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阿波罗全球管理（APO）与CARVANA CO.（CVNA）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CARVANA CO.的1.8倍（$9.9B vs $5.6B），CARVANA CO.净利率更高（15.3% vs 6.9%，领先8.4%），阿波罗全球管理同比增速更快（86.7% vs 58.0%），过去两年CARVANA CO.的营收复合增速更高（35.3% 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。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
APO vs CVNA — 直观对比
营收规模更大
APO
是对方的1.8倍
$5.6B
营收增速更快
APO
高出28.7%
58.0%
净利率更高
CVNA
高出8.4%
6.9%
两年增速更快
CVNA
近两年复合增速
18.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $5.6B |
| 净利润 | $684.0M | $857.0M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 17.8% | 7.6% |
| 净利率 | 6.9% | 15.3% |
| 营收同比 | 86.7% | 58.0% |
| 净利润同比 | -54.0% | 984.8% |
| 每股收益（稀释后） | $1.09 | — |
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APOCVNA
| Q4 25 | $9.9B | $5.6B | ||
| Q3 25 | $9.8B | $5.6B | ||
| Q2 25 | $6.8B | $4.8B | ||
| Q1 25 | $5.5B | $4.2B | ||
| Q4 24 | $5.3B | $3.5B | ||
| Q3 24 | $7.8B | $3.7B | ||
| Q2 24 | $6.0B | $3.4B | ||
| Q1 24 | $7.0B | $3.1B |
净利润APOCVNA
| Q4 25 | $684.0M | $857.0M | ||
| Q3 25 | $1.7B | $151.0M | ||
| Q2 25 | $630.0M | $183.0M | ||
| Q1 25 | $442.0M | $216.0M | ||
| Q4 24 | $1.5B | $79.0M | ||
| Q3 24 | $811.0M | $85.0M | ||
| Q2 24 | $853.0M | $18.0M | ||
| Q1 24 | $1.4B | $28.0M |
毛利率APOCVNA
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 20.3% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.3% |
营业利润率APOCVNA
| Q4 25 | 17.8% | 7.6% | ||
| Q3 25 | 29.5% | 9.8% | ||
| Q2 25 | 12.4% | 10.6% | ||
| Q1 25 | 21.3% | 9.3% | ||
| Q4 24 | 32.6% | 7.3% | ||
| Q3 24 | 26.8% | 9.2% | ||
| Q2 24 | 23.9% | 7.6% | ||
| Q1 24 | 31.1% | 4.4% |
净利率APOCVNA
| Q4 25 | 6.9% | 15.3% | ||
| Q3 25 | 17.7% | 2.7% | ||
| Q2 25 | 9.2% | 3.8% | ||
| Q1 25 | 8.0% | 5.1% | ||
| Q4 24 | 28.1% | 2.2% | ||
| Q3 24 | 10.4% | 2.3% | ||
| Q2 24 | 14.2% | 0.5% | ||
| Q1 24 | 20.3% | 0.9% |
每股收益（稀释后）APOCVNA
| Q4 25 | $1.09 | — | ||
| Q3 25 | $2.78 | — | ||
| Q2 25 | $0.99 | — | ||
| Q1 25 | $0.68 | — | ||
| Q4 24 | $2.41 | — | ||
| Q3 24 | $1.29 | — | ||
| Q2 24 | $1.35 | — | ||
| Q1 24 | $2.28 | $0.24 |
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 | — | $2.3B |
| 总债务越低越好 | $13.4B | $4.9B |
| 股东权益账面价值 | $23.3B | $3.4B |
| 总资产 | $460.9B | $13.2B |
| 负债/权益比越低杠杆越低 | 0.57× | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资APOCVNA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $871.0M | ||
| Q2 24 | — | $542.0M | ||
| Q1 24 | — | $252.0M |
总债务APOCVNA
| Q4 25 | $13.4B | $4.9B | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | $5.3B | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
股东权益APOCVNA
| Q4 25 | $23.3B | $3.4B | ||
| Q3 25 | $23.1B | $2.3B | ||
| Q2 25 | $19.3B | $1.7B | ||
| Q1 25 | $18.0B | $1.5B | ||
| Q4 24 | $17.3B | $1.3B | ||
| Q3 24 | $17.9B | $611.0M | ||
| Q2 24 | $15.3B | $526.0M | ||
| Q1 24 | $14.8B | $289.0M |
总资产APOCVNA
| Q4 25 | $460.9B | $13.2B | ||
| Q3 25 | $449.5B | $9.9B | ||
| Q2 25 | $419.6B | $9.4B | ||
| Q1 25 | $395.0B | $8.9B | ||
| Q4 24 | $377.9B | $8.5B | ||
| Q3 24 | $368.7B | $7.4B | ||
| Q2 24 | $346.5B | $7.2B | ||
| Q1 24 | $334.1B | $7.0B |
负债/权益比APOCVNA
| Q4 25 | 0.57× | 1.43× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | 4.20× | ||
| 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 | $430.0M |
| 自由现金流经营现金流 - 资本支出 | — | $379.0M |
| 自由现金流率自由现金流/营收 | — | 6.8% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | 6.83× | 0.50× |
| 过去12个月自由现金流最近4个季度 | — | $889.0M |
8季度趋势，按日历期对齐
经营现金流APOCVNA
| Q4 25 | $4.7B | $430.0M | ||
| Q3 25 | $303.0M | $345.0M | ||
| Q2 25 | $1.3B | $29.0M | ||
| Q1 25 | $1.0B | $232.0M | ||
| Q4 24 | $-4.0M | $60.0M | ||
| Q3 24 | $1.9B | $403.0M | ||
| Q2 24 | $1.3B | $354.0M | ||
| Q1 24 | $70.0M | $101.0M |
自由现金流APOCVNA
| Q4 25 | — | $379.0M | ||
| Q3 25 | — | $307.0M | ||
| Q2 25 | — | $-2.0M | ||
| Q1 25 | — | $205.0M | ||
| Q4 24 | — | $36.0M | ||
| Q3 24 | — | $376.0M | ||
| Q2 24 | — | $332.0M | ||
| Q1 24 | — | $83.0M |
自由现金流率APOCVNA
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | -0.0% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 2.7% |
资本支出强度APOCVNA
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.6% |
现金转化率APOCVNA
| Q4 25 | 6.83× | 0.50× | ||
| Q3 25 | 0.17× | 2.28× | ||
| Q2 25 | 2.00× | 0.16× | ||
| Q1 25 | 2.29× | 1.07× | ||
| Q4 24 | -0.00× | 0.76× | ||
| Q3 24 | 2.29× | 4.74× | ||
| Q2 24 | 1.56× | 19.67× | ||
| Q1 24 | 0.05× | 3.61× |
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% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
