vs
凯雷集团（CG）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是凯雷集团的1.6倍（$3.0B vs $1.9B），凯雷集团净利率更高（18.8% vs 17.8%，领先1.0%），凯雷集团同比增速更快（84.1% vs 15.0%），易贝自由现金流更多（$478.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 7.7%）
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。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
CG vs EBAY — 直观对比
营收规模更大
EBAY
是对方的1.6倍
$1.9B
营收增速更快
CG
高出69.2%
15.0%
净利率更高
CG
高出1.0%
17.8%
自由现金流更多
EBAY
多$1.7B
$-1.2B
两年增速更快
CG
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.0B |
| 净利润 | $358.1M | $528.0M |
| 毛利率 | — | 71.4% |
| 营业利润率 | 24.3% | 20.3% |
| 净利率 | 18.8% | 17.8% |
| 营收同比 | 84.1% | 15.0% |
| 净利润同比 | 69.8% | -22.2% |
| 每股收益（稀释后） | $0.96 | $1.14 |
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CGEBAY
| Q4 25 | $1.9B | $3.0B | ||
| Q3 25 | $332.7M | $2.8B | ||
| Q2 25 | $1.6B | $2.7B | ||
| Q1 25 | $973.1M | $2.6B | ||
| Q4 24 | $1.0B | $2.6B | ||
| Q3 24 | $2.6B | $2.6B | ||
| Q2 24 | $1.1B | $2.6B | ||
| Q1 24 | $688.4M | $2.6B |
净利润CGEBAY
| Q4 25 | $358.1M | $528.0M | ||
| Q3 25 | $900.0K | $632.0M | ||
| Q2 25 | $319.7M | $368.0M | ||
| Q1 25 | $130.0M | $503.0M | ||
| Q4 24 | $210.9M | $679.0M | ||
| Q3 24 | $595.7M | $634.0M | ||
| Q2 24 | $148.2M | $224.0M | ||
| Q1 24 | $65.6M | $438.0M |
毛利率CGEBAY
| Q4 25 | — | 71.4% | ||
| Q3 25 | — | 70.9% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 71.8% | ||
| Q2 24 | — | 71.4% | ||
| Q1 24 | — | 72.6% |
营业利润率CGEBAY
| Q4 25 | 24.3% | 20.3% | ||
| Q3 25 | 25.8% | 20.4% | ||
| Q2 25 | 28.0% | 17.7% | ||
| Q1 25 | 17.6% | 23.8% | ||
| Q4 24 | 25.7% | 21.1% | ||
| Q3 24 | 29.9% | 23.1% | ||
| Q2 24 | 20.5% | 21.3% | ||
| Q1 24 | 17.5% | 24.7% |
净利率CGEBAY
| Q4 25 | 18.8% | 17.8% | ||
| Q3 25 | 0.3% | 22.4% | ||
| Q2 25 | 20.3% | 13.5% | ||
| Q1 25 | 13.4% | 19.5% | ||
| Q4 24 | 20.4% | 26.3% | ||
| Q3 24 | 22.6% | 24.6% | ||
| Q2 24 | 13.9% | 8.7% | ||
| Q1 24 | 9.5% | 17.1% |
每股收益（稀释后）CGEBAY
| Q4 25 | $0.96 | $1.14 | ||
| Q3 25 | $0.00 | $1.35 | ||
| Q2 25 | $0.87 | $0.79 | ||
| Q1 25 | $0.35 | $1.06 | ||
| Q4 24 | $0.56 | $1.35 | ||
| Q3 24 | $1.63 | $1.29 | ||
| Q2 24 | $0.40 | $0.45 | ||
| Q1 24 | $0.18 | $0.85 |
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 | $1.9B |
| 总债务越低越好 | — | $6.0B |
| 股东权益账面价值 | $7.1B | $4.6B |
| 总资产 | $29.1B | $17.6B |
| 负债/权益比越低杠杆越低 | — | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资CGEBAY
| Q4 25 | $2.0B | $1.9B | ||
| Q3 25 | $2.2B | $2.4B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.2B | $3.1B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $914.8M | $2.0B | ||
| Q1 24 | $1.3B | $2.1B |
总债务CGEBAY
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.2B |
股东权益CGEBAY
| Q4 25 | $7.1B | $4.6B | ||
| Q3 25 | $6.8B | $4.7B | ||
| Q2 25 | $6.7B | $4.7B | ||
| Q1 25 | $6.4B | $5.0B | ||
| Q4 24 | $6.3B | $5.2B | ||
| Q3 24 | $6.3B | $5.4B | ||
| Q2 24 | $5.7B | $5.5B | ||
| Q1 24 | $5.7B | $6.3B |
总资产CGEBAY
| Q4 25 | $29.1B | $17.6B | ||
| Q3 25 | $27.1B | $17.8B | ||
| Q2 25 | $25.1B | $18.0B | ||
| Q1 25 | $24.1B | $19.0B | ||
| Q4 24 | $23.1B | $19.4B | ||
| Q3 24 | $22.7B | $19.9B | ||
| Q2 24 | $22.3B | $20.4B | ||
| Q1 24 | $20.8B | $21.4B |
负债/权益比CGEBAY
| Q4 25 | — | 1.30× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 0.98× |
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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $478.0M |
| 自由现金流率自由现金流/营收 | -65.1% | 16.1% |
| 资本支出强度资本支出/营收 | 2.2% | 3.9% |
| 现金转化率经营现金流/净利润 | -3.34× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $1.5B |
8季度趋势，按日历期对齐
经营现金流CGEBAY
| Q4 25 | $-1.2B | $595.0M | ||
| Q3 25 | $-1.6B | $934.0M | ||
| Q2 25 | $-168.8M | $-307.0M | ||
| Q1 25 | $-352.1M | $787.0M | ||
| Q4 24 | $-352.8M | $677.0M | ||
| Q3 24 | $791.9M | $755.0M | ||
| Q2 24 | $-1.3B | $367.0M | ||
| Q1 24 | $71.1M | $615.0M |
自由现金流CGEBAY
| Q4 25 | $-1.2B | $478.0M | ||
| Q3 25 | $-1.6B | $803.0M | ||
| Q2 25 | $-186.3M | $-441.0M | ||
| Q1 25 | $-368.8M | $644.0M | ||
| Q4 24 | $-379.5M | $560.0M | ||
| Q3 24 | $772.8M | $646.0M | ||
| Q2 24 | $-1.3B | $278.0M | ||
| Q1 24 | $56.9M | $472.0M |
自由现金流率CGEBAY
| Q4 25 | -65.1% | 16.1% | ||
| Q3 25 | -475.7% | 28.5% | ||
| Q2 25 | -11.8% | -16.2% | ||
| Q1 25 | -37.9% | 24.9% | ||
| Q4 24 | -36.8% | 21.7% | ||
| Q3 24 | 29.3% | 25.1% | ||
| Q2 24 | -120.4% | 10.8% | ||
| Q1 24 | 8.3% | 18.5% |
资本支出强度CGEBAY
| Q4 25 | 2.2% | 3.9% | ||
| Q3 25 | 7.0% | 4.6% | ||
| Q2 25 | 1.1% | 4.9% | ||
| Q1 25 | 1.7% | 5.5% | ||
| Q4 24 | 2.6% | 4.5% | ||
| Q3 24 | 0.7% | 4.2% | ||
| Q2 24 | 1.7% | 3.5% | ||
| Q1 24 | 2.1% | 5.6% |
现金转化率CGEBAY
| Q4 25 | -3.34× | 1.13× | ||
| Q3 25 | -1732.78× | 1.48× | ||
| Q2 25 | -0.53× | -0.83× | ||
| Q1 25 | -2.71× | 1.56× | ||
| Q4 24 | -1.67× | 1.00× | ||
| Q3 24 | 1.33× | 1.19× | ||
| Q2 24 | -8.57× | 1.64× | ||
| Q1 24 | 1.08× | 1.40× |
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% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
