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阿波罗全球管理（APO）与美国合众银行（USB）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国合众银行的1.3倍（$9.9B vs $7.4B），美国合众银行净利率更高（27.8% vs 6.9%，领先20.8%），阿波罗全球管理同比增速更快（86.7% vs 5.1%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 4.7%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
APO vs USB — 直观对比
营收规模更大
APO
是对方的1.3倍
$7.4B
营收增速更快
APO
高出81.6%
5.1%
净利率更高
USB
高出20.8%
6.9%
两年增速更快
APO
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $7.4B |
| 净利润 | $684.0M | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 34.4% |
| 净利率 | 6.9% | 27.8% |
| 营收同比 | 86.7% | 5.1% |
| 净利润同比 | -54.0% | 23.0% |
| 每股收益（稀释后） | $1.09 | $1.26 |
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APOUSB
| Q4 25 | $9.9B | $7.4B | ||
| Q3 25 | $9.8B | $7.3B | ||
| Q2 25 | $6.8B | $7.0B | ||
| Q1 25 | $5.5B | $7.0B | ||
| Q4 24 | $5.3B | $7.0B | ||
| Q3 24 | $7.8B | $6.9B | ||
| Q2 24 | $6.0B | $6.9B | ||
| Q1 24 | $7.0B | $6.7B |
净利润APOUSB
| Q4 25 | $684.0M | $2.0B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $630.0M | $1.8B | ||
| Q1 25 | $442.0M | $1.7B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $811.0M | $1.7B | ||
| Q2 24 | $853.0M | $1.6B | ||
| Q1 24 | $1.4B | $1.3B |
营业利润率APOUSB
| Q4 25 | 17.8% | 34.4% | ||
| Q3 25 | 29.5% | 34.5% | ||
| Q2 25 | 12.4% | 32.7% | ||
| Q1 25 | 21.3% | 31.0% | ||
| Q4 24 | 32.6% | 30.1% | ||
| Q3 24 | 26.8% | 30.2% | ||
| Q2 24 | 23.9% | 29.9% | ||
| Q1 24 | 31.1% | 24.9% |
净利率APOUSB
| Q4 25 | 6.9% | 27.8% | ||
| Q3 25 | 17.7% | 27.3% | ||
| Q2 25 | 9.2% | 25.9% | ||
| Q1 25 | 8.0% | 24.6% | ||
| Q4 24 | 28.1% | 23.7% | ||
| Q3 24 | 10.4% | 25.0% | ||
| Q2 24 | 14.2% | 23.3% | ||
| Q1 24 | 20.3% | 19.6% |
每股收益（稀释后）APOUSB
| Q4 25 | $1.09 | $1.26 | ||
| Q3 25 | $2.78 | $1.22 | ||
| Q2 25 | $0.99 | $1.11 | ||
| Q1 25 | $0.68 | $1.03 | ||
| Q4 24 | $2.41 | $1.01 | ||
| Q3 24 | $1.29 | $1.03 | ||
| Q2 24 | $1.35 | $0.97 | ||
| Q1 24 | $2.28 | $0.78 |
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 | — |
| 股东权益账面价值 | $23.3B | $65.2B |
| 总资产 | $460.9B | $692.3B |
| 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APOUSB
| 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 | — | ||
| Q1 24 | $9.6B | — |
股东权益APOUSB
| Q4 25 | $23.3B | $65.2B | ||
| Q3 25 | $23.1B | $63.3B | ||
| Q2 25 | $19.3B | $61.4B | ||
| Q1 25 | $18.0B | $60.1B | ||
| Q4 24 | $17.3B | $58.6B | ||
| Q3 24 | $17.9B | $58.9B | ||
| Q2 24 | $15.3B | $56.4B | ||
| Q1 24 | $14.8B | $55.6B |
总资产APOUSB
| Q4 25 | $460.9B | $692.3B | ||
| Q3 25 | $449.5B | $695.4B | ||
| Q2 25 | $419.6B | $686.4B | ||
| Q1 25 | $395.0B | $676.5B | ||
| Q4 24 | $377.9B | $678.3B | ||
| Q3 24 | $368.7B | $686.5B | ||
| Q2 24 | $346.5B | $680.1B | ||
| Q1 24 | $334.1B | $683.6B |
负债/权益比APOUSB
| 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× | — | ||
| Q1 24 | 0.65× | — |
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 | $2.8B |
| 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× | 1.39× |
| 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APOUSB
| Q4 25 | $4.7B | $2.8B | ||
| Q3 25 | $303.0M | $3.4B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.0B | $-285.0M | ||
| Q4 24 | $-4.0M | $4.8B | ||
| Q3 24 | $1.9B | $972.0M | ||
| Q2 24 | $1.3B | $2.9B | ||
| Q1 24 | $70.0M | $2.7B |
现金转化率APOUSB
| Q4 25 | 6.83× | 1.39× | ||
| Q3 25 | 0.17× | 1.69× | ||
| Q2 25 | 2.00× | 1.12× | ||
| Q1 25 | 2.29× | -0.17× | ||
| Q4 24 | -0.00× | 2.87× | ||
| Q3 24 | 2.29× | 0.57× | ||
| Q2 24 | 1.56× | 1.79× | ||
| Q1 24 | 0.05× | 2.02× |
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% |
USB
暂无分部数据
