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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.
Apollo Global Management's adjusted free cash flow per share for the three months ended in Dec. 2024 was $-0.006. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is $4.56 for the trailing ten years ended in Dec. 2024.
During the past 12 months, Apollo Global Management's average Cyclically Adjusted FCF Growth Rate was 25.60% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 14.50% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 4.40% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.
During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Apollo Global Management was 14.50% per year. The lowest was -16.60% per year. And the median was -1.20% per year.
As of today (2025-04-29), Apollo Global Management's current stock price is $136.36. Apollo Global Management's Cyclically Adjusted FCF per Share for the quarter that ended in Dec. 2024 was $4.56. Apollo Global Management's Cyclically Adjusted Price-to-FCF of today is 29.90.
During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Apollo Global Management was 40.19. The lowest was 5.11. And the median was 17.41.
The historical data trend for Apollo Global Management's Cyclically Adjusted FCF per Share 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 Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Cyclically Adjusted FCF per Share | Get a 7-Day Free Trial |
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3.63 | 3.34 | 3.13 | 4.48 | 4.56 |
For the Asset Management subindustry, Apollo Global Management's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF 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 Cyclically Adjusted Price-to-FCF distribution charts can be found below:
* The bar in red indicates where Apollo Global Management's Cyclically Adjusted Price-to-FCF falls into.
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.
What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?
Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.
If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.
We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
For example, Apollo Global Management's adjusted Free Cash Flow per Share data for the three months ended in Dec. 2024 was:
Adj_FreeCashFlowPerShare | = | Free Cash Flow per Share | / | CPI of Dec. 2024 (Change) | * | Current CPI (Dec. 2024) |
= | -0.006 | / | 133.1571 | * | 133.1571 | |
= | -0.006 |
Current CPI (Dec. 2024) = 133.1571.
Apollo Global Management Quarterly Data
Free Cash Flow per Share | CPI | Adj_FreeCashFlowPerShare | |
201503 | 0.598 | 99.621 | 0.799 |
201506 | 1.215 | 100.684 | 1.607 |
201509 | 1.444 | 100.392 | 1.915 |
201512 | 0.087 | 99.792 | 0.116 |
201603 | 0.667 | 100.470 | 0.884 |
201606 | 0.961 | 101.688 | 1.258 |
201609 | 1.463 | 101.861 | 1.912 |
201612 | 0.136 | 101.863 | 0.178 |
201703 | 1.193 | 102.862 | 1.544 |
201706 | 1.017 | 103.349 | 1.310 |
201709 | 1.286 | 104.136 | 1.644 |
201712 | 0.933 | 104.011 | 1.194 |
201803 | 0.198 | 105.290 | 0.250 |
201806 | 1.747 | 106.317 | 2.188 |
201809 | 1.851 | 106.507 | 2.314 |
201812 | 0.193 | 105.998 | 0.242 |
201903 | 1.430 | 107.251 | 1.775 |
201906 | 0.771 | 108.070 | 0.950 |
201909 | 1.808 | 108.329 | 2.222 |
201912 | 1.014 | 108.420 | 1.245 |
202003 | 3.746 | 108.902 | 4.580 |
202006 | 0.221 | 108.767 | 0.271 |
202009 | 2.489 | 109.815 | 3.018 |
202012 | -13.785 | 109.897 | -16.703 |
202103 | -0.996 | 111.754 | -1.187 |
202106 | 5.720 | 114.631 | 6.644 |
202109 | 4.359 | 115.734 | 5.015 |
202112 | -4.364 | 117.630 | -4.940 |
202203 | -6.808 | 121.301 | -7.473 |
202206 | 6.794 | 125.017 | 7.236 |
202209 | 4.012 | 125.227 | 4.266 |
202212 | 2.512 | 125.222 | 2.671 |
202303 | 1.833 | 127.348 | 1.917 |
202306 | 6.133 | 128.729 | 6.344 |
202309 | -0.629 | 129.860 | -0.645 |
202312 | 3.381 | 129.419 | 3.479 |
202403 | 0.116 | 131.776 | 0.117 |
202406 | 2.259 | 132.554 | 2.269 |
202409 | 3.150 | 133.029 | 3.153 |
202412 | -0.006 | 133.157 | -0.006 |
Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.
If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.
For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.
Apollo Global Management's Cyclically Adjusted Price-to-FCF of today is calculated as
Cyclically Adjusted Price-to-FCF | = | Share Price | / | Cyclically Adjusted FCF per Share |
= | 136.36 | / | 4.56 | |
= | 29.90 |
* 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.
During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Apollo Global Management was 40.19. The lowest was 5.11. And the median was 17.41.
Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.
Thank you for viewing the detailed overview of Apollo Global Management's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.
Leon D Black | 10 percent owner, other: See remarks. | APOLLO ADVISORS LP, 1301 AVENOE OF THE AMERICAS, NEW YORK NY 10019 |
Martin Kelly | officer: Chief Financial Officer | APOLLO GLOBAL MANAGEMENT, LLC, 9 WEST 57TH STREET, 48TH FLOOR, NEW YORK NY 10019 |
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 C Zelter | director, officer: Co-President (See Remarks) | APOLLO INVESTMENT CORPORATION, 9 WEST 57TH STREET, 14TH FLOOR, NEW YORK NY 10019 |
Scott Kleinman | director, officer: Co-President (See Remarks) | C/O APOLLO MANAGEMENT L P, 1301 AVENUE OF THE AMERICANS 38TH FL., NEW YORK NY 10018 |
Mitra O'neill | director | C/O ATHENE HOLDING LTD., WASHINGTON HOUSE, 16 CHURCH STREET, HAMILTON D0 HM 11 |
Pauline Richards | director | ARIES PARTNERS AND ARMOUR REINSURANCE LT, 11 CHURCH STREET, P.O. BOX HM 66, HAMILTON HM 11 D0 00000 |
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 |
James Richard Belardi | director, officer: CEO of Athene Holding Ltd. | C/O ATHENE HOLDING LTD., WASHINGTON HOUSE, 16 CHURCH STREET, HAMILTON D0 HM 11 |
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