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阿波罗全球管理（APO）与国际纸业（IP）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国际纸业的1.7倍（$9.9B vs $6.0B），阿波罗全球管理净利率更高（6.9% vs 1.0%，领先5.9%），阿波罗全球管理同比增速更快（86.7% vs -0.6%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 12.3%）
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。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
APO vs IP — 直观对比
营收规模更大
APO
是对方的1.7倍
$6.0B
营收增速更快
APO
高出87.3%
-0.6%
净利率更高
APO
高出5.9%
1.0%
两年增速更快
APO
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $6.0B |
| 净利润 | $684.0M | $60.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | — |
| 净利率 | 6.9% | 1.0% |
| 营收同比 | 86.7% | -0.6% |
| 净利润同比 | -54.0% | 157.1% |
| 每股收益（稀释后） | $1.09 | $0.14 |
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APOIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $9.9B | $4.7B | ||
| Q3 25 | $9.8B | $6.2B | ||
| Q2 25 | $6.8B | $6.8B | ||
| Q1 25 | $5.5B | $5.9B | ||
| Q4 24 | $5.3B | $4.6B | ||
| Q3 24 | $7.8B | $4.7B | ||
| Q2 24 | $6.0B | $4.7B |
净利润APOIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $684.0M | $-2.4B | ||
| Q3 25 | $1.7B | $-1.1B | ||
| Q2 25 | $630.0M | $75.0M | ||
| Q1 25 | $442.0M | $-105.0M | ||
| Q4 24 | $1.5B | $-147.0M | ||
| Q3 24 | $811.0M | $150.0M | ||
| Q2 24 | $853.0M | $498.0M |
毛利率APOIP
| Q1 26 | — | — | ||
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.0% |
营业利润率APOIP
| Q1 26 | — | — | ||
| Q4 25 | 17.8% | -56.4% | ||
| Q3 25 | 29.5% | -10.8% | ||
| Q2 25 | 12.4% | 1.7% | ||
| Q1 25 | 21.3% | -2.3% | ||
| Q4 24 | 32.6% | -4.9% | ||
| Q3 24 | 26.8% | 5.1% | ||
| Q2 24 | 23.9% | 6.8% |
净利率APOIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 6.9% | -50.3% | ||
| Q3 25 | 17.7% | -17.7% | ||
| Q2 25 | 9.2% | 1.1% | ||
| Q1 25 | 8.0% | -1.8% | ||
| Q4 24 | 28.1% | -3.2% | ||
| Q3 24 | 10.4% | 3.2% | ||
| Q2 24 | 14.2% | 10.5% |
每股收益（稀释后）APOIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.09 | $-4.76 | ||
| Q3 25 | $2.78 | $-2.09 | ||
| Q2 25 | $0.99 | $0.14 | ||
| Q1 25 | $0.68 | $-0.24 | ||
| Q4 24 | $2.41 | $-0.42 | ||
| Q3 24 | $1.29 | $0.42 | ||
| Q2 24 | $1.35 | $1.41 |
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 | — | — |
| 总债务越低越好 | $13.4B | $8.2B |
| 股东权益账面价值 | $23.3B | $14.8B |
| 总资产 | $460.9B | $36.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资APOIP
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $995.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.0B |
总债务APOIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $13.4B | $8.8B | ||
| Q3 25 | $12.6B | $9.0B | ||
| Q2 25 | $12.1B | $9.7B | ||
| Q1 25 | $10.6B | $9.2B | ||
| Q4 24 | $10.6B | $5.4B | ||
| Q3 24 | $9.8B | $5.3B | ||
| Q2 24 | $9.8B | $5.3B |
股东权益APOIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $23.3B | $14.8B | ||
| Q3 25 | $23.1B | $17.3B | ||
| Q2 25 | $19.3B | $18.6B | ||
| Q1 25 | $18.0B | $18.1B | ||
| Q4 24 | $17.3B | $8.2B | ||
| Q3 24 | $17.9B | $8.6B | ||
| Q2 24 | $15.3B | $8.6B |
总资产APOIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $460.9B | $38.0B | ||
| Q3 25 | $449.5B | $40.6B | ||
| Q2 25 | $419.6B | $42.4B | ||
| Q1 25 | $395.0B | $41.2B | ||
| Q4 24 | $377.9B | $22.8B | ||
| Q3 24 | $368.7B | $23.2B | ||
| Q2 24 | $346.5B | $23.1B |
负债/权益比APOIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 0.57× | 0.60× | ||
| Q3 25 | 0.55× | 0.52× | ||
| Q2 25 | 0.63× | 0.52× | ||
| Q1 25 | 0.59× | 0.51× | ||
| Q4 24 | 0.61× | 0.66× | ||
| Q3 24 | 0.55× | 0.62× | ||
| Q2 24 | 0.64× | 0.62× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $94.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | — | 8.7% |
| 现金转化率经营现金流/净利润 | 6.83× | — |
| 过去12个月自由现金流最近4个季度 | — | $553.0M |
8季度趋势，按日历期对齐
经营现金流APOIP
| Q1 26 | — | — | ||
| Q4 25 | $4.7B | $905.0M | ||
| Q3 25 | $303.0M | $605.0M | ||
| Q2 25 | $1.3B | $476.0M | ||
| Q1 25 | $1.0B | $-288.0M | ||
| Q4 24 | $-4.0M | $397.0M | ||
| Q3 24 | $1.9B | $521.0M | ||
| Q2 24 | $1.3B | $365.0M |
自由现金流APOIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | — | $255.0M | ||
| Q3 25 | — | $150.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | — | $-618.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $309.0M | ||
| Q2 24 | — | $167.0M |
自由现金流率APOIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | — | 5.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | -10.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 3.5% |
资本支出强度APOIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | — | 13.7% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 4.2% |
现金转化率APOIP
| Q1 26 | — | — | ||
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 2.00× | 6.35× | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | 3.47× | ||
| Q2 24 | 1.56× | 0.73× |
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% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
