Apollo Commercial Real Estate F (ARI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Apollo Commercial Real Estate F

NYSE•Real Estate•REIT - Mortgage

$6.63-0.05(-0.01%)Market closed

Market Cap

$845.09M

P/E

6.4x

P/S

3.6x

P/B

0.7x

Apollo Commercial Real Estate Finance, Inc. operates as a real estate investment trust that originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. The company is qualified as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal income taxes, if the company distributes at least 90% of its REIT taxable income to its stockholders. Apollo Commercial Real Estate Finance, Inc. was incorporated in 2009 and is based in New York, New York.

How this company scores

WeakMetricSide Score: 47/100

Grade capped at D — Interest coverage below 1× (0.2x) — earnings cannot cover interest. Strongest: Profitability (20/25); weakest: Cash & Earnings Quality (8/25).

Profitability20/25

Growth11/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality8/25

Strengths

Strong marginsRising earningsProfit converts from growthNet cash position

Grade capped at D

Interest coverage below 1× (0.2x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 6.4x5y range 3.8x – 188.4x

Currently below its 16-quarter median.

P/S · 3.6x5y range 3.6x – 7.6x

Currently near its 20-quarter median.

P/B · 0.7x5y range 0.5x – 0.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 24.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $845.09M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $237.89M
Q. Revenue: $44.38M
TTM EBITDA: $98.38M
TTM Op. Income: $83.58M
Q. Op. Income: $7.30M
TTM Net Income: $132.00M
Q. Net Income: $25.78M
EPS: $0.11
Shares Out.: $131.02M

$237.89M in TTM revenue declined 14.7% YoY, reaching $44.38M last quarter. TTM EBITDA of $98.38M and TTM operating income of $83.58M show growth is flowing through to the bottom line. TTM net income of $132.00M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 26.9%
Op. Margin: 16.5%
Net Margin: 58.1%

Op. margin of 16.5% is down 29.2% YoY — costs are rising relative to revenue. Net margin at 58.1% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 6.4x
P/S Ratio: 3.6x
P/B Ratio: 0.7x

At 6.4x P/E, the stock trades below typical market levels. P/S of 3.6x and P/B of 0.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 95% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.14B
Cash: $1.24B
Long-Term Debt: N/A
Book Value: $1.25B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $33.92M
TTM Free Cash Flow: $21.41M
FCF Margin: 9.0%
FCF / Net Income: 0.2

TTM FCF of $21.41M on $33.92M in operating cash flow. The FCF / Net Income ratio of 0.2x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.