vs
阿波罗全球管理（APO）与美敦力（MDT）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美敦力的1.1倍（$9.9B vs $9.0B），美敦力净利率更高（15.3% vs 6.9%，领先8.4%），阿波罗全球管理同比增速更快（86.7% vs 6.6%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 5.3%）
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。
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
APO vs MDT — 直观对比
营收规模更大
APO
是对方的1.1倍
$9.0B
营收增速更快
APO
高出80.1%
6.6%
净利率更高
MDT
高出8.4%
6.9%
两年增速更快
APO
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $9.0B |
| 净利润 | $684.0M | $1.4B |
| 毛利率 | — | 65.8% |
| 营业利润率 | 17.8% | 18.8% |
| 净利率 | 6.9% | 15.3% |
| 营收同比 | 86.7% | 6.6% |
| 净利润同比 | -54.0% | 8.2% |
| 每股收益（稀释后） | $1.09 | $1.07 |
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APOMDT
| Q4 25 | $9.9B | $9.0B | ||
| Q3 25 | $9.8B | $8.6B | ||
| Q2 25 | $6.8B | $8.9B | ||
| Q1 25 | $5.5B | $8.3B | ||
| Q4 24 | $5.3B | $8.4B | ||
| Q3 24 | $7.8B | $7.9B | ||
| Q2 24 | $6.0B | $8.6B | ||
| Q1 24 | $7.0B | $8.1B |
净利润APOMDT
| Q4 25 | $684.0M | $1.4B | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $630.0M | $1.1B | ||
| Q1 25 | $442.0M | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $811.0M | $1.0B | ||
| Q2 24 | $853.0M | $654.0M | ||
| Q1 24 | $1.4B | $1.3B |
毛利率APOMDT
| Q4 25 | — | 65.8% | ||
| Q3 25 | — | 65.0% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 66.5% | ||
| Q4 24 | — | 64.9% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 64.5% | ||
| Q1 24 | — | 65.6% |
营业利润率APOMDT
| Q4 25 | 17.8% | 18.8% | ||
| Q3 25 | 29.5% | 16.8% | ||
| Q2 25 | 12.4% | 16.1% | ||
| Q1 25 | 21.3% | 19.9% | ||
| Q4 24 | 32.6% | 19.0% | ||
| Q3 24 | 26.8% | 16.1% | ||
| Q2 24 | 23.9% | 12.3% | ||
| Q1 24 | 31.1% | 18.3% |
净利率APOMDT
| Q4 25 | 6.9% | 15.3% | ||
| Q3 25 | 17.7% | 12.1% | ||
| Q2 25 | 9.2% | 11.8% | ||
| Q1 25 | 8.0% | 15.6% | ||
| Q4 24 | 28.1% | 15.1% | ||
| Q3 24 | 10.4% | 13.2% | ||
| Q2 24 | 14.2% | 7.6% | ||
| Q1 24 | 20.3% | 16.3% |
每股收益（稀释后）APOMDT
| Q4 25 | $1.09 | $1.07 | ||
| Q3 25 | $2.78 | $0.81 | ||
| Q2 25 | $0.99 | $0.81 | ||
| Q1 25 | $0.68 | $1.01 | ||
| Q4 24 | $2.41 | $0.99 | ||
| Q3 24 | $1.29 | $0.80 | ||
| Q2 24 | $1.35 | $0.50 | ||
| Q1 24 | $2.28 | $0.99 |
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 | — | $8.3B |
| 总债务越低越好 | $13.4B | $27.7B |
| 股东权益账面价值 | $23.3B | $48.7B |
| 总资产 | $460.9B | $91.3B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资APOMDT
| Q4 25 | — | $8.3B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | — | $8.0B | ||
| Q1 24 | — | $8.3B |
总债务APOMDT
| Q4 25 | $13.4B | $27.7B | ||
| Q3 25 | $12.6B | $26.2B | ||
| Q2 25 | $12.1B | $25.6B | ||
| Q1 25 | $10.6B | $24.0B | ||
| Q4 24 | $10.6B | $24.6B | ||
| Q3 24 | $9.8B | $26.3B | ||
| Q2 24 | $9.8B | $23.9B | ||
| Q1 24 | $9.6B | $24.2B |
股东权益APOMDT
| Q4 25 | $23.3B | $48.7B | ||
| Q3 25 | $23.1B | $47.9B | ||
| Q2 25 | $19.3B | $48.0B | ||
| Q1 25 | $18.0B | $49.4B | ||
| Q4 24 | $17.3B | $48.5B | ||
| Q3 24 | $17.9B | $47.9B | ||
| Q2 24 | $15.3B | $50.2B | ||
| Q1 24 | $14.8B | $51.8B |
总资产APOMDT
| Q4 25 | $460.9B | $91.3B | ||
| Q3 25 | $449.5B | $91.0B | ||
| Q2 25 | $419.6B | $91.7B | ||
| Q1 25 | $395.0B | $90.0B | ||
| Q4 24 | $377.9B | $90.0B | ||
| Q3 24 | $368.7B | $89.7B | ||
| Q2 24 | $346.5B | $90.0B | ||
| Q1 24 | $334.1B | $90.8B |
负债/权益比APOMDT
| Q4 25 | 0.57× | 0.57× | ||
| Q3 25 | 0.55× | 0.55× | ||
| Q2 25 | 0.63× | 0.53× | ||
| Q1 25 | 0.59× | 0.49× | ||
| Q4 24 | 0.61× | 0.51× | ||
| Q3 24 | 0.55× | 0.55× | ||
| Q2 24 | 0.64× | 0.48× | ||
| Q1 24 | 0.65× | 0.47× |
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 | $925.0M |
| 自由现金流经营现金流 - 资本支出 | — | $457.0M |
| 自由现金流率自由现金流/营收 | — | 5.1% |
| 资本支出强度资本支出/营收 | — | 5.2% |
| 现金转化率经营现金流/净利润 | 6.83× | 0.67× |
| 过去12个月自由现金流最近4个季度 | — | $5.2B |
8季度趋势，按日历期对齐
经营现金流APOMDT
| Q4 25 | $4.7B | $925.0M | ||
| Q3 25 | $303.0M | $1.1B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.0B | $2.6B | ||
| Q4 24 | $-4.0M | $958.0M | ||
| Q3 24 | $1.9B | $986.0M | ||
| Q2 24 | $1.3B | $2.8B | ||
| Q1 24 | $70.0M | $2.5B |
自由现金流APOMDT
| Q4 25 | — | $457.0M | ||
| Q3 25 | — | $584.0M | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $554.0M | ||
| Q3 24 | — | $466.0M | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.1B |
自由现金流率APOMDT
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.3% |
资本支出强度APOMDT
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 4.3% |
现金转化率APOMDT
| Q4 25 | 6.83× | 0.67× | ||
| Q3 25 | 0.17× | 1.05× | ||
| Q2 25 | 2.00× | 2.39× | ||
| Q1 25 | 2.29× | 1.99× | ||
| Q4 24 | -0.00× | 0.75× | ||
| Q3 24 | 2.29× | 0.95× | ||
| Q2 24 | 1.56× | 4.25× | ||
| Q1 24 | 0.05× | 1.87× |
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% |
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
