vs
凯雷集团（CG）与华利安（HLI）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华利安的2.7倍（$1.9B vs $717.1M）。凯雷集团净利率更高（18.8% vs 16.3%，领先2.6%）。凯雷集团同比增速更快（84.1% vs 13.0%）。华利安自由现金流更多（$217.0M vs $-1.2B）。过去两年凯雷集团的营收复合增速更高（66.2% vs 17.4%）
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。
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
CG vs HLI — 直观对比
营收规模更大
CG
是对方的2.7倍
$717.1M
营收增速更快
CG
高出71.1%
13.0%
净利率更高
CG
高出2.6%
16.3%
自由现金流更多
HLI
多$1.5B
$-1.2B
两年增速更快
CG
近两年复合增速
17.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $717.1M |
| 净利润 | $358.1M | $116.5M |
| 毛利率 | — | 32.2% |
| 营业利润率 | 24.3% | 22.4% |
| 净利率 | 18.8% | 16.3% |
| 营收同比 | 84.1% | 13.0% |
| 净利润同比 | 69.8% | 22.3% |
| 每股收益（稀释后） | $0.96 | $1.70 |
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CGHLI
| Q4 25 | $1.9B | $717.1M | ||
| Q3 25 | $332.7M | $659.5M | ||
| Q2 25 | $1.6B | $605.3M | ||
| Q1 25 | $973.1M | $666.4M | ||
| Q4 24 | $1.0B | $634.4M | ||
| Q3 24 | $2.6B | $575.0M | ||
| Q2 24 | $1.1B | $513.6M | ||
| Q1 24 | $688.4M | $520.5M |
净利润CGHLI
| Q4 25 | $358.1M | $116.5M | ||
| Q3 25 | $900.0K | $111.8M | ||
| Q2 25 | $319.7M | $97.5M | ||
| Q1 25 | $130.0M | $121.9M | ||
| Q4 24 | $210.9M | $95.3M | ||
| Q3 24 | $595.7M | $93.5M | ||
| Q2 24 | $148.2M | $88.9M | ||
| Q1 24 | $65.6M | $81.1M |
毛利率CGHLI
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 33.8% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.3% |
营业利润率CGHLI
| Q4 25 | 24.3% | 22.4% | ||
| Q3 25 | 25.8% | 22.9% | ||
| Q2 25 | 28.0% | 14.8% | ||
| Q1 25 | 17.6% | 20.9% | ||
| Q4 24 | 25.7% | 21.5% | ||
| Q3 24 | 29.9% | 22.7% | ||
| Q2 24 | 20.5% | 18.6% | ||
| Q1 24 | 17.5% | 19.7% |
净利率CGHLI
| Q4 25 | 18.8% | 16.3% | ||
| Q3 25 | 0.3% | 17.0% | ||
| Q2 25 | 20.3% | 16.1% | ||
| Q1 25 | 13.4% | 18.3% | ||
| Q4 24 | 20.4% | 15.0% | ||
| Q3 24 | 22.6% | 16.3% | ||
| Q2 24 | 13.9% | 17.3% | ||
| Q1 24 | 9.5% | 15.6% |
每股收益（稀释后）CGHLI
| Q4 25 | $0.96 | $1.70 | ||
| Q3 25 | $0.00 | $1.63 | ||
| Q2 25 | $0.87 | $1.42 | ||
| Q1 25 | $0.35 | $1.76 | ||
| Q4 24 | $0.56 | $1.39 | ||
| Q3 24 | $1.63 | $1.37 | ||
| Q2 24 | $0.40 | $1.30 | ||
| Q1 24 | $0.18 | $1.18 |
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 | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $2.3B |
| 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CGHLI
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $2.2B | $923.6M | ||
| Q2 25 | $1.3B | $793.8M | ||
| Q1 25 | $1.2B | $971.0M | ||
| Q4 24 | $1.3B | $799.3M | ||
| Q3 24 | $1.4B | $691.4M | ||
| Q2 24 | $914.8M | $449.7M | ||
| Q1 24 | $1.3B | $721.2M |
股东权益CGHLI
| Q4 25 | $7.1B | $2.3B | ||
| Q3 25 | $6.8B | $2.2B | ||
| Q2 25 | $6.7B | $2.2B | ||
| Q1 25 | $6.4B | $2.2B | ||
| Q4 24 | $6.3B | $2.1B | ||
| Q3 24 | $6.3B | $2.0B | ||
| Q2 24 | $5.7B | $1.8B | ||
| Q1 24 | $5.7B | $1.8B |
总资产CGHLI
| Q4 25 | $29.1B | $3.9B | ||
| Q3 25 | $27.1B | $3.8B | ||
| Q2 25 | $25.1B | $3.5B | ||
| Q1 25 | $24.1B | $3.8B | ||
| Q4 24 | $23.1B | $3.5B | ||
| Q3 24 | $22.7B | $3.2B | ||
| Q2 24 | $22.3B | $2.9B | ||
| Q1 24 | $20.8B | $3.2B |
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 | $217.7M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $217.0M |
| 自由现金流率自由现金流/营收 | -65.1% | 30.3% |
| 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× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $738.9M |
8季度趋势，按日历期对齐
经营现金流CGHLI
| Q4 25 | $-1.2B | $217.7M | ||
| Q3 25 | $-1.6B | $325.0M | ||
| Q2 25 | $-168.8M | $-131.6M | ||
| Q1 25 | $-352.1M | $358.4M | ||
| Q4 24 | $-352.8M | $265.5M | ||
| Q3 24 | $791.9M | $289.2M | ||
| Q2 24 | $-1.3B | $-64.5M | ||
| Q1 24 | $71.1M | $225.3M |
自由现金流CGHLI
| Q4 25 | $-1.2B | $217.0M | ||
| Q3 25 | $-1.6B | $322.8M | ||
| Q2 25 | $-186.3M | $-144.8M | ||
| Q1 25 | $-368.8M | $343.9M | ||
| Q4 24 | $-379.5M | $261.7M | ||
| Q3 24 | $772.8M | $278.7M | ||
| Q2 24 | $-1.3B | $-75.4M | ||
| Q1 24 | $56.9M | $213.1M |
自由现金流率CGHLI
| Q4 25 | -65.1% | 30.3% | ||
| Q3 25 | -475.7% | 49.0% | ||
| Q2 25 | -11.8% | -23.9% | ||
| Q1 25 | -37.9% | 51.6% | ||
| Q4 24 | -36.8% | 41.2% | ||
| Q3 24 | 29.3% | 48.5% | ||
| Q2 24 | -120.4% | -14.7% | ||
| Q1 24 | 8.3% | 40.9% |
资本支出强度CGHLI
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 7.0% | 0.3% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 1.7% | 2.2% | ||
| Q4 24 | 2.6% | 0.6% | ||
| Q3 24 | 0.7% | 1.8% | ||
| Q2 24 | 1.7% | 2.1% | ||
| Q1 24 | 2.1% | 2.3% |
现金转化率CGHLI
| Q4 25 | -3.34× | 1.87× | ||
| Q3 25 | -1732.78× | 2.91× | ||
| Q2 25 | -0.53× | -1.35× | ||
| Q1 25 | -2.71× | 2.94× | ||
| Q4 24 | -1.67× | 2.79× | ||
| Q3 24 | 1.33× | 3.09× | ||
| Q2 24 | -8.57× | -0.73× | ||
| Q1 24 | 1.08× | 2.78× |
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% |
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
