vs
Artisan Partners Asset Management Inc.（APAM）与BILL Holdings, Inc.（BILL）财务数据对比。点击上方公司名可切换其他公司
BILL Holdings, Inc.的季度营收约是Artisan Partners Asset Management Inc.的1.2倍（$414.7M vs $335.5M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs -0.6%，领先35.8%），BILL Holdings, Inc.同比增速更快（14.4% vs 12.9%），Artisan Partners Asset Management Inc.自由现金流更多（$171.6M vs $103.8M），过去两年BILL Holdings, Inc.的营收复合增速更高（13.3% 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。
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
APAM vs BILL — 直观对比
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $414.7M |
| 净利润 | $118.1M | $-2.6M |
| 毛利率 | — | 79.8% |
| 营业利润率 | 39.2% | -4.4% |
| 净利率 | 35.2% | -0.6% |
| 营收同比 | 12.9% | 14.4% |
| 净利润同比 | 34.9% | -107.7% |
| 每股收益（稀释后） | $1.36 | $-0.03 |
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
| Q4 25 | $335.5M | $414.7M | ||
| Q3 25 | $301.3M | $395.7M | ||
| Q2 25 | $282.7M | $383.3M | ||
| Q1 25 | $277.1M | $358.2M | ||
| Q4 24 | $297.1M | $362.6M | ||
| Q3 24 | $279.6M | $358.4M | ||
| Q2 24 | $270.8M | $343.7M | ||
| Q1 24 | $264.4M | $323.0M |
| Q4 25 | $118.1M | $-2.6M | ||
| Q3 25 | $66.8M | $-3.0M | ||
| Q2 25 | $67.6M | $-7.1M | ||
| Q1 25 | $61.1M | $-11.6M | ||
| Q4 24 | $87.5M | $33.5M | ||
| Q3 24 | $73.0M | $8.9M | ||
| Q2 24 | $57.6M | $7.6M | ||
| Q1 24 | $59.5M | $31.8M |
| Q4 25 | — | 79.8% | ||
| Q3 25 | — | 80.5% | ||
| Q2 25 | — | 80.8% | ||
| Q1 25 | — | 81.2% | ||
| Q4 24 | — | 81.6% | ||
| Q3 24 | — | 82.0% | ||
| Q2 24 | — | 81.0% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | 39.2% | -4.4% | ||
| Q3 25 | 33.8% | -5.2% | ||
| Q2 25 | 28.2% | -5.8% | ||
| Q1 25 | 31.2% | -8.1% | ||
| Q4 24 | 36.7% | -6.0% | ||
| Q3 24 | 33.3% | -2.1% | ||
| Q2 24 | 32.0% | -6.5% | ||
| Q1 24 | 29.4% | -8.6% |
| Q4 25 | 35.2% | -0.6% | ||
| Q3 25 | 22.2% | -0.7% | ||
| Q2 25 | 23.9% | -1.8% | ||
| Q1 25 | 22.1% | -3.2% | ||
| Q4 24 | 29.5% | 9.3% | ||
| Q3 24 | 26.1% | 2.5% | ||
| Q2 24 | 21.3% | 2.2% | ||
| Q1 24 | 22.5% | 9.8% |
| Q4 25 | $1.36 | $-0.03 | ||
| Q3 25 | $0.93 | $-0.03 | ||
| Q2 25 | $0.94 | $0.02 | ||
| Q1 25 | $0.82 | $-0.11 | ||
| Q4 24 | $0.99 | $-0.06 | ||
| Q3 24 | $1.03 | $0.08 | ||
| Q2 24 | $0.80 | $0.37 | ||
| Q1 24 | $0.84 | $0.00 |
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 | — | $1.1B |
| 总债务越低越好 | $190.0M | $1.8B |
| 股东权益账面价值 | $438.8M | $3.8B |
| 总资产 | $1.6B | $10.1B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.48× |
8季度趋势，按日历期对齐
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $853.5M | ||
| Q2 24 | — | $985.9M | ||
| Q1 24 | — | $952.5M |
| Q4 25 | $190.0M | $1.8B | ||
| Q3 25 | $190.0M | $1.9B | ||
| Q2 25 | $200.0M | $1.7B | ||
| Q1 25 | $200.0M | $1.7B | ||
| Q4 24 | $200.0M | $1.7B | ||
| Q3 24 | $200.0M | $914.8M | ||
| Q2 24 | $200.0M | $914.0M | ||
| Q1 24 | $200.0M | $1.1B |
| Q4 25 | $438.8M | $3.8B | ||
| Q3 25 | $402.1M | $3.9B | ||
| Q2 25 | $381.8M | $3.9B | ||
| Q1 25 | $356.5M | $3.9B | ||
| Q4 24 | $388.9M | $3.8B | ||
| Q3 24 | $372.1M | $4.0B | ||
| Q2 24 | $341.2M | $4.1B | ||
| Q1 24 | $320.3M | $4.1B |
| Q4 25 | $1.6B | $10.1B | ||
| Q3 25 | $1.6B | $10.2B | ||
| Q2 25 | $1.4B | $10.1B | ||
| Q1 25 | $1.4B | $9.6B | ||
| Q4 24 | $1.6B | $9.7B | ||
| Q3 24 | $1.6B | $9.0B | ||
| Q2 24 | $1.5B | $9.2B | ||
| Q1 24 | $1.5B | $9.1B |
| Q4 25 | 0.43× | 0.48× | ||
| Q3 25 | 0.47× | 0.48× | ||
| Q2 25 | 0.52× | 0.44× | ||
| Q1 25 | 0.56× | 0.43× | ||
| Q4 24 | 0.51× | 0.44× | ||
| Q3 24 | 0.54× | 0.23× | ||
| Q2 24 | 0.59× | 0.22× | ||
| Q1 24 | 0.62× | 0.28× |
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 | $105.3M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | $103.8M |
| 自由现金流率自由现金流/营收 | 51.2% | 25.0% |
| 资本支出强度资本支出/营收 | 0.1% | 0.4% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $420.6M | $378.8M |
8季度趋势，按日历期对齐
| Q4 25 | $172.0M | $105.3M | ||
| Q3 25 | $40.4M | $96.9M | ||
| Q2 25 | $50.9M | $83.8M | ||
| Q1 25 | $157.9M | $99.5M | ||
| Q4 24 | $372.8M | $78.7M | ||
| Q3 24 | $112.8M | $88.6M | ||
| Q2 24 | $75.9M | $78.6M | ||
| Q1 24 | $147.0M | $66.8M |
| Q4 25 | $171.6M | $103.8M | ||
| Q3 25 | $40.4M | $95.6M | ||
| Q2 25 | $50.9M | $81.0M | ||
| Q1 25 | $157.7M | $98.4M | ||
| Q4 24 | $371.3M | $78.3M | ||
| Q3 24 | $112.4M | $88.6M | ||
| Q2 24 | $75.2M | $78.4M | ||
| Q1 24 | $146.9M | $66.8M |
| Q4 25 | 51.2% | 25.0% | ||
| Q3 25 | 13.4% | 24.1% | ||
| Q2 25 | 18.0% | 21.1% | ||
| Q1 25 | 56.9% | 27.5% | ||
| Q4 24 | 125.0% | 21.6% | ||
| Q3 24 | 40.2% | 24.7% | ||
| Q2 24 | 27.8% | 22.8% | ||
| Q1 24 | 55.6% | 20.7% |
| Q4 25 | 0.1% | 0.4% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 0.7% | ||
| Q1 25 | 0.1% | 0.3% | ||
| Q4 24 | 0.5% | 0.1% | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | 0.2% | 0.1% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | 1.46× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.58× | — | ||
| Q4 24 | 4.26× | 2.35× | ||
| Q3 24 | 1.54× | 9.94× | ||
| Q2 24 | 1.32× | 10.35× | ||
| Q1 24 | 2.47× | 2.10× |
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
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
