Apollo Commercial Real Estate Finance, Inc. (ARI) Key Metrics
ARI valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $820.1M
- Enterprise value
- −$50.0M
- P/E (TTM)
- 8.0 10-yr median 10.6
- Forward P/E
- 15.5
- PEG ratio
- 1.33
- Price / sales
- 1.3 10-yr median 6.0
- Price / book
- 0.6 10-yr median 0.8
- EV / EBITDA
- — 10-yr median 15.7
- Dividend yield
- 15.67% $1.00 a year
- Beta
- 1.48
ARI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsARI valuation Price multiples at each fiscal year-end price.
ARI returns How much profit the business earns on the capital it uses.
ARI per-share figures Results divided by the shares outstanding at year-end.
ARI financial health Debt, liquidity and how easily interest is covered.
ARI efficiency & capital use Working capital cycle and where the cash goes.
ARI valuation history
ARI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ARI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ARI cash returned to shareholders
ARI price vs earnings per share
ARI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.34B | $1.21B | $1.66B | $1.78B | $2.22B | $1.65B | $3.22B | $2.56B | $1.87B | $1.22B |
| Enterprise value | $9.12B | $7.28B | $8.39B | $8.84B | $12.02B | $9.33B | $6.89B | $4.92B | $3.71B | $2.74B |
| P/E ratio | 10.6 | — | 28.5 | 6.7 | 9.9 | 90.0 | 14.0 | 11.6 | 9.7 | 7.7 |
| Price / sales | 1.9 | 1.7 | 2.1 | 2.8 | 5.3 | 7.9 | 10.2 | 8.6 | 7.3 | 6.7 |
| Price / book | 0.7 | 0.6 | 0.8 | 0.8 | 1.0 | 0.7 | 1.2 | 1.0 | 0.9 | 0.6 |
| Price / free cash flow | 31.8 | 39.3 | 8.2 | 7.6 | 11.1 | 10.1 | 11.8 | 9.6 | 12.2 | 10.4 |
| Price / operating cash flow | 9.4 | 6.0 | 6.1 | 6.7 | 11.1 | 10.1 | 11.8 | 9.6 | 12.1 | 10.2 |
| EV / sales | 12.8 | 10.4 | 10.8 | 13.8 | 28.5 | 44.3 | 21.9 | 16.4 | 14.5 | 15.1 |
| EV / EBITDA | 15.2 | 18.4 | 15.7 | 16.5 | 30.9 | — | 29.9 | 14.7 | 13.7 | 12.4 |
| EV / free cash flow | 215.6 | 236.8 | 41.7 | 37.7 | 60.3 | 56.9 | 25.2 | 18.5 | 24.1 | 23.4 |
| Earnings yield | 9.4% | −9.9% | 3.5% | 14.9% | 10.1% | 1.1% | 7.2% | 8.6% | 10.3% | 13.0% |
| Free cash flow yield | 3.1% | 2.5% | 12.1% | 13.2% | 9.0% | 9.9% | 8.5% | 10.4% | 8.2% | 9.6% |
| Dividend yield | 11.4% | 16.4% | 12.9% | 12.0% | 9.6% | 15.2% | 9.1% | 9.9% | 11.8% | 13.1% |
| Shareholder yield (dividends + buybacks) | 11.8% | 19.8% | 13.3% | 12.3% | 17.2% | 22.9% | 14.4% | 9.9% | 18.0% | 98.0% |
| Share price at fiscal year-end | $9.68 | $8.66 | $11.74 | $10.76 | $13.16 | $11.17 | $18.29 | $16.66 | $18.45 | $16.62 |
| Per share | ||||||||||
| Revenue per share | $5.12 | $5.02 | $5.50 | $3.88 | $2.50 | $1.42 | $1.79 | $1.95 | $2.52 | $2.47 |
| Earnings per share | $0.91 | −$0.86 | $0.41 | $1.60 | $1.33 | $0.12 | $1.31 | $1.43 | $1.91 | $2.15 |
| Operating cash flow per share | $1.03 | $1.43 | $1.94 | $1.62 | $1.18 | $1.11 | $1.56 | $1.73 | $1.53 | $1.62 |
| Free cash flow per share | $0.30 | $0.22 | $1.42 | $1.42 | $1.18 | $1.11 | $1.56 | $1.73 | $1.52 | $1.60 |
| Cash per share | $1.01 | $2.27 | $1.60 | $1.34 | $2.04 | $2.20 | $2.57 | $0.71 | $0.77 | $2.74 |
| Book value per share | $13.37 | $13.42 | $15.63 | $14.23 | $13.63 | $15.34 | $14.96 | $16.32 | $20.63 | $26.36 |
| Tangible book value per share | $13.37 | $13.42 | $15.63 | $14.23 | $13.63 | $15.34 | $14.96 | $16.32 | $20.63 | $26.36 |
| Dividends per share | $1.11 | $1.42 | $1.52 | $1.29 | $1.26 | $1.70 | $1.66 | $1.65 | $2.17 | $2.18 |
| Capex per share | $0.72 | $1.21 | $0.51 | $0.20 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.02 |
| Debt per share | $57.02 | $45.75 | $49.23 | $44.02 | $60.22 | $54.05 | $23.48 | $16.07 | $18.92 | $23.53 |
| Shares outstanding | 138.9M | 139.7M | 141.3M | 165.5M | 168.4M | 148.0M | 175.8M | 153.8M | 101.2M | 73.3M |
| Change in shares outstanding | −0.6% | −1.1% | −14.6% | −1.7% | +13.8% | −15.8% | +14.3% | +51.9% | +38.1% | +23.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.8% | −5.9% | 2.5% | 11.4% | 9.8% | 0.8% | 9.0% | 9.6% | 9.6% | 9.5% |
| Return on invested capital (ROIC) | 5.3% | 3.9% | 5.1% | 3.0% | 3.8% | 0.2% | 2.6% | 3.8% | 3.7% | 3.5% |
| Return on assets (ROA) | 1.4% | −1.4% | 0.6% | 2.9% | 2.9% | 0.3% | 3.8% | 4.8% | 5.1% | 5.1% |
| Return on tangible assets | 1.3% | −1.4% | 0.6% | 2.8% | 2.7% | 0.3% | 3.3% | 4.3% | 4.7% | 4.5% |
| Free cash flow margin | 6.0% | 4.4% | 25.9% | 36.6% | 47.3% | 77.9% | 86.8% | 88.8% | 60.1% | 64.7% |
| Income quality (OCF / net income) | 1.12 | — | 4.71 | 1.01 | 0.89 | 8.93 | 1.19 | 1.21 | 0.80 | 0.75 |
| Financial health | ||||||||||
| Total debt | $7.92B | $6.39B | $6.95B | $7.29B | $10.14B | $8.00B | $4.13B | $2.47B | $1.92B | $1.72B |
| Cash & short-term investments | $139.8M | $317.4M | $225.4M | $222.0M | $343.1M | $325.5M | $452.3M | $109.8M | $77.7M | $201.0M |
| Net debt | $7.78B | $6.07B | $6.73B | $7.06B | $9.80B | $7.67B | $3.68B | $2.36B | $1.84B | $1.52B |
| Debt / equity | 4.27 | 3.41 | 3.15 | 3.09 | 4.42 | 3.52 | 1.57 | 0.98 | 0.92 | 0.89 |
| Debt / assets | 0.80 | 0.76 | 0.75 | 0.76 | 1.20 | 1.15 | 0.60 | 0.49 | 0.47 | 0.50 |
| Net debt / EBITDA | 13.00 | 15.32 | 12.63 | 13.17 | 25.21 | — | 15.97 | 7.06 | 6.78 | 6.88 |
| Current ratio | 0.30 | 0.37 | 0.34 | 0.31 | 0.09 | 0.11 | 0.60 | 0.18 | 1.19 | 0.00 |
| Quick ratio | 0.30 | 0.37 | 0.38 | 0.49 | 0.10 | 0.09 | 0.60 | 0.21 | 1.19 | 0.04 |
| Interest coverage | 1.0 | 0.8 | 1.0 | 2.4 | 2.6 | 0.1 | 1.5 | 2.9 | 3.5 | 3.5 |
| Working capital | −$490.5M | −$628.3M | −$566.4M | −$500.2M | −$3.80B | −$3.10B | −$325.1M | −$636.2M | $16.1M | −$161.0M |
| Invested capital | $9.63B | $7.95B | $8.94B | $9.42B | $12.09B | $9.94B | $6.31B | $4.87B | $3.93B | $3.46B |
| Tangible asset value | $1.86B | $1.87B | $2.21B | $2.35B | $2.29B | $2.27B | $2.63B | $2.51B | $2.09B | $1.93B |
| Net current asset value | −$7.83B | −$6.16B | −$6.79B | −$6.99B | −$5.74B | −$4.30B | −$3.77B | −$2.44B | −$1.90B | −$1.55B |
| Graham number | $16.57 | — | $12.03 | $22.65 | $20.17 | $6.55 | $20.99 | $22.91 | $29.75 | $35.74 |
| Graham net-net per share | −$56.54 | −$44.22 | −$48.29 | −$42.34 | −$34.18 | −$29.00 | −$21.50 | −$16.01 | −$18.82 | −$18.26 |
| Capital allocation | ||||||||||
| Dividends paid | $153.5M | $198.2M | $214.3M | $212.8M | $212.6M | $251.3M | $291.2M | $254.6M | $219.7M | $160.2M |
| Share buybacks (net) | $5.0M | $40.8M | $6.9M | $7.0M | $169.3M | $128.0M | $172.5M | $0 | $117.0M | $1.03B |
| Dividend payout ratio | 121.2% | — | 368.7% | 80.2% | 95.1% | — | 126.5% | 115.7% | 113.8% | 101.5% |
| Dividends + buybacks / free cash flow | 374.7% | 777.3% | 109.9% | 93.7% | 191.7% | 231.2% | 169.6% | 95.7% | 219.3% | — |
| Capex / revenue | 14.1% | 24.2% | 9.3% | 5.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.9% |
| Capex / operating cash flow | 70.3% | 84.6% | 26.5% | 12.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.9% | 1.4% |
| Capex / depreciation | 8.97 | 14.53 | 8.81 | 46.92 | 0.05 | — | — | 0.00 | 0.21 | 0.36 |
| Stock-based compensation / revenue | 1.9% | 2.3% | 2.2% | 2.8% | 4.2% | 8.0% | 5.0% | 2.9% | 4.3% | 2.5% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.7% | 4.2% | 8.7% | 4.6% | 11.7% | 31.6% | 20.6% | 19.0% | 20.5% | 26.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.2 | 34.0 | 32.4 | 30.3 | 35.4 | 66.0 | 40.0 | 34.4 | 30.3 | 36.4 |
| Days of inventory on hand | — | — | -226.7 | -287.9 | 75.2 | 105.2 | — | -37.7 | -13.8 | -26.4 |
| Days payables outstanding | 80.0 | 76.6 | 89.2 | 111.7 | 126.7 | 31.5 | 10.1 | 4.8 | 44.9 | 77.1 |
| Cash conversion cycle (days) | -46.8 | -42.6 | -283.6 | -369.3 | -16.1 | 139.7 | 29.9 | -8.1 | -28.4 | -67.1 |
| Receivables turnover | 10.99 | 10.72 | 11.28 | 12.03 | 10.30 | 5.53 | 9.13 | 10.60 | 12.04 | 10.02 |
| Payables turnover | 4.56 | 4.76 | 4.09 | 3.27 | 2.88 | 11.60 | 36.29 | 75.42 | 8.12 | 4.74 |
| Inventory turnover | — | — | — | — | — | 3.47 | — | — | — | — |
| Asset turnover | 0.08 | 0.08 | 0.08 | 0.07 | 0.05 | 0.03 | 0.05 | 0.07 | 0.07 | 0.06 |
| Average receivables | $64.7M | $65.4M | $68.9M | $53.3M | $40.9M | $38.1M | $34.5M | $28.2M | $21.2M | $18.1M |
| Average payables | $31.1M | $29.6M | $31.1M | $28.2M | $22.0M | $12.8M | $4.2M | $1.5M | $9.6M | $13.5M |
| Average inventory | — | — | −$79.0M | −$72.7M | $13.1M | $42.9M | — | −$11.8M | −$3.0M | −$4.6M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ARI's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ARI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Apollo Commercial Real Estate Finance traded at 10.6 times earnings, against a 10-year median of 10.6. Based on the latest twelve months, the trailing P/E is 8.0 and the forward P/E is 15.5. Apollo Commercial Real Estate Finance earned a return on equity of 6.8% and a return on invested capital of 5.3% in fiscal 2025. It ended the year with $7.9 billion of debt and $139.8 million in cash and short-term investments, net debt of $7.8 billion. It returned $158.6 million to shareholders: $153.5 million in dividends and $5.0 million in share buybacks, 375% of free cash flow. The share count rose 89.4% from 73.3M to 138.9M over 9 years.
See the ARI income statement, the ARI chart for price history, or the ARI stock overview for the latest quote and news.
ARI key metrics FAQ
What is Apollo Commercial Real Estate Finance's P/E ratio?
Apollo Commercial Real Estate Finance's trailing P/E ratio is 8.0 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 15.5. At the end of fiscal 2025 it was 10.6, compared with a 10-year median of 10.6.
What is Apollo Commercial Real Estate Finance's EV/EBITDA?
Apollo Commercial Real Estate Finance's enterprise value was 15.2 times EBITDA at the end of fiscal 2025 (enterprise value $9.1 billion, EBITDA $598.3 million).
What is Apollo Commercial Real Estate Finance's return on equity?
Apollo Commercial Real Estate Finance's return on equity (ROE) was 6.8% in fiscal 2025: net income of $126.7 million on average shareholders' equity of $1.9 billion.
What is Apollo Commercial Real Estate Finance's ROIC?
Apollo Commercial Real Estate Finance's return on invested capital was 5.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Apollo Commercial Real Estate Finance have?
Apollo Commercial Real Estate Finance had total debt of $7.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.27 and $7.8 billion of net debt (13.00 times EBITDA).
What is Apollo Commercial Real Estate Finance's dividend yield?
Apollo Commercial Real Estate Finance's forward dividend yield is 15.67%. Apollo Commercial Real Estate Finance paid $153.5 million in dividends in fiscal 2025 ($1.11 per share), a payout ratio of 121.2%.
Does Apollo Commercial Real Estate Finance buy back its shares?
Yes. Apollo Commercial Real Estate Finance spent $5.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.6% over the year, to 138.9M..
What is Apollo Commercial Real Estate Finance's free cash flow yield?
Apollo Commercial Real Estate Finance generated $42.3 million of free cash flow in fiscal 2025, a free cash flow yield of 3.1% on its market value at year-end ($1.3 billion).
What is Apollo Commercial Real Estate Finance's current ratio?
Apollo Commercial Real Estate Finance's current ratio was 0.30 at the end of fiscal 2025: current assets were 0.30 times current liabilities.