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Antero Midstream Corp（AM）与GCM Grosvenor Inc.（GCMG）财务数据对比。点击上方公司名可切换其他公司
Antero Midstream Corp的季度营收约是GCM Grosvenor Inc.的1.6倍（$291.1M vs $177.1M），Antero Midstream Corp净利率更高（41.5% vs 32.8%，领先8.6%），GCM Grosvenor Inc.同比增速更快（7.2% vs -7.3%），过去两年GCM Grosvenor Inc.的营收复合增速更高（27.5% vs 3.9%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
AM vs GCMG — 直观对比
营收规模更大
AM
是对方的1.6倍
$177.1M
营收增速更快
GCMG
高出14.5%
-7.3%
净利率更高
AM
高出8.6%
32.8%
两年增速更快
GCMG
近两年复合增速
3.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $177.1M |
| 净利润 | $120.7M | $58.2M |
| 毛利率 | — | — |
| 营业利润率 | 60.9% | 30.9% |
| 净利率 | 41.5% | 32.8% |
| 营收同比 | -7.3% | 7.2% |
| 净利润同比 | 2.1% | 149.2% |
| 每股收益（稀释后） | $0.25 | $0.23 |
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AMGCMG
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $177.1M | ||
| Q3 25 | $294.8M | $135.0M | ||
| Q2 25 | $305.5M | $119.7M | ||
| Q1 25 | $291.1M | $125.8M | ||
| Q4 24 | $287.5M | $165.3M | ||
| Q3 24 | $269.9M | $122.9M | ||
| Q2 24 | $269.8M | $117.0M |
净利润AMGCMG
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $58.2M | ||
| Q3 25 | $116.0M | $10.5M | ||
| Q2 25 | $124.5M | $15.4M | ||
| Q1 25 | $120.7M | $463.0K | ||
| Q4 24 | $111.2M | $7.6M | ||
| Q3 24 | $99.7M | $4.2M | ||
| Q2 24 | $86.0M | $4.8M |
营业利润率AMGCMG
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | 30.9% | ||
| Q3 25 | 61.2% | 32.7% | ||
| Q2 25 | 61.0% | 16.1% | ||
| Q1 25 | 60.9% | 12.2% | ||
| Q4 24 | 61.8% | 26.4% | ||
| Q3 24 | 60.2% | 20.3% | ||
| Q2 24 | 56.6% | 17.8% |
净利率AMGCMG
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | 32.8% | ||
| Q3 25 | 39.3% | 7.8% | ||
| Q2 25 | 40.8% | 12.9% | ||
| Q1 25 | 41.5% | 0.4% | ||
| Q4 24 | 38.7% | 4.6% | ||
| Q3 24 | 37.0% | 3.4% | ||
| Q2 24 | 31.9% | 4.1% |
每股收益（稀释后）AMGCMG
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $0.23 | ||
| Q3 25 | $0.24 | $0.16 | ||
| Q2 25 | $0.26 | $0.05 | ||
| Q1 25 | $0.25 | $-0.02 | ||
| Q4 24 | $0.23 | $0.09 | ||
| Q3 24 | $0.21 | $0.03 | ||
| Q2 24 | $0.18 | $0.04 |
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 | $180.4M | $242.1M |
| 总债务越低越好 | $3.2B | $428.4M |
| 股东权益账面价值 | $2.0B | $27.0M |
| 总资产 | $5.9B | $813.8M |
| 负债/权益比越低杠杆越低 | 1.63× | 15.87× |
8季度趋势，按日历期对齐
现金及短期投资AMGCMG
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $242.1M | ||
| Q3 25 | — | $182.7M | ||
| Q2 25 | — | $136.3M | ||
| Q1 25 | — | $94.5M | ||
| Q4 24 | — | $89.5M | ||
| Q3 24 | — | $98.4M | ||
| Q2 24 | — | $73.9M |
总债务AMGCMG
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $428.4M | ||
| Q3 25 | $3.0B | $429.3M | ||
| Q2 25 | $3.0B | $430.2M | ||
| Q1 25 | $3.1B | $431.1M | ||
| Q4 24 | $3.1B | $432.0M | ||
| Q3 24 | $3.2B | $432.9M | ||
| Q2 24 | $3.2B | $433.8M |
股东权益AMGCMG
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $27.0M | ||
| Q3 25 | $2.1B | $-7.4M | ||
| Q2 25 | $2.1B | $-12.3M | ||
| Q1 25 | $2.1B | $-28.3M | ||
| Q4 24 | $2.1B | $-27.6M | ||
| Q3 24 | $2.1B | $-31.9M | ||
| Q2 24 | $2.1B | $-28.5M |
总资产AMGCMG
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $813.8M | ||
| Q3 25 | $5.7B | $685.9M | ||
| Q2 25 | $5.7B | $636.9M | ||
| Q1 25 | $5.8B | $579.8M | ||
| Q4 24 | $5.8B | $612.7M | ||
| Q3 24 | $5.8B | $575.0M | ||
| Q2 24 | $5.8B | $543.9M |
负债/权益比AMGCMG
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | 15.87× | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.50× | — |
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 | $198.9M | $183.5M |
| 自由现金流经营现金流 - 资本支出 | — | $175.0M |
| 自由现金流率自由现金流/营收 | — | 98.8% |
| 资本支出强度资本支出/营收 | 11.1% | 4.8% |
| 现金转化率经营现金流/净利润 | 1.65× | 3.16× |
| 过去12个月自由现金流最近4个季度 | — | $326.2M |
8季度趋势，按日历期对齐
经营现金流AMGCMG
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $183.5M | ||
| Q3 25 | $212.8M | $79.8M | ||
| Q2 25 | $265.2M | $42.0M | ||
| Q1 25 | $198.9M | $33.3M | ||
| Q4 24 | $232.7M | $148.8M | ||
| Q3 24 | $184.9M | $69.0M | ||
| Q2 24 | $215.8M | $17.5M |
自由现金流AMGCMG
| Q1 26 | — | — | ||
| Q4 25 | — | $175.0M | ||
| Q3 25 | — | $78.3M | ||
| Q2 25 | — | $40.8M | ||
| Q1 25 | — | $32.1M | ||
| Q4 24 | — | $132.0M | ||
| Q3 24 | $184.3M | $62.2M | ||
| Q2 24 | $147.2M | $12.8M |
自由现金流率AMGCMG
| Q1 26 | — | — | ||
| Q4 25 | — | 98.8% | ||
| Q3 25 | — | 58.0% | ||
| Q2 25 | — | 34.1% | ||
| Q1 25 | — | 25.5% | ||
| Q4 24 | — | 79.9% | ||
| Q3 24 | 68.3% | 50.6% | ||
| Q2 24 | 54.6% | 10.9% |
资本支出强度AMGCMG
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 0.0% | 10.1% | ||
| Q3 24 | 0.2% | 5.5% | ||
| Q2 24 | 25.4% | 4.0% |
现金转化率AMGCMG
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | 3.16× | ||
| Q3 25 | 1.84× | 7.61× | ||
| Q2 25 | 2.13× | 2.72× | ||
| Q1 25 | 1.65× | 71.84× | ||
| Q4 24 | 2.09× | 19.54× | ||
| Q3 24 | 1.85× | 16.60× | ||
| Q2 24 | 2.51× | 3.64× |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
