Athene Holding Ltd. 7.250% Fixe

ATHS

$24.91

+0.16%

N/A+$0.04

Financial Services

Insurance - Life

NYSE

Active Trading

Athene Holding Ltd. is a financial services company, which engages in issuing, reinsuring, and acquiring retirement savings products designed for the increasing ...

Fundamental Analysis of ATHS

Key Strengths

Leading retirement solutions provider with over $445 billion in total assets (as of March 31, 2026)

Backing of Apollo Global Management, providing strong investment expertise and asset management capabilities

Risk Factors

High beta of 1.76 indicates significant volatility relative to the market

Security is a junior subordinated debenture, ranking lower in priority for repayment in case of default

Profitability

Net Margin6.86%

Operating Margin0.00%

Valuation

P/E Ratio30.52x

Current Ratio0.00

Efficiency

ROE1.08%

ROA0.42%

Fundamental Analysis of ATHS

Athene Holding Ltd. (ATHS) is a financial services company specializing in retirement savings products, operating primarily in the United States and internationally. As a subsidiary of Apollo Global Management, Athene leverages Apollo's investment expertise to generate returns on its portfolio. The company has shown strong revenue per share and significant free cash flow, with a price-to-free-cash-flow ratio of 4.2, indicating efficient cash generation. Its return on equity is modest at 1.1%, reflecting the capital-intensive nature of the insurance business. However, the stock trades at a price-to-book ratio of 0.86, suggesting the market values it below its book value. The dividend yield is notable, with a last dividend of $1.8123 per share, though the TTM yield is reported as 0% possibly due to timing. The company's beta of 1.76 indicates higher volatility relative to the market. Key financial metrics show a net margin of 6.9%, pretax margin of 19.4%, and an EBITDA margin of 1.1%, which are typical for insurance operations. The debt-to-equity ratio is not reported, but the financial leverage ratio is high at 25.5, reflecting the use of policyholder liabilities. The company's enterprise value is negative, indicating a strong cash position relative to debt. Analyst consensus is not directly provided, but the company's fundamentals and market position suggest a stable investment, with the security being a fixed-rate reset junior subordinated debenture due 2064, offering a high yield of 7.25% until the first reset. Risks include market volatility, credit risk, and the fact that the debenture is junior subordinated, meaning it ranks lower in priority in case of liquidation. Overall, Athene's strong asset base and cash generation provide a solid foundation, but the high beta and subordinated nature of the security warrant caution.

Key Strengths of ATHS

Leading retirement solutions provider with over $445 billion in total assets (as of March 31, 2026)
Backing of Apollo Global Management, providing strong investment expertise and asset management capabilities
Significant free cash flow generation, with a low price-to-free-cash-flow ratio of 4.2
Attractive dividend yield of ~7.3% (annualized based on last dividend), appealing to income investors
Strong revenue per share of $151.03, indicating robust top-line performance
Negative enterprise value suggests a strong cash position and limited net debt
Established operations in the US and international markets, providing geographical diversification
Book value per share of $181.56, with price-to-book ratio below 1.0, potentially undervalued

Risk Factors of ATHS

High beta of 1.76 indicates significant volatility relative to the market
Security is a junior subordinated debenture, ranking lower in priority for repayment in case of default
Exposure to market and credit risks, especially during periods of extreme volatility
Regulatory changes in the insurance and financial services sector could impact operations
Dependence on Apollo's investment performance; poor returns could affect profitability
Low return on equity (1.1%) and return on assets (0.4%) reflect the capital-intensive nature of the business
High financial leverage ratio (25.5) due to policyholder liabilities, increasing sensitivity to interest rate changes
Effective tax rate of 45.7% is high, potentially reducing net income

Market Cap vs Revenue & Earnings

Earnings

n/a

Revenue

n/a

Market cap

$19.96B

30.5x

P/E Ratio

0.7x

P/S Ratio

Earnings & Revenue

Last Reportedn/a

Earnings per share (EPS)n/a

Gross Margin0.00%

Net Profit Margin6.86%

Debt/Equity Ratio0.00

Profitability Bridge (Current vs YoY)

How gross, operating and net margins shifted versus last year.

Revenue / Net Income / FCF History (USD B)

Growth Signals of ATHS

Metric	Current	Previous	YoYYear-over-Year change: current quarter versus the same quarter last year.	QoQQuarter-over-Quarter change: current quarter versus the immediately previous quarter.	Signal
Revenue	—	—	—	—	Flat
Diluted EPS	—	—	—	—	Flat
Free Cash Flow	—	—	—	—	Flat

Profitability of ATHS

Metric	Current	Previous	YoYYear-over-Year change: current quarter versus the same quarter last year.	QoQQuarter-over-Quarter change: current quarter versus the immediately previous quarter.	Signal
Net Margin	—	18.43%	—	—	Flat
Operating Margin	—	0.00%	—	—	Flat
ROE	—	—	—	—	Flat

Financial Health of ATHS

Metric	Current	YoYYear-over-Year change: current quarter versus the same quarter last year.	QoQQuarter-over-Quarter change: current quarter versus the immediately previous quarter.	Signal
Current Ratio	—	—	—	Flat
Quick Ratio	—	—	—	Flat
Debt / Equity	—	—	—	Flat

Valuation of ATHS

Metric	Current	Previous	YoYYear-over-Year change: current quarter versus the same quarter last year.	QoQQuarter-over-Quarter change: current quarter versus the immediately previous quarter.	Signal
P/E	—	0.00x	—	—	Flat
P/B	—	0.00x	—	—	Flat

Supply Chain of ATHS

RELATIONS

Upstream

Apollo Global Management, Inc.NYSE:APOSony Life Insurance Co.TSE:8725Lincoln Financial GroupNYSE:LNC Voya Financial, Inc.NYSE:VOYAPrudential plcLSE:PRUAthene Co-Invest Reinsurance Affiliate 1B Ltd. (ACRA 1B)Athene Co-Invest Reinsurance Affiliate 2A Ltd. (ACRA 2A)iPipelineHoulihan Lokey, Inc.NYSE:HLI

Downstream

AT&T Inc.NYSE:T Lockheed Martin CorporationNYSE:LMTBank Distribution Network (19 banks)Broker-Dealer Network (151 broker-dealers)Independent Marketing Organizations (IMOs)Federal Home Loan Bank (FHLB) SystemAthene Global Funding (Special Purpose Trust)Venerable HoldingsUnconfirmed

Proxies

Apollo Global Management, Inc.NYSE:APO Athene Holding Ltd. 5.625% Fixed-Rate Perpetual Preferred Series BNYSE:ATH-PB Athene Holding Ltd. 7.75% Depository Shares Series ENYSE:ATH-PE MetLife, Inc.NYSE:MET Corebridge Financial, Inc.NYSE:CRBG

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer