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布鲁克菲尔德资产管理（BAM）与华利安（HLI）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华利安的1.5倍（$1.1B vs $717.1M）。布鲁克菲尔德资产管理净利率更高（56.7% vs 16.3%，领先40.4%）
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。
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
BAM vs HLI — 直观对比
营收规模更大
BAM
是对方的1.5倍
$717.1M
净利率更高
BAM
高出40.4%
16.3%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $717.1M |
| 净利润 | $615.0M | $116.5M |
| 毛利率 | — | 32.2% |
| 营业利润率 | 84.2% | 22.4% |
| 净利率 | 56.7% | 16.3% |
| 营收同比 | — | 13.0% |
| 净利润同比 | — | 22.3% |
| 每股收益（稀释后） | — | $1.70 |
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BAMHLI
| Q4 25 | $1.1B | $717.1M | ||
| Q3 25 | $974.0M | $659.5M | ||
| Q2 25 | $931.0M | $605.3M | ||
| Q1 25 | $954.0M | $666.4M | ||
| Q4 24 | — | $634.4M | ||
| Q3 24 | $873.0M | $575.0M | ||
| Q2 24 | $821.0M | $513.6M | ||
| Q1 24 | $786.0M | $520.5M |
净利润BAMHLI
| Q4 25 | $615.0M | $116.5M | ||
| Q3 25 | $692.0M | $111.8M | ||
| Q2 25 | $584.0M | $97.5M | ||
| Q1 25 | $507.0M | $121.9M | ||
| Q4 24 | — | $95.3M | ||
| Q3 24 | $537.0M | $93.5M | ||
| Q2 24 | $124.0M | $88.9M | ||
| Q1 24 | $373.0M | $81.1M |
毛利率BAMHLI
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.3% |
营业利润率BAMHLI
| Q4 25 | 84.2% | 22.4% | ||
| Q3 25 | 79.1% | 22.9% | ||
| Q2 25 | 70.8% | 14.8% | ||
| Q1 25 | 61.0% | 20.9% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | 72.5% | 22.7% | ||
| Q2 24 | 80.4% | 18.6% | ||
| Q1 24 | 56.5% | 19.7% |
净利率BAMHLI
| Q4 25 | 56.7% | 16.3% | ||
| Q3 25 | 71.0% | 17.0% | ||
| Q2 25 | 62.7% | 16.1% | ||
| Q1 25 | 53.1% | 18.3% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | 61.5% | 16.3% | ||
| Q2 24 | 15.1% | 17.3% | ||
| Q1 24 | 47.5% | 15.6% |
每股收益（稀释后）BAMHLI
| Q4 25 | — | $1.70 | ||
| Q3 25 | — | $1.63 | ||
| Q2 25 | — | $1.42 | ||
| Q1 25 | — | $1.76 | ||
| Q4 24 | — | $1.39 | ||
| Q3 24 | — | $1.37 | ||
| Q2 24 | — | $1.30 | ||
| Q1 24 | — | $1.18 |
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 | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.9B | $2.3B |
| 总资产 | $17.0B | $3.9B |
| 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BAMHLI
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.1B | $923.6M | ||
| Q2 25 | $480.0M | $793.8M | ||
| Q1 25 | $332.0M | $971.0M | ||
| Q4 24 | — | $799.3M | ||
| Q3 24 | — | $691.4M | ||
| Q2 24 | $10.0M | $449.7M | ||
| Q1 24 | — | $721.2M |
股东权益BAMHLI
| Q4 25 | $8.9B | $2.3B | ||
| Q3 25 | $8.5B | $2.2B | ||
| Q2 25 | $8.5B | $2.2B | ||
| Q1 25 | $8.5B | $2.2B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $3.2B | $1.8B | ||
| Q1 24 | $2.2B | $1.8B |
总资产BAMHLI
| Q4 25 | $17.0B | $3.9B | ||
| Q3 25 | $16.5B | $3.8B | ||
| Q2 25 | $16.1B | $3.5B | ||
| Q1 25 | $15.0B | $3.8B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | $4.2B | $2.9B | ||
| Q1 24 | — | $3.2B |
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 | $217.7M |
| 自由现金流经营现金流 - 资本支出 | — | $217.0M |
| 自由现金流率自由现金流/营收 | — | 30.3% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 0.91× | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | $738.9M |
8季度趋势，按日历期对齐
经营现金流BAMHLI
| Q4 25 | $562.0M | $217.7M | ||
| Q3 25 | $745.0M | $325.0M | ||
| Q2 25 | $529.0M | $-131.6M | ||
| Q1 25 | $265.0M | $358.4M | ||
| Q4 24 | — | $265.5M | ||
| Q3 24 | $567.0M | $289.2M | ||
| Q2 24 | $159.0M | $-64.5M | ||
| Q1 24 | $516.0M | $225.3M |
自由现金流BAMHLI
| Q4 25 | — | $217.0M | ||
| Q3 25 | — | $322.8M | ||
| Q2 25 | — | $-144.8M | ||
| Q1 25 | — | $343.9M | ||
| Q4 24 | — | $261.7M | ||
| Q3 24 | — | $278.7M | ||
| Q2 24 | — | $-75.4M | ||
| Q1 24 | — | $213.1M |
自由现金流率BAMHLI
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 49.0% | ||
| Q2 25 | — | -23.9% | ||
| Q1 25 | — | 51.6% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 48.5% | ||
| Q2 24 | — | -14.7% | ||
| Q1 24 | — | 40.9% |
资本支出强度BAMHLI
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.3% |
现金转化率BAMHLI
| Q4 25 | 0.91× | 1.87× | ||
| Q3 25 | 1.08× | 2.91× | ||
| Q2 25 | 0.91× | -1.35× | ||
| Q1 25 | 0.52× | 2.94× | ||
| Q4 24 | — | 2.79× | ||
| Q3 24 | 1.06× | 3.09× | ||
| Q2 24 | 1.28× | -0.73× | ||
| Q1 24 | 1.38× | 2.78× |
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% |
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
