vs
阿波罗全球管理（APO）与标普全球（SPGI）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标普全球的2.5倍（$9.9B vs $3.9B）。标普全球净利率更高（28.9% vs 6.9%，领先22.0%）。阿波罗全球管理同比增速更快（86.7% vs 9.0%）。过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 5.9%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
APO vs SPGI — 直观对比
营收规模更大
APO
是对方的2.5倍
$3.9B
营收增速更快
APO
高出77.7%
9.0%
净利率更高
SPGI
高出22.0%
6.9%
两年增速更快
APO
近两年复合增速
5.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $3.9B |
| 净利润 | $684.0M | $1.1B |
| 毛利率 | — | 70.1% |
| 营业利润率 | 17.8% | 42.7% |
| 净利率 | 6.9% | 28.9% |
| 营收同比 | 86.7% | 9.0% |
| 净利润同比 | -54.0% | 28.9% |
| 每股收益（稀释后） | $1.09 | $3.76 |
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APOSPGI
| Q4 25 | $9.9B | $3.9B | ||
| Q3 25 | $9.8B | $3.9B | ||
| Q2 25 | $6.8B | $3.8B | ||
| Q1 25 | $5.5B | $3.8B | ||
| Q4 24 | $5.3B | $3.6B | ||
| Q3 24 | $7.8B | $3.6B | ||
| Q2 24 | $6.0B | $3.5B | ||
| Q1 24 | $7.0B | $3.5B |
净利润APOSPGI
| Q4 25 | $684.0M | $1.1B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $630.0M | $1.1B | ||
| Q1 25 | $442.0M | $1.1B | ||
| Q4 24 | $1.5B | $879.0M | ||
| Q3 24 | $811.0M | $971.0M | ||
| Q2 24 | $853.0M | $1.0B | ||
| Q1 24 | $1.4B | $991.0M |
毛利率APOSPGI
| Q4 25 | — | 70.1% | ||
| Q3 25 | — | 71.2% | ||
| Q2 25 | — | 70.2% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 69.8% | ||
| Q3 24 | — | 70.0% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.9% |
营业利润率APOSPGI
| Q4 25 | 17.8% | 42.7% | ||
| Q3 25 | 29.5% | 43.1% | ||
| Q2 25 | 12.4% | 41.3% | ||
| Q1 25 | 21.3% | 41.8% | ||
| Q4 24 | 32.6% | 36.4% | ||
| Q3 24 | 26.8% | 40.1% | ||
| Q2 24 | 23.9% | 40.9% | ||
| Q1 24 | 31.1% | 39.7% |
净利率APOSPGI
| Q4 25 | 6.9% | 28.9% | ||
| Q3 25 | 17.7% | 30.2% | ||
| Q2 25 | 9.2% | 28.5% | ||
| Q1 25 | 8.0% | 28.9% | ||
| Q4 24 | 28.1% | 24.5% | ||
| Q3 24 | 10.4% | 27.2% | ||
| Q2 24 | 14.2% | 28.5% | ||
| Q1 24 | 20.3% | 28.4% |
每股收益（稀释后）APOSPGI
| Q4 25 | $1.09 | $3.76 | ||
| Q3 25 | $2.78 | $3.86 | ||
| Q2 25 | $0.99 | $3.50 | ||
| Q1 25 | $0.68 | $3.54 | ||
| Q4 24 | $2.41 | $2.85 | ||
| Q3 24 | $1.29 | $3.11 | ||
| Q2 24 | $1.35 | $3.23 | ||
| Q1 24 | $2.28 | $3.16 |
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 | — | $1.8B |
| 总债务越低越好 | $13.4B | $13.1B |
| 股东权益账面价值 | $23.3B | $31.1B |
| 总资产 | $460.9B | $61.2B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资APOSPGI
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.5B |
总债务APOSPGI
| Q4 25 | $13.4B | $13.1B | ||
| Q3 25 | $12.6B | $11.4B | ||
| Q2 25 | $12.1B | $11.4B | ||
| Q1 25 | $10.6B | $11.4B | ||
| Q4 24 | $10.6B | $11.4B | ||
| Q3 24 | $9.8B | $11.4B | ||
| Q2 24 | $9.8B | $11.4B | ||
| Q1 24 | $9.6B | $11.7B |
股东权益APOSPGI
| Q4 25 | $23.3B | $31.1B | ||
| Q3 25 | $23.1B | $33.1B | ||
| Q2 25 | $19.3B | $33.4B | ||
| Q1 25 | $18.0B | $33.4B | ||
| Q4 24 | $17.3B | $33.2B | ||
| Q3 24 | $17.9B | $34.0B | ||
| Q2 24 | $15.3B | $34.9B | ||
| Q1 24 | $14.8B | $34.3B |
总资产APOSPGI
| Q4 25 | $460.9B | $61.2B | ||
| Q3 25 | $449.5B | $59.7B | ||
| Q2 25 | $419.6B | $60.4B | ||
| Q1 25 | $395.0B | $59.9B | ||
| Q4 24 | $377.9B | $60.2B | ||
| Q3 24 | $368.7B | $60.4B | ||
| Q2 24 | $346.5B | $61.0B | ||
| Q1 24 | $334.1B | $60.5B |
负债/权益比APOSPGI
| Q4 25 | 0.57× | 0.42× | ||
| Q3 25 | 0.55× | 0.34× | ||
| Q2 25 | 0.63× | 0.34× | ||
| Q1 25 | 0.59× | 0.34× | ||
| Q4 24 | 0.61× | 0.34× | ||
| Q3 24 | 0.55× | 0.34× | ||
| Q2 24 | 0.64× | 0.33× | ||
| Q1 24 | 0.65× | 0.34× |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.7B |
| 自由现金流率自由现金流/营收 | — | 43.5% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 6.83× | 1.54× |
| 过去12个月自由现金流最近4个季度 | — | $5.5B |
8季度趋势，按日历期对齐
经营现金流APOSPGI
| Q4 25 | $4.7B | $1.7B | ||
| Q3 25 | $303.0M | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.0B | $953.0M | ||
| Q4 24 | $-4.0M | $1.7B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $70.0M | $948.0M |
自由现金流APOSPGI
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $910.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $924.0M |
自由现金流率APOSPGI
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 42.9% | ||
| Q1 24 | — | 26.5% |
资本支出强度APOSPGI
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 0.7% |
现金转化率APOSPGI
| Q4 25 | 6.83× | 1.54× | ||
| Q3 25 | 0.17× | 1.28× | ||
| Q2 25 | 2.00× | 1.35× | ||
| Q1 25 | 2.29× | 0.87× | ||
| Q4 24 | -0.00× | 1.98× | ||
| Q3 24 | 2.29× | 1.49× | ||
| Q2 24 | 1.56× | 1.54× | ||
| 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% |
SPGI
| Subscription | $1.1B | 27% |
| Other | $706.0M | 18% |
| Non Transaction | $602.0M | 15% |
| Indices Segment | $495.0M | 13% |
| Mobility Segment | $444.0M | 11% |
| Asset Linked Fees | $329.0M | 8% |
| Recurring Variable Revenue | $157.0M | 4% |
| Related Party | $46.0M | 1% |
| Non Subscription Transaction | $45.0M | 1% |
| Sales Usage Based Royalties | $30.0M | 1% |
