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华利安（HLI）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
华利安的季度营收约是德太投资的1.0倍（$717.1M vs $715.1M）。华利安净利率更高（16.3% vs 10.8%，领先5.5%）。德太投资同比增速更快（35.6% vs 13.0%）。过去两年德太投资的营收复合增速更高（18.1% vs 17.4%）
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。
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。
HLI vs TPG — 直观对比
营收规模更大
HLI
是对方的1.0倍
$715.1M
营收增速更快
TPG
高出22.6%
13.0%
净利率更高
HLI
高出5.5%
10.8%
两年增速更快
TPG
近两年复合增速
17.4%
损益表 — Q3 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $715.1M |
| 净利润 | $116.5M | $77.1M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | — |
| 净利率 | 16.3% | 10.8% |
| 营收同比 | 13.0% | 35.6% |
| 净利润同比 | 22.3% | 494.1% |
| 每股收益（稀释后） | $1.70 | $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HLITPG
| Q4 25 | $717.1M | $715.1M | ||
| Q3 25 | $659.5M | $596.5M | ||
| Q2 25 | $605.3M | $569.1M | ||
| Q1 25 | $666.4M | $543.5M | ||
| Q4 24 | $634.4M | $527.2M | ||
| Q3 24 | $575.0M | $524.7M | ||
| Q2 24 | $513.6M | $522.8M | ||
| Q1 24 | $520.5M | $512.3M |
净利润HLITPG
| Q4 25 | $116.5M | $77.1M | ||
| Q3 25 | $111.8M | $67.1M | ||
| Q2 25 | $97.5M | $14.9M | ||
| Q1 25 | $121.9M | $25.4M | ||
| Q4 24 | $95.3M | $13.0M | ||
| Q3 24 | $93.5M | $9.0M | ||
| Q2 24 | $88.9M | $-14.0M | ||
| Q1 24 | $81.1M | $15.5M |
毛利率HLITPG
| 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HLITPG
| Q4 25 | 22.4% | — | ||
| Q3 25 | 22.9% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 20.9% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 18.6% | — | ||
| Q1 24 | 19.7% | — |
净利率HLITPG
| Q4 25 | 16.3% | 10.8% | ||
| Q3 25 | 17.0% | 11.3% | ||
| Q2 25 | 16.1% | 2.6% | ||
| Q1 25 | 18.3% | 4.7% | ||
| Q4 24 | 15.0% | 2.5% | ||
| Q3 24 | 16.3% | 1.7% | ||
| Q2 24 | 17.3% | -2.7% | ||
| Q1 24 | 15.6% | 3.0% |
每股收益（稀释后）HLITPG
| Q4 25 | $1.70 | $0.30 | ||
| Q3 25 | $1.63 | $0.20 | ||
| Q2 25 | $1.42 | $-0.05 | ||
| Q1 25 | $1.76 | $0.00 | ||
| Q4 24 | $1.39 | $-0.04 | ||
| Q3 24 | $1.37 | $-0.08 | ||
| Q2 24 | $1.30 | $-0.19 | ||
| Q1 24 | $1.18 | $-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 | $1.1B | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $2.3B | $4.1B |
| 总资产 | $3.9B | $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HLITPG
| Q4 25 | $1.1B | $826.1M | ||
| Q3 25 | $923.6M | $1.1B | ||
| Q2 25 | $793.8M | $1.1B | ||
| Q1 25 | $971.0M | $822.0M | ||
| Q4 24 | $799.3M | $808.0M | ||
| Q3 24 | $691.4M | $1.2B | ||
| Q2 24 | $449.7M | $1.1B | ||
| Q1 24 | $721.2M | $1.1B |
总债务HLITPG
| 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HLITPG
| Q4 25 | $2.3B | $4.1B | ||
| Q3 25 | $2.2B | $3.8B | ||
| Q2 25 | $2.2B | $3.6B | ||
| Q1 25 | $2.2B | $3.5B | ||
| Q4 24 | $2.1B | $3.6B | ||
| Q3 24 | $2.0B | $3.4B | ||
| Q2 24 | $1.8B | $3.3B | ||
| Q1 24 | $1.8B | $3.3B |
总资产HLITPG
| Q4 25 | $3.9B | $13.5B | ||
| Q3 25 | $3.8B | $13.0B | ||
| Q2 25 | $3.5B | $12.0B | ||
| Q1 25 | $3.8B | $11.3B | ||
| Q4 24 | $3.5B | $10.5B | ||
| Q3 24 | $3.2B | $10.5B | ||
| Q2 24 | $2.9B | $10.1B | ||
| Q1 24 | $3.2B | $9.9B |
负债/权益比HLITPG
| 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 | $217.7M | $-43.7M |
| 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 | 1.87× | -0.57× |
| 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HLITPG
| Q4 25 | $217.7M | $-43.7M | ||
| Q3 25 | $325.0M | $492.0M | ||
| Q2 25 | $-131.6M | $385.9M | ||
| Q1 25 | $358.4M | $198.2M | ||
| Q4 24 | $265.5M | $-188.1M | ||
| Q3 24 | $289.2M | $68.9M | ||
| Q2 24 | $-64.5M | $214.6M | ||
| Q1 24 | $225.3M | $436.7M |
自由现金流HLITPG
| 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HLITPG
| 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HLITPG
| 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HLITPG
| Q4 25 | 1.87× | -0.57× | ||
| Q3 25 | 2.91× | 7.33× | ||
| Q2 25 | -1.35× | 25.83× | ||
| Q1 25 | 2.94× | 7.80× | ||
| Q4 24 | 2.79× | -14.49× | ||
| Q3 24 | 3.09× | 7.69× | ||
| Q2 24 | -0.73× | — | ||
| Q1 24 | 2.78× | 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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
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% |
