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阿波罗全球管理（APO）与富国银行（WFC）财务数据对比。点击上方公司名可切换其他公司
富国银行的季度营收约是阿波罗全球管理的2.2倍（$21.3B vs $9.9B），富国银行净利率更高（25.2% vs 6.9%，领先18.2%），阿波罗全球管理同比增速更快（86.7% vs 4.5%），过去两年阿波罗全球管理的营收复合增速更高（18.4% vs 1.0%）
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。
富国银行是美国头部跨国金融服务机构，位列美国四大银行之一，业务覆盖全球35个国家，为超7000万全球客户提供服务，被金融稳定委员会认定为系统重要性金融机构，具备较高的行业影响力。
APO vs WFC — 直观对比
营收规模更大
WFC
是对方的2.2倍
$9.9B
营收增速更快
APO
高出82.2%
4.5%
净利率更高
WFC
高出18.2%
6.9%
两年增速更快
APO
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $21.3B |
| 净利润 | $684.0M | $5.4B |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | 30.7% |
| 净利率 | 6.9% | 25.2% |
| 营收同比 | 86.7% | 4.5% |
| 净利润同比 | -54.0% | 5.6% |
| 每股收益（稀释后） | $1.09 | $1.61 |
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APOWFC
| Q4 25 | $9.9B | $21.3B | ||
| Q3 25 | $9.8B | $21.4B | ||
| Q2 25 | $6.8B | $20.8B | ||
| Q1 25 | $5.5B | $20.1B | ||
| Q4 24 | $5.3B | $20.4B | ||
| Q3 24 | $7.8B | $20.4B | ||
| Q2 24 | $6.0B | $20.7B | ||
| Q1 24 | $7.0B | $20.9B |
净利润APOWFC
| Q4 25 | $684.0M | $5.4B | ||
| Q3 25 | $1.7B | $5.6B | ||
| Q2 25 | $630.0M | $5.5B | ||
| Q1 25 | $442.0M | $4.9B | ||
| Q4 24 | $1.5B | $5.1B | ||
| Q3 24 | $811.0M | $5.1B | ||
| Q2 24 | $853.0M | $4.9B | ||
| Q1 24 | $1.4B | $4.6B |
营业利润率APOWFC
| Q4 25 | 17.8% | 30.7% | ||
| Q3 25 | 29.5% | 32.2% | ||
| Q2 25 | 12.4% | 30.9% | ||
| Q1 25 | 21.3% | 26.4% | ||
| Q4 24 | 32.6% | 26.4% | ||
| Q3 24 | 26.8% | 30.6% | ||
| Q2 24 | 23.9% | 29.8% | ||
| Q1 24 | 31.1% | 26.8% |
净利率APOWFC
| Q4 25 | 6.9% | 25.2% | ||
| Q3 25 | 17.7% | 26.1% | ||
| Q2 25 | 9.2% | 26.4% | ||
| Q1 25 | 8.0% | 24.3% | ||
| Q4 24 | 28.1% | 24.9% | ||
| Q3 24 | 10.4% | 25.1% | ||
| Q2 24 | 14.2% | 23.7% | ||
| Q1 24 | 20.3% | 22.1% |
每股收益（稀释后）APOWFC
| Q4 25 | $1.09 | $1.61 | ||
| Q3 25 | $2.78 | $1.66 | ||
| Q2 25 | $0.99 | $1.60 | ||
| Q1 25 | $0.68 | $1.39 | ||
| Q4 24 | $2.41 | $1.42 | ||
| Q3 24 | $1.29 | $1.42 | ||
| Q2 24 | $1.35 | $1.33 | ||
| Q1 24 | $2.28 | $1.20 |
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 | $174.7B |
| 股东权益账面价值 | $23.3B | $181.1B |
| 总资产 | $460.9B | $2148.6B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.96× |
8季度趋势，按日历期对齐
总债务APOWFC
| Q4 25 | $13.4B | $174.7B | ||
| Q3 25 | $12.6B | $177.8B | ||
| Q2 25 | $12.1B | $176.2B | ||
| Q1 25 | $10.6B | $173.7B | ||
| Q4 24 | $10.6B | $173.1B | ||
| Q3 24 | $9.8B | $182.0B | ||
| Q2 24 | $9.8B | $179.1B | ||
| Q1 24 | $9.6B | $187.8B |
股东权益APOWFC
| Q4 25 | $23.3B | $181.1B | ||
| Q3 25 | $23.1B | $181.2B | ||
| Q2 25 | $19.3B | $181.1B | ||
| Q1 25 | $18.0B | $181.1B | ||
| Q4 24 | $17.3B | $179.1B | ||
| Q3 24 | $17.9B | $183.3B | ||
| Q2 24 | $15.3B | $176.4B | ||
| Q1 24 | $14.8B | $180.9B |
总资产APOWFC
| Q4 25 | $460.9B | $2148.6B | ||
| Q3 25 | $449.5B | $2062.9B | ||
| Q2 25 | $419.6B | $1981.3B | ||
| Q1 25 | $395.0B | $1950.3B | ||
| Q4 24 | $377.9B | $1929.8B | ||
| Q3 24 | $368.7B | $1922.1B | ||
| Q2 24 | $346.5B | $1940.1B | ||
| Q1 24 | $334.1B | $1959.2B |
负债/权益比APOWFC
| Q4 25 | 0.57× | 0.96× | ||
| Q3 25 | 0.55× | 0.98× | ||
| Q2 25 | 0.63× | 0.97× | ||
| Q1 25 | 0.59× | 0.96× | ||
| Q4 24 | 0.61× | 0.97× | ||
| Q3 24 | 0.55× | 0.99× | ||
| Q2 24 | 0.64× | 1.02× | ||
| Q1 24 | 0.65× | 1.04× |
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 | $4.1B |
| 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× | 0.77× |
| 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APOWFC
| Q4 25 | $4.7B | $4.1B | ||
| Q3 25 | $303.0M | $-869.0M | ||
| Q2 25 | $1.3B | $-11.2B | ||
| Q1 25 | $1.0B | $-11.0B | ||
| Q4 24 | $-4.0M | $8.9B | ||
| Q3 24 | $1.9B | $4.2B | ||
| Q2 24 | $1.3B | $2.0B | ||
| Q1 24 | $70.0M | $-12.1B |
现金转化率APOWFC
| Q4 25 | 6.83× | 0.77× | ||
| Q3 25 | 0.17× | -0.16× | ||
| Q2 25 | 2.00× | -2.04× | ||
| Q1 25 | 2.29× | -2.26× | ||
| Q4 24 | -0.00× | 1.75× | ||
| Q3 24 | 2.29× | 0.82× | ||
| Q2 24 | 1.56× | 0.42× | ||
| Q1 24 | 0.05× | -2.63× |
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% |
WFC
| Other | $5.2B | 24% |
| Wealth And Investment Management | $3.4B | 16% |
| Investment Advisory Management And Administrative Service | $2.8B | 13% |
| Corporate And Investment Banking | $2.5B | 12% |
| Consumer Banking And Lending | $2.0B | 10% |
| Commercial Portfolio Segment | $1.1B | 5% |
| Commercial Banking | $1.1B | 5% |
| Credit Card Rewards And Rebates | $859.0M | 4% |
| Investment Advice | $716.0M | 3% |
| Deposit Account | $692.0M | 3% |
| Commissions And Brokerage Service Fees | $657.0M | 3% |
| Trailing Commission | $250.0M | 1% |
