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美国铁塔（AMT）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
美国铁塔的季度营收约是凯雷集团的1.4倍（$2.7B vs $1.9B），美国铁塔净利率更高（110.1% vs 18.8%，领先91.3%），凯雷集团同比增速更快（84.1% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 3.7%）
美国铁塔是全球规模最大的房地产投资信托基金（REIT）之一，作为领先的独立多租户通信地产持有、运营及开发商，目前在全球范围内拥有约21.9万个通信站点，为全球通信产业提供可靠的基础设施支持。
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。
AMT vs CG — 直观对比
营收规模更大
AMT
是对方的1.4倍
$1.9B
营收增速更快
CG
高出77.3%
6.8%
净利率更高
AMT
高出91.3%
18.8%
自由现金流更多
AMT
多$2.2B
$-1.2B
两年增速更快
CG
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.9B |
| 净利润 | $3.0B | $358.1M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 24.3% |
| 净利率 | 110.1% | 18.8% |
| 营收同比 | 6.8% | 84.1% |
| 净利润同比 | -2.6% | 69.8% |
| 每股收益（稀释后） | — | $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AMTCG
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $1.9B | ||
| Q3 25 | $2.7B | $332.7M | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.6B | $973.1M | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $2.5B | $2.6B | ||
| Q2 24 | $2.5B | $1.1B |
净利润AMTCG
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $358.1M | ||
| Q3 25 | $912.6M | $900.0K | ||
| Q2 25 | $380.5M | $319.7M | ||
| Q1 25 | $498.6M | $130.0M | ||
| Q4 24 | $1.2B | $210.9M | ||
| Q3 24 | $-780.4M | $595.7M | ||
| Q2 24 | $908.4M | $148.2M |
营业利润率AMTCG
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 24.3% | ||
| Q3 25 | 45.4% | 25.8% | ||
| Q2 25 | 45.6% | 28.0% | ||
| Q1 25 | 48.9% | 17.6% | ||
| Q4 24 | 42.4% | 25.7% | ||
| Q3 24 | 45.2% | 29.9% | ||
| Q2 24 | 45.4% | 20.5% |
净利率AMTCG
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 18.8% | ||
| Q3 25 | 33.6% | 0.3% | ||
| Q2 25 | 14.5% | 20.3% | ||
| Q1 25 | 19.5% | 13.4% | ||
| Q4 24 | 48.3% | 20.4% | ||
| Q3 24 | -30.9% | 22.6% | ||
| Q2 24 | 35.7% | 13.9% |
每股收益（稀释后）AMTCG
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $0.96 | ||
| Q3 25 | $1.82 | $0.00 | ||
| Q2 25 | $0.78 | $0.87 | ||
| Q1 25 | $1.04 | $0.35 | ||
| Q4 24 | $2.63 | $0.56 | ||
| Q3 24 | $-1.69 | $1.63 | ||
| Q2 24 | $1.92 | $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 | $1.6B | $2.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.2B | $7.1B |
| 总资产 | — | $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AMTCG
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $2.2B | $1.4B | ||
| Q2 24 | $2.2B | $914.8M |
总债务AMTCG
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | — | ||
| Q3 25 | $34.9B | — | ||
| Q2 25 | $35.2B | — | ||
| Q1 25 | $34.0B | — | ||
| Q4 24 | $32.8B | — | ||
| Q3 24 | $33.4B | — | ||
| Q2 24 | $35.6B | — |
股东权益AMTCG
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $7.1B | ||
| Q3 25 | $4.0B | $6.8B | ||
| Q2 25 | $3.7B | $6.7B | ||
| Q1 25 | $3.5B | $6.4B | ||
| Q4 24 | $3.4B | $6.3B | ||
| Q3 24 | $3.6B | $6.3B | ||
| Q2 24 | $3.9B | $5.7B |
总资产AMTCG
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $29.1B | ||
| Q3 25 | $63.9B | $27.1B | ||
| Q2 25 | $63.8B | $25.1B | ||
| Q1 25 | $62.1B | $24.1B | ||
| Q4 24 | $61.1B | $23.1B | ||
| Q3 24 | $62.8B | $22.7B | ||
| Q2 24 | $65.8B | $22.3B |
负债/权益比AMTCG
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | — | ||
| Q3 25 | 8.82× | — | ||
| Q2 25 | 9.48× | — | ||
| Q1 25 | 9.63× | — | ||
| Q4 24 | 9.70× | — | ||
| Q3 24 | 9.16× | — | ||
| Q2 24 | 9.24× | — |
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 | — | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-1.2B |
| 自由现金流率自由现金流/营收 | 34.4% | -65.1% |
| 资本支出强度资本支出/营收 | 16.8% | 2.2% |
| 现金转化率经营现金流/净利润 | — | -3.34× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $-3.4B |
8季度趋势，按日历期对齐
经营现金流AMTCG
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $-1.2B | ||
| Q3 25 | $1.5B | $-1.6B | ||
| Q2 25 | $1.3B | $-168.8M | ||
| Q1 25 | $1.3B | $-352.1M | ||
| Q4 24 | $5.3B | $-352.8M | ||
| Q3 24 | $1.5B | $791.9M | ||
| Q2 24 | $1.3B | $-1.3B |
自由现金流AMTCG
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-1.2B | ||
| Q3 25 | $994.5M | $-1.6B | ||
| Q2 25 | $976.9M | $-186.3M | ||
| Q1 25 | $963.9M | $-368.8M | ||
| Q4 24 | $3.7B | $-379.5M | ||
| Q3 24 | $1.0B | $772.8M | ||
| Q2 24 | $1.0B | $-1.3B |
自由现金流率AMTCG
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -65.1% | ||
| Q3 25 | 36.6% | -475.7% | ||
| Q2 25 | 37.2% | -11.8% | ||
| Q1 25 | 37.6% | -37.9% | ||
| Q4 24 | 145.3% | -36.8% | ||
| Q3 24 | 41.4% | 29.3% | ||
| Q2 24 | 39.8% | -120.4% |
资本支出强度AMTCG
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 2.2% | ||
| Q3 25 | 17.1% | 7.0% | ||
| Q2 25 | 11.6% | 1.1% | ||
| Q1 25 | 12.9% | 1.7% | ||
| Q4 24 | 62.4% | 2.6% | ||
| Q3 24 | 16.8% | 0.7% | ||
| Q2 24 | 12.8% | 1.7% |
现金转化率AMTCG
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | -3.34× | ||
| Q3 25 | 1.60× | -1732.78× | ||
| Q2 25 | 3.37× | -0.53× | ||
| Q1 25 | 2.60× | -2.71× | ||
| Q4 24 | 4.30× | -1.67× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 1.47× | -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
AMT
暂无分部数据
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% |
