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阿波罗全球管理（APO）与国际商业机器公司（IBM）财务数据对比。点击上方公司名可切换其他公司
国际商业机器公司的季度营收约是阿波罗全球管理的1.6倍（$15.9B vs $9.9B），国际商业机器公司净利率更高（7.6% vs 6.9%，领先0.7%），阿波罗全球管理同比增速更快（86.7% vs 9.5%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 0.5%）
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。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
APO vs IBM — 直观对比
营收规模更大
IBM
是对方的1.6倍
$9.9B
营收增速更快
APO
高出77.2%
9.5%
净利率更高
IBM
高出0.7%
6.9%
两年增速更快
APO
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $15.9B |
| 净利润 | $684.0M | $1.2B |
| 毛利率 | — | 56.2% |
| 营业利润率 | 17.8% | — |
| 净利率 | 6.9% | 7.6% |
| 营收同比 | 86.7% | 9.5% |
| 净利润同比 | -54.0% | 15.3% |
| 每股收益（稀释后） | $1.09 | $1.28 |
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APOIBM
| Q1 26 | — | $15.9B | ||
| Q4 25 | $9.9B | $19.7B | ||
| Q3 25 | $9.8B | $16.3B | ||
| Q2 25 | $6.8B | $17.0B | ||
| Q1 25 | $5.5B | $14.5B | ||
| Q4 24 | $5.3B | $17.6B | ||
| Q3 24 | $7.8B | $15.0B | ||
| Q2 24 | $6.0B | $15.8B |
净利润APOIBM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $684.0M | $5.6B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $630.0M | $2.2B | ||
| Q1 25 | $442.0M | $1.1B | ||
| Q4 24 | $1.5B | $2.9B | ||
| Q3 24 | $811.0M | $-330.0M | ||
| Q2 24 | $853.0M | $1.8B |
毛利率APOIBM
| Q1 26 | — | 56.2% | ||
| Q4 25 | — | 60.6% | ||
| Q3 25 | — | 57.3% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 59.5% | ||
| Q3 24 | — | 56.3% | ||
| Q2 24 | — | 56.8% |
营业利润率APOIBM
| Q1 26 | — | — | ||
| Q4 25 | 17.8% | 21.0% | ||
| Q3 25 | 29.5% | 14.9% | ||
| Q2 25 | 12.4% | 15.3% | ||
| Q1 25 | 21.3% | 8.0% | ||
| Q4 24 | 32.6% | 18.8% | ||
| Q3 24 | 26.8% | -5.4% | ||
| Q2 24 | 23.9% | 14.1% |
净利率APOIBM
| Q1 26 | — | 7.6% | ||
| Q4 25 | 6.9% | 28.4% | ||
| Q3 25 | 17.7% | 10.7% | ||
| Q2 25 | 9.2% | 12.9% | ||
| Q1 25 | 8.0% | 7.3% | ||
| Q4 24 | 28.1% | 16.6% | ||
| Q3 24 | 10.4% | -2.2% | ||
| Q2 24 | 14.2% | 11.6% |
每股收益（稀释后）APOIBM
| Q1 26 | — | $1.28 | ||
| Q4 25 | $1.09 | $5.90 | ||
| Q3 25 | $2.78 | $1.84 | ||
| Q2 25 | $0.99 | $2.31 | ||
| Q1 25 | $0.68 | $1.12 | ||
| Q4 24 | $2.41 | $3.11 | ||
| Q3 24 | $1.29 | $-0.36 | ||
| Q2 24 | $1.35 | $1.96 |
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 | — | $10.8B |
| 总债务越低越好 | $13.4B | $66.4B |
| 股东权益账面价值 | $23.3B | $33.1B |
| 总资产 | $460.9B | $156.2B |
| 负债/权益比越低杠杆越低 | 0.57× | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资APOIBM
| Q1 26 | — | $10.8B | ||
| Q4 25 | — | $13.6B | ||
| Q3 25 | — | $11.6B | ||
| Q2 25 | — | $11.9B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | — | $13.9B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $12.2B |
总债务APOIBM
| Q1 26 | — | $66.4B | ||
| Q4 25 | $13.4B | $54.8B | ||
| Q3 25 | $12.6B | $55.2B | ||
| Q2 25 | $12.1B | $55.2B | ||
| Q1 25 | $10.6B | $56.4B | ||
| Q4 24 | $10.6B | $49.9B | ||
| Q3 24 | $9.8B | $53.0B | ||
| Q2 24 | $9.8B | $52.9B |
股东权益APOIBM
| Q1 26 | — | $33.1B | ||
| Q4 25 | $23.3B | $32.6B | ||
| Q3 25 | $23.1B | $27.9B | ||
| Q2 25 | $19.3B | $27.5B | ||
| Q1 25 | $18.0B | $26.9B | ||
| Q4 24 | $17.3B | $27.3B | ||
| Q3 24 | $17.9B | $24.4B | ||
| Q2 24 | $15.3B | $24.0B |
总资产APOIBM
| Q1 26 | — | $156.2B | ||
| Q4 25 | $460.9B | $151.9B | ||
| Q3 25 | $449.5B | $146.3B | ||
| Q2 25 | $419.6B | $148.6B | ||
| Q1 25 | $395.0B | $145.7B | ||
| Q4 24 | $377.9B | $137.2B | ||
| Q3 24 | $368.7B | $134.3B | ||
| Q2 24 | $346.5B | $133.8B |
负债/权益比APOIBM
| Q1 26 | — | 2.01× | ||
| Q4 25 | 0.57× | 1.68× | ||
| Q3 25 | 0.55× | 1.98× | ||
| Q2 25 | 0.63× | 2.01× | ||
| Q1 25 | 0.59× | 2.10× | ||
| Q4 24 | 0.61× | 1.83× | ||
| Q3 24 | 0.55× | 2.17× | ||
| Q2 24 | 0.64× | 2.20× |
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 | $5.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 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× | 4.25× |
| 过去12个月自由现金流最近4个季度 | — | $10.2B |
8季度趋势，按日历期对齐
经营现金流APOIBM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $4.7B | $4.0B | ||
| Q3 25 | $303.0M | $3.1B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.0B | $4.4B | ||
| Q4 24 | $-4.0M | $4.3B | ||
| Q3 24 | $1.9B | $2.9B | ||
| Q2 24 | $1.3B | $2.1B |
自由现金流APOIBM
| Q1 26 | — | $2.2B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $1.8B |
自由现金流率APOIBM
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 22.9% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 11.7% |
资本支出强度APOIBM
| Q1 26 | — | 2.4% | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 1.4% |
现金转化率APOIBM
| Q1 26 | — | 4.25× | ||
| Q4 25 | 6.83× | 0.72× | ||
| Q3 25 | 0.17× | 1.77× | ||
| Q2 25 | 2.00× | 0.78× | ||
| Q1 25 | 2.29× | 4.14× | ||
| Q4 24 | -0.00× | 1.49× | ||
| Q3 24 | 2.29× | — | ||
| Q2 24 | 1.56× | 1.13× |
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% |
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
