vs
凯雷集团（CG）与骏利亨德森集团（JHG）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骏利亨德森集团的1.7倍（$1.9B vs $1.1B），骏利亨德森集团净利率更高（35.3% vs 18.8%，领先16.5%），凯雷集团同比增速更快（84.1% vs 61.3%），骏利亨德森集团自由现金流更多（$320.4M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 43.9%）
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。
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
CG vs JHG — 直观对比
营收规模更大
CG
是对方的1.7倍
$1.1B
营收增速更快
CG
高出22.9%
61.3%
净利率更高
JHG
高出16.5%
18.8%
自由现金流更多
JHG
多$1.6B
$-1.2B
两年增速更快
CG
近两年复合增速
43.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.1B |
| 净利润 | $358.1M | $403.2M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 42.7% |
| 净利率 | 18.8% | 35.3% |
| 营收同比 | 84.1% | 61.3% |
| 净利润同比 | 69.8% | 231.0% |
| 每股收益（稀释后） | $0.96 | $2.59 |
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CGJHG
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $332.7M | $700.4M | ||
| Q2 25 | $1.6B | $633.2M | ||
| Q1 25 | $973.1M | $621.4M | ||
| Q4 24 | $1.0B | $708.3M | ||
| Q3 24 | $2.6B | $624.8M | ||
| Q2 24 | $1.1B | $588.4M | ||
| Q1 24 | $688.4M | $551.7M |
净利润CGJHG
| Q4 25 | $358.1M | $403.2M | ||
| Q3 25 | $900.0K | $142.1M | ||
| Q2 25 | $319.7M | $149.9M | ||
| Q1 25 | $130.0M | $120.7M | ||
| Q4 24 | $210.9M | $121.8M | ||
| Q3 24 | $595.7M | $27.3M | ||
| Q2 24 | $148.2M | $129.7M | ||
| Q1 24 | $65.6M | $130.1M |
营业利润率CGJHG
| Q4 25 | 24.3% | 42.7% | ||
| Q3 25 | 25.8% | 24.6% | ||
| Q2 25 | 28.0% | 25.9% | ||
| Q1 25 | 17.6% | 24.7% | ||
| Q4 24 | 25.7% | 27.9% | ||
| Q3 24 | 29.9% | 26.4% | ||
| Q2 24 | 20.5% | 27.9% | ||
| Q1 24 | 17.5% | 21.6% |
净利率CGJHG
| Q4 25 | 18.8% | 35.3% | ||
| Q3 25 | 0.3% | 20.3% | ||
| Q2 25 | 20.3% | 23.7% | ||
| Q1 25 | 13.4% | 19.4% | ||
| Q4 24 | 20.4% | 17.2% | ||
| Q3 24 | 22.6% | 4.4% | ||
| Q2 24 | 13.9% | 22.0% | ||
| Q1 24 | 9.5% | 23.6% |
每股收益（稀释后）CGJHG
| Q4 25 | $0.96 | $2.59 | ||
| Q3 25 | $0.00 | $0.92 | ||
| Q2 25 | $0.87 | $0.95 | ||
| Q1 25 | $0.35 | $0.77 | ||
| Q4 24 | $0.56 | $0.77 | ||
| Q3 24 | $1.63 | $0.17 | ||
| Q2 24 | $0.40 | $0.81 | ||
| Q1 24 | $0.18 | $0.81 |
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 | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $5.1B |
| 总资产 | $29.1B | $8.3B |
| 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CGJHG
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $914.8M | $1.3B | ||
| Q1 24 | $1.3B | $1.1B |
股东权益CGJHG
| Q4 25 | $7.1B | $5.1B | ||
| Q3 25 | $6.8B | $4.8B | ||
| Q2 25 | $6.7B | $4.8B | ||
| Q1 25 | $6.4B | $4.7B | ||
| Q4 24 | $6.3B | $4.6B | ||
| Q3 24 | $6.3B | $4.6B | ||
| Q2 24 | $5.7B | $4.5B | ||
| Q1 24 | $5.7B | $4.4B |
总资产CGJHG
| Q4 25 | $29.1B | $8.3B | ||
| Q3 25 | $27.1B | $7.6B | ||
| Q2 25 | $25.1B | $7.5B | ||
| Q1 25 | $24.1B | $7.1B | ||
| Q4 24 | $23.1B | $7.0B | ||
| Q3 24 | $22.7B | $7.3B | ||
| Q2 24 | $22.3B | $6.4B | ||
| Q1 24 | $20.8B | $6.3B |
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 | $322.7M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $320.4M |
| 自由现金流率自由现金流/营收 | -65.1% | 28.0% |
| 资本支出强度资本支出/营收 | 2.2% | 0.2% |
| 现金转化率经营现金流/净利润 | -3.34× | 0.80× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $710.9M |
8季度趋势，按日历期对齐
经营现金流CGJHG
| Q4 25 | $-1.2B | $322.7M | ||
| Q3 25 | $-1.6B | $258.8M | ||
| Q2 25 | $-168.8M | $135.2M | ||
| Q1 25 | $-352.1M | $2.8M | ||
| Q4 24 | $-352.8M | $247.3M | ||
| Q3 24 | $791.9M | $228.5M | ||
| Q2 24 | $-1.3B | $223.8M | ||
| Q1 24 | $71.1M | $-5.0M |
自由现金流CGJHG
| Q4 25 | $-1.2B | $320.4M | ||
| Q3 25 | $-1.6B | $256.4M | ||
| Q2 25 | $-186.3M | $133.2M | ||
| Q1 25 | $-368.8M | $900.0K | ||
| Q4 24 | $-379.5M | $243.5M | ||
| Q3 24 | $772.8M | $225.9M | ||
| Q2 24 | $-1.3B | $221.9M | ||
| Q1 24 | $56.9M | $-6.8M |
自由现金流率CGJHG
| Q4 25 | -65.1% | 28.0% | ||
| Q3 25 | -475.7% | 36.6% | ||
| Q2 25 | -11.8% | 21.0% | ||
| Q1 25 | -37.9% | 0.1% | ||
| Q4 24 | -36.8% | 34.4% | ||
| Q3 24 | 29.3% | 36.2% | ||
| Q2 24 | -120.4% | 37.7% | ||
| Q1 24 | 8.3% | -1.2% |
资本支出强度CGJHG
| Q4 25 | 2.2% | 0.2% | ||
| Q3 25 | 7.0% | 0.3% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.7% | 0.3% | ||
| Q4 24 | 2.6% | 0.5% | ||
| Q3 24 | 0.7% | 0.4% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.3% |
现金转化率CGJHG
| Q4 25 | -3.34× | 0.80× | ||
| Q3 25 | -1732.78× | 1.82× | ||
| Q2 25 | -0.53× | 0.90× | ||
| Q1 25 | -2.71× | 0.02× | ||
| Q4 24 | -1.67× | 2.03× | ||
| Q3 24 | 1.33× | 8.37× | ||
| Q2 24 | -8.57× | 1.73× | ||
| Q1 24 | 1.08× | -0.04× |
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% |
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
