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The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 0.15 is in distress zone. This implies bankruptcy possibility in the next two years.
Apollo Global Management has a Altman Z-Score of 0.15, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Apollo Global Management's Altman Z-Score or its related term are showing as below:
During the past 13 years, Apollo Global Management's highest Altman Z-Score was 2.19. The lowest was -0.24. And the median was 0.78.
The historical data trend for Apollo Global Management's Altman Z-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Apollo Global Management Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Altman Z-Score | Get a 7-Day Free Trial | 2.19 | 0.70 | 1.39 | -0.16 | 0.14 |
Apollo Global Management Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Altman Z-Score | Get a 7-Day Free Trial | -0.09 | 0.04 | 0.07 | 0.14 | 0.15 |
For the Asset Management subindustry, Apollo Global Management's Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Asset Management industry and Financial Services sector, Apollo Global Management's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Apollo Global Management's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Apollo Global Management's Altman Z-Score for today is calculated with this formula:
Z | = | 1.2 | * | X1 | + | 1.4 | * | X2 | + | 3.3 | * | X3 | + | 0.6 | * | X4 | + | 1.0 | * | X5 |
= | 1.2 | * | -0.1277 | + | 1.4 | * | 0.0116 | + | 3.3 | * | 0.0187 | + | 0.6 | * | 0.2082 | + | 1.0 | * | 0.1029 | |
= | 0.15 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Trailing Twelve Months (TTM) ended in Mar. 2024:
Total Assets was $334,051 Mil.
Total Current Assets was $189,987 Mil.
Total Current Liabilities was $232,647 Mil.
Retained Earnings was $3,862 Mil.
Pre-Tax Income was 2187 + 1961 + 883 + 951 = $5,982 Mil.
Interest Expense was -76 + -80 + -64 + -54 = $-274 Mil.
Revenue was 7040 + 11046 + 2595 + 13702 = $34,383 Mil.
Market Cap (Today) was $63,933 Mil.
Total Liabilities was $307,035 Mil.
* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.
X1 | = | Working Capital | / | Total Assets |
= | (Total Current Assets - Total Current Liabilities) | / | Total Assets | |
= | (189987 - 232647) | / | 334051 | |
= | -0.1277 |
X2 | = | Retained Earnings | / | Total Assets |
= | 3862 | / | 334051 | |
= | 0.0116 |
X3 | = | Earnings Before Interest and Taxes | / | Total Assets |
= | (Pre-Tax Income - Interest Expense) | / | Total Assets | |
= | (5982 - -274) | / | 334051 | |
= | 0.0187 |
X4 | = | Market Value Equity | / | Book Value of Total Liabilities |
= | Market Cap | / | Total Liabilities | |
= | 63933.281 | / | 307035 | |
= | 0.2082 |
X5 | = | Revenue | / | Total Assets |
= | 34383 | / | 334051 | |
= | 0.1029 |
The zones of discrimination were as such:
Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones
Apollo Global Management has a Altman Z-Score of 0.15 indicating it is in Distress Zones.
Study by Altman found that companies that are in Distress Zone have more than 80% of chances of bankruptcy in two years.
Apollo Global Management (NYSE:APO) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Read more about Altman Z-Score and the original research.
Be Aware
Altman Z-Score does not apply to financial companies.
Thank you for viewing the detailed overview of Apollo Global Management's Altman Z-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
James C Zelter | director, officer: Co-President (See Remarks) | APOLLO INVESTMENT CORPORATION, 9 WEST 57TH STREET, 14TH FLOOR, NEW YORK NY 10019 |
Martin Kelly | officer: Chief Financial Officer | APOLLO GLOBAL MANAGEMENT, LLC, 9 WEST 57TH STREET, 48TH FLOOR, NEW YORK NY 10019 |
A B Krongard | director | C/O UNDER ARMOUR, INC., 1020 HULL STREET, BALTIMORE MD 21230 |
Joshua Harris | other: See Remarks | 404 WASHINGTON AVE, PH 810, MIAMI FL 33139 |
Mjh Partners Ii Llc | other: See Remarks | 404 WASHINGTON AVE, PH 810, MIAMI FL 33139 |
Patrick Toomey | director | C/O APOLLO GLOBAL MANAGEMENT, INC., 9 WEST 57TH STREET, 42ND FLOOR, NEW YORK NY 10019 |
John J Suydam | officer: Chief Legal Officer | C/O APOLLO MANAGEMENT LP, 9 WEST 57TH STREET, 43RD FLOOR, NEW YORK NY 10019 |
Clayton Walter Joseph Iii | director | C/O APOLLO GLOBAL MANAGEMENT, INC., 9 WEST 57TH STREET, 43RD FLOOR, NEW YORK NY 10019 |
Jessica M Bibliowicz | director | NATIONAL FINANCIAL PARTNERS CORP., 340 MADISON AVENUE, 20TH FL, NEW YORK NY 10173 |
Louis-jacques Tanguy | officer: Chief Acct. Off. & Controller | C/O APOLLO GLOBAL MANAGEMENT, INC., 9 WEST 57TH STREET, 43RD FLOOR, NEW YORK NY 10019 |
James Richard Belardi | director, officer: CEO of Athene Holding Ltd. | C/O ATHENE HOLDING LTD., WASHINGTON HOUSE, 16 CHURCH STREET, HAMILTON D0 HM 11 |
Alchemy Group Holdings Llc | other: See Remarks | 65 EAST 55TH STREET, 31ST FLOOR, NEW YORK NY 10022 |
Rwnm Series A Holdings Llc | other: See Remarks | 65 EAST 55TH STREET, 31ST FLOOR, NEW YORK NY 10022 |
Heritage Trust U/a/d 11/12/2018 | other: See remarks. | ELYSIUM MANAGEMENT LLC, SUITE 1401, 445 PARK AVENUE, NEW YORK NY 10022 |
Ldb 2014 Llc | other: See remarks. | ELYSIUM MANAGEMENT LLC, SUITE 1401, 445 PARK AVENUE, NEW YORK NY 10022 |
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