vs
Artisan Partners Asset Management Inc.（APAM）与华利安（HLI）财务数据对比。点击上方公司名可切换其他公司
华利安的季度营收约是Artisan Partners Asset Management Inc.的2.1倍（$717.1M vs $335.5M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs 16.3%，领先18.9%），华利安同比增速更快（13.0% vs 12.9%），华利安自由现金流更多（$217.0M vs $171.6M），过去两年华利安的营收复合增速更高（17.4% 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。
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
APAM vs HLI — 直观对比
营收规模更大
HLI
是对方的2.1倍
$335.5M
营收增速更快
HLI
高出0.1%
12.9%
净利率更高
APAM
高出18.9%
16.3%
自由现金流更多
HLI
多$45.4M
$171.6M
两年增速更快
HLI
近两年复合增速
12.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $717.1M |
| 净利润 | $118.1M | $116.5M |
| 毛利率 | — | 32.2% |
| 营业利润率 | 39.2% | 22.4% |
| 净利率 | 35.2% | 16.3% |
| 营收同比 | 12.9% | 13.0% |
| 净利润同比 | 34.9% | 22.3% |
| 每股收益（稀释后） | $1.36 | $1.70 |
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APAMHLI
| Q4 25 | $335.5M | $717.1M | ||
| Q3 25 | $301.3M | $659.5M | ||
| Q2 25 | $282.7M | $605.3M | ||
| Q1 25 | $277.1M | $666.4M | ||
| Q4 24 | $297.1M | $634.4M | ||
| Q3 24 | $279.6M | $575.0M | ||
| Q2 24 | $270.8M | $513.6M | ||
| Q1 24 | $264.4M | $520.5M |
净利润APAMHLI
| Q4 25 | $118.1M | $116.5M | ||
| Q3 25 | $66.8M | $111.8M | ||
| Q2 25 | $67.6M | $97.5M | ||
| Q1 25 | $61.1M | $121.9M | ||
| Q4 24 | $87.5M | $95.3M | ||
| Q3 24 | $73.0M | $93.5M | ||
| Q2 24 | $57.6M | $88.9M | ||
| Q1 24 | $59.5M | $81.1M |
毛利率APAMHLI
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.3% |
营业利润率APAMHLI
| Q4 25 | 39.2% | 22.4% | ||
| Q3 25 | 33.8% | 22.9% | ||
| Q2 25 | 28.2% | 14.8% | ||
| Q1 25 | 31.2% | 20.9% | ||
| Q4 24 | 36.7% | 21.5% | ||
| Q3 24 | 33.3% | 22.7% | ||
| Q2 24 | 32.0% | 18.6% | ||
| Q1 24 | 29.4% | 19.7% |
净利率APAMHLI
| Q4 25 | 35.2% | 16.3% | ||
| Q3 25 | 22.2% | 17.0% | ||
| Q2 25 | 23.9% | 16.1% | ||
| Q1 25 | 22.1% | 18.3% | ||
| Q4 24 | 29.5% | 15.0% | ||
| Q3 24 | 26.1% | 16.3% | ||
| Q2 24 | 21.3% | 17.3% | ||
| Q1 24 | 22.5% | 15.6% |
每股收益（稀释后）APAMHLI
| Q4 25 | $1.36 | $1.70 | ||
| Q3 25 | $0.93 | $1.63 | ||
| Q2 25 | $0.94 | $1.42 | ||
| Q1 25 | $0.82 | $1.76 | ||
| Q4 24 | $0.99 | $1.39 | ||
| Q3 24 | $1.03 | $1.37 | ||
| Q2 24 | $0.80 | $1.30 | ||
| Q1 24 | $0.84 | $1.18 |
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 | — | $1.1B |
| 总债务越低越好 | $190.0M | — |
| 股东权益账面价值 | $438.8M | $2.3B |
| 总资产 | $1.6B | $3.9B |
| 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APAMHLI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $923.6M | ||
| Q2 25 | — | $793.8M | ||
| Q1 25 | — | $971.0M | ||
| Q4 24 | — | $799.3M | ||
| Q3 24 | — | $691.4M | ||
| Q2 24 | — | $449.7M | ||
| Q1 24 | — | $721.2M |
总债务APAMHLI
| 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APAMHLI
| Q4 25 | $438.8M | $2.3B | ||
| Q3 25 | $402.1M | $2.2B | ||
| Q2 25 | $381.8M | $2.2B | ||
| Q1 25 | $356.5M | $2.2B | ||
| Q4 24 | $388.9M | $2.1B | ||
| Q3 24 | $372.1M | $2.0B | ||
| Q2 24 | $341.2M | $1.8B | ||
| Q1 24 | $320.3M | $1.8B |
总资产APAMHLI
| Q4 25 | $1.6B | $3.9B | ||
| Q3 25 | $1.6B | $3.8B | ||
| Q2 25 | $1.4B | $3.5B | ||
| Q1 25 | $1.4B | $3.8B | ||
| Q4 24 | $1.6B | $3.5B | ||
| Q3 24 | $1.6B | $3.2B | ||
| Q2 24 | $1.5B | $2.9B | ||
| Q1 24 | $1.5B | $3.2B |
负债/权益比APAMHLI
| 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 | $217.7M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | $217.0M |
| 自由现金流率自由现金流/营收 | 51.2% | 30.3% |
| 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× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $420.6M | $738.9M |
8季度趋势，按日历期对齐
经营现金流APAMHLI
| Q4 25 | $172.0M | $217.7M | ||
| Q3 25 | $40.4M | $325.0M | ||
| Q2 25 | $50.9M | $-131.6M | ||
| Q1 25 | $157.9M | $358.4M | ||
| Q4 24 | $372.8M | $265.5M | ||
| Q3 24 | $112.8M | $289.2M | ||
| Q2 24 | $75.9M | $-64.5M | ||
| Q1 24 | $147.0M | $225.3M |
自由现金流APAMHLI
| Q4 25 | $171.6M | $217.0M | ||
| Q3 25 | $40.4M | $322.8M | ||
| Q2 25 | $50.9M | $-144.8M | ||
| Q1 25 | $157.7M | $343.9M | ||
| Q4 24 | $371.3M | $261.7M | ||
| Q3 24 | $112.4M | $278.7M | ||
| Q2 24 | $75.2M | $-75.4M | ||
| Q1 24 | $146.9M | $213.1M |
自由现金流率APAMHLI
| Q4 25 | 51.2% | 30.3% | ||
| Q3 25 | 13.4% | 49.0% | ||
| Q2 25 | 18.0% | -23.9% | ||
| Q1 25 | 56.9% | 51.6% | ||
| Q4 24 | 125.0% | 41.2% | ||
| Q3 24 | 40.2% | 48.5% | ||
| Q2 24 | 27.8% | -14.7% | ||
| Q1 24 | 55.6% | 40.9% |
资本支出强度APAMHLI
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | 0.5% | 0.6% | ||
| Q3 24 | 0.1% | 1.8% | ||
| Q2 24 | 0.2% | 2.1% | ||
| Q1 24 | 0.0% | 2.3% |
现金转化率APAMHLI
| Q4 25 | 1.46× | 1.87× | ||
| Q3 25 | 0.60× | 2.91× | ||
| Q2 25 | 0.75× | -1.35× | ||
| Q1 25 | 2.58× | 2.94× | ||
| Q4 24 | 4.26× | 2.79× | ||
| Q3 24 | 1.54× | 3.09× | ||
| Q2 24 | 1.32× | -0.73× | ||
| Q1 24 | 2.47× | 2.78× |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
