APO vs MS
Apollo Global Management, Inc. and Morgan Stanley, side by side — 6 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | APO | MS |
|---|---|---|
| Revenue | $32.0B | $70.6B |
| Net income | $3.5B | $16.9B |
| Gross margin | · | · |
| Net margin | 16.9% | 24.1% |
| Return on equity | 17.2% | 15.6% |
| Diluted EPS | $5.54 | $10.21 |
| Dividend / share | $1.99 | $3.85 |
| Payout ratio | 34.4% | 39.1% |
| Free cash flow | · | · |
| Equity | $23.3B | $111.6B |
| Net debt / equity | −0.31× | 2.06× |
| Current ratio | · | · |
| Revenue CAGR 5y | 68.6% | 7.7% |
| Profit CAGR 5y | 86.0% | 8.9% |
MS bills 2.2× the revenue of APO, and keeps more of each dollar of revenue as profit (24.1% against 16.9%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
6 years side by side
| Fiscal year | APO | MS |
|---|---|---|
| FY2025 | $32.0B | $70.6B |
| FY2024 | $26.1B | $61.8B |
| FY2023 | $32.6B | $54.1B |
| FY2022 | $11.0B | $53.7B |
| FY2021 | $6.0B | $59.8B |
| FY2020 | $2.4B | $48.8B |
Bottom line
| Fiscal year | APO | MS |
|---|---|---|
| FY2025 | $3.5B | $16.9B |
| FY2024 | $4.6B | $13.4B |
| FY2023 | $5.0B | $9.1B |
| FY2022 | $-2.0B | $11.0B |
| FY2021 | $1.8B | $15.0B |
| FY2020 | $157.0M | $11.0B |
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$38,596,000,000 | MS |
| FY2024 | −$35,647,000,000 | MS |
| FY2023 | −$21,499,000,000 | MS |
| FY2022 | −$42,700,000,000 | MS |
| FY2021 | −$53,804,000,000 | MS |
| FY2020 | −$46,403,000,000 | MS |
MS has reported the higher revenue in every one of these 6 fiscal years. The gap has narrowed since the earliest year compared.
6 of 19 comparable fiscal years — a year missing data on either side is not counted.
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −7.2 pp | MS |
| FY2024 | +2.5 pp | APO |
| FY2023 | +2.9 pp | APO |
| FY2022 | −52.8 pp | MS |
| FY2021 | +46.4 pp | APO |
| FY2020 | −3.1 pp | MS |
The higher net margin has changed hands between APO and MS over this period.
6 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
APO's net margin has been more volatile than MS's over the 6 comparable fiscal years — 30.0 percentage points of standard deviation against 2.6.
6 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between APO and MS over these 6 fiscal years — APO led in 3 and MS in 3.
6 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
APO's return on equity has been more volatile than MS's over the 5 comparable fiscal years — 31.8 percentage points of standard deviation against 2.4.
5 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between APO and MS over these 5 fiscal years — APO led in 4 and MS in 1.
5 of 19 comparable fiscal years — a year missing data on either side is not counted.