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AlTi Global, Inc.（ALTI）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AlTi Global, Inc.的8.3倍（$715.1M vs $86.6M）。德太投资净利率更高（10.8% vs -15.1%，领先25.9%）。AlTi Global, Inc.同比增速更快（87.0% vs 35.6%）。过去两年AlTi Global, Inc.的营收复合增速更高（30.6% vs 18.1%）
该公司原名Cristal Global，是全球第二大二氧化钛生产商，同时也是钛化学品的龙头供应商，由原国家二氧化钛有限公司与 Millennium Chemicals 合并组建而成，总部设于沙特阿拉伯吉达。该公司是全球第五大二氧化钛原料生产商Bemax的重要股东。
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。
ALTI vs TPG — 直观对比
营收规模更大
TPG
是对方的8.3倍
$86.6M
营收增速更快
ALTI
高出51.4%
35.6%
净利率更高
TPG
高出25.9%
-15.1%
两年增速更快
ALTI
近两年复合增速
18.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $86.6M | $715.1M |
| 净利润 | $-13.1M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | -2.1% | — |
| 净利率 | -15.1% | 10.8% |
| 营收同比 | 87.0% | 35.6% |
| 净利润同比 | 75.6% | 494.1% |
| 每股收益（稀释后） | — | $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ALTITPG
| Q4 25 | $86.6M | $715.1M | ||
| Q3 25 | $57.2M | $596.5M | ||
| Q2 25 | $53.1M | $569.1M | ||
| Q1 25 | $58.0M | $543.5M | ||
| Q4 24 | $46.3M | $527.2M | ||
| Q3 24 | $51.8M | $524.7M | ||
| Q2 24 | $49.5M | $522.8M | ||
| Q1 24 | $50.8M | $512.3M |
净利润ALTITPG
| Q4 25 | $-13.1M | $77.1M | ||
| Q3 25 | $-84.1M | $67.1M | ||
| Q2 25 | $-24.4M | $14.9M | ||
| Q1 25 | $1.9M | $25.4M | ||
| Q4 24 | $-53.8M | $13.0M | ||
| Q3 24 | $-72.5M | $9.0M | ||
| Q2 24 | $-6.4M | $-14.0M | ||
| Q1 24 | $29.7M | $15.5M |
营业利润率ALTITPG
| Q4 25 | -2.1% | — | ||
| Q3 25 | -49.8% | — | ||
| Q2 25 | -56.7% | — | ||
| Q1 25 | -23.3% | — | ||
| Q4 24 | -42.7% | — | ||
| Q3 24 | -18.4% | — | ||
| Q2 24 | -30.2% | — | ||
| Q1 24 | -28.9% | — |
净利率ALTITPG
| Q4 25 | -15.1% | 10.8% | ||
| Q3 25 | -147.0% | 11.3% | ||
| Q2 25 | -45.9% | 2.6% | ||
| Q1 25 | 3.3% | 4.7% | ||
| Q4 24 | -116.1% | 2.5% | ||
| Q3 24 | -140.0% | 1.7% | ||
| Q2 24 | -12.9% | -2.7% | ||
| Q1 24 | 58.4% | 3.0% |
每股收益（稀释后）ALTITPG
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | $-0.33 | $-0.05 | ||
| Q1 25 | $-0.04 | $0.00 | ||
| Q4 24 | $-0.71 | $-0.04 | ||
| Q3 24 | $-0.88 | $-0.08 | ||
| Q2 24 | $-0.18 | $-0.19 | ||
| Q1 24 | $0.18 | $-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 | $41.2M | $826.1M |
| 总债务越低越好 | $883.0K | $1.7B |
| 股东权益账面价值 | $600.1M | $4.1B |
| 总资产 | $1.2B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.00× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ALTITPG
| Q4 25 | $41.2M | $826.1M | ||
| Q3 25 | $35.8M | $1.1B | ||
| Q2 25 | $42.4M | $1.1B | ||
| Q1 25 | $52.8M | $822.0M | ||
| Q4 24 | $64.4M | $808.0M | ||
| Q3 24 | $220.6M | $1.2B | ||
| Q2 24 | $60.0M | $1.1B | ||
| Q1 24 | $134.2M | $1.1B |
总债务ALTITPG
| Q4 25 | $883.0K | $1.7B | ||
| Q3 25 | $586.0K | $1.8B | ||
| Q2 25 | $673.0K | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $0 | $1.3B | ||
| Q3 24 | $128.4M | $1.3B | ||
| Q2 24 | $164.0M | $1.2B | ||
| Q1 24 | $183.7M | $1.2B |
股东权益ALTITPG
| Q4 25 | $600.1M | $4.1B | ||
| Q3 25 | $607.2M | $3.8B | ||
| Q2 25 | $685.4M | $3.6B | ||
| Q1 25 | $665.2M | $3.5B | ||
| Q4 24 | $658.4M | $3.6B | ||
| Q3 24 | $707.0M | $3.4B | ||
| Q2 24 | $540.2M | $3.3B | ||
| Q1 24 | $510.9M | $3.3B |
总资产ALTITPG
| Q4 25 | $1.2B | $13.5B | ||
| Q3 25 | $1.2B | $13.0B | ||
| Q2 25 | $1.2B | $12.0B | ||
| Q1 25 | $1.2B | $11.3B | ||
| Q4 24 | $1.3B | $10.5B | ||
| Q3 24 | $1.4B | $10.5B | ||
| Q2 24 | $1.3B | $10.1B | ||
| Q1 24 | $1.3B | $9.9B |
负债/权益比ALTITPG
| Q4 25 | 0.00× | 0.42× | ||
| Q3 25 | 0.00× | 0.47× | ||
| Q2 25 | 0.00× | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 0.00× | 0.36× | ||
| Q3 24 | 0.18× | 0.39× | ||
| Q2 24 | 0.30× | 0.37× | ||
| Q1 24 | 0.36× | 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 | — | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | — | -0.57× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ALTITPG
| Q4 25 | — | $-43.7M | ||
| Q3 25 | — | $492.0M | ||
| Q2 25 | $-19.9M | $385.9M | ||
| Q1 25 | $-30.2M | $198.2M | ||
| Q4 24 | $-56.0K | $-188.1M | ||
| Q3 24 | $-4.9M | $68.9M | ||
| Q2 24 | $-30.2M | $214.6M | ||
| Q1 24 | $-15.5M | $436.7M |
自由现金流ALTITPG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-20.0M | — | ||
| Q1 25 | $-31.0M | — | ||
| Q4 24 | $-1.8M | — | ||
| Q3 24 | $-9.4M | — | ||
| Q2 24 | $-31.2M | — | ||
| Q1 24 | $-15.7M | — |
自由现金流率ALTITPG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -37.6% | — | ||
| Q1 25 | -53.4% | — | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | -18.2% | — | ||
| Q2 24 | -63.2% | — | ||
| Q1 24 | -30.9% | — |
资本支出强度ALTITPG
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.4% | — |
现金转化率ALTITPG
| Q4 25 | — | -0.57× | ||
| Q3 25 | — | 7.33× | ||
| Q2 25 | — | 25.83× | ||
| Q1 25 | -15.80× | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | — | 7.69× | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.52× | 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
ALTI
| Management Advisory Fees | $51.1M | 59% |
| Other | $32.7M | 38% |
| Distributions From Investments | $2.9M | 3% |
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% |
