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阿波罗全球管理（APO）与CNO Financial Group, Inc.（CNO）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CNO Financial Group, Inc.的8.6倍（$9.9B vs $1.1B）。CNO Financial Group, Inc.净利率更高（8.8% vs 6.9%，领先1.9%）。阿波罗全球管理同比增速更快（86.7% vs 4.2%）。过去两年阿波罗全球管理的营收复合增速更高（18.4% vs -0.6%）
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。
CNO金融集团是总部位于美国印第安纳州卡梅尔的金融服务控股公司，前身为康塞科公司。集团旗下保险子公司为美国超400万客户提供人寿保险、年金和补充健康保险产品，通过独立代理人、专属代理人，以及电视广告、直邮等直销触达用户。
APO vs CNO — 直观对比
营收规模更大
APO
是对方的8.6倍
$1.1B
营收增速更快
APO
高出82.5%
4.2%
净利率更高
CNO
高出1.9%
6.9%
两年增速更快
APO
近两年复合增速
-0.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $1.1B |
| 净利润 | $684.0M | $100.7M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 15.2% |
| 净利率 | 6.9% | 8.8% |
| 营收同比 | 86.7% | 4.2% |
| 净利润同比 | -54.0% | -39.4% |
| 每股收益（稀释后） | $1.09 | $1.02 |
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APOCNO
| Q4 25 | $9.9B | $1.1B | ||
| Q3 25 | $9.8B | $1.2B | ||
| Q2 25 | $6.8B | $1.2B | ||
| Q1 25 | $5.5B | $1.0B | ||
| Q4 24 | $5.3B | $1.1B | ||
| Q3 24 | $7.8B | $1.1B | ||
| Q2 24 | $6.0B | $1.1B | ||
| Q1 24 | $7.0B | $1.2B |
净利润APOCNO
| Q4 25 | $684.0M | $100.7M | ||
| Q3 25 | $1.7B | $23.1M | ||
| Q2 25 | $630.0M | $91.8M | ||
| Q1 25 | $442.0M | $13.7M | ||
| Q4 24 | $1.5B | $166.1M | ||
| Q3 24 | $811.0M | $9.3M | ||
| Q2 24 | $853.0M | $116.3M | ||
| Q1 24 | $1.4B | $112.3M |
营业利润率APOCNO
| Q4 25 | 17.8% | 15.2% | ||
| Q3 25 | 29.5% | 13.7% | ||
| Q2 25 | 12.4% | 9.8% | ||
| Q1 25 | 21.3% | 10.4% | ||
| Q4 24 | 32.6% | 15.8% | ||
| Q3 24 | 26.8% | 13.6% | ||
| Q2 24 | 23.9% | 13.9% | ||
| Q1 24 | 31.1% | 6.5% |
净利率APOCNO
| Q4 25 | 6.9% | 8.8% | ||
| Q3 25 | 17.7% | 1.9% | ||
| Q2 25 | 9.2% | 8.0% | ||
| Q1 25 | 8.0% | 1.4% | ||
| Q4 24 | 28.1% | 15.1% | ||
| Q3 24 | 10.4% | 0.8% | ||
| Q2 24 | 14.2% | 10.9% | ||
| Q1 24 | 20.3% | 9.7% |
每股收益（稀释后）APOCNO
| Q4 25 | $1.09 | $1.02 | ||
| Q3 25 | $2.78 | $0.24 | ||
| Q2 25 | $0.99 | $0.91 | ||
| Q1 25 | $0.68 | $0.13 | ||
| Q4 24 | $2.41 | $1.58 | ||
| Q3 24 | $1.29 | $0.09 | ||
| Q2 24 | $1.35 | $1.06 | ||
| Q1 24 | $2.28 | $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 | — | — |
| 总债务越低越好 | $13.4B | — |
| 股东权益账面价值 | $23.3B | $2.6B |
| 总资产 | $460.9B | $38.8B |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
总债务APOCNO
| 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APOCNO
| Q4 25 | $23.3B | $2.6B | ||
| Q3 25 | $23.1B | $2.6B | ||
| Q2 25 | $19.3B | $2.5B | ||
| Q1 25 | $18.0B | $2.5B | ||
| Q4 24 | $17.3B | $2.5B | ||
| Q3 24 | $17.9B | $2.7B | ||
| Q2 24 | $15.3B | $2.4B | ||
| Q1 24 | $14.8B | $2.4B |
总资产APOCNO
| Q4 25 | $460.9B | $38.8B | ||
| Q3 25 | $449.5B | $38.3B | ||
| Q2 25 | $419.6B | $37.3B | ||
| Q1 25 | $395.0B | $37.4B | ||
| Q4 24 | $377.9B | $37.9B | ||
| Q3 24 | $368.7B | $37.6B | ||
| Q2 24 | $346.5B | $36.3B | ||
| Q1 24 | $334.1B | $34.9B |
负债/权益比APOCNO
| 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 | $195.7M |
| 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× | 1.94× |
| 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APOCNO
| Q4 25 | $4.7B | $195.7M | ||
| Q3 25 | $303.0M | $197.8M | ||
| Q2 25 | $1.3B | $145.5M | ||
| Q1 25 | $1.0B | $136.7M | ||
| Q4 24 | $-4.0M | $191.0M | ||
| Q3 24 | $1.9B | $231.2M | ||
| Q2 24 | $1.3B | $110.9M | ||
| Q1 24 | $70.0M | $94.6M |
现金转化率APOCNO
| Q4 25 | 6.83× | 1.94× | ||
| Q3 25 | 0.17× | 8.56× | ||
| Q2 25 | 2.00× | 1.58× | ||
| Q1 25 | 2.29× | 9.98× | ||
| Q4 24 | -0.00× | 1.15× | ||
| Q3 24 | 2.29× | 24.86× | ||
| Q2 24 | 1.56× | 0.95× | ||
| Q1 24 | 0.05× | 0.84× |
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% |
CNO
| Health Insurance Product Line | $496.4M | 43% |
| Life Insurance Segment | $268.8M | 24% |
| Other | $207.2M | 18% |
| Life And Annuity Insurance Product Line | $170.7M | 15% |
