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凯雷集团（CG）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的1.6倍（$1.9B vs $1.2B），凯雷集团净利率更高（18.8% vs 9.1%，领先9.7%），凯雷集团同比增速更快（84.1% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CG vs RBA — 直观对比
营收规模更大
CG
是对方的1.6倍
$1.2B
营收增速更快
CG
高出78.7%
5.4%
净利率更高
CG
高出9.7%
9.1%
自由现金流更多
RBA
多$1.4B
$-1.2B
两年增速更快
CG
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $358.1M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 14.7% |
| 净利率 | 18.8% | 9.1% |
| 营收同比 | 84.1% | 5.4% |
| 净利润同比 | 69.8% | -7.4% |
| 每股收益（稀释后） | $0.96 | $0.53 |
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CGRBA
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $332.7M | $1.1B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $973.1M | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $2.6B | $981.8M | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $688.4M | $1.1B |
净利润CGRBA
| Q4 25 | $358.1M | $109.7M | ||
| Q3 25 | $900.0K | $95.5M | ||
| Q2 25 | $319.7M | $109.8M | ||
| Q1 25 | $130.0M | $113.4M | ||
| Q4 24 | $210.9M | $118.5M | ||
| Q3 24 | $595.7M | $76.1M | ||
| Q2 24 | $148.2M | $111.1M | ||
| Q1 24 | $65.6M | $107.4M |
营业利润率CGRBA
| Q4 25 | 24.3% | 14.7% | ||
| Q3 25 | 25.8% | 14.5% | ||
| Q2 25 | 28.0% | 15.9% | ||
| Q1 25 | 17.6% | 17.1% | ||
| Q4 24 | 25.7% | 18.1% | ||
| Q3 24 | 29.9% | 15.6% | ||
| Q2 24 | 20.5% | 18.4% | ||
| Q1 24 | 17.5% | 18.7% |
净利率CGRBA
| Q4 25 | 18.8% | 9.1% | ||
| Q3 25 | 0.3% | 8.7% | ||
| Q2 25 | 20.3% | 9.3% | ||
| Q1 25 | 13.4% | 10.2% | ||
| Q4 24 | 20.4% | 10.4% | ||
| Q3 24 | 22.6% | 7.8% | ||
| Q2 24 | 13.9% | 10.1% | ||
| Q1 24 | 9.5% | 10.1% |
每股收益（稀释后）CGRBA
| Q4 25 | $0.96 | $0.53 | ||
| Q3 25 | $0.00 | $0.43 | ||
| Q2 25 | $0.87 | $0.53 | ||
| Q1 25 | $0.35 | $0.55 | ||
| Q4 24 | $0.56 | $0.58 | ||
| Q3 24 | $1.63 | $0.36 | ||
| Q2 24 | $0.40 | $0.54 | ||
| Q1 24 | $0.18 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $7.1B | $5.6B |
| 总资产 | $29.1B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CGRBA
| Q4 25 | $2.0B | $531.5M | ||
| Q3 25 | $2.2B | $674.7M | ||
| Q2 25 | $1.3B | $710.2M | ||
| Q1 25 | $1.2B | $578.1M | ||
| Q4 24 | $1.3B | $533.9M | ||
| Q3 24 | $1.4B | $650.7M | ||
| Q2 24 | $914.8M | $599.5M | ||
| Q1 24 | $1.3B | $462.8M |
总债务CGRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益CGRBA
| Q4 25 | $7.1B | $5.6B | ||
| Q3 25 | $6.8B | $5.5B | ||
| Q2 25 | $6.7B | $5.5B | ||
| Q1 25 | $6.4B | $5.3B | ||
| Q4 24 | $6.3B | $5.2B | ||
| Q3 24 | $6.3B | $5.2B | ||
| Q2 24 | $5.7B | $5.2B | ||
| Q1 24 | $5.7B | $5.1B |
总资产CGRBA
| Q4 25 | $29.1B | $12.1B | ||
| Q3 25 | $27.1B | $12.2B | ||
| Q2 25 | $25.1B | $12.2B | ||
| Q1 25 | $24.1B | $11.9B | ||
| Q4 24 | $23.1B | $11.8B | ||
| Q3 24 | $22.7B | $11.9B | ||
| Q2 24 | $22.3B | $12.1B | ||
| Q1 24 | $20.8B | $12.0B |
负债/权益比CGRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $186.5M |
| 自由现金流率自由现金流/营收 | -65.1% | 15.5% |
| 资本支出强度资本支出/营收 | 2.2% | 5.7% |
| 现金转化率经营现金流/净利润 | -3.34× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $719.2M |
8季度趋势，按日历期对齐
经营现金流CGRBA
| Q4 25 | $-1.2B | $255.2M | ||
| Q3 25 | $-1.6B | $239.7M | ||
| Q2 25 | $-168.8M | $326.5M | ||
| Q1 25 | $-352.1M | $156.8M | ||
| Q4 24 | $-352.8M | $184.5M | ||
| Q3 24 | $791.9M | $285.4M | ||
| Q2 24 | $-1.3B | $337.3M | ||
| Q1 24 | $71.1M | $124.8M |
自由现金流CGRBA
| Q4 25 | $-1.2B | $186.5M | ||
| Q3 25 | $-1.6B | $188.5M | ||
| Q2 25 | $-186.3M | $241.7M | ||
| Q1 25 | $-368.8M | $102.5M | ||
| Q4 24 | $-379.5M | $127.9M | ||
| Q3 24 | $772.8M | $248.5M | ||
| Q2 24 | $-1.3B | $308.6M | ||
| Q1 24 | $56.9M | $79.6M |
自由现金流率CGRBA
| Q4 25 | -65.1% | 15.5% | ||
| Q3 25 | -475.7% | 17.3% | ||
| Q2 25 | -11.8% | 20.4% | ||
| Q1 25 | -37.9% | 9.2% | ||
| Q4 24 | -36.8% | 11.2% | ||
| Q3 24 | 29.3% | 25.3% | ||
| Q2 24 | -120.4% | 28.2% | ||
| Q1 24 | 8.3% | 7.5% |
资本支出强度CGRBA
| Q4 25 | 2.2% | 5.7% | ||
| Q3 25 | 7.0% | 4.7% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | 1.7% | 4.9% | ||
| Q4 24 | 2.6% | 5.0% | ||
| Q3 24 | 0.7% | 3.8% | ||
| Q2 24 | 1.7% | 2.6% | ||
| Q1 24 | 2.1% | 4.2% |
现金转化率CGRBA
| Q4 25 | -3.34× | 2.33× | ||
| Q3 25 | -1732.78× | 2.51× | ||
| Q2 25 | -0.53× | 2.97× | ||
| Q1 25 | -2.71× | 1.38× | ||
| Q4 24 | -1.67× | 1.56× | ||
| Q3 24 | 1.33× | 3.75× | ||
| Q2 24 | -8.57× | 3.04× | ||
| Q1 24 | 1.08× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
