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阿波罗全球管理（APO）与凯雷集团（CG）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凯雷集团的5.2倍（$9.9B vs $1.9B）。凯雷集团净利率更高（18.8% vs 6.9%，领先11.9%）。阿波罗全球管理同比增速更快（86.7% vs 84.1%）。过去两年凯雷集团的营收复合增速更高（66.2% vs 18.4%）
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。
凯雷集团是美国知名跨国企业，核心业务涵盖私募股权投资、另类资产管理及金融服务领域。截至2023年，公司管理资产总规模达4260亿美元，是全球另类资管行业的重要参与者。
APO vs CG — 直观对比
营收规模更大
APO
是对方的5.2倍
$1.9B
营收增速更快
APO
高出2.6%
84.1%
净利率更高
CG
高出11.9%
6.9%
两年增速更快
CG
近两年复合增速
18.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $1.9B |
| 净利润 | $684.0M | $358.1M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 24.3% |
| 净利率 | 6.9% | 18.8% |
| 营收同比 | 86.7% | 84.1% |
| 净利润同比 | -54.0% | 69.8% |
| 每股收益（稀释后） | $1.09 | $0.96 |
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APOCG
| Q4 25 | $9.9B | $1.9B | ||
| Q3 25 | $9.8B | $332.7M | ||
| Q2 25 | $6.8B | $1.6B | ||
| Q1 25 | $5.5B | $973.1M | ||
| Q4 24 | $5.3B | $1.0B | ||
| Q3 24 | $7.8B | $2.6B | ||
| Q2 24 | $6.0B | $1.1B | ||
| Q1 24 | $7.0B | $688.4M |
净利润APOCG
| Q4 25 | $684.0M | $358.1M | ||
| Q3 25 | $1.7B | $900.0K | ||
| Q2 25 | $630.0M | $319.7M | ||
| Q1 25 | $442.0M | $130.0M | ||
| Q4 24 | $1.5B | $210.9M | ||
| Q3 24 | $811.0M | $595.7M | ||
| Q2 24 | $853.0M | $148.2M | ||
| Q1 24 | $1.4B | $65.6M |
营业利润率APOCG
| Q4 25 | 17.8% | 24.3% | ||
| Q3 25 | 29.5% | 25.8% | ||
| Q2 25 | 12.4% | 28.0% | ||
| Q1 25 | 21.3% | 17.6% | ||
| Q4 24 | 32.6% | 25.7% | ||
| Q3 24 | 26.8% | 29.9% | ||
| Q2 24 | 23.9% | 20.5% | ||
| Q1 24 | 31.1% | 17.5% |
净利率APOCG
| Q4 25 | 6.9% | 18.8% | ||
| Q3 25 | 17.7% | 0.3% | ||
| Q2 25 | 9.2% | 20.3% | ||
| Q1 25 | 8.0% | 13.4% | ||
| Q4 24 | 28.1% | 20.4% | ||
| Q3 24 | 10.4% | 22.6% | ||
| Q2 24 | 14.2% | 13.9% | ||
| Q1 24 | 20.3% | 9.5% |
每股收益（稀释后）APOCG
| Q4 25 | $1.09 | $0.96 | ||
| Q3 25 | $2.78 | $0.00 | ||
| Q2 25 | $0.99 | $0.87 | ||
| Q1 25 | $0.68 | $0.35 | ||
| Q4 24 | $2.41 | $0.56 | ||
| Q3 24 | $1.29 | $1.63 | ||
| Q2 24 | $1.35 | $0.40 | ||
| Q1 24 | $2.28 | $0.18 |
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 | — | $2.0B |
| 总债务越低越好 | $13.4B | — |
| 股东权益账面价值 | $23.3B | $7.1B |
| 总资产 | $460.9B | $29.1B |
| 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APOCG
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $914.8M | ||
| Q1 24 | — | $1.3B |
总债务APOCG
| 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APOCG
| Q4 25 | $23.3B | $7.1B | ||
| Q3 25 | $23.1B | $6.8B | ||
| Q2 25 | $19.3B | $6.7B | ||
| Q1 25 | $18.0B | $6.4B | ||
| Q4 24 | $17.3B | $6.3B | ||
| Q3 24 | $17.9B | $6.3B | ||
| Q2 24 | $15.3B | $5.7B | ||
| Q1 24 | $14.8B | $5.7B |
总资产APOCG
| Q4 25 | $460.9B | $29.1B | ||
| Q3 25 | $449.5B | $27.1B | ||
| Q2 25 | $419.6B | $25.1B | ||
| Q1 25 | $395.0B | $24.1B | ||
| Q4 24 | $377.9B | $23.1B | ||
| Q3 24 | $368.7B | $22.7B | ||
| Q2 24 | $346.5B | $22.3B | ||
| Q1 24 | $334.1B | $20.8B |
负债/权益比APOCG
| 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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.2B |
| 自由现金流率自由现金流/营收 | — | -65.1% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | 6.83× | -3.34× |
| 过去12个月自由现金流最近4个季度 | — | $-3.4B |
8季度趋势，按日历期对齐
经营现金流APOCG
| Q4 25 | $4.7B | $-1.2B | ||
| Q3 25 | $303.0M | $-1.6B | ||
| Q2 25 | $1.3B | $-168.8M | ||
| Q1 25 | $1.0B | $-352.1M | ||
| Q4 24 | $-4.0M | $-352.8M | ||
| Q3 24 | $1.9B | $791.9M | ||
| Q2 24 | $1.3B | $-1.3B | ||
| Q1 24 | $70.0M | $71.1M |
自由现金流APOCG
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | — | $-186.3M | ||
| Q1 25 | — | $-368.8M | ||
| Q4 24 | — | $-379.5M | ||
| Q3 24 | — | $772.8M | ||
| Q2 24 | — | $-1.3B | ||
| Q1 24 | — | $56.9M |
自由现金流率APOCG
| Q4 25 | — | -65.1% | ||
| Q3 25 | — | -475.7% | ||
| Q2 25 | — | -11.8% | ||
| Q1 25 | — | -37.9% | ||
| Q4 24 | — | -36.8% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | -120.4% | ||
| Q1 24 | — | 8.3% |
资本支出强度APOCG
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.1% |
现金转化率APOCG
| Q4 25 | 6.83× | -3.34× | ||
| Q3 25 | 0.17× | -1732.78× | ||
| Q2 25 | 2.00× | -0.53× | ||
| Q1 25 | 2.29× | -2.71× | ||
| Q4 24 | -0.00× | -1.67× | ||
| Q3 24 | 2.29× | 1.33× | ||
| Q2 24 | 1.56× | -8.57× | ||
| Q1 24 | 0.05× | 1.08× |
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% |
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
