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阿波罗全球管理（APO）与华利安（HLI）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华利安的13.8倍（$9.9B vs $717.1M）。华利安净利率更高（16.3% vs 6.9%，领先9.3%）。阿波罗全球管理同比增速更快（86.7% vs 13.0%）。过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 17.4%）
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。
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
APO vs HLI — 直观对比
营收规模更大
APO
是对方的13.8倍
$717.1M
营收增速更快
APO
高出73.7%
13.0%
净利率更高
HLI
高出9.3%
6.9%
两年增速更快
APO
近两年复合增速
17.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $717.1M |
| 净利润 | $684.0M | $116.5M |
| 毛利率 | — | 32.2% |
| 营业利润率 | 17.8% | 22.4% |
| 净利率 | 6.9% | 16.3% |
| 营收同比 | 86.7% | 13.0% |
| 净利润同比 | -54.0% | 22.3% |
| 每股收益（稀释后） | $1.09 | $1.70 |
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APOHLI
| Q4 25 | $9.9B | $717.1M | ||
| Q3 25 | $9.8B | $659.5M | ||
| Q2 25 | $6.8B | $605.3M | ||
| Q1 25 | $5.5B | $666.4M | ||
| Q4 24 | $5.3B | $634.4M | ||
| Q3 24 | $7.8B | $575.0M | ||
| Q2 24 | $6.0B | $513.6M | ||
| Q1 24 | $7.0B | $520.5M |
净利润APOHLI
| Q4 25 | $684.0M | $116.5M | ||
| Q3 25 | $1.7B | $111.8M | ||
| Q2 25 | $630.0M | $97.5M | ||
| Q1 25 | $442.0M | $121.9M | ||
| Q4 24 | $1.5B | $95.3M | ||
| Q3 24 | $811.0M | $93.5M | ||
| Q2 24 | $853.0M | $88.9M | ||
| Q1 24 | $1.4B | $81.1M |
毛利率APOHLI
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.3% |
营业利润率APOHLI
| Q4 25 | 17.8% | 22.4% | ||
| Q3 25 | 29.5% | 22.9% | ||
| Q2 25 | 12.4% | 14.8% | ||
| Q1 25 | 21.3% | 20.9% | ||
| Q4 24 | 32.6% | 21.5% | ||
| Q3 24 | 26.8% | 22.7% | ||
| Q2 24 | 23.9% | 18.6% | ||
| Q1 24 | 31.1% | 19.7% |
净利率APOHLI
| Q4 25 | 6.9% | 16.3% | ||
| Q3 25 | 17.7% | 17.0% | ||
| Q2 25 | 9.2% | 16.1% | ||
| Q1 25 | 8.0% | 18.3% | ||
| Q4 24 | 28.1% | 15.0% | ||
| Q3 24 | 10.4% | 16.3% | ||
| Q2 24 | 14.2% | 17.3% | ||
| Q1 24 | 20.3% | 15.6% |
每股收益（稀释后）APOHLI
| Q4 25 | $1.09 | $1.70 | ||
| Q3 25 | $2.78 | $1.63 | ||
| Q2 25 | $0.99 | $1.42 | ||
| Q1 25 | $0.68 | $1.76 | ||
| Q4 24 | $2.41 | $1.39 | ||
| Q3 24 | $1.29 | $1.37 | ||
| Q2 24 | $1.35 | $1.30 | ||
| Q1 24 | $2.28 | $1.18 |
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 | — | $1.1B |
| 总债务越低越好 | $13.4B | — |
| 股东权益账面价值 | $23.3B | $2.3B |
| 总资产 | $460.9B | $3.9B |
| 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APOHLI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $923.6M | ||
| Q2 25 | — | $793.8M | ||
| Q1 25 | — | $971.0M | ||
| Q4 24 | — | $799.3M | ||
| Q3 24 | — | $691.4M | ||
| Q2 24 | — | $449.7M | ||
| Q1 24 | — | $721.2M |
总债务APOHLI
| 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APOHLI
| Q4 25 | $23.3B | $2.3B | ||
| Q3 25 | $23.1B | $2.2B | ||
| Q2 25 | $19.3B | $2.2B | ||
| Q1 25 | $18.0B | $2.2B | ||
| Q4 24 | $17.3B | $2.1B | ||
| Q3 24 | $17.9B | $2.0B | ||
| Q2 24 | $15.3B | $1.8B | ||
| Q1 24 | $14.8B | $1.8B |
总资产APOHLI
| Q4 25 | $460.9B | $3.9B | ||
| Q3 25 | $449.5B | $3.8B | ||
| Q2 25 | $419.6B | $3.5B | ||
| Q1 25 | $395.0B | $3.8B | ||
| Q4 24 | $377.9B | $3.5B | ||
| Q3 24 | $368.7B | $3.2B | ||
| Q2 24 | $346.5B | $2.9B | ||
| Q1 24 | $334.1B | $3.2B |
负债/权益比APOHLI
| 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 | $217.7M |
| 自由现金流经营现金流 - 资本支出 | — | $217.0M |
| 自由现金流率自由现金流/营收 | — | 30.3% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 6.83× | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | $738.9M |
8季度趋势，按日历期对齐
经营现金流APOHLI
| Q4 25 | $4.7B | $217.7M | ||
| Q3 25 | $303.0M | $325.0M | ||
| Q2 25 | $1.3B | $-131.6M | ||
| Q1 25 | $1.0B | $358.4M | ||
| Q4 24 | $-4.0M | $265.5M | ||
| Q3 24 | $1.9B | $289.2M | ||
| Q2 24 | $1.3B | $-64.5M | ||
| Q1 24 | $70.0M | $225.3M |
自由现金流APOHLI
| Q4 25 | — | $217.0M | ||
| Q3 25 | — | $322.8M | ||
| Q2 25 | — | $-144.8M | ||
| Q1 25 | — | $343.9M | ||
| Q4 24 | — | $261.7M | ||
| Q3 24 | — | $278.7M | ||
| Q2 24 | — | $-75.4M | ||
| Q1 24 | — | $213.1M |
自由现金流率APOHLI
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 49.0% | ||
| Q2 25 | — | -23.9% | ||
| Q1 25 | — | 51.6% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 48.5% | ||
| Q2 24 | — | -14.7% | ||
| Q1 24 | — | 40.9% |
资本支出强度APOHLI
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.3% |
现金转化率APOHLI
| Q4 25 | 6.83× | 1.87× | ||
| Q3 25 | 0.17× | 2.91× | ||
| Q2 25 | 2.00× | -1.35× | ||
| Q1 25 | 2.29× | 2.94× | ||
| Q4 24 | -0.00× | 2.79× | ||
| Q3 24 | 2.29× | 3.09× | ||
| Q2 24 | 1.56× | -0.73× | ||
| Q1 24 | 0.05× | 2.78× |
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% |
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
