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Side-by-side financial comparison of Apollo Global Management (APO) and Lennar (LEN). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $9.4B, roughly 1.1× Lennar). Apollo Global Management runs the higher net margin — 6.9% vs 5.2%, a 1.7% gap on every dollar of revenue. On growth, Apollo Global Management posted the faster year-over-year revenue change (86.7% vs -5.8%). Over the past eight quarters, Apollo Global Management's revenue compounded faster (18.4% CAGR vs 13.2%).
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...
Lennar Corporation is an American home construction company based in Miami-Dade County, Florida. As of 2025, it is the second-largest home construction company in the United States based on the number of homes sold. Lennar has investments in multifamily and single-family residential rental properties, luxury development, property technology with LenX, and mortgage lending from Lennar Mortgage.
APO vs LEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $9.4B |
| Net Profit | $684.0M | $490.2M |
| Gross Margin | — | — |
| Operating Margin | 17.8% | 7.3% |
| Net Margin | 6.9% | 5.2% |
| Revenue YoY | 86.7% | -5.8% |
| Net Profit YoY | -54.0% | -55.3% |
| EPS (diluted) | $1.09 | — |
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 | $9.4B | ||
| Q3 25 | $9.8B | $8.8B | ||
| Q2 25 | $6.8B | $8.4B | ||
| Q1 25 | $5.5B | $7.6B | ||
| Q4 24 | $5.3B | $9.9B | ||
| Q3 24 | $7.8B | $9.4B | ||
| Q2 24 | $6.0B | $8.8B | ||
| Q1 24 | $7.0B | $7.3B |
| Q4 25 | $684.0M | $490.2M | ||
| Q3 25 | $1.7B | $591.0M | ||
| Q2 25 | $630.0M | $477.4M | ||
| Q1 25 | $442.0M | $519.5M | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $811.0M | $1.2B | ||
| Q2 24 | $853.0M | $954.3M | ||
| Q1 24 | $1.4B | $719.3M |
| Q4 25 | 17.8% | 7.3% | ||
| Q3 25 | 29.5% | 9.0% | ||
| Q2 25 | 12.4% | 7.7% | ||
| Q1 25 | 21.3% | 9.1% | ||
| Q4 24 | 32.6% | 14.7% | ||
| Q3 24 | 26.8% | 16.3% | ||
| Q2 24 | 23.9% | 14.4% | ||
| Q1 24 | 31.1% | 12.7% |
| Q4 25 | 6.9% | 5.2% | ||
| Q3 25 | 17.7% | 6.7% | ||
| Q2 25 | 9.2% | 5.7% | ||
| Q1 25 | 8.0% | 6.8% | ||
| Q4 24 | 28.1% | 11.0% | ||
| Q3 24 | 10.4% | 12.3% | ||
| Q2 24 | 14.2% | 10.9% | ||
| Q1 24 | 20.3% | 9.8% |
| Q4 25 | $1.09 | — | ||
| Q3 25 | $2.78 | $2.29 | ||
| Q2 25 | $0.99 | $1.81 | ||
| Q1 25 | $0.68 | $1.96 | ||
| Q4 24 | $2.41 | $4.03 | ||
| Q3 24 | $1.29 | $4.26 | ||
| Q2 24 | $1.35 | $3.45 | ||
| Q1 24 | $2.28 | $2.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.8B |
| Total DebtLower is stronger | $13.4B | $5.9B |
| Stockholders' EquityBook value | $23.3B | $22.0B |
| Total Assets | $460.9B | $34.4B |
| Debt / EquityLower = less leverage | 0.57× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $4.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $13.4B | $5.9B | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | $4.2B | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
| Q4 25 | $23.3B | $22.0B | ||
| Q3 25 | $23.1B | $22.6B | ||
| Q2 25 | $19.3B | $22.6B | ||
| Q1 25 | $18.0B | $22.7B | ||
| Q4 24 | $17.3B | $27.9B | ||
| Q3 24 | $17.9B | $27.4B | ||
| Q2 24 | $15.3B | $26.9B | ||
| Q1 24 | $14.8B | $26.6B |
| Q4 25 | $460.9B | $34.4B | ||
| Q3 25 | $449.5B | $34.9B | ||
| Q2 25 | $419.6B | $34.4B | ||
| Q1 25 | $395.0B | $35.0B | ||
| Q4 24 | $377.9B | $41.3B | ||
| Q3 24 | $368.7B | $39.7B | ||
| Q2 24 | $346.5B | $38.7B | ||
| Q1 24 | $334.1B | $39.0B |
| Q4 25 | 0.57× | 0.27× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | 0.15× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.65× | — |
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 | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.7B |
| FCF MarginFCF / Revenue | — | 17.9% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 6.83× | 3.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | $28.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $1.8B | ||
| Q3 25 | $303.0M | $-158.6M | ||
| Q2 25 | $1.3B | $-1.1B | ||
| Q1 25 | $1.0B | $-289.0M | ||
| Q4 24 | $-4.0M | $974.5M | ||
| Q3 24 | $1.9B | $819.2M | ||
| Q2 24 | $1.3B | $241.8M | ||
| Q1 24 | $70.0M | $367.9M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $-190.8M | ||
| Q2 25 | — | $-1.1B | ||
| Q1 25 | — | $-345.1M | ||
| Q4 24 | — | $933.1M | ||
| Q3 24 | — | $800.8M | ||
| Q2 24 | — | $203.0M | ||
| Q1 24 | — | $294.9M |
| Q4 25 | — | 17.9% | ||
| Q3 25 | — | -2.2% | ||
| Q2 25 | — | -13.3% | ||
| Q1 25 | — | -4.5% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | 6.83× | 3.59× | ||
| Q3 25 | 0.17× | -0.27× | ||
| Q2 25 | 2.00× | -2.29× | ||
| Q1 25 | 2.29× | -0.56× | ||
| Q4 24 | -0.00× | 0.89× | ||
| Q3 24 | 2.29× | 0.70× | ||
| Q2 24 | 1.56× | 0.25× | ||
| Q1 24 | 0.05× | 0.51× |
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% |
LEN
| Lennar Homebuilding East Central West Houstonand Other | $8.9B | 95% |
| Lennar Financial Services | $308.8M | 3% |
| Lennar Multifamily | $158.7M | 2% |
| Lennar Other | $14.8M | 0% |
| Homebuilding Other Regions | $3.9M | 0% |
