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亚德诺半导体（ADI）与凯雷集团（CG）财务数据对比。点击上方公司名可切换其他公司
亚德诺半导体的季度营收约是凯雷集团的1.7倍（$3.2B vs $1.9B），亚德诺半导体净利率更高（26.3% vs 18.8%，领先7.5%），凯雷集团同比增速更快（84.1% vs 30.4%），亚德诺半导体自由现金流更多（$1.3B vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 21.0%）
亚德诺半导体（ADI）是总部位于美国马萨诸塞州威尔明顿的跨国半导体企业，专注于数据转换、信号处理与电源管理技术研发，相关产品广泛应用于通信、工业、汽车等多个领域，是全球模拟芯片领域的领先厂商。
凯雷集团是美国知名跨国企业，核心业务涵盖私募股权投资、另类资产管理及金融服务领域。截至2023年，公司管理资产总规模达4260亿美元，是全球另类资管行业的重要参与者。
ADI vs CG — 直观对比
营收规模更大
ADI
是对方的1.7倍
$1.9B
营收增速更快
CG
高出53.7%
30.4%
净利率更高
ADI
高出7.5%
18.8%
自由现金流更多
ADI
多$2.5B
$-1.2B
两年增速更快
CG
近两年复合增速
21.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.9B |
| 净利润 | $830.8M | $358.1M |
| 毛利率 | 64.7% | — |
| 营业利润率 | 31.5% | 24.3% |
| 净利率 | 26.3% | 18.8% |
| 营收同比 | 30.4% | 84.1% |
| 净利润同比 | 112.3% | 69.8% |
| 每股收益（稀释后） | $1.69 | $0.96 |
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ADICG
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $1.9B | ||
| Q3 25 | $2.9B | $332.7M | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.4B | $973.1M | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $2.3B | $2.6B | ||
| Q2 24 | $2.2B | $1.1B |
净利润ADICG
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $358.1M | ||
| Q3 25 | $518.5M | $900.0K | ||
| Q2 25 | $569.8M | $319.7M | ||
| Q1 25 | $391.3M | $130.0M | ||
| Q4 24 | $478.1M | $210.9M | ||
| Q3 24 | $392.2M | $595.7M | ||
| Q2 24 | $302.2M | $148.2M |
毛利率ADICG
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | — | ||
| Q3 25 | 62.1% | — | ||
| Q2 25 | 61.0% | — | ||
| Q1 25 | 59.0% | — | ||
| Q4 24 | 58.0% | — | ||
| Q3 24 | 56.7% | — | ||
| Q2 24 | 54.7% | — |
营业利润率ADICG
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 24.3% | ||
| Q3 25 | 28.4% | 25.8% | ||
| Q2 25 | 25.7% | 28.0% | ||
| Q1 25 | 20.3% | 17.6% | ||
| Q4 24 | 23.3% | 25.7% | ||
| Q3 24 | 21.2% | 29.9% | ||
| Q2 24 | 17.9% | 20.5% |
净利率ADICG
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 18.8% | ||
| Q3 25 | 18.0% | 0.3% | ||
| Q2 25 | 21.6% | 20.3% | ||
| Q1 25 | 16.1% | 13.4% | ||
| Q4 24 | 19.6% | 20.4% | ||
| Q3 24 | 17.0% | 22.6% | ||
| Q2 24 | 14.0% | 13.9% |
每股收益（稀释后）ADICG
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $0.96 | ||
| Q3 25 | $1.04 | $0.00 | ||
| Q2 25 | $1.14 | $0.87 | ||
| Q1 25 | $0.78 | $0.35 | ||
| Q4 24 | $0.95 | $0.56 | ||
| Q3 24 | $0.79 | $1.63 | ||
| Q2 24 | $0.61 | $0.40 |
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 | $2.9B | $2.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $33.8B | $7.1B |
| 总资产 | $48.0B | $29.1B |
| 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ADICG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $2.0B | ||
| Q3 25 | $2.3B | $2.2B | ||
| Q2 25 | $2.4B | $1.3B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.1B | $1.4B | ||
| Q2 24 | $2.4B | $914.8M |
股东权益ADICG
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $7.1B | ||
| Q3 25 | $34.1B | $6.8B | ||
| Q2 25 | $35.0B | $6.7B | ||
| Q1 25 | $35.1B | $6.4B | ||
| Q4 24 | $35.2B | $6.3B | ||
| Q3 24 | $35.2B | $6.3B | ||
| Q2 24 | $35.2B | $5.7B |
总资产ADICG
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $29.1B | ||
| Q3 25 | $48.2B | $27.1B | ||
| Q2 25 | $47.3B | $25.1B | ||
| Q1 25 | $48.0B | $24.1B | ||
| Q4 24 | $48.2B | $23.1B | ||
| Q3 24 | $48.6B | $22.7B | ||
| Q2 24 | $48.9B | $22.3B |
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 | $1.4B | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $-1.2B |
| 自由现金流率自由现金流/营收 | 39.8% | -65.1% |
| 资本支出强度资本支出/营收 | 3.5% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.65× | -3.34× |
| 过去12个月自由现金流最近4个季度 | $4.6B | $-3.4B |
8季度趋势，按日历期对齐
经营现金流ADICG
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $-1.2B | ||
| Q3 25 | $1.2B | $-1.6B | ||
| Q2 25 | $819.5M | $-168.8M | ||
| Q1 25 | $1.1B | $-352.1M | ||
| Q4 24 | $1.1B | $-352.8M | ||
| Q3 24 | $855.0M | $791.9M | ||
| Q2 24 | $807.9M | $-1.3B |
自由现金流ADICG
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $-1.2B | ||
| Q3 25 | $1.1B | $-1.6B | ||
| Q2 25 | $729.2M | $-186.3M | ||
| Q1 25 | $977.8M | $-368.8M | ||
| Q4 24 | $885.4M | $-379.5M | ||
| Q3 24 | $701.1M | $772.8M | ||
| Q2 24 | $619.7M | $-1.3B |
自由现金流率ADICG
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | -65.1% | ||
| Q3 25 | 37.7% | -475.7% | ||
| Q2 25 | 27.6% | -11.8% | ||
| Q1 25 | 40.4% | -37.9% | ||
| Q4 24 | 36.2% | -36.8% | ||
| Q3 24 | 30.3% | 29.3% | ||
| Q2 24 | 28.7% | -120.4% |
资本支出强度ADICG
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 2.2% | ||
| Q3 25 | 2.7% | 7.0% | ||
| Q2 25 | 3.4% | 1.1% | ||
| Q1 25 | 6.1% | 1.7% | ||
| Q4 24 | 6.8% | 2.6% | ||
| Q3 24 | 6.7% | 0.7% | ||
| Q2 24 | 8.7% | 1.7% |
现金转化率ADICG
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | -3.34× | ||
| Q3 25 | 2.25× | -1732.78× | ||
| Q2 25 | 1.44× | -0.53× | ||
| Q1 25 | 2.88× | -2.71× | ||
| Q4 24 | 2.20× | -1.67× | ||
| Q3 24 | 2.18× | 1.33× | ||
| Q2 24 | 2.67× | -8.57× |
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
ADI
| Sales Channel Directly To Consumer | $1.4B | 44% |
| Automotive | $794.4M | 25% |
| Communications | $476.8M | 15% |
| Consumer | $399.8M | 13% |
| Other | $71.3M | 2% |
| Sales Channel Other | $40.8M | 1% |
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
