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空气化工产品公司（APD）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
空气化工产品公司的季度营收约是凯雷集团的1.6倍（$3.1B vs $1.9B），空气化工产品公司净利率更高（21.9% vs 18.8%，领先3.0%），凯雷集团同比增速更快（84.1% vs 5.8%），空气化工产品公司自由现金流更多（$-350.5M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 2.9%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
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。
APD vs CG — 直观对比
营收规模更大
APD
是对方的1.6倍
$1.9B
营收增速更快
CG
高出78.3%
5.8%
净利率更高
APD
高出3.0%
18.8%
自由现金流更多
APD
多$886.6M
$-1.2B
两年增速更快
CG
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.9B |
| 净利润 | $678.2M | $358.1M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 24.3% |
| 净利率 | 21.9% | 18.8% |
| 营收同比 | 5.8% | 84.1% |
| 净利润同比 | 9.8% | 69.8% |
| 每股收益（稀释后） | $3.04 | $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APDCG
| Q4 25 | $3.1B | $1.9B | ||
| Q3 25 | $3.2B | $332.7M | ||
| Q2 25 | $3.0B | $1.6B | ||
| Q1 25 | $2.9B | $973.1M | ||
| Q4 24 | $2.9B | $1.0B | ||
| Q3 24 | $3.2B | $2.6B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $2.9B | $688.4M |
净利润APDCG
| Q4 25 | $678.2M | $358.1M | ||
| Q3 25 | $4.9M | $900.0K | ||
| Q2 25 | $713.8M | $319.7M | ||
| Q1 25 | $-1.7B | $130.0M | ||
| Q4 24 | $617.4M | $210.9M | ||
| Q3 24 | $1.9B | $595.7M | ||
| Q2 24 | $696.6M | $148.2M | ||
| Q1 24 | $572.4M | $65.6M |
毛利率APDCG
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDCG
| Q4 25 | 23.7% | 24.3% | ||
| Q3 25 | 0.5% | 25.8% | ||
| Q2 25 | 26.2% | 28.0% | ||
| Q1 25 | -79.8% | 17.6% | ||
| Q4 24 | 22.0% | 25.7% | ||
| Q3 24 | 76.1% | 29.9% | ||
| Q2 24 | 24.7% | 20.5% | ||
| Q1 24 | 21.7% | 17.5% |
净利率APDCG
| Q4 25 | 21.9% | 18.8% | ||
| Q3 25 | 0.2% | 0.3% | ||
| Q2 25 | 23.6% | 20.3% | ||
| Q1 25 | -59.3% | 13.4% | ||
| Q4 24 | 21.1% | 20.4% | ||
| Q3 24 | 61.2% | 22.6% | ||
| Q2 24 | 23.3% | 13.9% | ||
| Q1 24 | 19.5% | 9.5% |
每股收益（稀释后）APDCG
| Q4 25 | $3.04 | $0.96 | ||
| Q3 25 | $0.03 | $0.00 | ||
| Q2 25 | $3.20 | $0.87 | ||
| Q1 25 | $-7.77 | $0.35 | ||
| Q4 24 | $2.77 | $0.56 | ||
| Q3 24 | $8.75 | $1.63 | ||
| Q2 24 | $3.13 | $0.40 | ||
| Q1 24 | $2.57 | $0.18 |
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 | $1.0B | $2.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $7.1B |
| 总资产 | $41.2B | $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APDCG
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $1.9B | $2.2B | ||
| Q2 25 | $2.3B | $1.3B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $2.4B | $914.8M | ||
| Q1 24 | $2.6B | $1.3B |
股东权益APDCG
| Q4 25 | $15.4B | $7.1B | ||
| Q3 25 | $15.0B | $6.8B | ||
| Q2 25 | $15.5B | $6.7B | ||
| Q1 25 | $14.7B | $6.4B | ||
| Q4 24 | $16.7B | $6.3B | ||
| Q3 24 | $17.0B | $6.3B | ||
| Q2 24 | $15.1B | $5.7B | ||
| Q1 24 | $14.9B | $5.7B |
总资产APDCG
| Q4 25 | $41.2B | $29.1B | ||
| Q3 25 | $41.1B | $27.1B | ||
| Q2 25 | $41.7B | $25.1B | ||
| Q1 25 | $38.9B | $24.1B | ||
| Q4 24 | $40.0B | $23.1B | ||
| Q3 24 | $39.6B | $22.7B | ||
| Q2 24 | $37.0B | $22.3B | ||
| Q1 24 | $35.9B | $20.8B |
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 | $900.7M | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $-1.2B |
| 自由现金流率自由现金流/营收 | -11.3% | -65.1% |
| 资本支出强度资本支出/营收 | 40.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.33× | -3.34× |
| 过去12个月自由现金流最近4个季度 | — | $-3.4B |
8季度趋势，按日历期对齐
经营现金流APDCG
| Q4 25 | $900.7M | $-1.2B | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | $855.8M | $-168.8M | ||
| Q1 25 | $328.1M | $-352.1M | ||
| Q4 24 | $811.7M | $-352.8M | ||
| Q3 24 | — | $791.9M | ||
| Q2 24 | $1.3B | $-1.3B | ||
| Q1 24 | $801.7M | $71.1M |
自由现金流APDCG
| Q4 25 | $-350.5M | $-1.2B | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | $-640.0M | $-186.3M | ||
| Q1 25 | $-1.6B | $-368.8M | ||
| Q4 24 | $-1.3B | $-379.5M | ||
| Q3 24 | — | $772.8M | ||
| Q2 24 | $-345.2M | $-1.3B | ||
| Q1 24 | $-867.7M | $56.9M |
自由现金流率APDCG
| Q4 25 | -11.3% | -65.1% | ||
| Q3 25 | — | -475.7% | ||
| Q2 25 | -21.2% | -11.8% | ||
| Q1 25 | -53.6% | -37.9% | ||
| Q4 24 | -44.5% | -36.8% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | -11.6% | -120.4% | ||
| Q1 24 | -29.6% | 8.3% |
资本支出强度APDCG
| Q4 25 | 40.3% | 2.2% | ||
| Q3 25 | 47.9% | 7.0% | ||
| Q2 25 | 49.5% | 1.1% | ||
| Q1 25 | 64.9% | 1.7% | ||
| Q4 24 | 72.2% | 2.6% | ||
| Q3 24 | 65.1% | 0.7% | ||
| Q2 24 | 53.8% | 1.7% | ||
| Q1 24 | 57.0% | 2.1% |
现金转化率APDCG
| Q4 25 | 1.33× | -3.34× | ||
| Q3 25 | — | -1732.78× | ||
| Q2 25 | 1.20× | -0.53× | ||
| Q1 25 | — | -2.71× | ||
| Q4 24 | 1.31× | -1.67× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 1.81× | -8.57× | ||
| Q1 24 | 1.40× | 1.08× |
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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
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% |
