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阿波罗全球管理（APO）与卡夫亨氏（KHC）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卡夫亨氏的1.6倍（$9.9B vs $6.4B），卡夫亨氏净利率更高（10.2% vs 6.9%，领先3.3%），阿波罗全球管理同比增速更快（86.7% vs -3.4%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs -0.4%）
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。
卡夫亨氏（股票代码：KHC）是美国大型跨国食品企业，由原卡夫食品集团与亨氏公司合并组建，在芝加哥与匹兹堡均设有总部，旗下拥有多款全球知名食品品牌，业务覆盖全球众多市场。
APO vs KHC — 直观对比
营收规模更大
APO
是对方的1.6倍
$6.4B
营收增速更快
APO
高出90.1%
-3.4%
净利率更高
KHC
高出3.3%
6.9%
两年增速更快
APO
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $6.4B |
| 净利润 | $684.0M | $651.0M |
| 毛利率 | — | 32.6% |
| 营业利润率 | 17.8% | 17.1% |
| 净利率 | 6.9% | 10.2% |
| 营收同比 | 86.7% | -3.4% |
| 净利润同比 | -54.0% | -69.5% |
| 每股收益（稀释后） | $1.09 | $0.56 |
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APOKHC
| Q4 25 | $9.9B | $6.4B | ||
| Q3 25 | $9.8B | $6.2B | ||
| Q2 25 | $6.8B | $6.4B | ||
| Q1 25 | $5.5B | $6.0B | ||
| Q4 24 | $5.3B | $6.6B | ||
| Q3 24 | $7.8B | $6.4B | ||
| Q2 24 | $6.0B | $6.5B | ||
| Q1 24 | $7.0B | $6.4B |
净利润APOKHC
| Q4 25 | $684.0M | $651.0M | ||
| Q3 25 | $1.7B | $615.0M | ||
| Q2 25 | $630.0M | $-7.8B | ||
| Q1 25 | $442.0M | $712.0M | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $811.0M | $-290.0M | ||
| Q2 24 | $853.0M | $102.0M | ||
| Q1 24 | $1.4B | $801.0M |
毛利率APOKHC
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 31.9% | ||
| Q2 25 | — | 34.4% | ||
| Q1 25 | — | 34.4% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | 34.2% | ||
| Q2 24 | — | 35.4% | ||
| Q1 24 | — | 35.0% |
营业利润率APOKHC
| Q4 25 | 17.8% | 17.1% | ||
| Q3 25 | 29.5% | 16.4% | ||
| Q2 25 | 12.4% | -125.5% | ||
| Q1 25 | 21.3% | 19.9% | ||
| Q4 24 | 32.6% | -0.6% | ||
| Q3 24 | 26.8% | -1.6% | ||
| Q2 24 | 23.9% | 8.1% | ||
| Q1 24 | 31.1% | 20.3% |
净利率APOKHC
| Q4 25 | 6.9% | 10.2% | ||
| Q3 25 | 17.7% | 9.9% | ||
| Q2 25 | 9.2% | -123.2% | ||
| Q1 25 | 8.0% | 11.9% | ||
| Q4 24 | 28.1% | 32.4% | ||
| Q3 24 | 10.4% | -4.5% | ||
| Q2 24 | 14.2% | 1.6% | ||
| Q1 24 | 20.3% | 12.5% |
每股收益（稀释后）APOKHC
| Q4 25 | $1.09 | $0.56 | ||
| Q3 25 | $2.78 | $0.52 | ||
| Q2 25 | $0.99 | $-6.60 | ||
| Q1 25 | $0.68 | $0.59 | ||
| Q4 24 | $2.41 | $1.76 | ||
| Q3 24 | $1.29 | $-0.24 | ||
| Q2 24 | $1.35 | $0.08 | ||
| Q1 24 | $2.28 | $0.66 |
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 | — | $2.6B |
| 总债务越低越好 | $13.4B | $19.3B |
| 股东权益账面价值 | $23.3B | $41.7B |
| 总资产 | $460.9B | $81.8B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资APOKHC
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $900.0M | ||
| Q1 24 | — | $1.6B |
总债务APOKHC
| Q4 25 | $13.4B | $19.3B | ||
| Q3 25 | $12.6B | $19.3B | ||
| Q2 25 | $12.1B | $19.3B | ||
| Q1 25 | $10.6B | $20.9B | ||
| Q4 24 | $10.6B | $19.2B | ||
| Q3 24 | $9.8B | $19.4B | ||
| Q2 24 | $9.8B | $19.3B | ||
| Q1 24 | $9.6B | $19.9B |
股东权益APOKHC
| Q4 25 | $23.3B | $41.7B | ||
| Q3 25 | $23.1B | $41.5B | ||
| Q2 25 | $19.3B | $41.4B | ||
| Q1 25 | $18.0B | $49.5B | ||
| Q4 24 | $17.3B | $49.2B | ||
| Q3 24 | $17.9B | $48.3B | ||
| Q2 24 | $15.3B | $48.9B | ||
| Q1 24 | $14.8B | $49.5B |
总资产APOKHC
| Q4 25 | $460.9B | $81.8B | ||
| Q3 25 | $449.5B | $81.7B | ||
| Q2 25 | $419.6B | $81.6B | ||
| Q1 25 | $395.0B | $90.3B | ||
| Q4 24 | $377.9B | $88.3B | ||
| Q3 24 | $368.7B | $88.6B | ||
| Q2 24 | $346.5B | $88.8B | ||
| Q1 24 | $334.1B | $90.3B |
负债/权益比APOKHC
| Q4 25 | 0.57× | 0.46× | ||
| Q3 25 | 0.55× | 0.47× | ||
| Q2 25 | 0.63× | 0.47× | ||
| Q1 25 | 0.59× | 0.42× | ||
| Q4 24 | 0.61× | 0.39× | ||
| Q3 24 | 0.55× | 0.40× | ||
| Q2 24 | 0.64× | 0.39× | ||
| Q1 24 | 0.65× | 0.40× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $1.2B |
| 自由现金流率自由现金流/营收 | — | 18.4% |
| 资本支出强度资本支出/营收 | — | 3.2% |
| 现金转化率经营现金流/净利润 | 6.83× | 2.11× |
| 过去12个月自由现金流最近4个季度 | — | $3.7B |
8季度趋势，按日历期对齐
经营现金流APOKHC
| Q4 25 | $4.7B | $1.4B | ||
| Q3 25 | $303.0M | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.0B | $720.0M | ||
| Q4 24 | $-4.0M | $1.4B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.3B | $942.0M | ||
| Q1 24 | $70.0M | $771.0M |
自由现金流APOKHC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $986.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $482.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $849.0M | ||
| Q2 24 | — | $693.0M | ||
| Q1 24 | — | $477.0M |
自由现金流率APOKHC
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 16.1% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | — | 13.3% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | 7.4% |
资本支出强度APOKHC
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 4.6% |
现金转化率APOKHC
| Q4 25 | 6.83× | 2.11× | ||
| Q3 25 | 0.17× | 1.88× | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 2.29× | 1.01× | ||
| Q4 24 | -0.00× | 0.65× | ||
| Q3 24 | 2.29× | — | ||
| Q2 24 | 1.56× | 9.24× | ||
| Q1 24 | 0.05× | 0.96× |
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% |
KHC
| Taste Elevation | $2.9B | 46% |
| Easy Ready Meals | $1.1B | 17% |
| Hydration | $471.0M | 7% |
| Cheese | $440.0M | 7% |
| Meats | $438.0M | 7% |
| Substantial Snacking | $351.0M | 6% |
| Desserts | $332.0M | 5% |
| Coffee | $221.0M | 3% |
| Other Platform | $127.0M | 2% |
