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富兰克林邓普顿（BEN）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
富兰克林邓普顿的季度营收约是凯雷集团的1.2倍（$2.3B vs $1.9B）。凯雷集团净利率更高（18.8% vs 11.0%，领先7.9%）。凯雷集团同比增速更快（84.1% vs 3.4%）。过去两年凯雷集团的营收复合增速更高（66.2% vs 4.0%）
富兰克林资源（运营品牌为富兰克林邓普顿）是美国跨国投资管理控股集团，1947年创立于纽约，纽交所上市代码为BEN，命名源自创始人敬仰的本杰明·富兰克林，是全球知名的综合投资服务机构。
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。
BEN vs CG — 直观对比
营收规模更大
BEN
是对方的1.2倍
$1.9B
营收增速更快
CG
高出80.8%
3.4%
净利率更高
CG
高出7.9%
11.0%
两年增速更快
CG
近两年复合增速
4.0%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.9B |
| 净利润 | $255.5M | $358.1M |
| 毛利率 | — | — |
| 营业利润率 | 12.1% | 24.3% |
| 净利率 | 11.0% | 18.8% |
| 营收同比 | 3.4% | 84.1% |
| 净利润同比 | 56.2% | 69.8% |
| 每股收益（稀释后） | $0.46 | $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BENCG
| Q4 25 | $2.3B | $1.9B | ||
| Q3 25 | $2.3B | $332.7M | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $2.1B | $973.1M | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.2B | $2.6B | ||
| Q2 24 | $2.1B | $1.1B | ||
| Q1 24 | $2.2B | $688.4M |
净利润BENCG
| Q4 25 | $255.5M | $358.1M | ||
| Q3 25 | $117.6M | $900.0K | ||
| Q2 25 | $92.3M | $319.7M | ||
| Q1 25 | $151.4M | $130.0M | ||
| Q4 24 | $163.6M | $210.9M | ||
| Q3 24 | $-84.7M | $595.7M | ||
| Q2 24 | $174.0M | $148.2M | ||
| Q1 24 | $124.2M | $65.6M |
营业利润率BENCG
| Q4 25 | 12.1% | 24.3% | ||
| Q3 25 | 3.6% | 25.8% | ||
| Q2 25 | 7.5% | 28.0% | ||
| Q1 25 | 6.9% | 17.6% | ||
| Q4 24 | 9.7% | 25.7% | ||
| Q3 24 | -6.8% | 29.9% | ||
| Q2 24 | 10.5% | 20.5% | ||
| Q1 24 | 6.0% | 17.5% |
净利率BENCG
| Q4 25 | 11.0% | 18.8% | ||
| Q3 25 | 5.0% | 0.3% | ||
| Q2 25 | 4.5% | 20.3% | ||
| Q1 25 | 7.2% | 13.4% | ||
| Q4 24 | 7.3% | 20.4% | ||
| Q3 24 | -3.8% | 22.6% | ||
| Q2 24 | 8.2% | 13.9% | ||
| Q1 24 | 5.8% | 9.5% |
每股收益（稀释后）BENCG
| Q4 25 | $0.46 | $0.96 | ||
| Q3 25 | $0.21 | $0.00 | ||
| Q2 25 | $0.15 | $0.87 | ||
| Q1 25 | $0.26 | $0.35 | ||
| Q4 24 | $0.29 | $0.56 | ||
| Q3 24 | $-0.20 | $1.63 | ||
| Q2 24 | $0.32 | $0.40 | ||
| Q1 24 | $0.23 | $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 | — | $2.0B |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $12.1B | $7.1B |
| 总资产 | $32.5B | $29.1B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资BENCG
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $914.8M | ||
| Q1 24 | — | $1.3B |
总债务BENCG
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益BENCG
| Q4 25 | $12.1B | $7.1B | ||
| Q3 25 | $12.1B | $6.8B | ||
| Q2 25 | $12.2B | $6.7B | ||
| Q1 25 | $12.3B | $6.4B | ||
| Q4 24 | $12.5B | $6.3B | ||
| Q3 24 | $12.5B | $6.3B | ||
| Q2 24 | $12.9B | $5.7B | ||
| Q1 24 | $12.9B | $5.7B |
总资产BENCG
| Q4 25 | $32.5B | $29.1B | ||
| Q3 25 | $32.4B | $27.1B | ||
| Q2 25 | $32.6B | $25.1B | ||
| Q1 25 | $32.0B | $24.1B | ||
| Q4 24 | $32.4B | $23.1B | ||
| Q3 24 | $32.5B | $22.7B | ||
| Q2 24 | $33.3B | $22.3B | ||
| Q1 24 | $32.9B | $20.8B |
负债/权益比BENCG
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.22× | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | 0.24× | — | ||
| Q1 24 | 0.24× | — |
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 | $-255.1M | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.2B |
| 自由现金流率自由现金流/营收 | — | -65.1% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | -1.00× | -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BENCG
| Q4 25 | $-255.1M | $-1.2B | ||
| Q3 25 | $-20.7M | $-1.6B | ||
| Q2 25 | $1.3B | $-168.8M | ||
| Q1 25 | $-50.1M | $-352.1M | ||
| Q4 24 | $-145.2M | $-352.8M | ||
| Q3 24 | $558.2M | $791.9M | ||
| Q2 24 | $528.4M | $-1.3B | ||
| Q1 24 | $136.6M | $71.1M |
自由现金流BENCG
| Q4 25 | — | $-1.2B | ||
| Q3 25 | $-51.9M | $-1.6B | ||
| Q2 25 | $1.3B | $-186.3M | ||
| Q1 25 | $-87.6M | $-368.8M | ||
| Q4 24 | $-217.0M | $-379.5M | ||
| Q3 24 | $488.4M | $772.8M | ||
| Q2 24 | $482.3M | $-1.3B | ||
| Q1 24 | $94.9M | $56.9M |
自由现金流率BENCG
| Q4 25 | — | -65.1% | ||
| Q3 25 | -2.2% | -475.7% | ||
| Q2 25 | 61.4% | -11.8% | ||
| Q1 25 | -4.1% | -37.9% | ||
| Q4 24 | -9.6% | -36.8% | ||
| Q3 24 | 22.1% | 29.3% | ||
| Q2 24 | 22.7% | -120.4% | ||
| Q1 24 | 4.4% | 8.3% |
资本支出强度BENCG
| Q4 25 | — | 2.2% | ||
| Q3 25 | 1.3% | 7.0% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 1.8% | 1.7% | ||
| Q4 24 | 3.2% | 2.6% | ||
| Q3 24 | 3.2% | 0.7% | ||
| Q2 24 | 2.2% | 1.7% | ||
| Q1 24 | 1.9% | 2.1% |
现金转化率BENCG
| Q4 25 | -1.00× | -3.34× | ||
| Q3 25 | -0.18× | -1732.78× | ||
| Q2 25 | 13.89× | -0.53× | ||
| Q1 25 | -0.33× | -2.71× | ||
| Q4 24 | -0.89× | -1.67× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 3.04× | -8.57× | ||
| Q1 24 | 1.10× | 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
BEN
| Investment Advisory Management And Administrative Service | $1.8B | 79% |
| Sales And Distribution Fees | $388.7M | 17% |
| Shareholder Service | $70.9M | 3% |
| Service Other | $19.6M | 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% |
