← Apollo Commercial Real Estate Finance
The business behind the dividend
| Measure | ARI | Median | Formula |
|---|---|---|---|
| Return on equity | 6.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $37.68m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $42.31m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 46.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 46.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 0.28x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.12x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Debt to equity, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.8% | -6.4% | 2.6% | 11.3% | 9.7% | 0.8% | 8.8% | 8.8% | 9.2% | 8.2% | 8.2% |
| Operating margin | 46.8% | -39.3% | 17.0% | 87.4% | 78.6% | — | — | — | — | — | 46.8% |
| Net margin | 46.7% | -39.4% | 16.9% | 87.4% | 78.6% | 6.6% | 68.8% | — | — | — | 46.7% |
| Debt to equity | — | — | — | — | — | 0.21x | 0.19x | — | — | — | 0.19x |
| Cash conversion | 1.12x | — | 4.71x | 1.01x | 0.89x | 8.93x | 1.19x | 1.21x | 0.80x | 0.78x | 1.12x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, Apollo Commercial Real Estate Finance pays out less than 7 of them. The median for that group is 67.5%, against this company’s 100.7%.
Closest on funds from operations
- Centerspace (CSR) 98.8%
- W. P. Carey (WPC) 100.3%
- CTO Realty Growth (CTO) 100.8%
- Macerich (MAC) 101.1%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →