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布鲁克菲尔德资产管理（BAM）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
布鲁克菲尔德资产管理的季度营收约是德太投资的1.5倍（$1.1B vs $715.1M）。布鲁克菲尔德资产管理净利率更高（56.7% vs 10.8%，领先45.9%）
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。
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。
BAM vs TPG — 直观对比
营收规模更大
BAM
是对方的1.5倍
$715.1M
净利率更高
BAM
高出45.9%
10.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $715.1M |
| 净利润 | $615.0M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 84.2% | — |
| 净利率 | 56.7% | 10.8% |
| 营收同比 | — | 35.6% |
| 净利润同比 | — | 494.1% |
| 每股收益（稀释后） | — | $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BAMTPG
| Q4 25 | $1.1B | $715.1M | ||
| Q3 25 | $974.0M | $596.5M | ||
| Q2 25 | $931.0M | $569.1M | ||
| Q1 25 | $954.0M | $543.5M | ||
| Q4 24 | — | $527.2M | ||
| Q3 24 | $873.0M | $524.7M | ||
| Q2 24 | $821.0M | $522.8M | ||
| Q1 24 | $786.0M | $512.3M |
净利润BAMTPG
| Q4 25 | $615.0M | $77.1M | ||
| Q3 25 | $692.0M | $67.1M | ||
| Q2 25 | $584.0M | $14.9M | ||
| Q1 25 | $507.0M | $25.4M | ||
| Q4 24 | — | $13.0M | ||
| Q3 24 | $537.0M | $9.0M | ||
| Q2 24 | $124.0M | $-14.0M | ||
| Q1 24 | $373.0M | $15.5M |
营业利润率BAMTPG
| Q4 25 | 84.2% | — | ||
| Q3 25 | 79.1% | — | ||
| Q2 25 | 70.8% | — | ||
| Q1 25 | 61.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 72.5% | — | ||
| Q2 24 | 80.4% | — | ||
| Q1 24 | 56.5% | — |
净利率BAMTPG
| Q4 25 | 56.7% | 10.8% | ||
| Q3 25 | 71.0% | 11.3% | ||
| Q2 25 | 62.7% | 2.6% | ||
| Q1 25 | 53.1% | 4.7% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 61.5% | 1.7% | ||
| Q2 24 | 15.1% | -2.7% | ||
| Q1 24 | 47.5% | 3.0% |
每股收益（稀释后）BAMTPG
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.19 | ||
| Q1 24 | — | $-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 | $1.6B | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $8.9B | $4.1B |
| 总资产 | $17.0B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BAMTPG
| Q4 25 | $1.6B | $826.1M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $480.0M | $1.1B | ||
| Q1 25 | $332.0M | $822.0M | ||
| Q4 24 | — | $808.0M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $10.0M | $1.1B | ||
| Q1 24 | — | $1.1B |
总债务BAMTPG
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益BAMTPG
| Q4 25 | $8.9B | $4.1B | ||
| Q3 25 | $8.5B | $3.8B | ||
| Q2 25 | $8.5B | $3.6B | ||
| Q1 25 | $8.5B | $3.5B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $9.0B | $3.4B | ||
| Q2 24 | $3.2B | $3.3B | ||
| Q1 24 | $2.2B | $3.3B |
总资产BAMTPG
| Q4 25 | $17.0B | $13.5B | ||
| Q3 25 | $16.5B | $13.0B | ||
| Q2 25 | $16.1B | $12.0B | ||
| Q1 25 | $15.0B | $11.3B | ||
| Q4 24 | — | $10.5B | ||
| Q3 24 | — | $10.5B | ||
| Q2 24 | $4.2B | $10.1B | ||
| Q1 24 | — | $9.9B |
负债/权益比BAMTPG
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 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 | $562.0M | $-43.7M |
| 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 | 0.91× | -0.57× |
| 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BAMTPG
| Q4 25 | $562.0M | $-43.7M | ||
| Q3 25 | $745.0M | $492.0M | ||
| Q2 25 | $529.0M | $385.9M | ||
| Q1 25 | $265.0M | $198.2M | ||
| Q4 24 | — | $-188.1M | ||
| Q3 24 | $567.0M | $68.9M | ||
| Q2 24 | $159.0M | $214.6M | ||
| Q1 24 | $516.0M | $436.7M |
现金转化率BAMTPG
| Q4 25 | 0.91× | -0.57× | ||
| Q3 25 | 1.08× | 7.33× | ||
| Q2 25 | 0.91× | 25.83× | ||
| Q1 25 | 0.52× | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | 1.06× | 7.69× | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.38× | 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
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% |
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% |
