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布鲁克菲尔德资产管理（BAM）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
布鲁克菲尔德资产管理的季度营收约是Maplebear Inc.的1.1倍（$1.1B vs $992.0M），布鲁克菲尔德资产管理净利率更高（56.7% vs 8.2%，领先48.5%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
BAM vs CART — 直观对比
营收规模更大
BAM
是对方的1.1倍
$992.0M
净利率更高
BAM
高出48.5%
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $992.0M |
| 净利润 | $615.0M | $81.0M |
| 毛利率 | — | 72.3% |
| 营业利润率 | 84.2% | 9.9% |
| 净利率 | 56.7% | 8.2% |
| 营收同比 | — | 12.3% |
| 净利润同比 | — | -45.3% |
| 每股收益（稀释后） | — | $0.31 |
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BAMCART
| Q4 25 | $1.1B | $992.0M | ||
| Q3 25 | $974.0M | $939.0M | ||
| Q2 25 | $931.0M | $914.0M | ||
| Q1 25 | $954.0M | $897.0M | ||
| Q4 24 | — | $883.0M | ||
| Q3 24 | $873.0M | $852.0M | ||
| Q2 24 | $821.0M | $823.0M | ||
| Q1 24 | $786.0M | $820.0M |
净利润BAMCART
| Q4 25 | $615.0M | $81.0M | ||
| Q3 25 | $692.0M | $144.0M | ||
| Q2 25 | $584.0M | $116.0M | ||
| Q1 25 | $507.0M | $106.0M | ||
| Q4 24 | — | $148.0M | ||
| Q3 24 | $537.0M | $118.0M | ||
| Q2 24 | $124.0M | $61.0M | ||
| Q1 24 | $373.0M | $130.0M |
毛利率BAMCART
| Q4 25 | — | 72.3% | ||
| Q3 25 | — | 73.7% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 74.8% | ||
| Q4 24 | — | 75.2% | ||
| Q3 24 | — | 75.2% | ||
| Q2 24 | — | 75.7% | ||
| Q1 24 | — | 74.9% |
营业利润率BAMCART
| Q4 25 | 84.2% | 9.9% | ||
| Q3 25 | 79.1% | 17.7% | ||
| Q2 25 | 70.8% | 13.6% | ||
| Q1 25 | 61.0% | 12.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | 72.5% | 16.2% | ||
| Q2 24 | 80.4% | 6.3% | ||
| Q1 24 | 56.5% | 17.6% |
净利率BAMCART
| Q4 25 | 56.7% | 8.2% | ||
| Q3 25 | 71.0% | 15.3% | ||
| Q2 25 | 62.7% | 12.7% | ||
| Q1 25 | 53.1% | 11.8% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 61.5% | 13.8% | ||
| Q2 24 | 15.1% | 7.4% | ||
| Q1 24 | 47.5% | 15.9% |
每股收益（稀释后）BAMCART
| Q4 25 | — | $0.31 | ||
| Q3 25 | — | $0.51 | ||
| Q2 25 | — | $0.41 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | — | $0.53 | ||
| Q3 24 | — | $0.42 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $0.43 |
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 | $1.6B | $687.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.9B | $2.5B |
| 总资产 | $17.0B | $3.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BAMCART
| Q4 25 | $1.6B | $687.0M | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $480.0M | $1.6B | ||
| Q1 25 | $332.0M | $1.6B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $10.0M | $1.4B | ||
| Q1 24 | — | $1.5B |
股东权益BAMCART
| Q4 25 | $8.9B | $2.5B | ||
| Q3 25 | $8.5B | $3.5B | ||
| Q2 25 | $8.5B | $3.3B | ||
| Q1 25 | $8.5B | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $9.0B | $2.9B | ||
| Q2 24 | $3.2B | $3.0B | ||
| Q1 24 | $2.2B | $3.1B |
总资产BAMCART
| Q4 25 | $17.0B | $3.7B | ||
| Q3 25 | $16.5B | $4.5B | ||
| Q2 25 | $16.1B | $4.4B | ||
| Q1 25 | $15.0B | $4.3B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | $4.2B | $4.0B | ||
| Q1 24 | — | $4.1B |
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 | $562.0M | $183.0M |
| 自由现金流经营现金流 - 资本支出 | — | $171.0M |
| 自由现金流率自由现金流/营收 | — | 17.2% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 0.91× | 2.26× |
| 过去12个月自由现金流最近4个季度 | — | $910.0M |
8季度趋势，按日历期对齐
经营现金流BAMCART
| Q4 25 | $562.0M | $183.0M | ||
| Q3 25 | $745.0M | $287.0M | ||
| Q2 25 | $529.0M | $203.0M | ||
| Q1 25 | $265.0M | $298.0M | ||
| Q4 24 | — | $153.0M | ||
| Q3 24 | $567.0M | $185.0M | ||
| Q2 24 | $159.0M | $244.0M | ||
| Q1 24 | $516.0M | $105.0M |
自由现金流BAMCART
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $187.0M | ||
| Q1 25 | — | $280.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $220.0M | ||
| Q1 24 | — | $91.0M |
自由现金流率BAMCART
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 11.1% |
资本支出强度BAMCART
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.7% |
现金转化率BAMCART
| Q4 25 | 0.91× | 2.26× | ||
| Q3 25 | 1.08× | 1.99× | ||
| Q2 25 | 0.91× | 1.75× | ||
| Q1 25 | 0.52× | 2.81× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 1.06× | 1.57× | ||
| Q2 24 | 1.28× | 4.00× | ||
| Q1 24 | 1.38× | 0.81× |
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
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
