vs
Artisan Partners Asset Management Inc.（APAM）与Elastic N.V.（ESTC）财务数据对比。点击上方公司名可切换其他公司
Elastic N.V.的季度营收约是Artisan Partners Asset Management Inc.的1.3倍（$423.5M vs $335.5M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs -12.1%，领先47.3%），Elastic N.V.同比增速更快（15.9% vs 12.9%），Artisan Partners Asset Management Inc.自由现金流更多（$171.6M vs $26.0M），过去两年Elastic N.V.的营收复合增速更高（13.6% 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。
Elastic是荷美合资软件企业，2012年成立于荷兰阿姆斯特丹，运营总部分设于荷兰及美国加利福尼亚州旧金山市，于纽交所上市。公司提供企业级搜索、可观测性、网络安全平台，可支持用户实现大规模数据搜索分析、系统性能监测及异常检测。
APAM vs ESTC — 直观对比
营收规模更大
ESTC
是对方的1.3倍
$335.5M
营收增速更快
ESTC
高出3.0%
12.9%
净利率更高
APAM
高出47.3%
-12.1%
自由现金流更多
APAM
多$145.6M
$26.0M
两年增速更快
ESTC
近两年复合增速
12.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $423.5M |
| 净利润 | $118.1M | $-51.3M |
| 毛利率 | — | 75.9% |
| 营业利润率 | 39.2% | -1.9% |
| 净利率 | 35.2% | -12.1% |
| 营收同比 | 12.9% | 15.9% |
| 净利润同比 | 34.9% | -101.5% |
| 每股收益（稀释后） | $1.36 | $-0.48 |
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APAMESTC
| Q4 25 | $335.5M | $423.5M | ||
| Q3 25 | $301.3M | $415.3M | ||
| Q2 25 | $282.7M | $388.4M | ||
| Q1 25 | $277.1M | $382.1M | ||
| Q4 24 | $297.1M | $365.4M | ||
| Q3 24 | $279.6M | $347.4M | ||
| Q2 24 | $270.8M | $335.0M | ||
| Q1 24 | $264.4M | $328.0M |
净利润APAMESTC
| Q4 25 | $118.1M | $-51.3M | ||
| Q3 25 | $66.8M | $-24.6M | ||
| Q2 25 | $67.6M | $-16.4M | ||
| Q1 25 | $61.1M | $-17.1M | ||
| Q4 24 | $87.5M | $-25.4M | ||
| Q3 24 | $73.0M | $-49.2M | ||
| Q2 24 | $57.6M | $-41.1M | ||
| Q1 24 | $59.5M | $176.1M |
毛利率APAMESTC
| Q4 25 | — | 75.9% | ||
| Q3 25 | — | 76.7% | ||
| Q2 25 | — | 74.8% | ||
| Q1 25 | — | 74.6% | ||
| Q4 24 | — | 74.5% | ||
| Q3 24 | — | 73.6% | ||
| Q2 24 | — | 73.8% | ||
| Q1 24 | — | 74.2% |
营业利润率APAMESTC
| Q4 25 | 39.2% | -1.9% | ||
| Q3 25 | 33.8% | -2.3% | ||
| Q2 25 | 28.2% | -3.1% | ||
| Q1 25 | 31.2% | -1.2% | ||
| Q4 24 | 36.7% | -1.2% | ||
| Q3 24 | 33.3% | -9.7% | ||
| Q2 24 | 32.0% | -13.6% | ||
| Q1 24 | 29.4% | -8.1% |
净利率APAMESTC
| Q4 25 | 35.2% | -12.1% | ||
| Q3 25 | 22.2% | -5.9% | ||
| Q2 25 | 23.9% | -4.2% | ||
| Q1 25 | 22.1% | -4.5% | ||
| Q4 24 | 29.5% | -7.0% | ||
| Q3 24 | 26.1% | -14.2% | ||
| Q2 24 | 21.3% | -12.3% | ||
| Q1 24 | 22.5% | 53.7% |
每股收益（稀释后）APAMESTC
| Q4 25 | $1.36 | $-0.48 | ||
| Q3 25 | $0.93 | $-0.23 | ||
| Q2 25 | $0.94 | $-0.15 | ||
| Q1 25 | $0.82 | $-0.16 | ||
| Q4 24 | $0.99 | $-0.25 | ||
| Q3 24 | $1.03 | $-0.48 | ||
| Q2 24 | $0.80 | $-0.35 | ||
| Q1 24 | $0.84 | $1.69 |
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 | — | $1.4B |
| 总债务越低越好 | $190.0M | $570.3M |
| 股东权益账面价值 | $438.8M | $891.1M |
| 总资产 | $1.6B | $2.5B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资APAMESTC
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $584.0M | ||
| Q4 24 | — | $658.5M | ||
| Q3 24 | — | $594.9M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $526.9M |
总债务APAMESTC
| Q4 25 | $190.0M | $570.3M | ||
| Q3 25 | $190.0M | $570.0M | ||
| Q2 25 | $200.0M | $569.7M | ||
| Q1 25 | $200.0M | $569.4M | ||
| Q4 24 | $200.0M | $569.2M | ||
| Q3 24 | $200.0M | $568.9M | ||
| Q2 24 | $200.0M | $568.6M | ||
| Q1 24 | $200.0M | $568.3M |
股东权益APAMESTC
| Q4 25 | $438.8M | $891.1M | ||
| Q3 25 | $402.1M | $971.4M | ||
| Q2 25 | $381.8M | $927.2M | ||
| Q1 25 | $356.5M | $859.1M | ||
| Q4 24 | $388.9M | $811.5M | ||
| Q3 24 | $372.1M | $759.4M | ||
| Q2 24 | $341.2M | $738.2M | ||
| Q1 24 | $320.3M | $707.8M |
总资产APAMESTC
| Q4 25 | $1.6B | $2.5B | ||
| Q3 25 | $1.6B | $2.5B | ||
| Q2 25 | $1.4B | $2.6B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.6B | $2.2B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.5B | $2.1B |
负债/权益比APAMESTC
| Q4 25 | 0.43× | 0.64× | ||
| Q3 25 | 0.47× | 0.59× | ||
| Q2 25 | 0.52× | 0.61× | ||
| Q1 25 | 0.56× | 0.66× | ||
| Q4 24 | 0.51× | 0.70× | ||
| Q3 24 | 0.54× | 0.75× | ||
| Q2 24 | 0.59× | 0.77× | ||
| Q1 24 | 0.62× | 0.80× |
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 | $26.6M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | $26.0M |
| 自由现金流率自由现金流/营收 | 51.2% | 6.1% |
| 资本支出强度资本支出/营收 | 0.1% | 0.1% |
| 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 | $302.3M |
8季度趋势，按日历期对齐
经营现金流APAMESTC
| Q4 25 | $172.0M | $26.6M | ||
| Q3 25 | $40.4M | $104.8M | ||
| Q2 25 | $50.9M | $87.0M | ||
| Q1 25 | $157.9M | $88.1M | ||
| Q4 24 | $372.8M | $38.4M | ||
| Q3 24 | $112.8M | $52.8M | ||
| Q2 24 | $75.9M | $60.9M | ||
| Q1 24 | $147.0M | $52.4M |
自由现金流APAMESTC
| Q4 25 | $171.6M | $26.0M | ||
| Q3 25 | $40.4M | $104.2M | ||
| Q2 25 | $50.9M | $84.9M | ||
| Q1 25 | $157.7M | $87.3M | ||
| Q4 24 | $371.3M | $37.7M | ||
| Q3 24 | $112.4M | $52.0M | ||
| Q2 24 | $75.2M | $60.1M | ||
| Q1 24 | $146.9M | $51.3M |
自由现金流率APAMESTC
| Q4 25 | 51.2% | 6.1% | ||
| Q3 25 | 13.4% | 25.1% | ||
| Q2 25 | 18.0% | 21.8% | ||
| Q1 25 | 56.9% | 22.8% | ||
| Q4 24 | 125.0% | 10.3% | ||
| Q3 24 | 40.2% | 15.0% | ||
| Q2 24 | 27.8% | 17.9% | ||
| Q1 24 | 55.6% | 15.6% |
资本支出强度APAMESTC
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.0% | 0.5% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 0.1% | 0.2% | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.0% | 0.3% |
现金转化率APAMESTC
| Q4 25 | 1.46× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.58× | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 2.47× | 0.30× |
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
ESTC
| Self Managed Subscription | $192.0M | 45% |
| Saa S Self Managed Annual | $156.9M | 37% |
| Saa S Self Managed Monthly | $48.8M | 12% |
| Professional Services | $25.8M | 6% |
