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布鲁克菲尔德资产管理（BAM）与安德玛（UAA）财务数据对比。点击上方公司名可切换其他公司
安德玛的季度营收约是布鲁克菲尔德资产管理的1.2倍（$1.3B vs $1.1B），布鲁克菲尔德资产管理净利率更高（56.7% vs -32.4%，领先89.1%）
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。
Under Armour是来自美国的专业运动装备品牌，总部位于美国马里兰州巴尔的摩，主营高性能运动服饰、鞋履等产品，为全球运动爱好者及专业运动员提供兼具功能性与舒适度的运动穿着解决方案。
BAM vs UAA — 直观对比
营收规模更大
UAA
是对方的1.2倍
$1.1B
净利率更高
BAM
高出89.1%
-32.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.3B |
| 净利润 | $615.0M | $-430.8M |
| 毛利率 | — | 44.4% |
| 营业利润率 | 84.2% | -11.3% |
| 净利率 | 56.7% | -32.4% |
| 营收同比 | — | -5.2% |
| 净利润同比 | — | -35013.0% |
| 每股收益（稀释后） | — | $-1.01 |
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BAMUAA
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $974.0M | $1.3B | ||
| Q2 25 | $931.0M | $1.1B | ||
| Q1 25 | $954.0M | $1.2B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $873.0M | $1.4B | ||
| Q2 24 | $821.0M | $1.2B | ||
| Q1 24 | $786.0M | $1.3B |
净利润BAMUAA
| Q4 25 | $615.0M | $-430.8M | ||
| Q3 25 | $692.0M | $-18.8M | ||
| Q2 25 | $584.0M | $-2.6M | ||
| Q1 25 | $507.0M | $-67.5M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | $537.0M | $170.4M | ||
| Q2 24 | $124.0M | $-305.4M | ||
| Q1 24 | $373.0M | $6.6M |
毛利率BAMUAA
| Q4 25 | — | 44.4% | ||
| Q3 25 | — | 47.3% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 49.8% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 45.0% |
营业利润率BAMUAA
| Q4 25 | 84.2% | -11.3% | ||
| Q3 25 | 79.1% | 1.3% | ||
| Q2 25 | 70.8% | 0.3% | ||
| Q1 25 | 61.0% | -6.1% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | 72.5% | 12.4% | ||
| Q2 24 | 80.4% | -25.3% | ||
| Q1 24 | 56.5% | -0.3% |
净利率BAMUAA
| Q4 25 | 56.7% | -32.4% | ||
| Q3 25 | 71.0% | -1.4% | ||
| Q2 25 | 62.7% | -0.2% | ||
| Q1 25 | 53.1% | -5.7% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 61.5% | 12.2% | ||
| Q2 24 | 15.1% | -25.8% | ||
| Q1 24 | 47.5% | 0.5% |
每股收益（稀释后）BAMUAA
| Q4 25 | — | $-1.01 | ||
| Q3 25 | — | $-0.04 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.16 | ||
| Q4 24 | — | $0.00 | ||
| Q3 24 | — | $0.39 | ||
| Q2 24 | — | $-0.70 | ||
| Q1 24 | — | $0.02 |
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 | $464.6M |
| 总债务越低越好 | — | $989.7M |
| 股东权益账面价值 | $8.9B | $1.4B |
| 总资产 | $17.0B | $4.6B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资BAMUAA
| Q4 25 | $1.6B | $464.6M | ||
| Q3 25 | $1.1B | $396.0M | ||
| Q2 25 | $480.0M | $911.0M | ||
| Q1 25 | $332.0M | $501.4M | ||
| Q4 24 | — | $726.9M | ||
| Q3 24 | — | $530.7M | ||
| Q2 24 | $10.0M | $884.6M | ||
| Q1 24 | — | $858.7M |
总债务BAMUAA
| Q4 25 | — | $989.7M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $989.2M | ||
| Q1 25 | — | $595.1M | ||
| Q4 24 | — | $595.2M | ||
| Q3 24 | — | $594.6M | ||
| Q2 24 | — | $595.4M | ||
| Q1 24 | — | $675.8M |
股东权益BAMUAA
| Q4 25 | $8.9B | $1.4B | ||
| Q3 25 | $8.5B | $1.9B | ||
| Q2 25 | $8.5B | $1.9B | ||
| Q1 25 | $8.5B | $1.9B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $3.2B | $1.8B | ||
| Q1 24 | $2.2B | $2.2B |
总资产BAMUAA
| Q4 25 | $17.0B | $4.6B | ||
| Q3 25 | $16.5B | $4.9B | ||
| Q2 25 | $16.1B | $4.9B | ||
| Q1 25 | $15.0B | $4.3B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | $4.2B | $4.9B | ||
| Q1 24 | — | $4.8B |
负债/权益比BAMUAA
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.64× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.31× |
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 | $278.1M |
| 自由现金流经营现金流 - 资本支出 | — | $261.9M |
| 自由现金流率自由现金流/营收 | — | 19.7% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | — | $-45.9M |
8季度趋势，按日历期对齐
经营现金流BAMUAA
| Q4 25 | $562.0M | $278.1M | ||
| Q3 25 | $745.0M | $-69.8M | ||
| Q2 25 | $529.0M | $48.9M | ||
| Q1 25 | $265.0M | $-202.2M | ||
| Q4 24 | — | $311.3M | ||
| Q3 24 | $567.0M | $-321.4M | ||
| Q2 24 | $159.0M | $153.0M | ||
| Q1 24 | $516.0M | $-122.9M |
自由现金流BAMUAA
| Q4 25 | — | $261.9M | ||
| Q3 25 | — | $-90.3M | ||
| Q2 25 | — | $13.5M | ||
| Q1 25 | — | $-231.0M | ||
| Q4 24 | — | $262.9M | ||
| Q3 24 | — | $-367.2M | ||
| Q2 24 | — | $107.3M | ||
| Q1 24 | — | $-156.7M |
自由现金流率BAMUAA
| Q4 25 | — | 19.7% | ||
| Q3 25 | — | -6.8% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | -19.6% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | -26.2% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | -11.8% |
资本支出强度BAMUAA
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 3.9% | ||
| Q1 24 | — | 2.5% |
现金转化率BAMUAA
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | — | ||
| Q2 25 | 0.91× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | — | 252.26× | ||
| Q3 24 | 1.06× | -1.89× | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.38× | -18.71× |
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% |
UAA
| Apparel | $934.0M | 70% |
| Footwear | $265.1M | 20% |
| Accessories | $107.7M | 8% |
| License | $27.2M | 2% |
