vs
Artisan Partners Asset Management Inc.（APAM）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是Artisan Partners Asset Management Inc.的1.5倍（$489.3M vs $335.5M），Artisan Partners Asset Management Inc.同比增速更快（12.9% vs -3.5%），过去两年Artisan Partners Asset Management Inc.的营收复合增速更高（12.7% vs -1.0%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
APAM vs MERC — 直观对比
营收规模更大
MERC
是对方的1.5倍
$335.5M
营收增速更快
APAM
高出16.4%
-3.5%
两年增速更快
APAM
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $489.3M |
| 净利润 | $118.1M | — |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | — |
| 净利率 | 35.2% | — |
| 营收同比 | 12.9% | -3.5% |
| 净利润同比 | 34.9% | — |
| 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APAMMERC
| Q1 26 | — | $489.3M | ||
| Q4 25 | $335.5M | $449.5M | ||
| Q3 25 | $301.3M | $458.1M | ||
| Q2 25 | $282.7M | $453.5M | ||
| Q1 25 | $277.1M | $507.0M | ||
| Q4 24 | $297.1M | $488.4M | ||
| Q3 24 | $279.6M | $502.1M | ||
| Q2 24 | $270.8M | $499.4M |
净利润APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | $118.1M | $-308.7M | ||
| Q3 25 | $66.8M | $-80.8M | ||
| Q2 25 | $67.6M | $-86.1M | ||
| Q1 25 | $61.1M | $-22.3M | ||
| Q4 24 | $87.5M | $16.7M | ||
| Q3 24 | $73.0M | $-17.6M | ||
| Q2 24 | $57.6M | $-67.6M |
营业利润率APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | 39.2% | -62.0% | ||
| Q3 25 | 33.8% | -14.8% | ||
| Q2 25 | 28.2% | -12.9% | ||
| Q1 25 | 31.2% | 1.3% | ||
| Q4 24 | 36.7% | 10.3% | ||
| Q3 24 | 33.3% | 1.8% | ||
| Q2 24 | 32.0% | -8.8% |
净利率APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | 35.2% | -68.7% | ||
| Q3 25 | 22.2% | -17.6% | ||
| Q2 25 | 23.9% | -19.0% | ||
| Q1 25 | 22.1% | -4.4% | ||
| Q4 24 | 29.5% | 3.4% | ||
| Q3 24 | 26.1% | -3.5% | ||
| Q2 24 | 21.3% | -13.5% |
每股收益（稀释后）APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | $1.36 | $-4.61 | ||
| Q3 25 | $0.93 | $-1.21 | ||
| Q2 25 | $0.94 | $-1.29 | ||
| Q1 25 | $0.82 | $-0.33 | ||
| Q4 24 | $0.99 | $0.25 | ||
| Q3 24 | $1.03 | $-0.26 | ||
| Q2 24 | $0.80 | $-1.01 |
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 | — | $84.5M |
| 总债务越低越好 | $190.0M | $1.5B |
| 股东权益账面价值 | $438.8M | — |
| 总资产 | $1.6B | $2.0B |
| 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APAMMERC
| Q1 26 | — | $84.5M | ||
| Q4 25 | — | $186.8M | ||
| Q3 25 | — | $98.1M | ||
| Q2 25 | — | $146.5M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | — | $184.9M | ||
| Q3 24 | — | $239.0M | ||
| Q2 24 | — | $263.2M |
总债务APAMMERC
| Q1 26 | — | $1.5B | ||
| Q4 25 | $190.0M | $1.6B | ||
| Q3 25 | $190.0M | $1.5B | ||
| Q2 25 | $200.0M | $1.5B | ||
| Q1 25 | $200.0M | $1.5B | ||
| Q4 24 | $200.0M | $1.5B | ||
| Q3 24 | $200.0M | $1.6B | ||
| Q2 24 | $200.0M | $1.6B |
股东权益APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | $438.8M | $68.1M | ||
| Q3 25 | $402.1M | $359.5M | ||
| Q2 25 | $381.8M | $446.5M | ||
| Q1 25 | $356.5M | $437.4M | ||
| Q4 24 | $388.9M | $429.8M | ||
| Q3 24 | $372.1M | $516.8M | ||
| Q2 24 | $341.2M | $487.7M |
总资产APAMMERC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.6B | $2.0B | ||
| Q3 25 | $1.6B | $2.3B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $2.5B | ||
| Q2 24 | $1.5B | $2.5B |
负债/权益比APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | 0.43× | 23.58× | ||
| Q3 25 | 0.47× | 4.30× | ||
| Q2 25 | 0.52× | 3.42× | ||
| Q1 25 | 0.56× | 3.44× | ||
| Q4 24 | 0.51× | 3.43× | ||
| Q3 24 | 0.54× | 3.09× | ||
| Q2 24 | 0.59× | 3.22× |
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 | — |
| 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× | — |
| 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APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | $172.0M | $46.2M | ||
| Q3 25 | $40.4M | $-30.1M | ||
| Q2 25 | $50.9M | $-4.5M | ||
| Q1 25 | $157.9M | $-3.0M | ||
| Q4 24 | $372.8M | $71.2M | ||
| Q3 24 | $112.8M | $-13.9M | ||
| Q2 24 | $75.9M | $62.2M |
自由现金流APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | $171.6M | $32.0M | ||
| Q3 25 | $40.4M | $-60.1M | ||
| Q2 25 | $50.9M | $-28.9M | ||
| Q1 25 | $157.7M | $-23.1M | ||
| Q4 24 | $371.3M | $50.4M | ||
| Q3 24 | $112.4M | $-41.2M | ||
| Q2 24 | $75.2M | $44.3M |
自由现金流率APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | 51.2% | 7.1% | ||
| Q3 25 | 13.4% | -13.1% | ||
| Q2 25 | 18.0% | -6.4% | ||
| Q1 25 | 56.9% | -4.6% | ||
| Q4 24 | 125.0% | 10.3% | ||
| Q3 24 | 40.2% | -8.2% | ||
| Q2 24 | 27.8% | 8.9% |
资本支出强度APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 0.0% | 6.6% | ||
| Q2 25 | 0.0% | 5.4% | ||
| Q1 25 | 0.1% | 4.0% | ||
| Q4 24 | 0.5% | 4.2% | ||
| Q3 24 | 0.1% | 5.4% | ||
| Q2 24 | 0.2% | 3.6% |
现金转化率APAMMERC
| Q1 26 | — | — | ||
| Q4 25 | 1.46× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.58× | — | ||
| Q4 24 | 4.26× | 4.26× | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.32× | — |
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
MERC
| Pulp segment | $345.0M | 71% |
| Solid wood segment | $131.7M | 27% |
| Corporate and other | $12.6M | 3% |
