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凯雷集团（CG）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
摩托罗拉解决方案的季度营收约是凯雷集团的1.8倍（$3.4B vs $1.9B），摩托罗拉解决方案净利率更高（19.2% vs 18.8%，领先0.4%），凯雷集团同比增速更快（84.1% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 18.9%）
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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
CG vs MSI — 直观对比
营收规模更大
MSI
是对方的1.8倍
$1.9B
营收增速更快
CG
高出71.8%
12.3%
净利率更高
MSI
高出0.4%
18.8%
自由现金流更多
MSI
多$2.4B
$-1.2B
两年增速更快
CG
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.4B |
| 净利润 | $358.1M | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 24.3% | 27.9% |
| 净利率 | 18.8% | 19.2% |
| 营收同比 | 84.1% | 12.3% |
| 净利润同比 | 69.8% | 6.2% |
| 每股收益（稀释后） | $0.96 | $3.85 |
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CGMSI
| Q4 25 | $1.9B | $3.4B | ||
| Q3 25 | $332.7M | $3.0B | ||
| Q2 25 | $1.6B | $2.8B | ||
| Q1 25 | $973.1M | $2.5B | ||
| Q4 24 | $1.0B | $3.0B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $1.1B | $2.6B | ||
| Q1 24 | $688.4M | $2.4B |
净利润CGMSI
| Q4 25 | $358.1M | $649.0M | ||
| Q3 25 | $900.0K | $562.0M | ||
| Q2 25 | $319.7M | $513.0M | ||
| Q1 25 | $130.0M | $430.0M | ||
| Q4 24 | $210.9M | $611.0M | ||
| Q3 24 | $595.7M | $562.0M | ||
| Q2 24 | $148.2M | $443.0M | ||
| Q1 24 | $65.6M | $-39.0M |
毛利率CGMSI
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率CGMSI
| Q4 25 | 24.3% | 27.9% | ||
| Q3 25 | 25.8% | 25.6% | ||
| Q2 25 | 28.0% | 25.0% | ||
| Q1 25 | 17.6% | 23.0% | ||
| Q4 24 | 25.7% | 27.0% | ||
| Q3 24 | 29.9% | 25.5% | ||
| Q2 24 | 20.5% | 24.5% | ||
| Q1 24 | 17.5% | 21.7% |
净利率CGMSI
| Q4 25 | 18.8% | 19.2% | ||
| Q3 25 | 0.3% | 18.7% | ||
| Q2 25 | 20.3% | 18.6% | ||
| Q1 25 | 13.4% | 17.0% | ||
| Q4 24 | 20.4% | 20.3% | ||
| Q3 24 | 22.6% | 20.1% | ||
| Q2 24 | 13.9% | 16.9% | ||
| Q1 24 | 9.5% | -1.6% |
每股收益（稀释后）CGMSI
| Q4 25 | $0.96 | $3.85 | ||
| Q3 25 | $0.00 | $3.33 | ||
| Q2 25 | $0.87 | $3.04 | ||
| Q1 25 | $0.35 | $2.53 | ||
| Q4 24 | $0.56 | $3.57 | ||
| Q3 24 | $1.63 | $3.29 | ||
| Q2 24 | $0.40 | $2.60 | ||
| Q1 24 | $0.18 | $-0.23 |
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 | — | — |
| 股东权益账面价值 | $7.1B | $2.4B |
| 总资产 | $29.1B | $19.4B |
| 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CGMSI
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.2B | $894.0M | ||
| Q2 25 | $1.3B | $3.2B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $914.8M | $1.4B | ||
| Q1 24 | $1.3B | $1.5B |
股东权益CGMSI
| Q4 25 | $7.1B | $2.4B | ||
| Q3 25 | $6.8B | $2.3B | ||
| Q2 25 | $6.7B | $2.0B | ||
| Q1 25 | $6.4B | $1.6B | ||
| Q4 24 | $6.3B | $1.7B | ||
| Q3 24 | $6.3B | $1.3B | ||
| Q2 24 | $5.7B | $802.0M | ||
| Q1 24 | $5.7B | $521.0M |
总资产CGMSI
| Q4 25 | $29.1B | $19.4B | ||
| Q3 25 | $27.1B | $18.8B | ||
| Q2 25 | $25.1B | $16.4B | ||
| Q1 25 | $24.1B | $14.4B | ||
| Q4 24 | $23.1B | $14.6B | ||
| Q3 24 | $22.7B | $13.9B | ||
| Q2 24 | $22.3B | $13.3B | ||
| Q1 24 | $20.8B | $13.3B |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $1.1B |
| 自由现金流率自由现金流/营收 | -65.1% | 33.8% |
| 资本支出强度资本支出/营收 | 2.2% | 3.4% |
| 现金转化率经营现金流/净利润 | -3.34× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $2.6B |
8季度趋势，按日历期对齐
经营现金流CGMSI
| Q4 25 | $-1.2B | $1.3B | ||
| Q3 25 | $-1.6B | $798.0M | ||
| Q2 25 | $-168.8M | $273.0M | ||
| Q1 25 | $-352.1M | $510.0M | ||
| Q4 24 | $-352.8M | $1.1B | ||
| Q3 24 | $791.9M | $759.0M | ||
| Q2 24 | $-1.3B | $180.0M | ||
| Q1 24 | $71.1M | $382.0M |
自由现金流CGMSI
| Q4 25 | $-1.2B | $1.1B | ||
| Q3 25 | $-1.6B | $732.0M | ||
| Q2 25 | $-186.3M | $225.0M | ||
| Q1 25 | $-368.8M | $473.0M | ||
| Q4 24 | $-379.5M | $984.0M | ||
| Q3 24 | $772.8M | $702.0M | ||
| Q2 24 | $-1.3B | $112.0M | ||
| Q1 24 | $56.9M | $336.0M |
自由现金流率CGMSI
| Q4 25 | -65.1% | 33.8% | ||
| Q3 25 | -475.7% | 24.3% | ||
| Q2 25 | -11.8% | 8.1% | ||
| Q1 25 | -37.9% | 18.7% | ||
| Q4 24 | -36.8% | 32.7% | ||
| Q3 24 | 29.3% | 25.2% | ||
| Q2 24 | -120.4% | 4.3% | ||
| Q1 24 | 8.3% | 14.1% |
资本支出强度CGMSI
| Q4 25 | 2.2% | 3.4% | ||
| Q3 25 | 7.0% | 2.2% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | 1.7% | 1.5% | ||
| Q4 24 | 2.6% | 2.9% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | 1.7% | 2.6% | ||
| Q1 24 | 2.1% | 1.9% |
现金转化率CGMSI
| Q4 25 | -3.34× | 1.94× | ||
| Q3 25 | -1732.78× | 1.42× | ||
| Q2 25 | -0.53× | 0.53× | ||
| Q1 25 | -2.71× | 1.19× | ||
| Q4 24 | -1.67× | 1.75× | ||
| Q3 24 | 1.33× | 1.35× | ||
| Q2 24 | -8.57× | 0.41× | ||
| 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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
