APOLLO COMMERCIAL REAL ESTAT (ARI) Fundamental Analysis & Valuation

NYSE:ARI • US03762U1051

10.34 USD
-0.19 (-1.8%)
At close: Mar 12, 2026
10.34 USD
0 (0%)
After Hours: 3/12/2026, 8:23:31 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This ARI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Taking everything into account, ARI scores 4 out of 10 in our fundamental rating. ARI was compared to 68 industry peers in the Mortgage Real Estate Investment Trusts (REITs)" industry. ARI has a medium profitability rating, but doesn't score so well on its financial health evaluation. ARI has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

5

1. ARI Profitability Analysis

1.1 Basic Checks

  • ARI had positive earnings in the past year.
  • ARI had a positive operating cash flow in the past year.
  • Of the past 5 years ARI 4 years were profitable.
  • In the past 5 years ARI always reported a positive cash flow from operatings.
ARI Yearly Net Income VS EBIT VS OCF VS FCFARI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M -100M 200M

1.2 Ratios

  • ARI has a Return On Assets of 1.13%. This is in the better half of the industry: ARI outperforms 73.53% of its industry peers.
  • With a Return On Equity value of 6.03%, ARI perfoms like the industry average, outperforming 58.82% of the companies in the same industry.
  • ARI has a Return On Invested Capital of 0.99%. This is in the better half of the industry: ARI outperforms 64.71% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for ARI is in line with the industry average of 1.41%.
Industry RankSector Rank
ROA 1.13%
ROE 6.03%
ROIC 0.99%
ROA(3y)-0.01%
ROA(5y)1.01%
ROE(3y)0.23%
ROE(5y)4.05%
ROIC(3y)1.47%
ROIC(5y)1.71%
ARI Yearly ROA, ROE, ROICARI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 -5 10

1.3 Margins

  • ARI has a Profit Margin of 15.30%. This is in the better half of the industry: ARI outperforms 60.29% of its industry peers.
  • ARI's Profit Margin has improved in the last couple of years.
  • The Operating Margin of ARI (15.53%) is comparable to the rest of the industry.
  • ARI's Operating Margin has declined in the last couple of years.
  • ARI has a Gross Margin (37.12%) which is in line with its industry peers.
  • ARI's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 15.53%
PM (TTM) 15.3%
GM 37.12%
OM growth 3Y-21.24%
OM growth 5Y-20.73%
PM growth 3Y-29.33%
PM growth 5Y115.72%
GM growth 3Y-11.13%
GM growth 5Y-10.65%
ARI Yearly Profit, Operating, Gross MarginsARI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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2

2. ARI Health Analysis

2.1 Basic Checks

  • ARI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for ARI has been increased compared to 1 year ago.
  • The number of shares outstanding for ARI has been reduced compared to 5 years ago.
  • Compared to 1 year ago, ARI has a worse debt to assets ratio.
ARI Yearly Shares OutstandingARI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M
ARI Yearly Total Debt VS Total AssetsARI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

2.2 Solvency

  • ARI has an Altman-Z score of 0.03. This is a bad value and indicates that ARI is not financially healthy and even has some risk of bankruptcy.
  • ARI has a better Altman-Z score (0.03) than 69.12% of its industry peers.
  • ARI has a debt to FCF ratio of 187.14. This is a negative value and a sign of low solvency as ARI would need 187.14 years to pay back of all of its debts.
  • ARI has a worse Debt to FCF ratio (187.14) than 70.59% of its industry peers.
  • A Debt/Equity ratio of 3.89 is on the high side and indicates that ARI has dependencies on debt financing.
  • The Debt to Equity ratio of ARI (3.89) is better than 64.71% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.89
Debt/FCF 187.14
Altman-Z 0.03
ROIC/WACC0.16
WACC6.19%
ARI Yearly LT Debt VS Equity VS FCFARI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.3 Liquidity

  • ARI has a Current Ratio of 0.26. This is a bad value and indicates that ARI is not financially healthy enough and could expect problems in meeting its short term obligations.
  • ARI has a Current ratio of 0.26. This is in the better half of the industry: ARI outperforms 63.24% of its industry peers.
  • ARI has a Quick Ratio of 0.26. This is a bad value and indicates that ARI is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a decent Quick ratio value of 0.26, ARI is doing good in the industry, outperforming 63.24% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.26
Quick Ratio 0.26
ARI Yearly Current Assets VS Current LiabilitesARI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B 2.5B

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4

3. ARI Growth Analysis

3.1 Past

  • The earnings per share for ARI have decreased strongly by -20.30% in the last year.
  • Measured over the past years, ARI shows a very strong growth in Earnings Per Share. The EPS has been growing by 28.72% on average per year.
  • ARI shows a decrease in Revenue. In the last year, the revenue decreased by -9.40%.
  • The Revenue has been growing by 11.34% on average over the past years. This is quite good.
EPS 1Y (TTM)-20.3%
EPS 3Y-8.42%
EPS 5Y28.72%
EPS Q2Q%-18.75%
Revenue 1Y (TTM)-9.4%
Revenue growth 3Y8.42%
Revenue growth 5Y11.34%
Sales Q2Q%1.38%

3.2 Future

  • Based on estimates for the next years, ARI will show a small growth in Earnings Per Share. The EPS will grow by 3.07% on average per year.
  • ARI is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.28% yearly.
EPS Next Y-26.95%
EPS Next 2Y3.07%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year17.83%
Revenue Next 2Y0.28%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
ARI Yearly Revenue VS EstimatesARI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M
ARI Yearly EPS VS EstimatesARI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5

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4

4. ARI Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 9.75, which indicates a very decent valuation of ARI.
  • Based on the Price/Earnings ratio, ARI is valued a bit cheaper than 67.65% of the companies in the same industry.
  • ARI's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 25.71.
  • A Price/Forward Earnings ratio of 13.35 indicates a correct valuation of ARI.
  • The rest of the industry has a similar Price/Forward Earnings ratio as ARI.
  • When comparing the Price/Forward Earnings ratio of ARI to the average of the S&P500 Index (23.82), we can say ARI is valued slightly cheaper.
Industry RankSector Rank
PE 9.75
Fwd PE 13.35
ARI Price Earnings VS Forward Price EarningsARI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • 70.59% of the companies in the same industry are more expensive than ARI, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of ARI is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 34.12
EV/EBITDA 73.89
ARI Per share dataARI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)0.34
EPS Next 2Y3.07%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. ARI Dividend Analysis

5.1 Amount

  • ARI has a Yearly Dividend Yield of 9.46%, which is a nice return.
  • ARI's Dividend Yield is slightly below the industry average, which is at 11.52.
  • Compared to an average S&P500 Dividend Yield of 1.82, ARI pays a better dividend.
Industry RankSector Rank
Dividend Yield 9.46%

5.2 History

  • The dividend of ARI decreases each year by -8.38%.
  • ARI has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)-8.38%
Div Incr Years0
Div Non Decr Years0
ARI Yearly Dividends per shareARI Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

  • ARI pays out 137.20% of its income as dividend. This is not a sustainable payout ratio.
DP137.2%
EPS Next 2Y3.07%
EPS Next 3YN/A
ARI Yearly Income VS Free CF VS DividendARI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M -100M 200M
ARI Dividend Payout.ARI Dividend Payout, showing the Payout Ratio.ARI Dividend Payout.PayoutRetained Earnings

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ARI Fundamentals: All Metrics, Ratios and Statistics

APOLLO COMMERCIAL REAL ESTAT

NYSE:ARI (3/12/2026, 8:23:31 PM)

After market: 10.34 0 (0%)

10.34

-0.19 (-1.8%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryMortgage Real Estate Investment Trusts (REITs)"
Earnings (Last)02-10
Earnings (Next)04-22
Inst Owners69.64%
Inst Owner Change1.38%
Ins Owners0.61%
Ins Owner Change-2.3%
Market Cap1.44B
Revenue(TTM)731.68M
Net Income(TTM)111.91M
Analysts82.22
Price Target11.32 (9.48%)
Short Float %2.83%
Short Ratio3.03
Dividend
Industry RankSector Rank
Dividend Yield 9.46%
Yearly Dividend1.11
Dividend Growth(5Y)-8.38%
DP137.2%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)22.59%
Min EPS beat(2)6.37%
Max EPS beat(2)38.8%
EPS beat(4)4
Avg EPS beat(4)15.48%
Min EPS beat(4)4.64%
Max EPS beat(4)38.8%
EPS beat(8)8
Avg EPS beat(8)18.61%
EPS beat(12)11
Avg EPS beat(12)3.76%
EPS beat(16)14
Avg EPS beat(16)3.22%
Revenue beat(2)0
Avg Revenue beat(2)-12.54%
Min Revenue beat(2)-16.96%
Max Revenue beat(2)-8.12%
Revenue beat(4)0
Avg Revenue beat(4)-13.75%
Min Revenue beat(4)-20.78%
Max Revenue beat(4)-8.12%
Revenue beat(8)0
Avg Revenue beat(8)-10.85%
Revenue beat(12)0
Avg Revenue beat(12)-10.22%
Revenue beat(16)4
Avg Revenue beat(16)17.84%
PT rev (1m)1.37%
PT rev (3m)5.21%
EPS NQ rev (1m)-3.67%
EPS NQ rev (3m)1.2%
EPS NY rev (1m)-20.96%
EPS NY rev (3m)-18.22%
Revenue NQ rev (1m)-3.12%
Revenue NQ rev (3m)-2.15%
Revenue NY rev (1m)1.31%
Revenue NY rev (3m)0.79%
Valuation
Industry RankSector Rank
PE 9.75
Fwd PE 13.35
P/S 1.97
P/FCF 34.12
P/OCF 10.13
P/B 0.78
P/tB 0.78
EV/EBITDA 73.89
EPS(TTM)1.06
EY10.25%
EPS(NY)0.77
Fwd EY7.49%
FCF(TTM)0.3
FCFY2.93%
OCF(TTM)1.02
OCFY9.87%
SpS5.24
BVpS13.3
TBVpS13.3
PEG (NY)N/A
PEG (5Y)0.34
Graham Number17.81
Profitability
Industry RankSector Rank
ROA 1.13%
ROE 6.03%
ROCE 1.25%
ROIC 0.99%
ROICexc 1%
ROICexgc 1.01%
OM 15.53%
PM (TTM) 15.3%
GM 37.12%
FCFM 5.78%
ROA(3y)-0.01%
ROA(5y)1.01%
ROE(3y)0.23%
ROE(5y)4.05%
ROIC(3y)1.47%
ROIC(5y)1.71%
ROICexc(3y)1.51%
ROICexc(5y)1.78%
ROICexgc(3y)1.53%
ROICexgc(5y)1.79%
ROCE(3y)1.86%
ROCE(5y)2.17%
ROICexgc growth 3Y-15.88%
ROICexgc growth 5Y-25.18%
ROICexc growth 3Y-15.6%
ROICexc growth 5Y-25.13%
OM growth 3Y-21.24%
OM growth 5Y-20.73%
PM growth 3Y-29.33%
PM growth 5Y115.72%
GM growth 3Y-11.13%
GM growth 5Y-10.65%
F-Score4
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 3.89
Debt/FCF 187.14
Debt/EBITDA 57.83
Cap/Depr 896.89%
Cap/Sales 13.7%
Interest Coverage 0.25
Cash Conversion 114.2%
Profit Quality 37.81%
Current Ratio 0.26
Quick Ratio 0.26
Altman-Z 0.03
F-Score4
WACC6.19%
ROIC/WACC0.16
Cap/Depr(3y)1076.74%
Cap/Depr(5y)1585.55%
Cap/Sales(3y)14.55%
Cap/Sales(5y)9.89%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-20.3%
EPS 3Y-8.42%
EPS 5Y28.72%
EPS Q2Q%-18.75%
EPS Next Y-26.95%
EPS Next 2Y3.07%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-9.4%
Revenue growth 3Y8.42%
Revenue growth 5Y11.34%
Sales Q2Q%1.38%
Revenue Next Year17.83%
Revenue Next 2Y0.28%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-21.39%
EBIT growth 3Y-14.61%
EBIT growth 5Y-11.73%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y35.06%
FCF growth 3Y-43.04%
FCF growth 5Y-23.74%
OCF growth 1Y-29.04%
OCF growth 3Y-18.37%
OCF growth 5Y-2.78%

APOLLO COMMERCIAL REAL ESTAT / ARI FAQ

What is the fundamental rating for ARI stock?

ChartMill assigns a fundamental rating of 4 / 10 to ARI.


What is the valuation status for ARI stock?

ChartMill assigns a valuation rating of 4 / 10 to APOLLO COMMERCIAL REAL ESTAT (ARI). This can be considered as Fairly Valued.


How profitable is APOLLO COMMERCIAL REAL ESTAT (ARI) stock?

APOLLO COMMERCIAL REAL ESTAT (ARI) has a profitability rating of 5 / 10.


What are the PE and PB ratios of APOLLO COMMERCIAL REAL ESTAT (ARI) stock?

The Price/Earnings (PE) ratio for APOLLO COMMERCIAL REAL ESTAT (ARI) is 9.75 and the Price/Book (PB) ratio is 0.78.


Is the dividend of APOLLO COMMERCIAL REAL ESTAT sustainable?

The dividend rating of APOLLO COMMERCIAL REAL ESTAT (ARI) is 4 / 10 and the dividend payout ratio is 137.2%.