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FEDERATED HERMES, INC.（FHI）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
德太投资的季度营收约是FEDERATED HERMES, INC.的1.5倍（$715.1M vs $482.8M），FEDERATED HERMES, INC.净利率更高（22.2% vs 10.8%，领先11.4%），德太投资同比增速更快（35.6% vs 13.7%），过去两年德太投资的营收复合增速更高（18.1% vs 10.4%）
方德贺明是总部位于美国宾夕法尼亚州匹兹堡的投资管理机构，成立于1955年，1957年10月18日正式注册。截至2025年12月，公司受托管理客户资产规模达9026亿美元，可为客户提供股票、固定收益、另类/私募市场、多资产及流动性管理等多元投资策略，产品覆盖共同基金、ETF、独立账户、封闭式基金和集合投资基金等品类。
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。
FHI vs TPG — 直观对比
营收规模更大
TPG
是对方的1.5倍
$482.8M
营收增速更快
TPG
高出21.9%
13.7%
净利率更高
FHI
高出11.4%
10.8%
两年增速更快
TPG
近两年复合增速
10.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $482.8M | $715.1M |
| 净利润 | $107.0M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | — |
| 净利率 | 22.2% | 10.8% |
| 营收同比 | 13.7% | 35.6% |
| 净利润同比 | 26.4% | 494.1% |
| 每股收益（稀释后） | $1.38 | $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FHITPG
| Q4 25 | $482.8M | $715.1M | ||
| Q3 25 | $469.4M | $596.5M | ||
| Q2 25 | $424.8M | $569.1M | ||
| Q1 25 | $423.5M | $543.5M | ||
| Q4 24 | $424.7M | $527.2M | ||
| Q3 24 | $408.5M | $524.7M | ||
| Q2 24 | $402.6M | $522.8M | ||
| Q1 24 | $396.4M | $512.3M |
净利润FHITPG
| Q4 25 | $107.0M | $77.1M | ||
| Q3 25 | $104.1M | $67.1M | ||
| Q2 25 | $91.0M | $14.9M | ||
| Q1 25 | $101.1M | $25.4M | ||
| Q4 24 | $84.7M | $13.0M | ||
| Q3 24 | $87.5M | $9.0M | ||
| Q2 24 | $21.0M | $-14.0M | ||
| Q1 24 | $75.0M | $15.5M |
营业利润率FHITPG
| Q4 25 | 28.1% | — | ||
| Q3 25 | 27.6% | — | ||
| Q2 25 | 27.6% | — | ||
| Q1 25 | 31.1% | — | ||
| Q4 24 | 26.0% | — | ||
| Q3 24 | 27.4% | — | ||
| Q2 24 | 10.1% | — | ||
| Q1 24 | 24.9% | — |
净利率FHITPG
| Q4 25 | 22.2% | 10.8% | ||
| Q3 25 | 22.2% | 11.3% | ||
| Q2 25 | 21.4% | 2.6% | ||
| Q1 25 | 23.9% | 4.7% | ||
| Q4 24 | 19.9% | 2.5% | ||
| Q3 24 | 21.4% | 1.7% | ||
| Q2 24 | 5.2% | -2.7% | ||
| Q1 24 | 18.9% | 3.0% |
每股收益（稀释后）FHITPG
| Q4 25 | $1.38 | $0.30 | ||
| Q3 25 | $1.34 | $0.20 | ||
| Q2 25 | $1.16 | $-0.05 | ||
| Q1 25 | $1.25 | $0.00 | ||
| Q4 24 | $1.08 | $-0.04 | ||
| Q3 24 | $1.06 | $-0.08 | ||
| Q2 24 | $0.20 | $-0.19 | ||
| Q1 24 | $0.89 | $-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 | $582.5M | $826.1M |
| 总债务越低越好 | $348.4M | $1.7B |
| 股东权益账面价值 | $1.2B | $4.1B |
| 总资产 | $2.2B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.29× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资FHITPG
| Q4 25 | $582.5M | $826.1M | ||
| Q3 25 | $506.3M | $1.1B | ||
| Q2 25 | $371.0M | $1.1B | ||
| Q1 25 | $387.6M | $822.0M | ||
| Q4 24 | $504.4M | $808.0M | ||
| Q3 24 | $375.0M | $1.2B | ||
| Q2 24 | $307.4M | $1.1B | ||
| Q1 24 | $359.8M | $1.1B |
总债务FHITPG
| Q4 25 | $348.4M | $1.7B | ||
| Q3 25 | $348.3M | $1.8B | ||
| Q2 25 | $348.2M | $1.6B | ||
| Q1 25 | $348.2M | $1.5B | ||
| Q4 24 | $348.1M | $1.3B | ||
| Q3 24 | $348.0M | $1.3B | ||
| Q2 24 | $348.0M | $1.2B | ||
| Q1 24 | $347.9M | $1.2B |
股东权益FHITPG
| Q4 25 | $1.2B | $4.1B | ||
| Q3 25 | $1.2B | $3.8B | ||
| Q2 25 | $1.1B | $3.6B | ||
| Q1 25 | $1.1B | $3.5B | ||
| Q4 24 | $1.1B | $3.6B | ||
| Q3 24 | $1.1B | $3.4B | ||
| Q2 24 | $1.0B | $3.3B | ||
| Q1 24 | $1.1B | $3.3B |
总资产FHITPG
| Q4 25 | $2.2B | $13.5B | ||
| Q3 25 | $2.2B | $13.0B | ||
| Q2 25 | $2.2B | $12.0B | ||
| Q1 25 | $2.0B | $11.3B | ||
| Q4 24 | $2.1B | $10.5B | ||
| Q3 24 | $2.0B | $10.5B | ||
| Q2 24 | $1.9B | $10.1B | ||
| Q1 24 | $2.1B | $9.9B |
负债/权益比FHITPG
| Q4 25 | 0.29× | 0.42× | ||
| Q3 25 | 0.29× | 0.47× | ||
| Q2 25 | 0.31× | 0.45× | ||
| Q1 25 | 0.32× | 0.42× | ||
| Q4 24 | 0.32× | 0.36× | ||
| Q3 24 | 0.32× | 0.39× | ||
| Q2 24 | 0.34× | 0.37× | ||
| Q1 24 | 0.30× | 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 | $297.3M | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $294.6M | — |
| 自由现金流率自由现金流/营收 | 61.0% | — |
| 资本支出强度资本支出/营收 | 0.6% | — |
| 现金转化率经营现金流/净利润 | 2.78× | -0.57× |
| 过去12个月自由现金流最近4个季度 | $427.5M | — |
8季度趋势，按日历期对齐
经营现金流FHITPG
| Q4 25 | $297.3M | $-43.7M | ||
| Q3 25 | $103.1M | $492.0M | ||
| Q2 25 | $18.8M | $385.9M | ||
| Q1 25 | $14.3M | $198.2M | ||
| Q4 24 | $346.6M | $-188.1M | ||
| Q3 24 | $117.1M | $68.9M | ||
| Q2 24 | $88.7M | $214.6M | ||
| Q1 24 | $14.0M | $436.7M |
自由现金流FHITPG
| Q4 25 | $294.6M | — | ||
| Q3 25 | $101.6M | — | ||
| Q2 25 | $18.0M | — | ||
| Q1 25 | $13.3M | — | ||
| Q4 24 | $342.5M | — | ||
| Q3 24 | $114.1M | — | ||
| Q2 24 | $82.7M | — | ||
| Q1 24 | $13.5M | — |
自由现金流率FHITPG
| Q4 25 | 61.0% | — | ||
| Q3 25 | 21.6% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 80.7% | — | ||
| Q3 24 | 27.9% | — | ||
| Q2 24 | 20.5% | — | ||
| Q1 24 | 3.4% | — |
资本支出强度FHITPG
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 0.1% | — |
现金转化率FHITPG
| Q4 25 | 2.78× | -0.57× | ||
| Q3 25 | 0.99× | 7.33× | ||
| Q2 25 | 0.21× | 25.83× | ||
| Q1 25 | 0.14× | 7.80× | ||
| Q4 24 | 4.09× | -14.49× | ||
| Q3 24 | 1.34× | 7.69× | ||
| Q2 24 | 4.22× | — | ||
| Q1 24 | 0.19× | 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
FHI
| Investment Advisory Management And Administrative Service | $314.0M | 65% |
| Separateaccounts | $63.9M | 13% |
| Other | $61.2M | 13% |
| Distribution Service | $43.7M | 9% |
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% |
