vs
Artisan Partners Asset Management Inc.（APAM）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是Artisan Partners Asset Management Inc.的1.4倍（$461.6M vs $335.5M），Artisan Partners Asset Management Inc.同比增速更快（12.9% vs -4.1%），过去两年Artisan Partners Asset Management Inc.的营收复合增速更高（12.7% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
APAM vs SAM — 直观对比
营收规模更大
SAM
是对方的1.4倍
$335.5M
营收增速更快
APAM
高出17.1%
-4.1%
两年增速更快
APAM
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $461.6M |
| 净利润 | $118.1M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | 39.2% | 12.4% |
| 净利率 | 35.2% | — |
| 营收同比 | 12.9% | -4.1% |
| 净利润同比 | 34.9% | — |
| 每股收益（稀释后） | $1.36 | $2.16 |
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APAMSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $335.5M | $385.7M | ||
| Q3 25 | $301.3M | $537.5M | ||
| Q2 25 | $282.7M | $587.9M | ||
| Q1 25 | $277.1M | $453.9M | ||
| Q4 24 | $297.1M | $402.3M | ||
| Q3 24 | $279.6M | $605.5M | ||
| Q2 24 | $270.8M | $579.1M |
净利润APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | $118.1M | $-22.5M | ||
| Q3 25 | $66.8M | $46.2M | ||
| Q2 25 | $67.6M | $60.4M | ||
| Q1 25 | $61.1M | $24.4M | ||
| Q4 24 | $87.5M | $-38.8M | ||
| Q3 24 | $73.0M | $33.5M | ||
| Q2 24 | $57.6M | $52.3M |
毛利率APAMSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率APAMSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 39.2% | -8.6% | ||
| Q3 25 | 33.8% | 11.5% | ||
| Q2 25 | 28.2% | 14.0% | ||
| Q1 25 | 31.2% | 7.4% | ||
| Q4 24 | 36.7% | -13.9% | ||
| Q3 24 | 33.3% | 7.6% | ||
| Q2 24 | 32.0% | 12.2% |
净利率APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | 35.2% | -5.8% | ||
| Q3 25 | 22.2% | 8.6% | ||
| Q2 25 | 23.9% | 10.3% | ||
| Q1 25 | 22.1% | 5.4% | ||
| Q4 24 | 29.5% | -9.6% | ||
| Q3 24 | 26.1% | 5.5% | ||
| Q2 24 | 21.3% | 9.0% |
每股收益（稀释后）APAMSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $1.36 | $-1.97 | ||
| Q3 25 | $0.93 | $4.25 | ||
| Q2 25 | $0.94 | $5.45 | ||
| Q1 25 | $0.82 | $2.16 | ||
| Q4 24 | $0.99 | $-3.23 | ||
| Q3 24 | $1.03 | $2.86 | ||
| Q2 24 | $0.80 | $4.39 |
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 | — | $164.1M |
| 总债务越低越好 | $190.0M | — |
| 股东权益账面价值 | $438.8M | $682.6M |
| 总资产 | $1.6B | $1.2B |
| 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APAMSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | — | $223.4M | ||
| Q3 25 | — | $250.5M | ||
| Q2 25 | — | $212.4M | ||
| Q1 25 | — | $152.5M | ||
| Q4 24 | — | $211.8M | ||
| Q3 24 | — | $255.6M | ||
| Q2 24 | — | $219.3M |
总债务APAMSAM
| Q1 26 | — | — | ||
| 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 | — |
股东权益APAMSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $438.8M | $846.3M | ||
| Q3 25 | $402.1M | $911.0M | ||
| Q2 25 | $381.8M | $912.3M | ||
| Q1 25 | $356.5M | $897.0M | ||
| Q4 24 | $388.9M | $916.2M | ||
| Q3 24 | $372.1M | $1.0B | ||
| Q2 24 | $341.2M | $1.0B |
总资产APAMSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.5B | $1.4B |
负债/权益比APAMSAM
| Q1 26 | — | — | ||
| 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× | — |
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APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | $172.0M | $39.9M | ||
| Q3 25 | $40.4M | $101.8M | ||
| Q2 25 | $50.9M | $126.5M | ||
| Q1 25 | $157.9M | $1.9M | ||
| Q4 24 | $372.8M | $41.9M | ||
| Q3 24 | $112.8M | $115.9M | ||
| Q2 24 | $75.9M | $96.0M |
自由现金流APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | $171.6M | $22.1M | ||
| Q3 25 | $40.4M | $89.2M | ||
| Q2 25 | $50.9M | $112.2M | ||
| Q1 25 | $157.7M | $-8.0M | ||
| Q4 24 | $371.3M | $18.4M | ||
| Q3 24 | $112.4M | $99.2M | ||
| Q2 24 | $75.2M | $75.6M |
自由现金流率APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | 51.2% | 5.7% | ||
| Q3 25 | 13.4% | 16.6% | ||
| Q2 25 | 18.0% | 19.1% | ||
| Q1 25 | 56.9% | -1.8% | ||
| Q4 24 | 125.0% | 4.6% | ||
| Q3 24 | 40.2% | 16.4% | ||
| Q2 24 | 27.8% | 13.1% |
资本支出强度APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 4.6% | ||
| Q3 25 | 0.0% | 2.3% | ||
| Q2 25 | 0.0% | 2.4% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | 0.5% | 5.8% | ||
| Q3 24 | 0.1% | 2.8% | ||
| Q2 24 | 0.2% | 3.5% |
现金转化率APAMSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.46× | — | ||
| Q3 25 | 0.60× | 2.21× | ||
| Q2 25 | 0.75× | 2.09× | ||
| Q1 25 | 2.58× | 0.08× | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | 1.54× | 3.46× | ||
| Q2 24 | 1.32× | 1.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
