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凯雷集团（CG）与Shift4 Payments, Inc.（FOUR）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Shift4 Payments, Inc.的1.6倍（$1.9B vs $1.2B），凯雷集团净利率更高（18.8% vs 3.4%，领先15.5%），凯雷集团同比增速更快（84.1% vs 34.0%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 29.6%）
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。
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
CG vs FOUR — 直观对比
营收规模更大
CG
是对方的1.6倍
$1.2B
营收增速更快
CG
高出50.1%
34.0%
净利率更高
CG
高出15.5%
3.4%
自由现金流更多
FOUR
多$1.5B
$-1.2B
两年增速更快
CG
近两年复合增速
29.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $358.1M | $40.2M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 10.8% |
| 净利率 | 18.8% | 3.4% |
| 营收同比 | 84.1% | 34.0% |
| 净利润同比 | 69.8% | -65.3% |
| 每股收益（稀释后） | $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CGFOUR
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $332.7M | $1.2B | ||
| Q2 25 | $1.6B | $966.2M | ||
| Q1 25 | $973.1M | $848.3M | ||
| Q4 24 | $1.0B | $887.0M | ||
| Q3 24 | $2.6B | $909.2M | ||
| Q2 24 | $1.1B | $827.0M | ||
| Q1 24 | $688.4M | $707.4M |
净利润CGFOUR
| Q4 25 | $358.1M | $40.2M | ||
| Q3 25 | $900.0K | $28.1M | ||
| Q2 25 | $319.7M | $34.0M | ||
| Q1 25 | $130.0M | $16.7M | ||
| Q4 24 | $210.9M | $116.0M | ||
| Q3 24 | $595.7M | $53.8M | ||
| Q2 24 | $148.2M | $39.2M | ||
| Q1 24 | $65.6M | $20.6M |
营业利润率CGFOUR
| Q4 25 | 24.3% | 10.8% | ||
| Q3 25 | 25.8% | 9.7% | ||
| Q2 25 | 28.0% | 8.6% | ||
| Q1 25 | 17.6% | 3.0% | ||
| Q4 24 | 25.7% | 9.7% | ||
| Q3 24 | 29.9% | 8.8% | ||
| Q2 24 | 20.5% | 7.2% | ||
| Q1 24 | 17.5% | 3.0% |
净利率CGFOUR
| Q4 25 | 18.8% | 3.4% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | 20.3% | 3.5% | ||
| Q1 25 | 13.4% | 2.0% | ||
| Q4 24 | 20.4% | 13.1% | ||
| Q3 24 | 22.6% | 5.9% | ||
| Q2 24 | 13.9% | 4.7% | ||
| Q1 24 | 9.5% | 2.9% |
每股收益（稀释后）CGFOUR
| Q4 25 | $0.96 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $0.87 | — | ||
| Q1 25 | $0.35 | — | ||
| Q4 24 | $0.56 | — | ||
| Q3 24 | $1.63 | — | ||
| Q2 24 | $0.40 | — | ||
| Q1 24 | $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 | $964.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $7.1B | $1.4B |
| 总资产 | $29.1B | $8.7B |
| 负债/权益比越低杠杆越低 | — | 3.15× |
8季度趋势，按日历期对齐
现金及短期投资CGFOUR
| Q4 25 | $2.0B | $964.0M | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $1.3B | $3.0B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $914.8M | $205.0M | ||
| Q1 24 | $1.3B | $522.9M |
总债务CGFOUR
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CGFOUR
| Q4 25 | $7.1B | $1.4B | ||
| Q3 25 | $6.8B | $1.7B | ||
| Q2 25 | $6.7B | $1.6B | ||
| Q1 25 | $6.4B | $805.2M | ||
| Q4 24 | $6.3B | $806.6M | ||
| Q3 24 | $6.3B | $811.8M | ||
| Q2 24 | $5.7B | $700.8M | ||
| Q1 24 | $5.7B | $674.5M |
总资产CGFOUR
| Q4 25 | $29.1B | $8.7B | ||
| Q3 25 | $27.1B | $9.0B | ||
| Q2 25 | $25.1B | $7.0B | ||
| Q1 25 | $24.1B | $5.0B | ||
| Q4 24 | $23.1B | $5.0B | ||
| Q3 24 | $22.7B | $5.0B | ||
| Q2 24 | $22.3B | $3.5B | ||
| Q1 24 | $20.8B | $3.4B |
负债/权益比CGFOUR
| Q4 25 | — | 3.15× | ||
| Q3 25 | — | 2.83× | ||
| Q2 25 | — | 2.34× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | — | 3.52× | ||
| 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 | $223.7M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $222.5M |
| 自由现金流率自由现金流/营收 | -65.1% | 18.7% |
| 资本支出强度资本支出/营收 | 2.2% | 0.1% |
| 现金转化率经营现金流/净利润 | -3.34× | 5.56× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $624.0M |
8季度趋势，按日历期对齐
经营现金流CGFOUR
| Q4 25 | $-1.2B | $223.7M | ||
| Q3 25 | $-1.6B | $171.8M | ||
| Q2 25 | $-168.8M | $141.9M | ||
| Q1 25 | $-352.1M | $96.6M | ||
| Q4 24 | $-352.8M | $145.4M | ||
| Q3 24 | $791.9M | $182.1M | ||
| Q2 24 | $-1.3B | $116.1M | ||
| Q1 24 | $71.1M | $56.7M |
自由现金流CGFOUR
| Q4 25 | $-1.2B | $222.5M | ||
| Q3 25 | $-1.6B | $165.4M | ||
| Q2 25 | $-186.3M | $141.0M | ||
| Q1 25 | $-368.8M | $95.1M | ||
| Q4 24 | $-379.5M | $143.8M | ||
| Q3 24 | $772.8M | $180.1M | ||
| Q2 24 | $-1.3B | $113.9M | ||
| Q1 24 | $56.9M | $55.4M |
自由现金流率CGFOUR
| Q4 25 | -65.1% | 18.7% | ||
| Q3 25 | -475.7% | 14.1% | ||
| Q2 25 | -11.8% | 14.6% | ||
| Q1 25 | -37.9% | 11.2% | ||
| Q4 24 | -36.8% | 16.2% | ||
| Q3 24 | 29.3% | 19.8% | ||
| Q2 24 | -120.4% | 13.8% | ||
| Q1 24 | 8.3% | 7.8% |
资本支出强度CGFOUR
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 7.0% | 0.5% | ||
| Q2 25 | 1.1% | 0.1% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 0.7% | 0.2% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.2% |
现金转化率CGFOUR
| Q4 25 | -3.34× | 5.56× | ||
| Q3 25 | -1732.78× | 6.11× | ||
| Q2 25 | -0.53× | 4.17× | ||
| Q1 25 | -2.71× | 5.78× | ||
| Q4 24 | -1.67× | 1.25× | ||
| Q3 24 | 1.33× | 3.38× | ||
| Q2 24 | -8.57× | 2.96× | ||
| Q1 24 | 1.08× | 2.75× |
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% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
