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Artisan Partners Asset Management Inc.（APAM）与Ares Management Corp（ARES）财务数据对比。点击上方公司名可切换其他公司
Ares Management Corp的季度营收约是Artisan Partners Asset Management Inc.的4.5倍（$1.5B vs $335.5M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs 3.6%，领先31.6%），Ares Management Corp同比增速更快（19.5% vs 12.9%），过去两年Ares Management Corp的营收复合增速更高（45.9% vs 12.7%）
阿蒂森伙伴资产管理公司（Artisan Partners）是总部位于美国威斯康星州密尔沃基的资产管理机构，除美国本土外，还在都柏林、香港、伦敦、新加坡、悉尼设有办公室，为全球客户提供专业的资产管理服务。
Ares Management Corp是一家全球知名的另类投资管理机构，业务覆盖信贷、私募股权及房地产三大投资领域。公司成立于1997年，在北美、欧洲、亚洲多地设有分支机构，为全球客户提供专业的另类资产管理服务。
APAM vs ARES — 直观对比
营收规模更大
ARES
是对方的4.5倍
$335.5M
营收增速更快
ARES
高出6.6%
12.9%
净利率更高
APAM
高出31.6%
3.6%
两年增速更快
ARES
近两年复合增速
12.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $1.5B |
| 净利润 | $118.1M | $54.2M |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | 13.7% |
| 净利率 | 35.2% | 3.6% |
| 营收同比 | 12.9% | 19.5% |
| 净利润同比 | 34.9% | -69.4% |
| 每股收益（稀释后） | $1.36 | — |
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APAMARES
| Q4 25 | $335.5M | $1.5B | ||
| Q3 25 | $301.3M | $1.7B | ||
| Q2 25 | $282.7M | $1.4B | ||
| Q1 25 | $277.1M | $1.1B | ||
| Q4 24 | $297.1M | $1.3B | ||
| Q3 24 | $279.6M | $1.1B | ||
| Q2 24 | $270.8M | $788.7M | ||
| Q1 24 | $264.4M | $707.4M |
净利润APAMARES
| Q4 25 | $118.1M | $54.2M | ||
| Q3 25 | $66.8M | $288.9M | ||
| Q2 25 | $67.6M | $137.1M | ||
| Q1 25 | $61.1M | $47.2M | ||
| Q4 24 | $87.5M | $177.3M | ||
| Q3 24 | $73.0M | $118.5M | ||
| Q2 24 | $57.6M | $94.9M | ||
| Q1 24 | $59.5M | $73.0M |
营业利润率APAMARES
| Q4 25 | 39.2% | 13.7% | ||
| Q3 25 | 33.8% | 39.3% | ||
| Q2 25 | 28.2% | 21.3% | ||
| Q1 25 | 31.2% | 13.0% | ||
| Q4 24 | 36.7% | 31.8% | ||
| Q3 24 | 33.3% | 29.0% | ||
| Q2 24 | 32.0% | 40.2% | ||
| Q1 24 | 29.4% | 32.7% |
净利率APAMARES
| Q4 25 | 35.2% | 3.6% | ||
| Q3 25 | 22.2% | 17.4% | ||
| Q2 25 | 23.9% | 10.2% | ||
| Q1 25 | 22.1% | 4.3% | ||
| Q4 24 | 29.5% | 14.1% | ||
| Q3 24 | 26.1% | 10.5% | ||
| Q2 24 | 21.3% | 12.0% | ||
| Q1 24 | 22.5% | 10.3% |
每股收益（稀释后）APAMARES
| Q4 25 | $1.36 | — | ||
| Q3 25 | $0.93 | — | ||
| Q2 25 | $0.94 | — | ||
| Q1 25 | $0.82 | — | ||
| Q4 24 | $0.99 | — | ||
| Q3 24 | $1.03 | — | ||
| Q2 24 | $0.80 | — | ||
| Q1 24 | $0.84 | — |
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 | — | — |
| 总债务越低越好 | $190.0M | — |
| 股东权益账面价值 | $438.8M | $4.3B |
| 总资产 | $1.6B | $28.6B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
总债务APAMARES
| Q4 25 | $190.0M | — | ||
| Q3 25 | $190.0M | — | ||
| Q2 25 | $200.0M | — | ||
| Q1 25 | $200.0M | — | ||
| Q4 24 | $200.0M | — | ||
| Q3 24 | $200.0M | — | ||
| Q2 24 | $200.0M | — | ||
| Q1 24 | $200.0M | — |
股东权益APAMARES
| Q4 25 | $438.8M | $4.3B | ||
| Q3 25 | $402.1M | $4.5B | ||
| Q2 25 | $381.8M | $4.4B | ||
| Q1 25 | $356.5M | $4.5B | ||
| Q4 24 | $388.9M | $3.5B | ||
| Q3 24 | $372.1M | $2.1B | ||
| Q2 24 | $341.2M | $2.0B | ||
| Q1 24 | $320.3M | $1.8B |
总资产APAMARES
| Q4 25 | $1.6B | $28.6B | ||
| Q3 25 | $1.6B | $27.0B | ||
| Q2 25 | $1.4B | $27.3B | ||
| Q1 25 | $1.4B | $27.2B | ||
| Q4 24 | $1.6B | $24.9B | ||
| Q3 24 | $1.6B | $24.5B | ||
| Q2 24 | $1.5B | $24.2B | ||
| Q1 24 | $1.5B | $24.4B |
负债/权益比APAMARES
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.62× | — |
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 | $172.0M | $-483.7M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | — |
| 自由现金流率自由现金流/营收 | 51.2% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 1.46× | -8.92× |
| 过去12个月自由现金流最近4个季度 | $420.6M | — |
8季度趋势，按日历期对齐
经营现金流APAMARES
| Q4 25 | $172.0M | $-483.7M | ||
| Q3 25 | $40.4M | $1.3B | ||
| Q2 25 | $50.9M | $415.7M | ||
| Q1 25 | $157.9M | $2.0B | ||
| Q4 24 | $372.8M | $807.6M | ||
| Q3 24 | $112.8M | $841.3M | ||
| Q2 24 | $75.9M | $432.2M | ||
| Q1 24 | $147.0M | $710.0M |
自由现金流APAMARES
| Q4 25 | $171.6M | — | ||
| Q3 25 | $40.4M | — | ||
| Q2 25 | $50.9M | — | ||
| Q1 25 | $157.7M | — | ||
| Q4 24 | $371.3M | — | ||
| Q3 24 | $112.4M | — | ||
| Q2 24 | $75.2M | — | ||
| Q1 24 | $146.9M | — |
自由现金流率APAMARES
| Q4 25 | 51.2% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 56.9% | — | ||
| Q4 24 | 125.0% | — | ||
| Q3 24 | 40.2% | — | ||
| Q2 24 | 27.8% | — | ||
| Q1 24 | 55.6% | — |
资本支出强度APAMARES
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.0% | — |
现金转化率APAMARES
| Q4 25 | 1.46× | -8.92× | ||
| Q3 25 | 0.60× | 4.64× | ||
| Q2 25 | 0.75× | 3.03× | ||
| Q1 25 | 2.58× | 42.28× | ||
| Q4 24 | 4.26× | 4.55× | ||
| Q3 24 | 1.54× | 7.10× | ||
| Q2 24 | 1.32× | 4.55× | ||
| Q1 24 | 2.47× | 9.72× |
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
APAM
暂无分部数据
ARES
| Management Service | $991.1M | 66% |
| Management Service Incentive | $206.7M | 14% |
| Carried Interest | $205.4M | 14% |
| Fee Related Performance Revenues | $113.3M | 8% |
