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阿波罗全球管理（APO）与酷澎（CPNG）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酷澎的1.1倍（$9.9B vs $8.8B），阿波罗全球管理净利率更高（6.9% vs -0.3%，领先7.2%），阿波罗全球管理同比增速更快（86.7% vs 10.9%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 11.4%）
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。
酷澎（Coupang, Inc.）是2010年由金范锡创立的科技与线上零售企业，注册地为美国特拉华州，总部设于华盛顿州西雅图。公司核心业务覆盖电商零售、食品配送及OTT流媒体服务，业务布局及办公网点遍及韩国、中国台湾、美国、印度、日本、新加坡等多个国家和地区。
APO vs CPNG — 直观对比
营收规模更大
APO
是对方的1.1倍
$8.8B
营收增速更快
APO
高出75.8%
10.9%
净利率更高
APO
高出7.2%
-0.3%
两年增速更快
APO
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $8.8B |
| 净利润 | $684.0M | $-26.0M |
| 毛利率 | — | 28.8% |
| 营业利润率 | 17.8% | 0.1% |
| 净利率 | 6.9% | -0.3% |
| 营收同比 | 86.7% | 10.9% |
| 净利润同比 | -54.0% | -116.7% |
| 每股收益（稀释后） | $1.09 | $-0.02 |
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APOCPNG
| Q4 25 | $9.9B | $8.8B | ||
| Q3 25 | $9.8B | $9.3B | ||
| Q2 25 | $6.8B | $8.5B | ||
| Q1 25 | $5.5B | $7.9B | ||
| Q4 24 | $5.3B | $8.0B | ||
| Q3 24 | $7.8B | $7.9B | ||
| Q2 24 | $6.0B | $7.3B | ||
| Q1 24 | $7.0B | $7.1B |
净利润APOCPNG
| Q4 25 | $684.0M | $-26.0M | ||
| Q3 25 | $1.7B | $95.0M | ||
| Q2 25 | $630.0M | $32.0M | ||
| Q1 25 | $442.0M | $107.0M | ||
| Q4 24 | $1.5B | $156.0M | ||
| Q3 24 | $811.0M | $70.0M | ||
| Q2 24 | $853.0M | $-77.0M | ||
| Q1 24 | $1.4B | $5.0M |
毛利率APOCPNG
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 29.4% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 29.3% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | — | 28.8% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 27.1% |
营业利润率APOCPNG
| Q4 25 | 17.8% | 0.1% | ||
| Q3 25 | 29.5% | 1.7% | ||
| Q2 25 | 12.4% | 1.7% | ||
| Q1 25 | 21.3% | 1.9% | ||
| Q4 24 | 32.6% | 3.9% | ||
| Q3 24 | 26.8% | 1.4% | ||
| Q2 24 | 23.9% | -0.3% | ||
| Q1 24 | 31.1% | 0.6% |
净利率APOCPNG
| Q4 25 | 6.9% | -0.3% | ||
| Q3 25 | 17.7% | 1.0% | ||
| Q2 25 | 9.2% | 0.4% | ||
| Q1 25 | 8.0% | 1.4% | ||
| Q4 24 | 28.1% | 2.0% | ||
| Q3 24 | 10.4% | 0.9% | ||
| Q2 24 | 14.2% | -1.1% | ||
| Q1 24 | 20.3% | 0.1% |
每股收益（稀释后）APOCPNG
| Q4 25 | $1.09 | $-0.02 | ||
| Q3 25 | $2.78 | $0.05 | ||
| Q2 25 | $0.99 | $0.02 | ||
| Q1 25 | $0.68 | $0.06 | ||
| Q4 24 | $2.41 | $0.08 | ||
| Q3 24 | $1.29 | $0.04 | ||
| Q2 24 | $1.35 | $-0.04 | ||
| Q1 24 | $2.28 | $0.00 |
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 | — | $6.3B |
| 总债务越低越好 | $13.4B | $648.0M |
| 股东权益账面价值 | $23.3B | $4.6B |
| 总资产 | $460.9B | $17.8B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资APOCPNG
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $5.2B |
总债务APOCPNG
| Q4 25 | $13.4B | $648.0M | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | $988.0M | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
股东权益APOCPNG
| Q4 25 | $23.3B | $4.6B | ||
| Q3 25 | $23.1B | $4.7B | ||
| Q2 25 | $19.3B | $4.7B | ||
| Q1 25 | $18.0B | $4.4B | ||
| Q4 24 | $17.3B | $4.1B | ||
| Q3 24 | $17.9B | $4.2B | ||
| Q2 24 | $15.3B | $3.9B | ||
| Q1 24 | $14.8B | $4.1B |
总资产APOCPNG
| Q4 25 | $460.9B | $17.8B | ||
| Q3 25 | $449.5B | $18.7B | ||
| Q2 25 | $419.6B | $17.8B | ||
| Q1 25 | $395.0B | $16.0B | ||
| Q4 24 | $377.9B | $15.3B | ||
| Q3 24 | $368.7B | $16.3B | ||
| Q2 24 | $346.5B | $15.2B | ||
| Q1 24 | $334.1B | $14.9B |
负债/权益比APOCPNG
| Q4 25 | 0.57× | 0.14× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | 0.24× | ||
| 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 | $82.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-278.0M |
| 自由现金流率自由现金流/营收 | — | -3.1% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | 6.83× | — |
| 过去12个月自由现金流最近4个季度 | — | $522.0M |
8季度趋势，按日历期对齐
经营现金流APOCPNG
| Q4 25 | $4.7B | $82.0M | ||
| Q3 25 | $303.0M | $792.0M | ||
| Q2 25 | $1.3B | $545.0M | ||
| Q1 25 | $1.0B | $354.0M | ||
| Q4 24 | $-4.0M | $676.0M | ||
| Q3 24 | $1.9B | $334.0M | ||
| Q2 24 | $1.3B | $664.0M | ||
| Q1 24 | $70.0M | $212.0M |
自由现金流APOCPNG
| Q4 25 | — | $-278.0M | ||
| Q3 25 | — | $439.0M | ||
| Q2 25 | — | $246.0M | ||
| Q1 25 | — | $115.0M | ||
| Q4 24 | — | $462.0M | ||
| Q3 24 | — | $-46.0M | ||
| Q2 24 | — | $486.0M | ||
| Q1 24 | — | $105.0M |
自由现金流率APOCPNG
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | -0.6% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 1.5% |
资本支出强度APOCPNG
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 1.5% |
现金转化率APOCPNG
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | 8.34× | ||
| Q2 25 | 2.00× | 17.03× | ||
| Q1 25 | 2.29× | 3.31× | ||
| Q4 24 | -0.00× | 4.33× | ||
| Q3 24 | 2.29× | 4.77× | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 0.05× | 42.40× |
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% |
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
