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阿波罗全球管理（APO）与富兰克林邓普顿（BEN）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富兰克林邓普顿的4.2倍（$9.9B vs $2.3B）。富兰克林邓普顿净利率更高（11.0% vs 6.9%，领先4.0%）。阿波罗全球管理同比增速更快（86.7% vs 3.4%）。过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 4.0%）
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。
富兰克林资源（运营品牌为富兰克林邓普顿）是美国跨国投资管理控股集团，1947年创立于纽约，纽交所上市代码为BEN，命名源自创始人敬仰的本杰明·富兰克林，是全球知名的综合投资服务机构。
APO vs BEN — 直观对比
营收规模更大
APO
是对方的4.2倍
$2.3B
营收增速更快
APO
高出83.4%
3.4%
净利率更高
BEN
高出4.0%
6.9%
两年增速更快
APO
近两年复合增速
4.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $2.3B |
| 净利润 | $684.0M | $255.5M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 12.1% |
| 净利率 | 6.9% | 11.0% |
| 营收同比 | 86.7% | 3.4% |
| 净利润同比 | -54.0% | 56.2% |
| 每股收益（稀释后） | $1.09 | $0.46 |
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APOBEN
| Q4 25 | $9.9B | $2.3B | ||
| Q3 25 | $9.8B | $2.3B | ||
| Q2 25 | $6.8B | $2.1B | ||
| Q1 25 | $5.5B | $2.1B | ||
| Q4 24 | $5.3B | $2.3B | ||
| Q3 24 | $7.8B | $2.2B | ||
| Q2 24 | $6.0B | $2.1B | ||
| Q1 24 | $7.0B | $2.2B |
净利润APOBEN
| Q4 25 | $684.0M | $255.5M | ||
| Q3 25 | $1.7B | $117.6M | ||
| Q2 25 | $630.0M | $92.3M | ||
| Q1 25 | $442.0M | $151.4M | ||
| Q4 24 | $1.5B | $163.6M | ||
| Q3 24 | $811.0M | $-84.7M | ||
| Q2 24 | $853.0M | $174.0M | ||
| Q1 24 | $1.4B | $124.2M |
营业利润率APOBEN
| Q4 25 | 17.8% | 12.1% | ||
| Q3 25 | 29.5% | 3.6% | ||
| Q2 25 | 12.4% | 7.5% | ||
| Q1 25 | 21.3% | 6.9% | ||
| Q4 24 | 32.6% | 9.7% | ||
| Q3 24 | 26.8% | -6.8% | ||
| Q2 24 | 23.9% | 10.5% | ||
| Q1 24 | 31.1% | 6.0% |
净利率APOBEN
| Q4 25 | 6.9% | 11.0% | ||
| Q3 25 | 17.7% | 5.0% | ||
| Q2 25 | 9.2% | 4.5% | ||
| Q1 25 | 8.0% | 7.2% | ||
| Q4 24 | 28.1% | 7.3% | ||
| Q3 24 | 10.4% | -3.8% | ||
| Q2 24 | 14.2% | 8.2% | ||
| Q1 24 | 20.3% | 5.8% |
每股收益（稀释后）APOBEN
| Q4 25 | $1.09 | $0.46 | ||
| Q3 25 | $2.78 | $0.21 | ||
| Q2 25 | $0.99 | $0.15 | ||
| Q1 25 | $0.68 | $0.26 | ||
| Q4 24 | $2.41 | $0.29 | ||
| Q3 24 | $1.29 | $-0.20 | ||
| Q2 24 | $1.35 | $0.32 | ||
| Q1 24 | $2.28 | $0.23 |
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 | — | — |
| 总债务越低越好 | $13.4B | $2.4B |
| 股东权益账面价值 | $23.3B | $12.1B |
| 总资产 | $460.9B | $32.5B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.19× |
8季度趋势，按日历期对齐
总债务APOBEN
| Q4 25 | $13.4B | $2.4B | ||
| Q3 25 | $12.6B | $2.4B | ||
| Q2 25 | $12.1B | $2.7B | ||
| Q1 25 | $10.6B | $2.7B | ||
| Q4 24 | $10.6B | $2.8B | ||
| Q3 24 | $9.8B | $2.8B | ||
| Q2 24 | $9.8B | $3.0B | ||
| Q1 24 | $9.6B | $3.0B |
股东权益APOBEN
| Q4 25 | $23.3B | $12.1B | ||
| Q3 25 | $23.1B | $12.1B | ||
| Q2 25 | $19.3B | $12.2B | ||
| Q1 25 | $18.0B | $12.3B | ||
| Q4 24 | $17.3B | $12.5B | ||
| Q3 24 | $17.9B | $12.5B | ||
| Q2 24 | $15.3B | $12.9B | ||
| Q1 24 | $14.8B | $12.9B |
总资产APOBEN
| Q4 25 | $460.9B | $32.5B | ||
| Q3 25 | $449.5B | $32.4B | ||
| Q2 25 | $419.6B | $32.6B | ||
| Q1 25 | $395.0B | $32.0B | ||
| Q4 24 | $377.9B | $32.4B | ||
| Q3 24 | $368.7B | $32.5B | ||
| Q2 24 | $346.5B | $33.3B | ||
| Q1 24 | $334.1B | $32.9B |
负债/权益比APOBEN
| Q4 25 | 0.57× | 0.19× | ||
| Q3 25 | 0.55× | 0.20× | ||
| Q2 25 | 0.63× | 0.22× | ||
| Q1 25 | 0.59× | 0.22× | ||
| Q4 24 | 0.61× | 0.22× | ||
| Q3 24 | 0.55× | 0.22× | ||
| Q2 24 | 0.64× | 0.24× | ||
| Q1 24 | 0.65× | 0.24× |
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 | $-255.1M |
| 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× | -1.00× |
| 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APOBEN
| Q4 25 | $4.7B | $-255.1M | ||
| Q3 25 | $303.0M | $-20.7M | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.0B | $-50.1M | ||
| Q4 24 | $-4.0M | $-145.2M | ||
| Q3 24 | $1.9B | $558.2M | ||
| Q2 24 | $1.3B | $528.4M | ||
| Q1 24 | $70.0M | $136.6M |
自由现金流APOBEN
| Q4 25 | — | — | ||
| Q3 25 | — | $-51.9M | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $-87.6M | ||
| Q4 24 | — | $-217.0M | ||
| Q3 24 | — | $488.4M | ||
| Q2 24 | — | $482.3M | ||
| Q1 24 | — | $94.9M |
自由现金流率APOBEN
| Q4 25 | — | — | ||
| Q3 25 | — | -2.2% | ||
| Q2 25 | — | 61.4% | ||
| Q1 25 | — | -4.1% | ||
| Q4 24 | — | -9.6% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 4.4% |
资本支出强度APOBEN
| Q4 25 | — | — | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.9% |
现金转化率APOBEN
| Q4 25 | 6.83× | -1.00× | ||
| Q3 25 | 0.17× | -0.18× | ||
| Q2 25 | 2.00× | 13.89× | ||
| Q1 25 | 2.29× | -0.33× | ||
| Q4 24 | -0.00× | -0.89× | ||
| Q3 24 | 2.29× | — | ||
| Q2 24 | 1.56× | 3.04× | ||
| Q1 24 | 0.05× | 1.10× |
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% |
BEN
| Investment Advisory Management And Administrative Service | $1.8B | 79% |
| Sales And Distribution Fees | $388.7M | 17% |
| Shareholder Service | $70.9M | 3% |
| Service Other | $19.6M | 1% |
