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阿波罗全球管理（APO）与Northern Trust（NTRS）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Northern Trust的4.5倍（$9.9B vs $2.2B），Northern Trust净利率更高（23.7% vs 6.9%，领先16.8%），阿波罗全球管理同比增速更快（86.7% vs 13.8%），过去两年Northern Trust的营收复合增速更高（37.8% vs 18.4%）
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。
Northern Trust是总部位于美国伊利诺伊州芝加哥的专业金融服务企业，主要服务对象包括各类企业、机构投资者以及超高净值个人客户，是美国规模最大、持续运营历史最悠久的银行机构之一。截至2025年12月末，其管理资产规模达1.8万亿美元，托管资产规模达14.9万亿美元。
APO vs NTRS — 直观对比
营收规模更大
APO
是对方的4.5倍
$2.2B
营收增速更快
APO
高出73.0%
13.8%
净利率更高
NTRS
高出16.8%
6.9%
两年增速更快
NTRS
近两年复合增速
18.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $2.2B |
| 净利润 | $684.0M | $525.5M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | — |
| 净利率 | 6.9% | 23.7% |
| 营收同比 | 86.7% | 13.8% |
| 净利润同比 | -54.0% | 13.0% |
| 每股收益（稀释后） | $1.09 | $2.71 |
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APONTRS
| Q1 26 | — | $2.2B | ||
| Q4 25 | $9.9B | $1.3B | ||
| Q3 25 | $9.8B | $1.3B | ||
| Q2 25 | $6.8B | $1.2B | ||
| Q1 25 | $5.5B | $1.2B | ||
| Q4 24 | $5.3B | $1.2B | ||
| Q3 24 | $7.8B | $1.2B | ||
| Q2 24 | $6.0B | $1.2B |
净利润APONTRS
| Q1 26 | — | $525.5M | ||
| Q4 25 | $684.0M | $466.0M | ||
| Q3 25 | $1.7B | $457.6M | ||
| Q2 25 | $630.0M | $421.3M | ||
| Q1 25 | $442.0M | $392.0M | ||
| Q4 24 | $1.5B | $455.4M | ||
| Q3 24 | $811.0M | $464.9M | ||
| Q2 24 | $853.0M | $896.1M |
营业利润率APONTRS
| Q1 26 | — | — | ||
| Q4 25 | 17.8% | 48.5% | ||
| Q3 25 | 29.5% | 49.0% | ||
| Q2 25 | 12.4% | 45.9% | ||
| Q1 25 | 21.3% | 43.0% | ||
| Q4 24 | 32.6% | 48.6% | ||
| Q3 24 | 26.8% | 50.2% | ||
| Q2 24 | 23.9% | — |
净利率APONTRS
| Q1 26 | — | 23.7% | ||
| Q4 25 | 6.9% | 35.6% | ||
| Q3 25 | 17.7% | 36.2% | ||
| Q2 25 | 9.2% | 34.2% | ||
| Q1 25 | 8.0% | 32.3% | ||
| Q4 24 | 28.1% | 37.3% | ||
| Q3 24 | 10.4% | 38.9% | ||
| Q2 24 | 14.2% | 76.8% |
每股收益（稀释后）APONTRS
| Q1 26 | — | $2.71 | ||
| Q4 25 | $1.09 | $2.42 | ||
| Q3 25 | $2.78 | $2.29 | ||
| Q2 25 | $0.99 | $2.13 | ||
| Q1 25 | $0.68 | $1.90 | ||
| Q4 24 | $2.41 | $2.25 | ||
| Q3 24 | $1.29 | $2.22 | ||
| Q2 24 | $1.35 | $4.34 |
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 | $2.9B |
| 股东权益账面价值 | $23.3B | $13.0B |
| 总资产 | $460.9B | $174.6B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.22× |
8季度趋势，按日历期对齐
总债务APONTRS
| Q1 26 | — | $2.9B | ||
| Q4 25 | $13.4B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — |
股东权益APONTRS
| Q1 26 | — | $13.0B | ||
| Q4 25 | $23.3B | $13.0B | ||
| Q3 25 | $23.1B | $13.0B | ||
| Q2 25 | $19.3B | $12.9B | ||
| Q1 25 | $18.0B | $12.9B | ||
| Q4 24 | $17.3B | $12.8B | ||
| Q3 24 | $17.9B | $12.7B | ||
| Q2 24 | $15.3B | $12.7B |
总资产APONTRS
| Q1 26 | — | $174.6B | ||
| Q4 25 | $460.9B | $177.1B | ||
| Q3 25 | $449.5B | $170.3B | ||
| Q2 25 | $419.6B | $171.9B | ||
| Q1 25 | $395.0B | $165.1B | ||
| Q4 24 | $377.9B | $155.5B | ||
| Q3 24 | $368.7B | $155.8B | ||
| Q2 24 | $346.5B | $156.8B |
负债/权益比APONTRS
| Q1 26 | — | 0.22× | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.64× | — |
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 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流APONTRS
| Q1 26 | — | — | ||
| Q4 25 | $4.7B | $388.4M | ||
| Q3 25 | $303.0M | $525.8M | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.0B | $2.7B | ||
| Q4 24 | $-4.0M | $-2.6B | ||
| Q3 24 | $1.9B | $611.1M | ||
| Q2 24 | $1.3B | $3.0B |
自由现金流APONTRS
| Q1 26 | — | — | ||
| Q4 25 | — | $355.6M | ||
| Q3 25 | — | $509.4M | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $-2.7B | ||
| Q3 24 | — | $585.4M | ||
| Q2 24 | — | $3.0B |
自由现金流率APONTRS
| Q1 26 | — | — | ||
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 40.3% | ||
| Q2 25 | — | 150.8% | ||
| Q1 25 | — | 225.5% | ||
| Q4 24 | — | -218.9% | ||
| Q3 24 | — | 48.9% | ||
| Q2 24 | — | 254.7% |
资本支出强度APONTRS
| Q1 26 | — | — | ||
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 1.8% |
现金转化率APONTRS
| Q1 26 | — | — | ||
| Q4 25 | 6.83× | 0.83× | ||
| Q3 25 | 0.17× | 1.15× | ||
| Q2 25 | 2.00× | 4.44× | ||
| Q1 25 | 2.29× | 7.01× | ||
| Q4 24 | -0.00× | -5.79× | ||
| Q3 24 | 2.29× | 1.31× | ||
| Q2 24 | 1.56× | 3.34× |
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% |
NTRS
| Trust, Investment and Other Servicing Fees | $1.3B | 61% |
| Other | $871.8M | 39% |
