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阿波罗全球管理（APO）与德太投资（TPG）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德太投资的13.8倍（$9.9B vs $715.1M）。德太投资净利率更高（10.8% vs 6.9%，领先3.8%）。阿波罗全球管理同比增速更快（86.7% vs 35.6%）。过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 18.1%）
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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
APO vs TPG — 直观对比
营收规模更大
APO
是对方的13.8倍
$715.1M
营收增速更快
APO
高出51.1%
35.6%
净利率更高
TPG
高出3.8%
6.9%
两年增速更快
APO
近两年复合增速
18.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $715.1M |
| 净利润 | $684.0M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | — |
| 净利率 | 6.9% | 10.8% |
| 营收同比 | 86.7% | 35.6% |
| 净利润同比 | -54.0% | 494.1% |
| 每股收益（稀释后） | $1.09 | $0.30 |
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APOTPG
| Q4 25 | $9.9B | $715.1M | ||
| Q3 25 | $9.8B | $596.5M | ||
| Q2 25 | $6.8B | $569.1M | ||
| Q1 25 | $5.5B | $543.5M | ||
| Q4 24 | $5.3B | $527.2M | ||
| Q3 24 | $7.8B | $524.7M | ||
| Q2 24 | $6.0B | $522.8M | ||
| Q1 24 | $7.0B | $512.3M |
净利润APOTPG
| Q4 25 | $684.0M | $77.1M | ||
| Q3 25 | $1.7B | $67.1M | ||
| Q2 25 | $630.0M | $14.9M | ||
| Q1 25 | $442.0M | $25.4M | ||
| Q4 24 | $1.5B | $13.0M | ||
| Q3 24 | $811.0M | $9.0M | ||
| Q2 24 | $853.0M | $-14.0M | ||
| Q1 24 | $1.4B | $15.5M |
营业利润率APOTPG
| Q4 25 | 17.8% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | 21.3% | — | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 26.8% | — | ||
| Q2 24 | 23.9% | — | ||
| Q1 24 | 31.1% | — |
净利率APOTPG
| Q4 25 | 6.9% | 10.8% | ||
| Q3 25 | 17.7% | 11.3% | ||
| Q2 25 | 9.2% | 2.6% | ||
| Q1 25 | 8.0% | 4.7% | ||
| Q4 24 | 28.1% | 2.5% | ||
| Q3 24 | 10.4% | 1.7% | ||
| Q2 24 | 14.2% | -2.7% | ||
| Q1 24 | 20.3% | 3.0% |
每股收益（稀释后）APOTPG
| Q4 25 | $1.09 | $0.30 | ||
| Q3 25 | $2.78 | $0.20 | ||
| Q2 25 | $0.99 | $-0.05 | ||
| Q1 25 | $0.68 | $0.00 | ||
| Q4 24 | $2.41 | $-0.04 | ||
| Q3 24 | $1.29 | $-0.08 | ||
| Q2 24 | $1.35 | $-0.19 | ||
| Q1 24 | $2.28 | $-0.11 |
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 | — | $826.1M |
| 总债务越低越好 | $13.4B | $1.7B |
| 股东权益账面价值 | $23.3B | $4.1B |
| 总资产 | $460.9B | $13.5B |
| 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APOTPG
| Q4 25 | — | $826.1M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $822.0M | ||
| Q4 24 | — | $808.0M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
总债务APOTPG
| Q4 25 | $13.4B | $1.7B | ||
| Q3 25 | $12.6B | $1.8B | ||
| Q2 25 | $12.1B | $1.6B | ||
| Q1 25 | $10.6B | $1.5B | ||
| Q4 24 | $10.6B | $1.3B | ||
| Q3 24 | $9.8B | $1.3B | ||
| Q2 24 | $9.8B | $1.2B | ||
| Q1 24 | $9.6B | $1.2B |
股东权益APOTPG
| Q4 25 | $23.3B | $4.1B | ||
| Q3 25 | $23.1B | $3.8B | ||
| Q2 25 | $19.3B | $3.6B | ||
| Q1 25 | $18.0B | $3.5B | ||
| Q4 24 | $17.3B | $3.6B | ||
| Q3 24 | $17.9B | $3.4B | ||
| Q2 24 | $15.3B | $3.3B | ||
| Q1 24 | $14.8B | $3.3B |
总资产APOTPG
| Q4 25 | $460.9B | $13.5B | ||
| Q3 25 | $449.5B | $13.0B | ||
| Q2 25 | $419.6B | $12.0B | ||
| Q1 25 | $395.0B | $11.3B | ||
| Q4 24 | $377.9B | $10.5B | ||
| Q3 24 | $368.7B | $10.5B | ||
| Q2 24 | $346.5B | $10.1B | ||
| Q1 24 | $334.1B | $9.9B |
负债/权益比APOTPG
| Q4 25 | 0.57× | 0.42× | ||
| Q3 25 | 0.55× | 0.47× | ||
| Q2 25 | 0.63× | 0.45× | ||
| Q1 25 | 0.59× | 0.42× | ||
| Q4 24 | 0.61× | 0.36× | ||
| Q3 24 | 0.55× | 0.39× | ||
| Q2 24 | 0.64× | 0.37× | ||
| Q1 24 | 0.65× | 0.37× |
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 | $-43.7M |
| 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× | -0.57× |
| 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APOTPG
| Q4 25 | $4.7B | $-43.7M | ||
| Q3 25 | $303.0M | $492.0M | ||
| Q2 25 | $1.3B | $385.9M | ||
| Q1 25 | $1.0B | $198.2M | ||
| Q4 24 | $-4.0M | $-188.1M | ||
| Q3 24 | $1.9B | $68.9M | ||
| Q2 24 | $1.3B | $214.6M | ||
| Q1 24 | $70.0M | $436.7M |
现金转化率APOTPG
| Q4 25 | 6.83× | -0.57× | ||
| Q3 25 | 0.17× | 7.33× | ||
| Q2 25 | 2.00× | 25.83× | ||
| Q1 25 | 2.29× | 7.80× | ||
| Q4 24 | -0.00× | -14.49× | ||
| Q3 24 | 2.29× | 7.69× | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 0.05× | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
