vs
阿波罗全球管理（APO）与罗塞塔石碑（STEP）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罗塞塔石碑的16.8倍（$9.9B vs $586.5M）。阿波罗全球管理净利率更高（6.9% vs -21.0%，领先28.0%）。阿波罗全球管理同比增速更快（86.7% vs 73.0%）。过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
APO vs STEP — 直观对比
营收规模更大
APO
是对方的16.8倍
$586.5M
营收增速更快
APO
高出13.7%
73.0%
净利率更高
APO
高出28.0%
-21.0%
两年增速更快
STEP
近两年复合增速
18.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $586.5M |
| 净利润 | $684.0M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | -33.2% |
| 净利率 | 6.9% | -21.0% |
| 营收同比 | 86.7% | 73.0% |
| 净利润同比 | -54.0% | 35.7% |
| 每股收益（稀释后） | $1.09 | $-1.55 |
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APOSTEP
| Q4 25 | $9.9B | $586.5M | ||
| Q3 25 | $9.8B | $454.2M | ||
| Q2 25 | $6.8B | $364.3M | ||
| Q1 25 | $5.5B | $377.7M | ||
| Q4 24 | $5.3B | $339.0M | ||
| Q3 24 | $7.8B | $271.7M | ||
| Q2 24 | $6.0B | $186.4M | ||
| Q1 24 | $7.0B | $356.8M |
净利润APOSTEP
| Q4 25 | $684.0M | $-123.5M | ||
| Q3 25 | $1.7B | $-366.1M | ||
| Q2 25 | $630.0M | $-38.4M | ||
| Q1 25 | $442.0M | $-18.5M | ||
| Q4 24 | $1.5B | $-192.0M | ||
| Q3 24 | $811.0M | $17.6M | ||
| Q2 24 | $853.0M | $13.3M | ||
| Q1 24 | $1.4B | $30.8M |
营业利润率APOSTEP
| Q4 25 | 17.8% | -33.2% | ||
| Q3 25 | 29.5% | -148.8% | ||
| Q2 25 | 12.4% | -5.6% | ||
| Q1 25 | 21.3% | 2.6% | ||
| Q4 24 | 32.6% | -101.7% | ||
| Q3 24 | 26.8% | 21.3% | ||
| Q2 24 | 23.9% | 29.4% | ||
| Q1 24 | 31.1% | 26.5% |
净利率APOSTEP
| Q4 25 | 6.9% | -21.0% | ||
| Q3 25 | 17.7% | -80.6% | ||
| Q2 25 | 9.2% | -10.5% | ||
| Q1 25 | 8.0% | -4.9% | ||
| Q4 24 | 28.1% | -56.6% | ||
| Q3 24 | 10.4% | 6.5% | ||
| Q2 24 | 14.2% | 7.2% | ||
| Q1 24 | 20.3% | 8.6% |
每股收益（稀释后）APOSTEP
| Q4 25 | $1.09 | $-1.55 | ||
| Q3 25 | $2.78 | $-4.66 | ||
| Q2 25 | $0.99 | $-0.49 | ||
| Q1 25 | $0.68 | $-0.37 | ||
| Q4 24 | $2.41 | $-2.61 | ||
| Q3 24 | $1.29 | $0.26 | ||
| Q2 24 | $1.35 | $0.20 | ||
| Q1 24 | $2.28 | $0.47 |
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 | $270.2M |
| 股东权益账面价值 | $23.3B | $-378.8M |
| 总资产 | $460.9B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
总债务APOSTEP
| Q4 25 | $13.4B | $270.2M | ||
| Q3 25 | $12.6B | $269.9M | ||
| Q2 25 | $12.1B | $269.6M | ||
| Q1 25 | $10.6B | $269.3M | ||
| Q4 24 | $10.6B | $168.9M | ||
| Q3 24 | $9.8B | $172.3M | ||
| Q2 24 | $9.8B | $172.1M | ||
| Q1 24 | $9.6B | $148.8M |
股东权益APOSTEP
| Q4 25 | $23.3B | $-378.8M | ||
| Q3 25 | $23.1B | $-233.5M | ||
| Q2 25 | $19.3B | $153.9M | ||
| Q1 25 | $18.0B | $179.4M | ||
| Q4 24 | $17.3B | $209.8M | ||
| Q3 24 | $17.9B | $397.5M | ||
| Q2 24 | $15.3B | $366.9M | ||
| Q1 24 | $14.8B | $324.5M |
总资产APOSTEP
| Q4 25 | $460.9B | $5.2B | ||
| Q3 25 | $449.5B | $5.3B | ||
| Q2 25 | $419.6B | $4.8B | ||
| Q1 25 | $395.0B | $4.6B | ||
| Q4 24 | $377.9B | $4.3B | ||
| Q3 24 | $368.7B | $4.0B | ||
| Q2 24 | $346.5B | $3.8B | ||
| Q1 24 | $334.1B | $3.8B |
负债/权益比APOSTEP
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | 1.75× | ||
| Q1 25 | 0.59× | 1.50× | ||
| Q4 24 | 0.61× | 0.81× | ||
| Q3 24 | 0.55× | 0.43× | ||
| Q2 24 | 0.64× | 0.47× | ||
| Q1 24 | 0.65× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 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 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流APOSTEP
| Q4 25 | $4.7B | $27.2M | ||
| Q3 25 | $303.0M | $16.2M | ||
| Q2 25 | $1.3B | $46.3M | ||
| Q1 25 | $1.0B | $-66.5M | ||
| Q4 24 | $-4.0M | $27.6M | ||
| Q3 24 | $1.9B | $53.7M | ||
| Q2 24 | $1.3B | $50.2M | ||
| Q1 24 | $70.0M | $7.6M |
自由现金流APOSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率APOSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度APOSTEP
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率APOSTEP
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | 3.05× | ||
| Q2 24 | 1.56× | 3.76× | ||
| Q1 24 | 0.05× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
