q1 2026 | $5.1B | -8.8% |
| Q4 2025 | $9.9B | +87% |
| Q3 2025 | $9.8B | +26% |
| Q2 2025 | $6.8B | +13% |
| Q1 2025 | $5.5B | -21% |
| Q4 2024 | $5.3B | -52% |
APO's revenue is growing: $4.7B last quarter, down 52% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -31% | -60 points |
| Q2 2026 | 22% | +9.9 points |
| Q1 2026 | 5.6% | -16 points |
| Q4 2025 | 18% | -15 points |
| Q3 2025 | 30% | +2.7 points |
| Q2 2025 | 12% | -12 points |
| Q1 2025 | 21% | -9.8 points |
| Q4 2024 | 33% | +15 points |
APO's operating margin was −31% last quarter, down 60 points from the same quarter a year ago.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS has the edge over APO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS has the edge over APO on profitability, with a higher operating margin.
APO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $136M | -55% |
| Q2 2026 | $2.9B | +128% |
| Q1 2026 | $1.6B | +60% |
| Q4 2025 | $4.7B | +$4.7B |
| Q3 2025 | $303M | -84% |
| Q2 2025 | $1.3B | -5.3% |
| Q1 2025 | $1B | +1346% |
| Q4 2024 | -$4M | -100% |
APO has the edge over MS on cash generation, producing positive trailing cash flow while its opponent burns cash.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS's free cash flow was −$58.3B over the past year, against −$3.7B the year before. Free cash flow isn't a meaningful measure for financial services companies like MS.
APO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -7.6M shares |
| 1 year | -0.9% | -5.2M shares |
| 3 years | +4.1% | +23.8M shares |
| 5 years | +152% | +363M shares |
| Available history | +170% | +380M shares |
APO has 603M diluted shares, down 0.9% from a year ago, with $1.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $118M |
| Q2 2026 | $97M |
| Q1 2026 | $632M |
| Q4 2025 | $240M |
| Q3 2025 | $340M |
| Q2 2025 | — |
| Q1 2025 | $193M |
| Q4 2024 | $102M |
APO spent $1.1B buying back its own shares over the past year, up 71% from the year before.
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has the edge over APO on shareholder dilution, with a more favorable share count trend.
APO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.7x | Net Cash |
| Q2 2026 | -1.6x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
APO has the edge over MS on leverage, with a lower net debt burden relative to earnings.
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS's net debt is about 7.8 years of its operating earnings (EBITDA), down from 8.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MS.
APO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.7 | Neutral |
| Stochastic | 23.4 | Neutral |
APO's weekly RSI is 49 (neutral) and its Stochastic is 23 (neutral).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (oversold).
APO PE vs Financial Services Sector
| Metric | APO | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 224% above |
| PE % | 85 | 63 | 22 pts above |
APO has no meaningful PE right now: it lost money over the past year.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS has the edge over APO on valuation relative to its sector.
APO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.5 | 4.2% above |
| 20 week MA | $123.2 | 1.5% below |
| 50 week MA | $126.1 | 3.7% below |
| 100 week MA | $133.4 | 9% below |
| 200 week MA | $116.4 | 4.2% above |
APO's trend is mixed: it's above two of its five weekly moving averages, and 4.2% above its 200-week average.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS has the edge over APO on trend strength, trading above more of its moving averages.
APO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $48.1 | $49.1 | +2.1% |
| 2021 | $49.1 | $74.3 | +51% |
| 2022 | $74.3 | $64.3 | -13% |
| 2023 | $64.3 | $93.2 | +45% |
| 2024 | $93.2 | $170.3 | +83% |
| 2025 | $170.3 | $148.5 | -13% |
| 2026 YTD | $148.5 | $121.4 | -18% |
APO has finished higher in four of the last six years, two of them by more than 50%. It's down 18% so far in 2026.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has the edge over APO on returns for 2026, with the stronger performance.