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凯雷集团（CG）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是凯雷集团的1.2倍（$2.2B vs $1.9B），凯雷集团净利率更高（18.8% vs 1.1%，领先17.7%），凯雷集团同比增速更快（84.1% vs 7.0%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 0.2%）
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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CG vs GLP — 直观对比
营收规模更大
GLP
是对方的1.2倍
$1.9B
营收增速更快
CG
高出77.1%
7.0%
净利率更高
CG
高出17.7%
1.1%
自由现金流更多
GLP
多$1.3B
$-1.2B
两年增速更快
CG
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.2B |
| 净利润 | $358.1M | $25.1M |
| 毛利率 | — | 11.9% |
| 营业利润率 | 24.3% | 2.6% |
| 净利率 | 18.8% | 1.1% |
| 营收同比 | 84.1% | 7.0% |
| 净利润同比 | 69.8% | 5.0% |
| 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CGGLP
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $332.7M | $2.2B | ||
| Q2 25 | $1.6B | $2.1B | ||
| Q1 25 | $973.1M | $2.2B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $1.1B | $2.3B | ||
| Q1 24 | $688.4M | $2.2B |
净利润CGGLP
| Q4 25 | $358.1M | $25.1M | ||
| Q3 25 | $900.0K | $29.0M | ||
| Q2 25 | $319.7M | $25.2M | ||
| Q1 25 | $130.0M | $18.7M | ||
| Q4 24 | $210.9M | $23.9M | ||
| Q3 24 | $595.7M | $45.9M | ||
| Q2 24 | $148.2M | $46.1M | ||
| Q1 24 | $65.6M | $-5.6M |
毛利率CGGLP
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 9.8% |
营业利润率CGGLP
| Q4 25 | 24.3% | 2.6% | ||
| Q3 25 | 25.8% | 2.7% | ||
| Q2 25 | 28.0% | 2.9% | ||
| Q1 25 | 17.6% | 2.6% | ||
| Q4 24 | 25.7% | 2.8% | ||
| Q3 24 | 29.9% | 3.9% | ||
| Q2 24 | 20.5% | 3.7% | ||
| Q1 24 | 17.5% | 1.2% |
净利率CGGLP
| Q4 25 | 18.8% | 1.1% | ||
| Q3 25 | 0.3% | 1.3% | ||
| Q2 25 | 20.3% | 1.2% | ||
| Q1 25 | 13.4% | 0.9% | ||
| Q4 24 | 20.4% | 1.2% | ||
| Q3 24 | 22.6% | 2.1% | ||
| Q2 24 | 13.9% | 2.0% | ||
| Q1 24 | 9.5% | -0.3% |
每股收益（稀释后）CGGLP
| 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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | — |
| 总资产 | $29.1B | $3.9B |
| 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CGGLP
| 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 | — |
股东权益CGGLP
| Q4 25 | $7.1B | — | ||
| Q3 25 | $6.8B | — | ||
| Q2 25 | $6.7B | — | ||
| Q1 25 | $6.4B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $6.3B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
总资产CGGLP
| Q4 25 | $29.1B | $3.9B | ||
| Q3 25 | $27.1B | $3.7B | ||
| Q2 25 | $25.1B | $3.8B | ||
| Q1 25 | $24.1B | $3.8B | ||
| Q4 24 | $23.1B | $3.8B | ||
| Q3 24 | $22.7B | $3.7B | ||
| Q2 24 | $22.3B | $3.8B | ||
| Q1 24 | $20.8B | $3.5B |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $62.2M |
| 自由现金流率自由现金流/营收 | -65.1% | 2.8% |
| 资本支出强度资本支出/营收 | 2.2% | 1.8% |
| 现金转化率经营现金流/净利润 | -3.34× | 4.03× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $193.3M |
8季度趋势，按日历期对齐
经营现金流CGGLP
| Q4 25 | $-1.2B | $101.0M | ||
| Q3 25 | $-1.6B | $19.0M | ||
| Q2 25 | $-168.8M | $216.3M | ||
| Q1 25 | $-352.1M | $-51.6M | ||
| Q4 24 | $-352.8M | $67.2M | ||
| Q3 24 | $791.9M | $122.7M | ||
| Q2 24 | $-1.3B | $24.3M | ||
| Q1 24 | $71.1M | $-182.7M |
自由现金流CGGLP
| Q4 25 | $-1.2B | $62.2M | ||
| Q3 25 | $-1.6B | $-678.0K | ||
| Q2 25 | $-186.3M | $201.3M | ||
| Q1 25 | $-368.8M | $-69.5M | ||
| Q4 24 | $-379.5M | $20.4M | ||
| Q3 24 | $772.8M | $98.4M | ||
| Q2 24 | $-1.3B | $8.7M | ||
| Q1 24 | $56.9M | $-199.3M |
自由现金流率CGGLP
| Q4 25 | -65.1% | 2.8% | ||
| Q3 25 | -475.7% | -0.0% | ||
| Q2 25 | -11.8% | 9.7% | ||
| Q1 25 | -37.9% | -3.2% | ||
| Q4 24 | -36.8% | 1.0% | ||
| Q3 24 | 29.3% | 4.6% | ||
| Q2 24 | -120.4% | 0.4% | ||
| Q1 24 | 8.3% | -9.0% |
资本支出强度CGGLP
| Q4 25 | 2.2% | 1.8% | ||
| Q3 25 | 7.0% | 0.9% | ||
| Q2 25 | 1.1% | 0.7% | ||
| Q1 25 | 1.7% | 0.8% | ||
| Q4 24 | 2.6% | 2.3% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 1.7% | 0.7% | ||
| Q1 24 | 2.1% | 0.8% |
现金转化率CGGLP
| Q4 25 | -3.34× | 4.03× | ||
| Q3 25 | -1732.78× | 0.66× | ||
| Q2 25 | -0.53× | 8.58× | ||
| Q1 25 | -2.71× | -2.76× | ||
| Q4 24 | -1.67× | 2.82× | ||
| Q3 24 | 1.33× | 2.67× | ||
| Q2 24 | -8.57× | 0.53× | ||
| 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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
