Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Apollo Global Management's Graham Number or its related term are showing as below:
XSWX:APO'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.69 Med: 2.37 Max: 17.64
Current: 2.83
During the past 13 years, the highest Price to Graham Number ratio of Apollo Global Management was 17.64. The lowest was 1.69. And the median was 2.37.
XSWX:APO's Price-to-Graham-Number is ranked worse than 92.31% of 1171
companies
in the Asset Management industry
Industry Median: 0.71
vs XSWX:APO: 2.83
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Apollo Global Management (XSWX:APO) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Apollo Global Management's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
97.67
/
34.15
=
2.86
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Apollo Global Management Graham Number Related Terms
Apollo Global Management Graham Number Historical Data
* 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.
XSWX:APO vs KKR, STT, AMP: Graham Number Comparison
For the Asset Management subindustry, Apollo Global Management's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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.
Apollo Global Management Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Apollo Global Management's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Apollo Global Management's Price-to-Graham-Number falls into.
* 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 (XSWX:APO) has a Graham Number of CHF34.15 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Apollo Global Management and its competitors. This is 1341% above median its historical median of 2.37. Over the past decade, Apollo Global Management's Graham Number has ranged from 1.69 to 17.64. According to the industry distribution chart, Apollo Global Management ranks #1081 out of 1171 companies in the Asset Management industry, placing it in the top 92.3%.
Is Apollo Global Management's Graham Number too high?
Apollo Global Management's current Graham Number of CHF34.15 is 1341% above median its 10-year median of 2.37. Over the past 10 years, this metric has ranged from a low of 1.69 to a high of 17.64. Based on the distribution chart, Apollo Global Management ranks #1081 out of 1171 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Apollo Global Management has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Apollo Global Management's Graham Number compare to KKR and STT?
According to the Asset Management industry distribution chart, Apollo Global Management ranks #1081 out of 1171 companies for Graham Number. This places Apollo Global Management in the lower half of its industry. The industry median Graham Number is 0.71. Historically, Apollo Global Management's own Graham Number has ranged from 1.69 to 17.64 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for an Asset Management company?
The median Graham Number among Asset Management companies is 0.71, based on 1,171 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Apollo Global Management and its competitors. For the Asset Management industry, the median Graham Number is 0.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Apollo Global Management's current Graham Number is CHF34.15, which is 1341% above median its own 10-year median of 2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Apollo Global Management stock overvalued right now?
Apollo Global Management (XSWX:APO) has a current Graham Number of CHF34.15. The stock's GF Value™ is CHF107.86, compared to a current price of CHF97.67 — trading 9.4% below its estimated fair value. The current Graham Number is CHF34.15, which is 1341% above median its 10-year median of 2.37. Apollo Global Management's overall GF Score™ is 75/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Apollo Global Management (XSWX:APO), the current Graham Number is CHF34.15 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Apollo Global Management (XSWX:APO) Overvalued in 2026?
Based on GuruFocus' analysis, Apollo Global Management stock appears to be undervalued.
The current stock price of CHF97.67 is trading 9.4% below its estimated GF Value™ of CHF107.86.
Key valuation signals for XSWX:APO:
Graham Number: CHF34.15 (1341% above median its 10-year median of 2.37)
GF Value™: CHF107.86 vs. price of CHF97.67 (9.4% below fair value)
No single metric tells the full story. See the XSWX:APO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Apollo is one of the world's largest alternative asset managers, with $938.4 billion in total assets under management, or AUM, including $709.1 billion in fee-earning assets, at the end of 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines—private equity (with $128.4 billion in total AUM and $75.0 billion in fee-earning AUM), real estate/real assets ($60.8 billion/$27.6 billion), and credit ($749.2 billion/$606.5 billion). Apollo has a distribution profile that is likely not too far off from the industry averages—with 84% of its assets held by institutional investors and 16% by high-net-worth clients.
75GF Score
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