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阿波罗全球管理（APO）与布鲁克菲尔德资产管理（BAM）财务数据对比。点击上方公司名可切换其他公司
阿波罗全球管理的季度营收约是布鲁克菲尔德资产管理的9.1倍（$9.9B vs $1.1B）。布鲁克菲尔德资产管理净利率更高（56.7% vs 6.9%，领先49.7%）
阿波罗全球管理是美国头部另类资产管理机构，截至2025年总资产管理规模达8400亿美元，业务涵盖3920亿美元的信贷类资产（含夹层资本、对冲基金、不良贷款、担保贷款凭证等）、990亿美元私募股权，以及462亿美元的地产、基建等实体资产，为全球客户提供专业资产管理服务。
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
APO vs BAM — 直观对比
营收规模更大
APO
是对方的9.1倍
$1.1B
净利率更高
BAM
高出49.7%
6.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $1.1B |
| 净利润 | $684.0M | $615.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 84.2% |
| 净利率 | 6.9% | 56.7% |
| 营收同比 | 86.7% | — |
| 净利润同比 | -54.0% | — |
| 每股收益（稀释后） | $1.09 | — |
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APOBAM
| Q4 25 | $9.9B | $1.1B | ||
| Q3 25 | $9.8B | $974.0M | ||
| Q2 25 | $6.8B | $931.0M | ||
| Q1 25 | $5.5B | $954.0M | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | $7.8B | $873.0M | ||
| Q2 24 | $6.0B | $821.0M | ||
| Q1 24 | $7.0B | $786.0M |
净利润APOBAM
| Q4 25 | $684.0M | $615.0M | ||
| Q3 25 | $1.7B | $692.0M | ||
| Q2 25 | $630.0M | $584.0M | ||
| Q1 25 | $442.0M | $507.0M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $811.0M | $537.0M | ||
| Q2 24 | $853.0M | $124.0M | ||
| Q1 24 | $1.4B | $373.0M |
营业利润率APOBAM
| Q4 25 | 17.8% | 84.2% | ||
| Q3 25 | 29.5% | 79.1% | ||
| Q2 25 | 12.4% | 70.8% | ||
| Q1 25 | 21.3% | 61.0% | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 26.8% | 72.5% | ||
| Q2 24 | 23.9% | 80.4% | ||
| Q1 24 | 31.1% | 56.5% |
净利率APOBAM
| Q4 25 | 6.9% | 56.7% | ||
| Q3 25 | 17.7% | 71.0% | ||
| Q2 25 | 9.2% | 62.7% | ||
| Q1 25 | 8.0% | 53.1% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 10.4% | 61.5% | ||
| Q2 24 | 14.2% | 15.1% | ||
| Q1 24 | 20.3% | 47.5% |
每股收益（稀释后）APOBAM
| Q4 25 | $1.09 | — | ||
| Q3 25 | $2.78 | — | ||
| Q2 25 | $0.99 | — | ||
| Q1 25 | $0.68 | — | ||
| Q4 24 | $2.41 | — | ||
| Q3 24 | $1.29 | — | ||
| Q2 24 | $1.35 | — | ||
| Q1 24 | $2.28 | — |
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 | — | $1.6B |
| 总债务越低越好 | $13.4B | — |
| 股东权益账面价值 | $23.3B | $8.9B |
| 总资产 | $460.9B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
现金及短期投资APOBAM
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $480.0M | ||
| Q1 25 | — | $332.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | — |
总债务APOBAM
| Q4 25 | $13.4B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
股东权益APOBAM
| Q4 25 | $23.3B | $8.9B | ||
| Q3 25 | $23.1B | $8.5B | ||
| Q2 25 | $19.3B | $8.5B | ||
| Q1 25 | $18.0B | $8.5B | ||
| Q4 24 | $17.3B | — | ||
| Q3 24 | $17.9B | $9.0B | ||
| Q2 24 | $15.3B | $3.2B | ||
| Q1 24 | $14.8B | $2.2B |
总资产APOBAM
| Q4 25 | $460.9B | $17.0B | ||
| Q3 25 | $449.5B | $16.5B | ||
| Q2 25 | $419.6B | $16.1B | ||
| Q1 25 | $395.0B | $15.0B | ||
| Q4 24 | $377.9B | — | ||
| Q3 24 | $368.7B | — | ||
| Q2 24 | $346.5B | $4.2B | ||
| Q1 24 | $334.1B | — |
负债/权益比APOBAM
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.65× | — |
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 | $4.7B | $562.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 6.83× | 0.91× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APOBAM
| Q4 25 | $4.7B | $562.0M | ||
| Q3 25 | $303.0M | $745.0M | ||
| Q2 25 | $1.3B | $529.0M | ||
| Q1 25 | $1.0B | $265.0M | ||
| Q4 24 | $-4.0M | — | ||
| Q3 24 | $1.9B | $567.0M | ||
| Q2 24 | $1.3B | $159.0M | ||
| Q1 24 | $70.0M | $516.0M |
现金转化率APOBAM
| Q4 25 | 6.83× | 0.91× | ||
| Q3 25 | 0.17× | 1.08× | ||
| Q2 25 | 2.00× | 0.91× | ||
| Q1 25 | 2.29× | 0.52× | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | 1.06× | ||
| Q2 24 | 1.56× | 1.28× | ||
| Q1 24 | 0.05× | 1.38× |
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
APO
| Retirement Services Segment | $8.5B | 86% |
| Asset Management1 | $681.0M | 7% |
| Principal Investing Segment | $624.0M | 6% |
| Management Service Incentive | $96.0M | 1% |
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
