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阿波罗全球管理（APO）与霍尼韦尔（HON）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霍尼韦尔的1.1倍（$9.9B vs $9.1B），霍尼韦尔净利率更高（8.7% vs 6.9%，领先1.8%），阿波罗全球管理同比增速更快（86.7% vs 2.0%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs -2.3%）
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。
霍尼韦尔国际是总部位于美国北卡罗来纳州夏洛特的上市跨国集团，位列2023年《财富》世界500强第115位。核心业务覆盖航空航天、楼宇自动化、工业自动化、能源与可持续发展解决方案四大领域，还受美国能源部委托运营桑迪亚国家实验室。
APO vs HON — 直观对比
营收规模更大
APO
是对方的1.1倍
$9.1B
营收增速更快
APO
高出84.7%
2.0%
净利率更高
HON
高出1.8%
6.9%
两年增速更快
APO
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $9.1B |
| 净利润 | $684.0M | $795.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 16.1% |
| 净利率 | 6.9% | 8.7% |
| 营收同比 | 86.7% | 2.0% |
| 净利润同比 | -54.0% | -45.8% |
| 每股收益（稀释后） | $1.09 | $1.29 |
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APOHON
| Q1 26 | — | $9.1B | ||
| Q4 25 | $9.9B | $6.9B | ||
| Q3 25 | $9.8B | $10.4B | ||
| Q2 25 | $6.8B | $10.4B | ||
| Q1 25 | $5.5B | $9.8B | ||
| Q4 24 | $5.3B | $10.1B | ||
| Q3 24 | $7.8B | $9.7B | ||
| Q2 24 | $6.0B | $9.6B |
净利润APOHON
| Q1 26 | — | $795.0M | ||
| Q4 25 | $684.0M | $-115.0M | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $630.0M | $1.6B | ||
| Q1 25 | $442.0M | $1.4B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $811.0M | $1.4B | ||
| Q2 24 | $853.0M | $1.5B |
毛利率APOHON
| Q1 26 | — | — | ||
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 35.4% | ||
| Q1 25 | — | 35.2% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | — | 35.1% | ||
| Q2 24 | — | 35.0% |
营业利润率APOHON
| Q1 26 | — | 16.1% | ||
| Q4 25 | 17.8% | 16.0% | ||
| Q3 25 | 29.5% | 23.1% | ||
| Q2 25 | 12.4% | 22.9% | ||
| Q1 25 | 21.3% | 23.0% | ||
| Q4 24 | 32.6% | 21.6% | ||
| Q3 24 | 26.8% | 23.6% | ||
| Q2 24 | 23.9% | 23.0% |
净利率APOHON
| Q1 26 | — | 8.7% | ||
| Q4 25 | 6.9% | -1.7% | ||
| Q3 25 | 17.7% | 17.5% | ||
| Q2 25 | 9.2% | 15.2% | ||
| Q1 25 | 8.0% | 14.8% | ||
| Q4 24 | 28.1% | 12.7% | ||
| Q3 24 | 10.4% | 14.5% | ||
| Q2 24 | 14.2% | 16.1% |
每股收益（稀释后）APOHON
| Q1 26 | — | $1.29 | ||
| Q4 25 | $1.09 | $-0.17 | ||
| Q3 25 | $2.78 | $2.86 | ||
| Q2 25 | $0.99 | $2.45 | ||
| Q1 25 | $0.68 | $2.22 | ||
| Q4 24 | $2.41 | $1.96 | ||
| Q3 24 | $1.29 | $2.16 | ||
| Q2 24 | $1.35 | $2.36 |
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 | — | $12.4B |
| 总债务越低越好 | $13.4B | $32.1B |
| 股东权益账面价值 | $23.3B | — |
| 总资产 | $460.9B | $74.0B |
| 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APOHON
| Q1 26 | — | $12.4B | ||
| Q4 25 | — | $12.9B | ||
| Q3 25 | — | $13.4B | ||
| Q2 25 | — | $10.7B | ||
| Q1 25 | — | $10.1B | ||
| Q4 24 | — | $11.0B | ||
| Q3 24 | — | $10.9B | ||
| Q2 24 | — | $9.8B |
总债务APOHON
| Q1 26 | — | $32.1B | ||
| Q4 25 | $13.4B | $27.1B | ||
| Q3 25 | $12.6B | $30.1B | ||
| Q2 25 | $12.1B | $30.2B | ||
| Q1 25 | $10.6B | $25.7B | ||
| Q4 24 | $10.6B | $25.5B | ||
| Q3 24 | $9.8B | $25.9B | ||
| Q2 24 | $9.8B | $20.9B |
股东权益APOHON
| Q1 26 | — | — | ||
| Q4 25 | $23.3B | $13.9B | ||
| Q3 25 | $23.1B | $16.8B | ||
| Q2 25 | $19.3B | $16.1B | ||
| Q1 25 | $18.0B | $17.5B | ||
| Q4 24 | $17.3B | $18.6B | ||
| Q3 24 | $17.9B | $17.4B | ||
| Q2 24 | $15.3B | $16.9B |
总资产APOHON
| Q1 26 | — | $74.0B | ||
| Q4 25 | $460.9B | $73.7B | ||
| Q3 25 | $449.5B | $80.9B | ||
| Q2 25 | $419.6B | $78.4B | ||
| Q1 25 | $395.0B | $75.2B | ||
| Q4 24 | $377.9B | $75.2B | ||
| Q3 24 | $368.7B | $73.5B | ||
| Q2 24 | $346.5B | $69.3B |
负债/权益比APOHON
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | 1.95× | ||
| Q3 25 | 0.55× | 1.79× | ||
| Q2 25 | 0.63× | 1.87× | ||
| Q1 25 | 0.59× | 1.47× | ||
| Q4 24 | 0.61× | 1.37× | ||
| Q3 24 | 0.55× | 1.49× | ||
| Q2 24 | 0.64× | 1.23× |
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 | $0 |
| 自由现金流经营现金流 - 资本支出 | — | $56.0M |
| 自由现金流率自由现金流/营收 | — | 0.6% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 6.83× | 0.00× |
| 过去12个月自由现金流最近4个季度 | — | $5.1B |
8季度趋势，按日历期对齐
经营现金流APOHON
| Q1 26 | — | $0 | ||
| Q4 25 | $4.7B | $1.2B | ||
| Q3 25 | $303.0M | $3.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.0B | $597.0M | ||
| Q4 24 | $-4.0M | $2.3B | ||
| Q3 24 | $1.9B | $2.0B | ||
| Q2 24 | $1.3B | $1.4B |
自由现金流APOHON
| Q1 26 | — | $56.0M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $346.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.1B |
自由现金流率APOHON
| Q1 26 | — | 0.6% | ||
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 28.0% | ||
| Q2 25 | — | 9.8% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | — | 17.7% | ||
| Q2 24 | — | 11.6% |
资本支出强度APOHON
| Q1 26 | — | 2.4% | ||
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.7% |
现金转化率APOHON
| Q1 26 | — | 0.00× | ||
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | 1.80× | ||
| Q2 25 | 2.00× | 0.84× | ||
| Q1 25 | 2.29× | 0.41× | ||
| Q4 24 | -0.00× | 1.78× | ||
| Q3 24 | 2.29× | 1.41× | ||
| Q2 24 | 1.56× | 0.89× |
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% |
HON
| Aerospace Technologies | $4.3B | 47% |
| Building Automation | $1.9B | 21% |
| Process Automation and Technology | $1.5B | 17% |
| Industrial Automation | $1.4B | 16% |
| Corporate and All Other | $5.0M | 0% |
