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安波福（APTV）与黑石集团（BX）财务数据对比。点击上方公司名可切换其他公司
安波福的季度营收约是黑石集团的1.6倍（$5.2B vs $3.3B），黑石集团净利率更高（36.7% vs 2.7%，领先34.1%），安波福同比增速更快（5.0% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs 2.5%）
安波福（Aptiv）是源自美国的全球知名汽车技术供应商，总部设于瑞士沙夫豪森。其前身是通用汽车旗下的零部件业务板块，后独立为德尔福汽车系统，经业务拆分重组后正式成立安波福，服务全球各大整车制造企业。
黑石集团是总部位于美国纽约的另类资产管理机构，1985年由曾共同任职于雷曼兄弟的彼得·彼得森和斯蒂芬·施瓦茨曼创立，最初主营并购咨询业务。过去三十年间，其私募股权业务是全球最大的杠杆收购投资方之一，地产业务也在全球积极布局商业不动产投资。
APTV vs BX — 直观对比
营收规模更大
APTV
是对方的1.6倍
$3.3B
营收增速更快
APTV
高出82.8%
-77.7%
净利率更高
BX
高出34.1%
2.7%
两年增速更快
BX
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.2B | $3.3B |
| 净利润 | $138.0M | $1.2B |
| 毛利率 | 18.7% | — |
| 营业利润率 | 8.2% | — |
| 净利率 | 2.7% | 36.7% |
| 营收同比 | 5.0% | -77.7% |
| 净利润同比 | -48.5% | -76.1% |
| 每股收益（稀释后） | $0.63 | $0.80 |
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APTVBX
| Q1 26 | — | $3.3B | ||
| Q4 25 | $5.2B | $4.4B | ||
| Q3 25 | $5.2B | $3.1B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $4.8B | $3.3B | ||
| Q4 24 | $4.9B | $3.1B | ||
| Q3 24 | $4.9B | $3.7B | ||
| Q2 24 | $5.1B | $2.8B |
净利润APTVBX
| Q1 26 | — | $1.2B | ||
| Q4 25 | $138.0M | $1.0B | ||
| Q3 25 | $-355.0M | $624.9M | ||
| Q2 25 | $393.0M | $764.2M | ||
| Q1 25 | $-11.0M | $614.9M | ||
| Q4 24 | $268.0M | $703.9M | ||
| Q3 24 | $363.0M | $780.8M | ||
| Q2 24 | $938.0M | $444.4M |
毛利率APTVBX
| Q1 26 | — | — | ||
| Q4 25 | 18.7% | — | ||
| Q3 25 | 19.5% | — | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 19.6% | — | ||
| Q3 24 | 18.6% | — | ||
| Q2 24 | 19.2% | — |
营业利润率APTVBX
| Q1 26 | — | — | ||
| Q4 25 | 8.2% | 54.1% | ||
| Q3 25 | -3.4% | 46.8% | ||
| Q2 25 | 9.3% | 51.6% | ||
| Q1 25 | 9.3% | 44.2% | ||
| Q4 24 | 9.8% | 50.6% | ||
| Q3 24 | 10.4% | 49.4% | ||
| Q2 24 | 8.7% | 43.2% |
净利率APTVBX
| Q1 26 | — | 36.7% | ||
| Q4 25 | 2.7% | 23.3% | ||
| Q3 25 | -6.8% | 20.2% | ||
| Q2 25 | 7.5% | 20.6% | ||
| Q1 25 | -0.2% | 18.7% | ||
| Q4 24 | 5.5% | 22.8% | ||
| Q3 24 | 7.5% | 21.3% | ||
| Q2 24 | 18.6% | 15.9% |
每股收益（稀释后）APTVBX
| Q1 26 | — | $0.80 | ||
| Q4 25 | $0.63 | $1.29 | ||
| Q3 25 | $-1.63 | $0.80 | ||
| Q2 25 | $1.80 | $0.98 | ||
| Q1 25 | $-0.05 | $0.80 | ||
| Q4 24 | $1.22 | $0.91 | ||
| Q3 24 | $1.48 | $1.02 | ||
| Q2 24 | $3.47 | $0.58 |
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 | $1.9B | $2.4B |
| 总债务越低越好 | $7.5B | — |
| 股东权益账面价值 | $9.2B | $18.5B |
| 总资产 | $23.4B | $45.3B |
| 负债/权益比越低杠杆越低 | 0.81× | — |
8季度趋势，按日历期对齐
现金及短期投资APTVBX
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.9B | $2.6B | ||
| Q3 25 | $1.6B | $2.4B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $2.2B | $2.4B |
总债务APTVBX
| Q1 26 | — | — | ||
| Q4 25 | $7.5B | $12.6B | ||
| Q3 25 | $7.6B | $12.1B | ||
| Q2 25 | $7.8B | $12.1B | ||
| Q1 25 | $7.6B | $12.6B | ||
| Q4 24 | $7.8B | $11.5B | ||
| Q3 24 | $8.3B | $10.9B | ||
| Q2 24 | $5.5B | $10.8B |
股东权益APTVBX
| Q1 26 | — | $18.5B | ||
| Q4 25 | $9.2B | $8.7B | ||
| Q3 25 | $9.3B | $8.4B | ||
| Q2 25 | $9.7B | $8.4B | ||
| Q1 25 | $9.0B | $8.0B | ||
| Q4 24 | $8.8B | $8.2B | ||
| Q3 24 | $8.9B | $7.0B | ||
| Q2 24 | $11.5B | $6.8B |
总资产APTVBX
| Q1 26 | — | $45.3B | ||
| Q4 25 | $23.4B | $47.7B | ||
| Q3 25 | $23.5B | $46.6B | ||
| Q2 25 | $23.9B | $45.4B | ||
| Q1 25 | $23.1B | $45.3B | ||
| Q4 24 | $23.5B | $43.5B | ||
| Q3 24 | $24.8B | $42.6B | ||
| Q2 24 | $24.8B | $40.6B |
负债/权益比APTVBX
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | 1.45× | ||
| Q3 25 | 0.82× | 1.44× | ||
| Q2 25 | 0.80× | 1.45× | ||
| Q1 25 | 0.85× | 1.58× | ||
| Q4 24 | 0.89× | 1.40× | ||
| Q3 24 | 0.93× | 1.55× | ||
| Q2 24 | 0.48× | 1.58× |
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 | $818.0M | — |
| 自由现金流经营现金流 - 资本支出 | $651.0M | — |
| 自由现金流率自由现金流/营收 | 12.6% | — |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 现金转化率经营现金流/净利润 | 5.93× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流APTVBX
| Q1 26 | — | — | ||
| Q4 25 | $818.0M | $1.1B | ||
| Q3 25 | $584.0M | $1.6B | ||
| Q2 25 | $510.0M | $888.5M | ||
| Q1 25 | $273.0M | $1.1B | ||
| Q4 24 | $1.1B | $161.4M | ||
| Q3 24 | $499.0M | $1.2B | ||
| Q2 24 | $643.0M | $1.2B |
自由现金流APTVBX
| Q1 26 | — | — | ||
| Q4 25 | $651.0M | $1.0B | ||
| Q3 25 | $441.0M | $1.6B | ||
| Q2 25 | $361.0M | $848.4M | ||
| Q1 25 | $76.0M | $1.1B | ||
| Q4 24 | $894.0M | $149.5M | ||
| Q3 24 | $326.0M | $1.2B | ||
| Q2 24 | $417.0M | $1.1B |
自由现金流率APTVBX
| Q1 26 | — | — | ||
| Q4 25 | 12.6% | 24.0% | ||
| Q3 25 | 8.5% | 51.0% | ||
| Q2 25 | 6.9% | 22.9% | ||
| Q1 25 | 1.6% | 32.8% | ||
| Q4 24 | 18.2% | 4.9% | ||
| Q3 24 | 6.7% | 32.8% | ||
| Q2 24 | 8.3% | 41.0% |
资本支出强度APTVBX
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 0.5% | ||
| Q3 25 | 2.7% | 0.8% | ||
| Q2 25 | 2.9% | 1.1% | ||
| Q1 25 | 4.1% | 0.9% | ||
| Q4 24 | 3.4% | 0.4% | ||
| Q3 24 | 3.6% | 0.5% | ||
| Q2 24 | 4.5% | 0.4% |
现金转化率APTVBX
| Q1 26 | — | — | ||
| Q4 25 | 5.93× | 1.05× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | 1.30× | 1.16× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | 3.96× | 0.23× | ||
| Q3 24 | 1.37× | 1.56× | ||
| Q2 24 | 0.69× | 2.61× |
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
APTV
| Electrical Distribution Systems | $2.3B | 45% |
| Engineered Components Group | $1.4B | 28% |
| Active Safety | $716.0M | 14% |
| User Experience And Other | $564.0M | 11% |
| Smart Vehicle Compute And Software | $154.0M | 3% |
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
