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凯雷集团（CG）与BLUE OWL CAPITAL INC.（OWL）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BLUE OWL CAPITAL INC.的2.5倍（$1.9B vs $755.6M）。凯雷集团净利率更高（18.8% vs 6.3%，领先12.5%）。凯雷集团同比增速更快（84.1% vs 19.7%）。BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $-1.2B）。过去两年凯雷集团的营收复合增速更高（66.2% vs 21.3%）
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。
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
CG vs OWL — 直观对比
营收规模更大
CG
是对方的2.5倍
$755.6M
营收增速更快
CG
高出64.4%
19.7%
净利率更高
CG
高出12.5%
6.3%
自由现金流更多
OWL
多$1.6B
$-1.2B
两年增速更快
CG
近两年复合增速
21.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $755.6M |
| 净利润 | $358.1M | $47.7M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 22.2% |
| 净利率 | 18.8% | 6.3% |
| 营收同比 | 84.1% | 19.7% |
| 净利润同比 | 69.8% | 129.8% |
| 每股收益（稀释后） | $0.96 | $0.07 |
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CGOWL
| Q4 25 | $1.9B | $755.6M | ||
| Q3 25 | $332.7M | $728.0M | ||
| Q2 25 | $1.6B | $703.1M | ||
| Q1 25 | $973.1M | $683.5M | ||
| Q4 24 | $1.0B | $631.4M | ||
| Q3 24 | $2.6B | $600.9M | ||
| Q2 24 | $1.1B | $549.8M | ||
| Q1 24 | $688.4M | $513.3M |
净利润CGOWL
| Q4 25 | $358.1M | $47.7M | ||
| Q3 25 | $900.0K | $6.3M | ||
| Q2 25 | $319.7M | $17.4M | ||
| Q1 25 | $130.0M | $7.4M | ||
| Q4 24 | $210.9M | $20.7M | ||
| Q3 24 | $595.7M | $29.8M | ||
| Q2 24 | $148.2M | $33.9M | ||
| Q1 24 | $65.6M | $25.1M |
营业利润率CGOWL
| Q4 25 | 24.3% | 22.2% | ||
| Q3 25 | 25.8% | 7.6% | ||
| Q2 25 | 28.0% | 12.0% | ||
| Q1 25 | 17.6% | 5.9% | ||
| Q4 24 | 25.7% | 11.7% | ||
| Q3 24 | 29.9% | 18.7% | ||
| Q2 24 | 20.5% | 28.4% | ||
| Q1 24 | 17.5% | 24.7% |
净利率CGOWL
| Q4 25 | 18.8% | 6.3% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 20.3% | 2.5% | ||
| Q1 25 | 13.4% | 1.1% | ||
| Q4 24 | 20.4% | 3.3% | ||
| Q3 24 | 22.6% | 5.0% | ||
| Q2 24 | 13.9% | 6.2% | ||
| Q1 24 | 9.5% | 4.9% |
每股收益（稀释后）CGOWL
| Q4 25 | $0.96 | $0.07 | ||
| Q3 25 | $0.00 | $0.01 | ||
| Q2 25 | $0.87 | $0.02 | ||
| Q1 25 | $0.35 | $0.00 | ||
| Q4 24 | $0.56 | $0.06 | ||
| Q3 24 | $1.63 | $0.04 | ||
| Q2 24 | $0.40 | $0.06 | ||
| Q1 24 | $0.18 | $0.04 |
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 | $194.5M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $7.1B | $2.2B |
| 总资产 | $29.1B | $12.5B |
| 负债/权益比越低杠杆越低 | — | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资CGOWL
| Q4 25 | $2.0B | $194.5M | ||
| Q3 25 | $2.2B | $137.3M | ||
| Q2 25 | $1.3B | $117.6M | ||
| Q1 25 | $1.2B | $97.6M | ||
| Q4 24 | $1.3B | $152.1M | ||
| Q3 24 | $1.4B | $115.9M | ||
| Q2 24 | $914.8M | $436.8M | ||
| Q1 24 | $1.3B | $155.8M |
总债务CGOWL
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.1B |
股东权益CGOWL
| Q4 25 | $7.1B | $2.2B | ||
| Q3 25 | $6.8B | $2.3B | ||
| Q2 25 | $6.7B | $2.4B | ||
| Q1 25 | $6.4B | $2.3B | ||
| Q4 24 | $6.3B | $2.1B | ||
| Q3 24 | $6.3B | $2.0B | ||
| Q2 24 | $5.7B | $1.7B | ||
| Q1 24 | $5.7B | $1.6B |
总资产CGOWL
| Q4 25 | $29.1B | $12.5B | ||
| Q3 25 | $27.1B | $12.5B | ||
| Q2 25 | $25.1B | $12.3B | ||
| Q1 25 | $24.1B | $12.3B | ||
| Q4 24 | $23.1B | $11.0B | ||
| Q3 24 | $22.7B | $10.8B | ||
| Q2 24 | $22.3B | $9.7B | ||
| Q1 24 | $20.8B | $9.0B |
负债/权益比CGOWL
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | 1.26× |
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 | $382.9M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $359.1M |
| 自由现金流率自由现金流/营收 | -65.1% | 47.5% |
| 资本支出强度资本支出/营收 | 2.2% | 3.1% |
| 现金转化率经营现金流/净利润 | -3.34× | 8.03× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CGOWL
| Q4 25 | $-1.2B | $382.9M | ||
| Q3 25 | $-1.6B | $433.1M | ||
| Q2 25 | $-168.8M | $422.5M | ||
| Q1 25 | $-352.1M | $17.6M | ||
| Q4 24 | $-352.8M | $324.0M | ||
| Q3 24 | $791.9M | $326.0M | ||
| Q2 24 | $-1.3B | $302.3M | ||
| Q1 24 | $71.1M | $47.2M |
自由现金流CGOWL
| Q4 25 | $-1.2B | $359.1M | ||
| Q3 25 | $-1.6B | $422.5M | ||
| Q2 25 | $-186.3M | $412.5M | ||
| Q1 25 | $-368.8M | $4.2M | ||
| Q4 24 | $-379.5M | $310.1M | ||
| Q3 24 | $772.8M | $314.8M | ||
| Q2 24 | $-1.3B | $269.4M | ||
| Q1 24 | $56.9M | $41.1M |
自由现金流率CGOWL
| Q4 25 | -65.1% | 47.5% | ||
| Q3 25 | -475.7% | 58.0% | ||
| Q2 25 | -11.8% | 58.7% | ||
| Q1 25 | -37.9% | 0.6% | ||
| Q4 24 | -36.8% | 49.1% | ||
| Q3 24 | 29.3% | 52.4% | ||
| Q2 24 | -120.4% | 49.0% | ||
| Q1 24 | 8.3% | 8.0% |
资本支出强度CGOWL
| Q4 25 | 2.2% | 3.1% | ||
| Q3 25 | 7.0% | 1.5% | ||
| Q2 25 | 1.1% | 1.4% | ||
| Q1 25 | 1.7% | 2.0% | ||
| Q4 24 | 2.6% | 2.2% | ||
| Q3 24 | 0.7% | 1.9% | ||
| Q2 24 | 1.7% | 6.0% | ||
| Q1 24 | 2.1% | 1.2% |
现金转化率CGOWL
| Q4 25 | -3.34× | 8.03× | ||
| Q3 25 | -1732.78× | 68.64× | ||
| Q2 25 | -0.53× | 24.25× | ||
| Q1 25 | -2.71× | 2.37× | ||
| Q4 24 | -1.67× | 15.62× | ||
| Q3 24 | 1.33× | 10.94× | ||
| Q2 24 | -8.57× | 8.91× | ||
| Q1 24 | 1.08× | 1.88× |
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% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
