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凯雷集团（CG）与DraftKings Inc.（DKNG）财务数据对比。点击上方公司名可切换其他公司
DraftKings Inc.的季度营收约是凯雷集团的1.0倍（$2.0B vs $1.9B），凯雷集团净利率更高（18.8% vs 6.9%，领先12.0%），凯雷集团同比增速更快（84.1% vs 42.8%），DraftKings Inc.自由现金流更多（$316.5M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 30.1%）
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。
DraftKings Inc.是总部位于美国马萨诸塞州波士顿的博彩企业，主要提供体育博彩、每日范特西体育相关服务，是全球线上博彩娱乐赛道的知名企业，业务覆盖多个国家和地区的合规消费市场。
CG vs DKNG — 直观对比
营收规模更大
DKNG
是对方的1.0倍
$1.9B
营收增速更快
CG
高出41.3%
42.8%
净利率更高
CG
高出12.0%
6.9%
自由现金流更多
DKNG
多$1.6B
$-1.2B
两年增速更快
CG
近两年复合增速
30.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.0B |
| 净利润 | $358.1M | $136.4M |
| 毛利率 | — | 46.0% |
| 营业利润率 | 24.3% | 7.6% |
| 净利率 | 18.8% | 6.9% |
| 营收同比 | 84.1% | 42.8% |
| 净利润同比 | 69.8% | 201.2% |
| 每股收益（稀释后） | $0.96 | $0.28 |
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CGDKNG
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $332.7M | $1.1B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $973.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $2.6B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $688.4M | $1.2B |
净利润CGDKNG
| Q4 25 | $358.1M | $136.4M | ||
| Q3 25 | $900.0K | $-256.8M | ||
| Q2 25 | $319.7M | $157.9M | ||
| Q1 25 | $130.0M | $-33.9M | ||
| Q4 24 | $210.9M | $-134.9M | ||
| Q3 24 | $595.7M | $-293.7M | ||
| Q2 24 | $148.2M | $63.8M | ||
| Q1 24 | $65.6M | $-142.6M |
毛利率CGDKNG
| Q4 25 | — | 46.0% | ||
| Q3 25 | — | 31.5% | ||
| Q2 25 | — | 43.5% | ||
| Q1 25 | — | 40.1% | ||
| Q4 24 | — | 40.1% | ||
| Q3 24 | — | 32.2% | ||
| Q2 24 | — | 39.9% | ||
| Q1 24 | — | 39.6% |
营业利润率CGDKNG
| Q4 25 | 24.3% | 7.6% | ||
| Q3 25 | 25.8% | -23.8% | ||
| Q2 25 | 28.0% | 10.0% | ||
| Q1 25 | 17.6% | -3.3% | ||
| Q4 24 | 25.7% | -10.0% | ||
| Q3 24 | 29.9% | -27.3% | ||
| Q2 24 | 20.5% | -2.9% | ||
| Q1 24 | 17.5% | -11.8% |
净利率CGDKNG
| Q4 25 | 18.8% | 6.9% | ||
| Q3 25 | 0.3% | -22.4% | ||
| Q2 25 | 20.3% | 10.4% | ||
| Q1 25 | 13.4% | -2.4% | ||
| Q4 24 | 20.4% | -9.7% | ||
| Q3 24 | 22.6% | -26.8% | ||
| Q2 24 | 13.9% | 5.8% | ||
| Q1 24 | 9.5% | -12.1% |
每股收益（稀释后）CGDKNG
| Q4 25 | $0.96 | $0.28 | ||
| Q3 25 | $0.00 | $-0.52 | ||
| Q2 25 | $0.87 | $0.30 | ||
| Q1 25 | $0.35 | $-0.07 | ||
| Q4 24 | $0.56 | $-0.25 | ||
| Q3 24 | $1.63 | $-0.60 | ||
| Q2 24 | $0.40 | $0.10 | ||
| Q1 24 | $0.18 | $-0.30 |
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 | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $631.5M |
| 总资产 | $29.1B | $4.5B |
| 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CGDKNG
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.3B | $788.3M | ||
| Q3 24 | $1.4B | $877.8M | ||
| Q2 24 | $914.8M | $815.9M | ||
| Q1 24 | $1.3B | $1.2B |
股东权益CGDKNG
| Q4 25 | $7.1B | $631.5M | ||
| Q3 25 | $6.8B | $732.3M | ||
| Q2 25 | $6.7B | $1.0B | ||
| Q1 25 | $6.4B | $872.9M | ||
| Q4 24 | $6.3B | $1.0B | ||
| Q3 24 | $6.3B | $1.1B | ||
| Q2 24 | $5.7B | $1.3B | ||
| Q1 24 | $5.7B | $831.0M |
总资产CGDKNG
| Q4 25 | $29.1B | $4.5B | ||
| Q3 25 | $27.1B | $4.6B | ||
| Q2 25 | $25.1B | $4.5B | ||
| Q1 25 | $24.1B | $4.5B | ||
| Q4 24 | $23.1B | $4.3B | ||
| Q3 24 | $22.7B | $4.3B | ||
| Q2 24 | $22.3B | $4.2B | ||
| Q1 24 | $20.8B | $3.8B |
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 | $-1.2B | $320.5M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $316.5M |
| 自由现金流率自由现金流/营收 | -65.1% | 15.9% |
| 资本支出强度资本支出/营收 | 2.2% | 0.2% |
| 现金转化率经营现金流/净利润 | -3.34× | 2.35× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $647.5M |
8季度趋势，按日历期对齐
经营现金流CGDKNG
| Q4 25 | $-1.2B | $320.5M | ||
| Q3 25 | $-1.6B | $287.5M | ||
| Q2 25 | $-168.8M | $173.9M | ||
| Q1 25 | $-352.1M | $-119.0M | ||
| Q4 24 | $-352.8M | $325.2M | ||
| Q3 24 | $791.9M | $133.6M | ||
| Q2 24 | $-1.3B | $29.4M | ||
| Q1 24 | $71.1M | $-70.4M |
自由现金流CGDKNG
| Q4 25 | $-1.2B | $316.5M | ||
| Q3 25 | $-1.6B | $283.0M | ||
| Q2 25 | $-186.3M | $169.6M | ||
| Q1 25 | $-368.8M | $-121.7M | ||
| Q4 24 | $-379.5M | $323.2M | ||
| Q3 24 | $772.8M | $130.9M | ||
| Q2 24 | $-1.3B | $27.0M | ||
| Q1 24 | $56.9M | $-73.4M |
自由现金流率CGDKNG
| Q4 25 | -65.1% | 15.9% | ||
| Q3 25 | -475.7% | 24.7% | ||
| Q2 25 | -11.8% | 11.2% | ||
| Q1 25 | -37.9% | -8.6% | ||
| Q4 24 | -36.8% | 23.2% | ||
| Q3 24 | 29.3% | 11.9% | ||
| Q2 24 | -120.4% | 2.4% | ||
| Q1 24 | 8.3% | -6.2% |
资本支出强度CGDKNG
| Q4 25 | 2.2% | 0.2% | ||
| Q3 25 | 7.0% | 0.4% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 2.6% | 0.1% | ||
| Q3 24 | 0.7% | 0.2% | ||
| Q2 24 | 1.7% | 0.2% | ||
| Q1 24 | 2.1% | 0.3% |
现金转化率CGDKNG
| Q4 25 | -3.34× | 2.35× | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | 1.10× | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | -8.57× | 0.46× | ||
| Q1 24 | 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
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% |
DKNG
| Sportsbook | $1.4B | 68% |
| I Gaming | $500.2M | 25% |
| Other | $137.9M | 7% |
