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阿波罗全球管理（APO）与思科（CSCO）财务数据对比。点击上方公司名可切换其他公司
思科的季度营收约是阿波罗全球管理的1.6倍（$15.3B vs $9.9B），思科净利率更高（20.7% vs 6.9%，领先13.8%），阿波罗全球管理同比增速更快（86.7% vs 9.7%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 9.9%）
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。
思科是总部位于美国加利福尼亚州圣何塞的跨国数字通信科技集团，专注于研发、生产及销售网络硬件、软件、通信设备等各类高科技产品，同时提供配套高端技术服务，为全球各领域客户提供可靠的数字化通信相关解决方案。
APO vs CSCO — 直观对比
营收规模更大
CSCO
是对方的1.6倍
$9.9B
营收增速更快
APO
高出77.0%
9.7%
净利率更高
CSCO
高出13.8%
6.9%
两年增速更快
APO
近两年复合增速
9.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $15.3B |
| 净利润 | $684.0M | $3.2B |
| 毛利率 | — | 65.0% |
| 营业利润率 | 17.8% | 24.6% |
| 净利率 | 6.9% | 20.7% |
| 营收同比 | 86.7% | 9.7% |
| 净利润同比 | -54.0% | 30.8% |
| 每股收益（稀释后） | $1.09 | $0.80 |
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APOCSCO
| Q1 26 | — | $15.3B | ||
| Q4 25 | $9.9B | $14.9B | ||
| Q3 25 | $9.8B | $14.7B | ||
| Q2 25 | $6.8B | $14.1B | ||
| Q1 25 | $5.5B | $14.0B | ||
| Q4 24 | $5.3B | $13.8B | ||
| Q3 24 | $7.8B | $13.6B | ||
| Q2 24 | $6.0B | $12.7B |
净利润APOCSCO
| Q1 26 | — | $3.2B | ||
| Q4 25 | $684.0M | $2.9B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $630.0M | $2.5B | ||
| Q1 25 | $442.0M | $2.4B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $811.0M | $2.2B | ||
| Q2 24 | $853.0M | $1.9B |
毛利率APOCSCO
| Q1 26 | — | 65.0% | ||
| Q4 25 | — | 65.5% | ||
| Q3 25 | — | 63.2% | ||
| Q2 25 | — | 65.6% | ||
| Q1 25 | — | 65.1% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 64.4% | ||
| Q2 24 | — | 65.1% |
营业利润率APOCSCO
| Q1 26 | — | 24.6% | ||
| Q4 25 | 17.8% | 22.6% | ||
| Q3 25 | 29.5% | 21.0% | ||
| Q2 25 | 12.4% | 22.6% | ||
| Q1 25 | 21.3% | 22.3% | ||
| Q4 24 | 32.6% | 17.0% | ||
| Q3 24 | 26.8% | 19.2% | ||
| Q2 24 | 23.9% | 17.2% |
净利率APOCSCO
| Q1 26 | — | 20.7% | ||
| Q4 25 | 6.9% | 19.2% | ||
| Q3 25 | 17.7% | 17.4% | ||
| Q2 25 | 9.2% | 17.6% | ||
| Q1 25 | 8.0% | 17.4% | ||
| Q4 24 | 28.1% | 19.6% | ||
| Q3 24 | 10.4% | 15.8% | ||
| Q2 24 | 14.2% | 14.8% |
每股收益（稀释后）APOCSCO
| Q1 26 | — | $0.80 | ||
| Q4 25 | $1.09 | $0.72 | ||
| Q3 25 | $2.78 | $0.64 | ||
| Q2 25 | $0.99 | $0.62 | ||
| Q1 25 | $0.68 | $0.61 | ||
| Q4 24 | $2.41 | $0.68 | ||
| Q3 24 | $1.29 | $0.54 | ||
| Q2 24 | $1.35 | $0.46 |
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 | — | $15.8B |
| 总债务越低越好 | $13.4B | $24.6B |
| 股东权益账面价值 | $23.3B | $47.7B |
| 总资产 | $460.9B | $123.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.52× |
8季度趋势，按日历期对齐
现金及短期投资APOCSCO
| Q1 26 | — | $15.8B | ||
| Q4 25 | — | $15.7B | ||
| Q3 25 | — | $16.1B | ||
| Q2 25 | — | $15.6B | ||
| Q1 25 | — | $16.9B | ||
| Q4 24 | — | $18.7B | ||
| Q3 24 | — | $17.9B | ||
| Q2 24 | — | $18.8B |
总债务APOCSCO
| Q1 26 | — | $24.6B | ||
| Q4 25 | $13.4B | $24.6B | ||
| Q3 25 | $12.6B | $24.6B | ||
| Q2 25 | $12.1B | $25.1B | ||
| Q1 25 | $10.6B | $20.1B | ||
| Q4 24 | $10.6B | $20.1B | ||
| Q3 24 | $9.8B | $20.1B | ||
| Q2 24 | $9.8B | $20.1B |
股东权益APOCSCO
| Q1 26 | — | $47.7B | ||
| Q4 25 | $23.3B | $46.9B | ||
| Q3 25 | $23.1B | $46.8B | ||
| Q2 25 | $19.3B | $45.9B | ||
| Q1 25 | $18.0B | $45.5B | ||
| Q4 24 | $17.3B | $45.3B | ||
| Q3 24 | $17.9B | $45.5B | ||
| Q2 24 | $15.3B | $45.8B |
总资产APOCSCO
| Q1 26 | — | $123.4B | ||
| Q4 25 | $460.9B | $121.1B | ||
| Q3 25 | $449.5B | $122.3B | ||
| Q2 25 | $419.6B | $119.8B | ||
| Q1 25 | $395.0B | $121.4B | ||
| Q4 24 | $377.9B | $123.3B | ||
| Q3 24 | $368.7B | $124.4B | ||
| Q2 24 | $346.5B | $123.0B |
负债/权益比APOCSCO
| Q1 26 | — | 0.52× | ||
| Q4 25 | 0.57× | 0.53× | ||
| Q3 25 | 0.55× | 0.53× | ||
| Q2 25 | 0.63× | 0.55× | ||
| Q1 25 | 0.59× | 0.44× | ||
| Q4 24 | 0.61× | 0.44× | ||
| Q3 24 | 0.55× | 0.44× | ||
| Q2 24 | 0.64× | 0.44× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | $1.5B |
| 自由现金流率自由现金流/营收 | — | 10.0% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | 6.83× | 0.57× |
| 过去12个月自由现金流最近4个季度 | — | $12.2B |
8季度趋势，按日历期对齐
经营现金流APOCSCO
| Q1 26 | — | $1.8B | ||
| Q4 25 | $4.7B | $3.2B | ||
| Q3 25 | $303.0M | $4.2B | ||
| Q2 25 | $1.3B | $4.1B | ||
| Q1 25 | $1.0B | $2.2B | ||
| Q4 24 | $-4.0M | $3.7B | ||
| Q3 24 | $1.9B | $3.7B | ||
| Q2 24 | $1.3B | $4.0B |
自由现金流APOCSCO
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.8B |
自由现金流率APOCSCO
| Q1 26 | — | 10.0% | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | — | 27.4% | ||
| Q2 25 | — | 26.8% | ||
| Q1 25 | — | 14.5% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 25.9% | ||
| Q2 24 | — | 29.9% |
资本支出强度APOCSCO
| Q1 26 | — | 1.8% | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.3% |
现金转化率APOCSCO
| Q1 26 | — | 0.57× | ||
| Q4 25 | 6.83× | 1.12× | ||
| Q3 25 | 0.17× | 1.66× | ||
| Q2 25 | 2.00× | 1.63× | ||
| Q1 25 | 2.29× | 0.92× | ||
| Q4 24 | -0.00× | 1.35× | ||
| Q3 24 | 2.29× | 1.73× | ||
| Q2 24 | 1.56× | 2.11× |
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% |
CSCO
| Networking | $8.3B | 54% |
| Services | $3.7B | 24% |
| Security | $2.0B | 13% |
| Collaboration | $1.1B | 7% |
| Observability | $277.0M | 2% |
