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凯雷集团（CG）与美泰（MAT）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美泰的1.1倍（$1.9B vs $1.8B），凯雷集团净利率更高（18.8% vs 6.0%，领先12.8%），凯雷集团同比增速更快（84.1% vs 7.3%），过去两年凯雷集团的营收复合增速更高（66.2% vs 47.7%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
CG vs MAT — 直观对比
营收规模更大
CG
是对方的1.1倍
$1.8B
营收增速更快
CG
高出76.8%
7.3%
净利率更高
CG
高出12.8%
6.0%
两年增速更快
CG
近两年复合增速
47.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.8B |
| 净利润 | $358.1M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 24.3% | 8.0% |
| 净利率 | 18.8% | 6.0% |
| 营收同比 | 84.1% | 7.3% |
| 净利润同比 | 69.8% | -24.6% |
| 每股收益（稀释后） | $0.96 | $0.32 |
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CGMAT
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $332.7M | $1.7B | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $973.1M | $826.6M | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $2.6B | $1.8B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $688.4M | $809.5M |
净利润CGMAT
| Q4 25 | $358.1M | $106.2M | ||
| Q3 25 | $900.0K | $278.4M | ||
| Q2 25 | $319.7M | $53.4M | ||
| Q1 25 | $130.0M | $-40.3M | ||
| Q4 24 | $210.9M | $140.9M | ||
| Q3 24 | $595.7M | $372.4M | ||
| Q2 24 | $148.2M | $56.9M | ||
| Q1 24 | $65.6M | $-28.3M |
毛利率CGMAT
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 53.1% | ||
| Q2 24 | — | 49.2% | ||
| Q1 24 | — | 48.0% |
营业利润率CGMAT
| Q4 25 | 24.3% | 8.0% | ||
| Q3 25 | 25.8% | 21.9% | ||
| Q2 25 | 28.0% | 7.7% | ||
| Q1 25 | 17.6% | -6.4% | ||
| Q4 24 | 25.7% | 9.6% | ||
| Q3 24 | 29.9% | 26.5% | ||
| Q2 24 | 20.5% | 7.7% | ||
| Q1 24 | 17.5% | -4.4% |
净利率CGMAT
| Q4 25 | 18.8% | 6.0% | ||
| Q3 25 | 0.3% | 16.0% | ||
| Q2 25 | 20.3% | 5.2% | ||
| Q1 25 | 13.4% | -4.9% | ||
| Q4 24 | 20.4% | 8.6% | ||
| Q3 24 | 22.6% | 20.2% | ||
| Q2 24 | 13.9% | 5.3% | ||
| Q1 24 | 9.5% | -3.5% |
每股收益（稀释后）CGMAT
| Q4 25 | $0.96 | $0.32 | ||
| Q3 25 | $0.00 | $0.88 | ||
| Q2 25 | $0.87 | $0.16 | ||
| Q1 25 | $0.35 | $-0.12 | ||
| Q4 24 | $0.56 | $0.40 | ||
| Q3 24 | $1.63 | $1.09 | ||
| Q2 24 | $0.40 | $0.17 | ||
| Q1 24 | $0.18 | $-0.08 |
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 | $1.2B |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $7.1B | $2.2B |
| 总资产 | $29.1B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资CGMAT
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.2B | $691.9M | ||
| Q2 25 | $1.3B | $870.5M | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.4B | $723.5M | ||
| Q2 24 | $914.8M | $722.4M | ||
| Q1 24 | $1.3B | $1.1B |
总债务CGMAT
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益CGMAT
| Q4 25 | $7.1B | $2.2B | ||
| Q3 25 | $6.8B | $2.3B | ||
| Q2 25 | $6.7B | $2.2B | ||
| Q1 25 | $6.4B | $2.1B | ||
| Q4 24 | $6.3B | $2.3B | ||
| Q3 24 | $6.3B | $2.3B | ||
| Q2 24 | $5.7B | $2.0B | ||
| Q1 24 | $5.7B | $2.0B |
总资产CGMAT
| Q4 25 | $29.1B | $6.6B | ||
| Q3 25 | $27.1B | $6.6B | ||
| Q2 25 | $25.1B | $6.2B | ||
| Q1 25 | $24.1B | $6.2B | ||
| Q4 24 | $23.1B | $6.5B | ||
| Q3 24 | $22.7B | $6.5B | ||
| Q2 24 | $22.3B | $5.9B | ||
| Q1 24 | $20.8B | $6.1B |
负债/权益比CGMAT
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.15× |
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 | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | — |
| 自由现金流率自由现金流/营收 | -65.1% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | -3.34× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | — |
8季度趋势，按日历期对齐
经营现金流CGMAT
| Q4 25 | $-1.2B | $796.6M | ||
| Q3 25 | $-1.6B | $72.0M | ||
| Q2 25 | $-168.8M | $-300.1M | ||
| Q1 25 | $-352.1M | $24.8M | ||
| Q4 24 | $-352.8M | $862.1M | ||
| Q3 24 | $791.9M | $155.8M | ||
| Q2 24 | $-1.3B | $-252.9M | ||
| Q1 24 | $71.1M | $35.5M |
自由现金流CGMAT
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | — | ||
| Q2 25 | $-186.3M | — | ||
| Q1 25 | $-368.8M | — | ||
| Q4 24 | $-379.5M | — | ||
| Q3 24 | $772.8M | — | ||
| Q2 24 | $-1.3B | — | ||
| Q1 24 | $56.9M | — |
自由现金流率CGMAT
| Q4 25 | -65.1% | — | ||
| Q3 25 | -475.7% | — | ||
| Q2 25 | -11.8% | — | ||
| Q1 25 | -37.9% | — | ||
| Q4 24 | -36.8% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | -120.4% | — | ||
| Q1 24 | 8.3% | — |
资本支出强度CGMAT
| Q4 25 | 2.2% | — | ||
| Q3 25 | 7.0% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 2.1% | — |
现金转化率CGMAT
| Q4 25 | -3.34× | 7.50× | ||
| Q3 25 | -1732.78× | 0.26× | ||
| Q2 25 | -0.53× | -5.62× | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 6.12× | ||
| Q3 24 | 1.33× | 0.42× | ||
| Q2 24 | -8.57× | -4.45× | ||
| 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% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
