vs
凯雷集团（CG）与拉扎德（LAZ）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拉扎德的2.0倍（$1.9B vs $929.4M），凯雷集团净利率更高（18.8% vs 5.4%，领先13.5%），凯雷集团同比增速更快（84.1% vs 10.8%），拉扎德自由现金流更多（$396.1M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 8.8%）
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。
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
CG vs LAZ — 直观对比
营收规模更大
CG
是对方的2.0倍
$929.4M
营收增速更快
CG
高出73.4%
10.8%
净利率更高
CG
高出13.5%
5.4%
自由现金流更多
LAZ
多$1.6B
$-1.2B
两年增速更快
CG
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $929.4M |
| 净利润 | $358.1M | $49.9M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 9.1% |
| 净利率 | 18.8% | 5.4% |
| 营收同比 | 84.1% | 10.8% |
| 净利润同比 | 69.8% | -42.2% |
| 每股收益（稀释后） | $0.96 | $0.44 |
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CGLAZ
| Q4 25 | $1.9B | $929.4M | ||
| Q3 25 | $332.7M | $770.8M | ||
| Q2 25 | $1.6B | $817.2M | ||
| Q1 25 | $973.1M | $669.2M | ||
| Q4 24 | $1.0B | $839.0M | ||
| Q3 24 | $2.6B | $807.4M | ||
| Q2 24 | $1.1B | $708.0M | ||
| Q1 24 | $688.4M | $785.5M |
净利润CGLAZ
| Q4 25 | $358.1M | $49.9M | ||
| Q3 25 | $900.0K | $71.2M | ||
| Q2 25 | $319.7M | $55.3M | ||
| Q1 25 | $130.0M | $60.4M | ||
| Q4 24 | $210.9M | $86.3M | ||
| Q3 24 | $595.7M | $107.9M | ||
| Q2 24 | $148.2M | $49.9M | ||
| Q1 24 | $65.6M | $35.8M |
营业利润率CGLAZ
| Q4 25 | 24.3% | 9.1% | ||
| Q3 25 | 25.8% | 12.3% | ||
| Q2 25 | 28.0% | 11.4% | ||
| Q1 25 | 17.6% | 8.2% | ||
| Q4 24 | 25.7% | 12.8% | ||
| Q3 24 | 29.9% | 20.0% | ||
| Q2 24 | 20.5% | 9.0% | ||
| Q1 24 | 17.5% | 6.9% |
净利率CGLAZ
| Q4 25 | 18.8% | 5.4% | ||
| Q3 25 | 0.3% | 9.2% | ||
| Q2 25 | 20.3% | 6.8% | ||
| Q1 25 | 13.4% | 9.0% | ||
| Q4 24 | 20.4% | 10.3% | ||
| Q3 24 | 22.6% | 13.4% | ||
| Q2 24 | 13.9% | 7.0% | ||
| Q1 24 | 9.5% | 4.6% |
每股收益（稀释后）CGLAZ
| Q4 25 | $0.96 | $0.44 | ||
| Q3 25 | $0.00 | $0.65 | ||
| Q2 25 | $0.87 | $0.52 | ||
| Q1 25 | $0.35 | $0.56 | ||
| Q4 24 | $0.56 | $0.82 | ||
| Q3 24 | $1.63 | $1.02 | ||
| Q2 24 | $0.40 | $0.49 | ||
| Q1 24 | $0.18 | $0.35 |
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 | $1.5B |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $7.1B | $873.7M |
| 总资产 | $29.1B | $4.9B |
| 负债/权益比越低杠杆越低 | — | 1.93× |
8季度趋势，按日历期对齐
现金及短期投资CGLAZ
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $1.3B | $978.3M | ||
| Q1 25 | $1.2B | $908.6M | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $914.8M | $847.6M | ||
| Q1 24 | $1.3B | $923.2M |
总债务CGLAZ
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.9B |
股东权益CGLAZ
| Q4 25 | $7.1B | $873.7M | ||
| Q3 25 | $6.8B | $841.5M | ||
| Q2 25 | $6.7B | $741.6M | ||
| Q1 25 | $6.4B | $603.0M | ||
| Q4 24 | $6.3B | $636.2M | ||
| Q3 24 | $6.3B | $624.3M | ||
| Q2 24 | $5.7B | $458.7M | ||
| Q1 24 | $5.7B | $392.7M |
总资产CGLAZ
| Q4 25 | $29.1B | $4.9B | ||
| Q3 25 | $27.1B | $4.6B | ||
| Q2 25 | $25.1B | $4.5B | ||
| Q1 25 | $24.1B | $4.2B | ||
| Q4 24 | $23.1B | $4.8B | ||
| Q3 24 | $22.7B | $4.8B | ||
| Q2 24 | $22.3B | $4.5B | ||
| Q1 24 | $20.8B | $4.6B |
负债/权益比CGLAZ
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 2.28× | ||
| Q1 25 | — | 2.80× | ||
| Q4 24 | — | 2.65× | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 4.04× | ||
| Q1 24 | — | 4.71× |
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 | $399.7M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $396.1M |
| 自由现金流率自由现金流/营收 | -65.1% | 42.6% |
| 资本支出强度资本支出/营收 | 2.2% | 0.4% |
| 现金转化率经营现金流/净利润 | -3.34× | 8.02× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $487.4M |
8季度趋势，按日历期对齐
经营现金流CGLAZ
| Q4 25 | $-1.2B | $399.7M | ||
| Q3 25 | $-1.6B | $287.5M | ||
| Q2 25 | $-168.8M | $49.7M | ||
| Q1 25 | $-352.1M | $-217.5M | ||
| Q4 24 | $-352.8M | $362.9M | ||
| Q3 24 | $791.9M | $293.7M | ||
| Q2 24 | $-1.3B | $176.2M | ||
| Q1 24 | $71.1M | $-90.0M |
自由现金流CGLAZ
| Q4 25 | $-1.2B | $396.1M | ||
| Q3 25 | $-1.6B | $284.6M | ||
| Q2 25 | $-186.3M | $38.0M | ||
| Q1 25 | $-368.8M | $-231.3M | ||
| Q4 24 | $-379.5M | $348.0M | ||
| Q3 24 | $772.8M | $276.2M | ||
| Q2 24 | $-1.3B | $169.8M | ||
| Q1 24 | $56.9M | $-96.6M |
自由现金流率CGLAZ
| Q4 25 | -65.1% | 42.6% | ||
| Q3 25 | -475.7% | 36.9% | ||
| Q2 25 | -11.8% | 4.6% | ||
| Q1 25 | -37.9% | -34.6% | ||
| Q4 24 | -36.8% | 41.5% | ||
| Q3 24 | 29.3% | 34.2% | ||
| Q2 24 | -120.4% | 24.0% | ||
| Q1 24 | 8.3% | -12.3% |
资本支出强度CGLAZ
| Q4 25 | 2.2% | 0.4% | ||
| Q3 25 | 7.0% | 0.4% | ||
| Q2 25 | 1.1% | 1.4% | ||
| Q1 25 | 1.7% | 2.1% | ||
| Q4 24 | 2.6% | 1.8% | ||
| Q3 24 | 0.7% | 2.2% | ||
| Q2 24 | 1.7% | 0.9% | ||
| Q1 24 | 2.1% | 0.8% |
现金转化率CGLAZ
| Q4 25 | -3.34× | 8.02× | ||
| Q3 25 | -1732.78× | 4.03× | ||
| Q2 25 | -0.53× | 0.90× | ||
| Q1 25 | -2.71× | -3.60× | ||
| Q4 24 | -1.67× | 4.20× | ||
| Q3 24 | 1.33× | 2.72× | ||
| Q2 24 | -8.57× | 3.53× | ||
| Q1 24 | 1.08× | -2.52× |
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% |
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
