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Abacus Global Management, Inc.（ABX）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
德太投资的季度营收约是Abacus Global Management, Inc.的9.9倍（$715.1M vs $71.9M）。德太投资净利率更高（10.8% vs 10.1%，领先0.7%）。Abacus Global Management, Inc.同比增速更快（116.5% vs 35.6%）。过去两年Abacus Global Management, Inc.的营收复合增速更高（82.9% vs 18.1%）
Abacus集团是澳大利亚ASX 200指数成分公众上市公司，专注投资澳大利亚房地产投资信托，投资组合集中在写字楼与自助仓储领域，同时管理房地产开发的legacy投资项目。该公司原名为Abacus地产集团，2023年8月拆分出了自助仓储业务Abacus Storage King。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
ABX vs TPG — 直观对比
营收规模更大
TPG
是对方的9.9倍
$71.9M
营收增速更快
ABX
高出80.9%
35.6%
净利率更高
TPG
高出0.7%
10.1%
两年增速更快
ABX
近两年复合增速
18.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $71.9M | $715.1M |
| 净利润 | $7.2M | $77.1M |
| 毛利率 | 88.8% | — |
| 营业利润率 | 31.7% | — |
| 净利率 | 10.1% | 10.8% |
| 营收同比 | 116.5% | 35.6% |
| 净利润同比 | 139.6% | 494.1% |
| 每股收益（稀释后） | $0.06 | $0.30 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ABXTPG
| Q4 25 | $71.9M | $715.1M | ||
| Q3 25 | $63.0M | $596.5M | ||
| Q2 25 | $56.2M | $569.1M | ||
| Q1 25 | $44.1M | $543.5M | ||
| Q4 24 | $33.2M | $527.2M | ||
| Q3 24 | $28.1M | $524.7M | ||
| Q2 24 | $29.1M | $522.8M | ||
| Q1 24 | $21.5M | $512.3M |
净利润ABXTPG
| Q4 25 | $7.2M | $77.1M | ||
| Q3 25 | $7.1M | $67.1M | ||
| Q2 25 | $17.6M | $14.9M | ||
| Q1 25 | $4.6M | $25.4M | ||
| Q4 24 | $-18.3M | $13.0M | ||
| Q3 24 | $-5.1M | $9.0M | ||
| Q2 24 | $770.0K | $-14.0M | ||
| Q1 24 | $-1.3M | $15.5M |
毛利率ABXTPG
| Q4 25 | 88.8% | — | ||
| Q3 25 | 87.8% | — | ||
| Q2 25 | 89.2% | — | ||
| Q1 25 | 83.9% | — | ||
| Q4 24 | 88.8% | — | ||
| Q3 24 | 92.2% | — | ||
| Q2 24 | 90.6% | — | ||
| Q1 24 | 87.3% | — |
营业利润率ABXTPG
| Q4 25 | 31.7% | — | ||
| Q3 25 | 35.6% | — | ||
| Q2 25 | 40.1% | — | ||
| Q1 25 | 47.6% | — | ||
| Q4 24 | -50.5% | — | ||
| Q3 24 | 24.3% | — | ||
| Q2 24 | 23.3% | — | ||
| Q1 24 | 10.5% | — |
净利率ABXTPG
| Q4 25 | 10.1% | 10.8% | ||
| Q3 25 | 11.2% | 11.3% | ||
| Q2 25 | 31.3% | 2.6% | ||
| Q1 25 | 10.5% | 4.7% | ||
| Q4 24 | -55.0% | 2.5% | ||
| Q3 24 | -18.2% | 1.7% | ||
| Q2 24 | 2.6% | -2.7% | ||
| Q1 24 | -6.3% | 3.0% |
每股收益（稀释后）ABXTPG
| Q4 25 | $0.06 | $0.30 | ||
| Q3 25 | $0.07 | $0.20 | ||
| Q2 25 | $0.18 | $-0.05 | ||
| Q1 25 | $0.05 | $0.00 | ||
| Q4 24 | $-0.26 | $-0.04 | ||
| Q3 24 | $-0.07 | $-0.08 | ||
| Q2 24 | $0.01 | $-0.19 | ||
| Q1 24 | $-0.02 | $-0.11 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $38.1M | $826.1M |
| 总债务越低越好 | $405.8M | $1.7B |
| 股东权益账面价值 | $418.5M | $4.1B |
| 总资产 | $902.2M | $13.5B |
| 负债/权益比越低杠杆越低 | 0.97× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ABXTPG
| Q4 25 | $38.1M | $826.1M | ||
| Q3 25 | $86.4M | $1.1B | ||
| Q2 25 | $74.8M | $1.1B | ||
| Q1 25 | $43.8M | $822.0M | ||
| Q4 24 | $131.9M | $808.0M | ||
| Q3 24 | $19.4M | $1.2B | ||
| Q2 24 | $91.3M | $1.1B | ||
| Q1 24 | $65.4M | $1.1B |
总债务ABXTPG
| Q4 25 | $405.8M | $1.7B | ||
| Q3 25 | $409.3M | $1.8B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $380.8M | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益ABXTPG
| Q4 25 | $418.5M | $4.1B | ||
| Q3 25 | $434.6M | $3.8B | ||
| Q2 25 | $416.5M | $3.6B | ||
| Q1 25 | $430.6M | $3.5B | ||
| Q4 24 | $423.3M | $3.6B | ||
| Q3 24 | $257.9M | $3.4B | ||
| Q2 24 | $256.8M | $3.3B | ||
| Q1 24 | $165.3M | $3.3B |
总资产ABXTPG
| Q4 25 | $902.2M | $13.5B | ||
| Q3 25 | $918.9M | $13.0B | ||
| Q2 25 | $848.4M | $12.0B | ||
| Q1 25 | $856.5M | $11.3B | ||
| Q4 24 | $874.2M | $10.5B | ||
| Q3 24 | $477.3M | $10.5B | ||
| Q2 24 | $483.9M | $10.1B | ||
| Q1 24 | $376.7M | $9.9B |
负债/权益比ABXTPG
| Q4 25 | 0.97× | 0.42× | ||
| Q3 25 | 0.94× | 0.47× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 0.90× | 0.36× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-7.4M | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $-7.6M | — |
| 自由现金流率自由现金流/营收 | -10.5% | — |
| 资本支出强度资本支出/营收 | 0.2% | — |
| 现金转化率经营现金流/净利润 | -1.03× | -0.57× |
| 过去12个月自由现金流最近4个季度 | $-26.6M | — |
8季度趋势，按日历期对齐
经营现金流ABXTPG
| Q4 25 | $-7.4M | $-43.7M | ||
| Q3 25 | $-32.8M | $492.0M | ||
| Q2 25 | $76.1M | $385.9M | ||
| Q1 25 | $-61.6M | $198.2M | ||
| Q4 24 | $-92.0M | $-188.1M | ||
| Q3 24 | $-52.3M | $68.9M | ||
| Q2 24 | $-67.1M | $214.6M | ||
| Q1 24 | $2.5M | $436.7M |
自由现金流ABXTPG
| Q4 25 | $-7.6M | — | ||
| Q3 25 | $-32.9M | — | ||
| Q2 25 | $75.7M | — | ||
| Q1 25 | $-61.8M | — | ||
| Q4 24 | $-92.2M | — | ||
| Q3 24 | $-52.5M | — | ||
| Q2 24 | $-67.2M | — | ||
| Q1 24 | $2.4M | — |
自由现金流率ABXTPG
| Q4 25 | -10.5% | — | ||
| Q3 25 | -52.3% | — | ||
| Q2 25 | 134.6% | — | ||
| Q1 25 | -140.0% | — | ||
| Q4 24 | -277.5% | — | ||
| Q3 24 | -186.6% | — | ||
| Q2 24 | -231.3% | — | ||
| Q1 24 | 10.9% | — |
资本支出强度ABXTPG
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.8% | — |
现金转化率ABXTPG
| Q4 25 | -1.03× | -0.57× | ||
| Q3 25 | -4.63× | 7.33× | ||
| Q2 25 | 4.33× | 25.83× | ||
| Q1 25 | -13.28× | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | — | 7.69× | ||
| Q2 24 | -87.09× | — | ||
| Q1 24 | — | 28.14× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ABX
| Life Solutions Segment | $63.0M | 88% |
| Asset Management Segment | $8.7M | 12% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
