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Side-by-side financial comparison of Apollo Global Management (APO) and Investcorp Credit Management BDC, Inc. (ICMB). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $3.5M, roughly 2856.8× Investcorp Credit Management BDC, Inc.). Apollo Global Management runs the higher net margin — 6.9% vs -271.1%, a 278.0% gap on every dollar of revenue. Over the past eight quarters, Apollo Global Management's revenue compounded faster (18.4% CAGR vs -18.2%).
Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. As of 2025, the company had $840 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of p...
Investcorp Credit Management BDC, Inc. is a publicly traded business development company that primarily provides customized credit solutions, including senior secured loans and debt financing, to middle-market enterprises across the United States. It targets underserved segments of the private credit market to deliver consistent risk-adjusted returns to its investors.
APO vs ICMB — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $3.5M |
| Net Profit | $684.0M | $-9.4M |
| Gross Margin | — | — |
| Operating Margin | 17.8% | — |
| Net Margin | 6.9% | -271.1% |
| Revenue YoY | 86.7% | — |
| Net Profit YoY | -54.0% | — |
| EPS (diluted) | $1.09 | $-0.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.9B | $3.5M | ||
| Q3 25 | $9.8B | $3.9M | ||
| Q2 25 | $6.8B | $3.8M | ||
| Q1 25 | $5.5B | $3.5M | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | $7.8B | $4.7M | ||
| Q2 24 | $6.0B | $4.1M | ||
| Q1 24 | $7.0B | $5.6M |
| Q4 25 | $684.0M | $-9.4M | ||
| Q3 25 | $1.7B | $-1.3M | ||
| Q2 25 | $630.0M | $-434.3K | ||
| Q1 25 | $442.0M | $2.2M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $811.0M | $6.6M | ||
| Q2 24 | $853.0M | $-2.0M | ||
| Q1 24 | $1.4B | $2.4M |
| Q4 25 | 17.8% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | 21.3% | — | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 26.8% | — | ||
| Q2 24 | 23.9% | — | ||
| Q1 24 | 31.1% | — |
| Q4 25 | 6.9% | -271.1% | ||
| Q3 25 | 17.7% | -32.4% | ||
| Q2 25 | 9.2% | -11.5% | ||
| Q1 25 | 8.0% | 63.0% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 10.4% | 141.3% | ||
| Q2 24 | 14.2% | -47.9% | ||
| Q1 24 | 20.3% | 43.1% |
| Q4 25 | $1.09 | $-0.64 | ||
| Q3 25 | $2.78 | $-0.09 | ||
| Q2 25 | $0.99 | $-0.03 | ||
| Q1 25 | $0.68 | $0.15 | ||
| Q4 24 | $2.41 | — | ||
| Q3 24 | $1.29 | $0.46 | ||
| Q2 24 | $1.35 | $-0.13 | ||
| Q1 24 | $2.28 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.6M |
| Total DebtLower is stronger | $13.4B | $123.9M |
| Stockholders' EquityBook value | $23.3B | $61.3M |
| Total Assets | $460.9B | $188.8M |
| Debt / EquityLower = less leverage | 0.57× | 2.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $158.8K | ||
| Q1 24 | — | — |
| Q4 25 | $13.4B | $123.9M | ||
| Q3 25 | $12.6B | $128.5M | ||
| Q2 25 | $12.1B | $135.5M | ||
| Q1 25 | $10.6B | $121.0M | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $9.8B | $112.5M | ||
| Q2 24 | $9.8B | $108.0M | ||
| Q1 24 | $9.6B | $122.5M |
| Q4 25 | $23.3B | $61.3M | ||
| Q3 25 | $23.1B | $72.7M | ||
| Q2 25 | $19.3B | $76.0M | ||
| Q1 25 | $18.0B | $78.1M | ||
| Q4 24 | $17.3B | — | ||
| Q3 24 | $17.9B | $79.9M | ||
| Q2 24 | $15.3B | $75.0M | ||
| Q1 24 | $14.8B | $79.1M |
| Q4 25 | $460.9B | $188.8M | ||
| Q3 25 | $449.5B | $210.6M | ||
| Q2 25 | $419.6B | $224.1M | ||
| Q1 25 | $395.0B | $207.6M | ||
| Q4 24 | $377.9B | — | ||
| Q3 24 | $368.7B | $203.0M | ||
| Q2 24 | $346.5B | $192.2M | ||
| Q1 24 | $334.1B | $210.0M |
| Q4 25 | 0.57× | 2.02× | ||
| Q3 25 | 0.55× | 1.77× | ||
| Q2 25 | 0.63× | 1.78× | ||
| Q1 25 | 0.59× | 1.55× | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.55× | 1.41× | ||
| Q2 24 | 0.64× | 1.44× | ||
| Q1 24 | 0.65× | 1.55× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.7B | $12.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $12.0M | ||
| Q3 25 | $303.0M | $1.3M | ||
| Q2 25 | $1.3B | $-6.7M | ||
| Q1 25 | $1.0B | $5.1M | ||
| Q4 24 | $-4.0M | — | ||
| Q3 24 | $1.9B | $481.7K | ||
| Q2 24 | $1.3B | $11.0M | ||
| Q1 24 | $70.0M | $13.9M |
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 2.29× | 2.31× | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | 0.07× | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 0.05× | 5.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APO
| Retirement Services Segment | $8.5B | 86% |
| Asset Management1 | $681.0M | 7% |
| Principal Investing Segment | $624.0M | 6% |
| Management Service Incentive | $96.0M | 1% |
ICMB
Segment breakdown not available.
