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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）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
AMERICAN AXLE & MANUFACTURING HOLDINGS INC的季度营收约是德太投资的1.9倍（$1.4B vs $715.1M），德太投资净利率更高（10.8% vs -5.4%，领先16.2%），德太投资同比增速更快（35.6% vs 0.2%），过去两年德太投资的营收复合增速更高（18.1% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs TPG — 直观对比
营收规模更大
AXL
是对方的1.9倍
$715.1M
营收增速更快
TPG
高出35.4%
0.2%
净利率更高
TPG
高出16.2%
-5.4%
两年增速更快
TPG
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $715.1M |
| 净利润 | $-75.3M | $77.1M |
| 毛利率 | 10.2% | — |
| 营业利润率 | -2.4% | — |
| 净利率 | -5.4% | 10.8% |
| 营收同比 | 0.2% | 35.6% |
| 净利润同比 | -449.6% | 494.1% |
| 每股收益（稀释后） | $-0.62 | $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AXLTPG
| Q4 25 | $1.4B | $715.1M | ||
| Q3 25 | $1.5B | $596.5M | ||
| Q2 25 | $1.5B | $569.1M | ||
| Q1 25 | $1.4B | $543.5M | ||
| Q4 24 | $1.4B | $527.2M | ||
| Q3 24 | $1.5B | $524.7M | ||
| Q2 24 | $1.6B | $522.8M | ||
| Q1 24 | $1.6B | $512.3M |
净利润AXLTPG
| Q4 25 | $-75.3M | $77.1M | ||
| Q3 25 | $9.2M | $67.1M | ||
| Q2 25 | $39.3M | $14.9M | ||
| Q1 25 | $7.1M | $25.4M | ||
| Q4 24 | $-13.7M | $13.0M | ||
| Q3 24 | $10.0M | $9.0M | ||
| Q2 24 | $18.2M | $-14.0M | ||
| Q1 24 | $20.5M | $15.5M |
毛利率AXLTPG
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 13.3% | — | ||
| Q1 24 | 12.4% | — |
营业利润率AXLTPG
| Q4 25 | -2.4% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 3.6% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 4.8% | — |
净利率AXLTPG
| Q4 25 | -5.4% | 10.8% | ||
| Q3 25 | 0.6% | 11.3% | ||
| Q2 25 | 2.6% | 2.6% | ||
| Q1 25 | 0.5% | 4.7% | ||
| Q4 24 | -1.0% | 2.5% | ||
| Q3 24 | 0.7% | 1.7% | ||
| Q2 24 | 1.1% | -2.7% | ||
| Q1 24 | 1.3% | 3.0% |
每股收益（稀释后）AXLTPG
| Q4 25 | $-0.62 | $0.30 | ||
| Q3 25 | $0.07 | $0.20 | ||
| Q2 25 | $0.32 | $-0.05 | ||
| Q1 25 | $0.06 | $0.00 | ||
| Q4 24 | $-0.11 | $-0.04 | ||
| Q3 24 | $0.08 | $-0.08 | ||
| Q2 24 | $0.15 | $-0.19 | ||
| Q1 24 | $0.17 | $-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 | $708.9M | $826.1M |
| 总债务越低越好 | $4.0B | $1.7B |
| 股东权益账面价值 | $640.0M | $4.1B |
| 总资产 | $6.7B | $13.5B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资AXLTPG
| Q4 25 | $708.9M | $826.1M | ||
| Q3 25 | $714.1M | $1.1B | ||
| Q2 25 | $586.5M | $1.1B | ||
| Q1 25 | $549.2M | $822.0M | ||
| Q4 24 | $552.9M | $808.0M | ||
| Q3 24 | $542.5M | $1.2B | ||
| Q2 24 | $519.9M | $1.1B | ||
| Q1 24 | $469.8M | $1.1B |
总债务AXLTPG
| Q4 25 | $4.0B | $1.7B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.6B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.7B | $1.2B |
股东权益AXLTPG
| Q4 25 | $640.0M | $4.1B | ||
| Q3 25 | $718.4M | $3.8B | ||
| Q2 25 | $673.0M | $3.6B | ||
| Q1 25 | $596.3M | $3.5B | ||
| Q4 24 | $562.8M | $3.6B | ||
| Q3 24 | $616.3M | $3.4B | ||
| Q2 24 | $609.6M | $3.3B | ||
| Q1 24 | $621.4M | $3.3B |
总资产AXLTPG
| Q4 25 | $6.7B | $13.5B | ||
| Q3 25 | $5.3B | $13.0B | ||
| Q2 25 | $5.3B | $12.0B | ||
| Q1 25 | $5.1B | $11.3B | ||
| Q4 24 | $5.1B | $10.5B | ||
| Q3 24 | $5.3B | $10.5B | ||
| Q2 24 | $5.3B | $10.1B | ||
| Q1 24 | $5.4B | $9.9B |
负债/权益比AXLTPG
| Q4 25 | 6.31× | 0.42× | ||
| Q3 25 | 3.61× | 0.47× | ||
| Q2 25 | 3.86× | 0.45× | ||
| Q1 25 | 4.38× | 0.42× | ||
| Q4 24 | 4.58× | 0.36× | ||
| Q3 24 | 4.28× | 0.39× | ||
| Q2 24 | 4.42× | 0.37× | ||
| Q1 24 | 4.40× | 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 | $120.5M | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 4.8% | — |
| 现金转化率经营现金流/净利润 | — | -0.57× |
| 过去12个月自由现金流最近4个季度 | $155.1M | — |
8季度趋势，按日历期对齐
经营现金流AXLTPG
| Q4 25 | $120.5M | $-43.7M | ||
| Q3 25 | $143.3M | $492.0M | ||
| Q2 25 | $91.9M | $385.9M | ||
| Q1 25 | $55.9M | $198.2M | ||
| Q4 24 | $151.2M | $-188.1M | ||
| Q3 24 | $143.6M | $68.9M | ||
| Q2 24 | $142.8M | $214.6M | ||
| Q1 24 | $17.8M | $436.7M |
自由现金流AXLTPG
| Q4 25 | $54.7M | — | ||
| Q3 25 | $79.2M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $-13.4M | — | ||
| Q4 24 | $73.2M | — | ||
| Q3 24 | $70.4M | — | ||
| Q2 24 | $94.0M | — | ||
| Q1 24 | $-30.2M | — |
自由现金流率AXLTPG
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | -1.9% | — |
资本支出强度AXLTPG
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 4.9% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 3.0% | — |
现金转化率AXLTPG
| Q4 25 | — | -0.57× | ||
| Q3 25 | 15.58× | 7.33× | ||
| Q2 25 | 2.34× | 25.83× | ||
| Q1 25 | 7.87× | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | 14.36× | 7.69× | ||
| Q2 24 | 7.85× | — | ||
| Q1 24 | 0.87× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
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% |
