vs
Artisan Partners Asset Management Inc.（APAM）与凯雷集团（CG）财务数据对比。点击上方公司名可切换其他公司
凯雷集团的季度营收约是Artisan Partners Asset Management Inc.的5.7倍（$1.9B vs $335.5M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs 18.8%，领先16.4%），凯雷集团同比增速更快（84.1% vs 12.9%），Artisan Partners Asset Management Inc.自由现金流更多（$171.6M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% 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。
凯雷集团是美国知名跨国企业，核心业务涵盖私募股权投资、另类资产管理及金融服务领域。截至2023年，公司管理资产总规模达4260亿美元，是全球另类资管行业的重要参与者。
APAM vs CG — 直观对比
营收规模更大
CG
是对方的5.7倍
$335.5M
营收增速更快
CG
高出71.2%
12.9%
净利率更高
APAM
高出16.4%
18.8%
自由现金流更多
APAM
多$1.4B
$-1.2B
两年增速更快
CG
近两年复合增速
12.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $1.9B |
| 净利润 | $118.1M | $358.1M |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | 24.3% |
| 净利率 | 35.2% | 18.8% |
| 营收同比 | 12.9% | 84.1% |
| 净利润同比 | 34.9% | 69.8% |
| 每股收益（稀释后） | $1.36 | $0.96 |
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APAMCG
| Q4 25 | $335.5M | $1.9B | ||
| Q3 25 | $301.3M | $332.7M | ||
| Q2 25 | $282.7M | $1.6B | ||
| Q1 25 | $277.1M | $973.1M | ||
| Q4 24 | $297.1M | $1.0B | ||
| Q3 24 | $279.6M | $2.6B | ||
| Q2 24 | $270.8M | $1.1B | ||
| Q1 24 | $264.4M | $688.4M |
净利润APAMCG
| Q4 25 | $118.1M | $358.1M | ||
| Q3 25 | $66.8M | $900.0K | ||
| Q2 25 | $67.6M | $319.7M | ||
| Q1 25 | $61.1M | $130.0M | ||
| Q4 24 | $87.5M | $210.9M | ||
| Q3 24 | $73.0M | $595.7M | ||
| Q2 24 | $57.6M | $148.2M | ||
| Q1 24 | $59.5M | $65.6M |
营业利润率APAMCG
| Q4 25 | 39.2% | 24.3% | ||
| Q3 25 | 33.8% | 25.8% | ||
| Q2 25 | 28.2% | 28.0% | ||
| Q1 25 | 31.2% | 17.6% | ||
| Q4 24 | 36.7% | 25.7% | ||
| Q3 24 | 33.3% | 29.9% | ||
| Q2 24 | 32.0% | 20.5% | ||
| Q1 24 | 29.4% | 17.5% |
净利率APAMCG
| Q4 25 | 35.2% | 18.8% | ||
| Q3 25 | 22.2% | 0.3% | ||
| Q2 25 | 23.9% | 20.3% | ||
| Q1 25 | 22.1% | 13.4% | ||
| Q4 24 | 29.5% | 20.4% | ||
| Q3 24 | 26.1% | 22.6% | ||
| Q2 24 | 21.3% | 13.9% | ||
| Q1 24 | 22.5% | 9.5% |
每股收益（稀释后）APAMCG
| Q4 25 | $1.36 | $0.96 | ||
| Q3 25 | $0.93 | $0.00 | ||
| Q2 25 | $0.94 | $0.87 | ||
| Q1 25 | $0.82 | $0.35 | ||
| Q4 24 | $0.99 | $0.56 | ||
| Q3 24 | $1.03 | $1.63 | ||
| Q2 24 | $0.80 | $0.40 | ||
| Q1 24 | $0.84 | $0.18 |
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 | — | $2.0B |
| 总债务越低越好 | $190.0M | — |
| 股东权益账面价值 | $438.8M | $7.1B |
| 总资产 | $1.6B | $29.1B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资APAMCG
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $914.8M | ||
| Q1 24 | — | $1.3B |
总债务APAMCG
| 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APAMCG
| Q4 25 | $438.8M | $7.1B | ||
| Q3 25 | $402.1M | $6.8B | ||
| Q2 25 | $381.8M | $6.7B | ||
| Q1 25 | $356.5M | $6.4B | ||
| Q4 24 | $388.9M | $6.3B | ||
| Q3 24 | $372.1M | $6.3B | ||
| Q2 24 | $341.2M | $5.7B | ||
| Q1 24 | $320.3M | $5.7B |
总资产APAMCG
| Q4 25 | $1.6B | $29.1B | ||
| Q3 25 | $1.6B | $27.1B | ||
| Q2 25 | $1.4B | $25.1B | ||
| Q1 25 | $1.4B | $24.1B | ||
| Q4 24 | $1.6B | $23.1B | ||
| Q3 24 | $1.6B | $22.7B | ||
| Q2 24 | $1.5B | $22.3B | ||
| Q1 24 | $1.5B | $20.8B |
负债/权益比APAMCG
| 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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $171.6M | $-1.2B |
| 自由现金流率自由现金流/营收 | 51.2% | -65.1% |
| 资本支出强度资本支出/营收 | 0.1% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.46× | -3.34× |
| 过去12个月自由现金流最近4个季度 | $420.6M | $-3.4B |
8季度趋势，按日历期对齐
经营现金流APAMCG
| Q4 25 | $172.0M | $-1.2B | ||
| Q3 25 | $40.4M | $-1.6B | ||
| Q2 25 | $50.9M | $-168.8M | ||
| Q1 25 | $157.9M | $-352.1M | ||
| Q4 24 | $372.8M | $-352.8M | ||
| Q3 24 | $112.8M | $791.9M | ||
| Q2 24 | $75.9M | $-1.3B | ||
| Q1 24 | $147.0M | $71.1M |
自由现金流APAMCG
| Q4 25 | $171.6M | $-1.2B | ||
| Q3 25 | $40.4M | $-1.6B | ||
| Q2 25 | $50.9M | $-186.3M | ||
| Q1 25 | $157.7M | $-368.8M | ||
| Q4 24 | $371.3M | $-379.5M | ||
| Q3 24 | $112.4M | $772.8M | ||
| Q2 24 | $75.2M | $-1.3B | ||
| Q1 24 | $146.9M | $56.9M |
自由现金流率APAMCG
| Q4 25 | 51.2% | -65.1% | ||
| Q3 25 | 13.4% | -475.7% | ||
| Q2 25 | 18.0% | -11.8% | ||
| Q1 25 | 56.9% | -37.9% | ||
| Q4 24 | 125.0% | -36.8% | ||
| Q3 24 | 40.2% | 29.3% | ||
| Q2 24 | 27.8% | -120.4% | ||
| Q1 24 | 55.6% | 8.3% |
资本支出强度APAMCG
| Q4 25 | 0.1% | 2.2% | ||
| Q3 25 | 0.0% | 7.0% | ||
| Q2 25 | 0.0% | 1.1% | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 0.5% | 2.6% | ||
| Q3 24 | 0.1% | 0.7% | ||
| Q2 24 | 0.2% | 1.7% | ||
| Q1 24 | 0.0% | 2.1% |
现金转化率APAMCG
| Q4 25 | 1.46× | -3.34× | ||
| Q3 25 | 0.60× | -1732.78× | ||
| Q2 25 | 0.75× | -0.53× | ||
| Q1 25 | 2.58× | -2.71× | ||
| Q4 24 | 4.26× | -1.67× | ||
| Q3 24 | 1.54× | 1.33× | ||
| Q2 24 | 1.32× | -8.57× | ||
| Q1 24 | 2.47× | 1.08× |
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
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
