vs
凯雷集团（CG）与DNOW Inc.（DNOW）财务数据对比。点击上方公司名可切换其他公司
凯雷集团的季度营收约是DNOW Inc.的2.0倍（$1.9B vs $959.0M），凯雷集团净利率更高（18.8% vs -16.8%，领先35.6%），凯雷集团同比增速更快（84.1% vs 68.0%），DNOW Inc.自由现金流更多（$76.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 30.5%）
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。
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
CG vs DNOW — 直观对比
营收规模更大
CG
是对方的2.0倍
$959.0M
营收增速更快
CG
高出16.2%
68.0%
净利率更高
CG
高出35.6%
-16.8%
自由现金流更多
DNOW
多$1.3B
$-1.2B
两年增速更快
CG
近两年复合增速
30.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $959.0M |
| 净利润 | $358.1M | $-161.0M |
| 毛利率 | — | 5.2% |
| 营业利润率 | 24.3% | -19.6% |
| 净利率 | 18.8% | -16.8% |
| 营收同比 | 84.1% | 68.0% |
| 净利润同比 | 69.8% | -905.0% |
| 每股收益（稀释后） | $0.96 | $-1.42 |
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CGDNOW
| Q4 25 | $1.9B | $959.0M | ||
| Q3 25 | $332.7M | $634.0M | ||
| Q2 25 | $1.6B | $628.0M | ||
| Q1 25 | $973.1M | $599.0M | ||
| Q4 24 | $1.0B | $571.0M | ||
| Q3 24 | $2.6B | $606.0M | ||
| Q2 24 | $1.1B | $633.0M | ||
| Q1 24 | $688.4M | $563.0M |
净利润CGDNOW
| Q4 25 | $358.1M | $-161.0M | ||
| Q3 25 | $900.0K | $25.0M | ||
| Q2 25 | $319.7M | $25.0M | ||
| Q1 25 | $130.0M | $22.0M | ||
| Q4 24 | $210.9M | $20.0M | ||
| Q3 24 | $595.7M | $13.0M | ||
| Q2 24 | $148.2M | $24.0M | ||
| Q1 24 | $65.6M | $21.0M |
毛利率CGDNOW
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | — | 22.6% | ||
| Q3 24 | — | 22.3% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 22.9% |
营业利润率CGDNOW
| Q4 25 | 24.3% | -19.6% | ||
| Q3 25 | 25.8% | 5.2% | ||
| Q2 25 | 28.0% | 5.1% | ||
| Q1 25 | 17.6% | 5.0% | ||
| Q4 24 | 25.7% | 4.4% | ||
| Q3 24 | 29.9% | 3.8% | ||
| Q2 24 | 20.5% | 5.2% | ||
| Q1 24 | 17.5% | 5.0% |
净利率CGDNOW
| Q4 25 | 18.8% | -16.8% | ||
| Q3 25 | 0.3% | 3.9% | ||
| Q2 25 | 20.3% | 4.0% | ||
| Q1 25 | 13.4% | 3.7% | ||
| Q4 24 | 20.4% | 3.5% | ||
| Q3 24 | 22.6% | 2.1% | ||
| Q2 24 | 13.9% | 3.8% | ||
| Q1 24 | 9.5% | 3.7% |
每股收益（稀释后）CGDNOW
| Q4 25 | $0.96 | $-1.42 | ||
| Q3 25 | $0.00 | $0.23 | ||
| Q2 25 | $0.87 | $0.23 | ||
| Q1 25 | $0.35 | $0.20 | ||
| Q4 24 | $0.56 | $0.19 | ||
| Q3 24 | $1.63 | $0.12 | ||
| Q2 24 | $0.40 | $0.21 | ||
| Q1 24 | $0.18 | $0.19 |
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 | $164.0M |
| 总债务越低越好 | — | $411.0M |
| 股东权益账面价值 | $7.1B | $2.2B |
| 总资产 | $29.1B | $3.9B |
| 负债/权益比越低杠杆越低 | — | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资CGDNOW
| Q4 25 | $2.0B | $164.0M | ||
| Q3 25 | $2.2B | $266.0M | ||
| Q2 25 | $1.3B | $232.0M | ||
| Q1 25 | $1.2B | $219.0M | ||
| Q4 24 | $1.3B | $256.0M | ||
| Q3 24 | $1.4B | $261.0M | ||
| Q2 24 | $914.8M | $197.0M | ||
| Q1 24 | $1.3B | $188.0M |
总债务CGDNOW
| Q4 25 | — | $411.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CGDNOW
| Q4 25 | $7.1B | $2.2B | ||
| Q3 25 | $6.8B | $1.2B | ||
| Q2 25 | $6.7B | $1.2B | ||
| Q1 25 | $6.4B | $1.1B | ||
| Q4 24 | $6.3B | $1.1B | ||
| Q3 24 | $6.3B | $1.1B | ||
| Q2 24 | $5.7B | $1.1B | ||
| Q1 24 | $5.7B | $1.1B |
总资产CGDNOW
| Q4 25 | $29.1B | $3.9B | ||
| Q3 25 | $27.1B | $1.7B | ||
| Q2 25 | $25.1B | $1.7B | ||
| Q1 25 | $24.1B | $1.7B | ||
| Q4 24 | $23.1B | $1.6B | ||
| Q3 24 | $22.7B | $1.6B | ||
| Q2 24 | $22.3B | $1.6B | ||
| Q1 24 | $20.8B | $1.6B |
负债/权益比CGDNOW
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $83.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $76.0M |
| 自由现金流率自由现金流/营收 | -65.1% | 7.9% |
| 资本支出强度资本支出/营收 | 2.2% | 0.7% |
| 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 | $-3.4B | $134.0M |
8季度趋势，按日历期对齐
经营现金流CGDNOW
| Q4 25 | $-1.2B | $83.0M | ||
| Q3 25 | $-1.6B | $43.0M | ||
| Q2 25 | $-168.8M | $45.0M | ||
| Q1 25 | $-352.1M | $-16.0M | ||
| Q4 24 | $-352.8M | $122.0M | ||
| Q3 24 | $791.9M | $74.0M | ||
| Q2 24 | $-1.3B | $21.0M | ||
| Q1 24 | $71.1M | $81.0M |
自由现金流CGDNOW
| Q4 25 | $-1.2B | $76.0M | ||
| Q3 25 | $-1.6B | $39.0M | ||
| Q2 25 | $-186.3M | $41.0M | ||
| Q1 25 | $-368.8M | $-22.0M | ||
| Q4 24 | $-379.5M | $119.0M | ||
| Q3 24 | $772.8M | $72.0M | ||
| Q2 24 | $-1.3B | $18.0M | ||
| Q1 24 | $56.9M | $80.0M |
自由现金流率CGDNOW
| Q4 25 | -65.1% | 7.9% | ||
| Q3 25 | -475.7% | 6.2% | ||
| Q2 25 | -11.8% | 6.5% | ||
| Q1 25 | -37.9% | -3.7% | ||
| Q4 24 | -36.8% | 20.8% | ||
| Q3 24 | 29.3% | 11.9% | ||
| Q2 24 | -120.4% | 2.8% | ||
| Q1 24 | 8.3% | 14.2% |
资本支出强度CGDNOW
| Q4 25 | 2.2% | 0.7% | ||
| Q3 25 | 7.0% | 0.6% | ||
| Q2 25 | 1.1% | 0.6% | ||
| Q1 25 | 1.7% | 1.0% | ||
| Q4 24 | 2.6% | 0.5% | ||
| Q3 24 | 0.7% | 0.3% | ||
| Q2 24 | 1.7% | 0.5% | ||
| Q1 24 | 2.1% | 0.2% |
现金转化率CGDNOW
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 1.72× | ||
| Q2 25 | -0.53× | 1.80× | ||
| Q1 25 | -2.71× | -0.73× | ||
| Q4 24 | -1.67× | 6.10× | ||
| Q3 24 | 1.33× | 5.69× | ||
| Q2 24 | -8.57× | 0.88× | ||
| Q1 24 | 1.08× | 3.86× |
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% |
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
