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凯雷集团（CG）与罗致恒富（RHI）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罗致恒富的1.5倍（$1.9B vs $1.3B），凯雷集团同比增速更快（84.1% vs -5.8%），罗致恒富自由现金流更多（$170.8M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
CG vs RHI — 直观对比
营收规模更大
CG
是对方的1.5倍
$1.3B
营收增速更快
CG
高出89.9%
-5.8%
自由现金流更多
RHI
多$1.4B
$-1.2B
两年增速更快
CG
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $358.1M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 24.3% | 1.7% |
| 净利率 | 18.8% | — |
| 营收同比 | 84.1% | -5.8% |
| 净利润同比 | 69.8% | — |
| 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CGRHI
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $332.7M | $1.4B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $973.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $2.6B | $1.5B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $688.4M | $1.5B |
净利润CGRHI
| Q4 25 | $358.1M | — | ||
| Q3 25 | $900.0K | $42.9M | ||
| Q2 25 | $319.7M | $41.0M | ||
| Q1 25 | $130.0M | $17.4M | ||
| Q4 24 | $210.9M | — | ||
| Q3 24 | $595.7M | $65.5M | ||
| Q2 24 | $148.2M | $68.2M | ||
| Q1 24 | $65.6M | $63.7M |
毛利率CGRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率CGRHI
| Q4 25 | 24.3% | 1.7% | ||
| Q3 25 | 25.8% | 1.0% | ||
| Q2 25 | 28.0% | 0.1% | ||
| Q1 25 | 17.6% | 2.9% | ||
| Q4 24 | 25.7% | 4.7% | ||
| Q3 24 | 29.9% | 4.1% | ||
| Q2 24 | 20.5% | 5.1% | ||
| Q1 24 | 17.5% | 2.8% |
净利率CGRHI
| Q4 25 | 18.8% | — | ||
| Q3 25 | 0.3% | 3.2% | ||
| Q2 25 | 20.3% | 3.0% | ||
| Q1 25 | 13.4% | 1.3% | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 22.6% | 4.5% | ||
| Q2 24 | 13.9% | 4.6% | ||
| Q1 24 | 9.5% | 4.3% |
每股收益（稀释后）CGRHI
| Q4 25 | $0.96 | $0.32 | ||
| Q3 25 | $0.00 | $0.43 | ||
| Q2 25 | $0.87 | $0.41 | ||
| Q1 25 | $0.35 | $0.17 | ||
| Q4 24 | $0.56 | $0.53 | ||
| Q3 24 | $1.63 | $0.64 | ||
| Q2 24 | $0.40 | $0.66 | ||
| Q1 24 | $0.18 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $1.3B |
| 总资产 | $29.1B | $2.9B |
| 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CGRHI
| Q4 25 | $2.0B | $464.4M | ||
| Q3 25 | $2.2B | $365.3M | ||
| Q2 25 | $1.3B | $380.5M | ||
| Q1 25 | $1.2B | $342.5M | ||
| Q4 24 | $1.3B | $537.6M | ||
| Q3 24 | $1.4B | $570.5M | ||
| Q2 24 | $914.8M | $547.4M | ||
| Q1 24 | $1.3B | $540.9M |
股东权益CGRHI
| Q4 25 | $7.1B | $1.3B | ||
| Q3 25 | $6.8B | $1.3B | ||
| Q2 25 | $6.7B | $1.3B | ||
| Q1 25 | $6.4B | $1.3B | ||
| Q4 24 | $6.3B | $1.4B | ||
| Q3 24 | $6.3B | $1.5B | ||
| Q2 24 | $5.7B | $1.5B | ||
| Q1 24 | $5.7B | $1.5B |
总资产CGRHI
| Q4 25 | $29.1B | $2.9B | ||
| Q3 25 | $27.1B | $2.8B | ||
| Q2 25 | $25.1B | $2.8B | ||
| Q1 25 | $24.1B | $2.7B | ||
| Q4 24 | $23.1B | $2.9B | ||
| Q3 24 | $22.7B | $3.0B | ||
| Q2 24 | $22.3B | $2.9B | ||
| Q1 24 | $20.8B | $2.9B |
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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $170.8M |
| 自由现金流率自由现金流/营收 | -65.1% | 13.1% |
| 资本支出强度资本支出/营收 | 2.2% | 0.9% |
| 现金转化率经营现金流/净利润 | -3.34× | — |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $266.8M |
8季度趋势，按日历期对齐
经营现金流CGRHI
| Q4 25 | $-1.2B | $182.5M | ||
| Q3 25 | $-1.6B | $77.4M | ||
| Q2 25 | $-168.8M | $119.4M | ||
| Q1 25 | $-352.1M | $-59.3M | ||
| Q4 24 | $-352.8M | $154.8M | ||
| Q3 24 | $791.9M | $129.6M | ||
| Q2 24 | $-1.3B | $142.0M | ||
| Q1 24 | $71.1M | $-15.9M |
自由现金流CGRHI
| Q4 25 | $-1.2B | $170.8M | ||
| Q3 25 | $-1.6B | $63.6M | ||
| Q2 25 | $-186.3M | $104.2M | ||
| Q1 25 | $-368.8M | $-71.7M | ||
| Q4 24 | $-379.5M | $140.5M | ||
| Q3 24 | $772.8M | $111.8M | ||
| Q2 24 | $-1.3B | $129.6M | ||
| Q1 24 | $56.9M | $-27.7M |
自由现金流率CGRHI
| Q4 25 | -65.1% | 13.1% | ||
| Q3 25 | -475.7% | 4.7% | ||
| Q2 25 | -11.8% | 7.6% | ||
| Q1 25 | -37.9% | -5.3% | ||
| Q4 24 | -36.8% | 10.2% | ||
| Q3 24 | 29.3% | 7.6% | ||
| Q2 24 | -120.4% | 8.8% | ||
| Q1 24 | 8.3% | -1.9% |
资本支出强度CGRHI
| Q4 25 | 2.2% | 0.9% | ||
| Q3 25 | 7.0% | 1.0% | ||
| Q2 25 | 1.1% | 1.1% | ||
| Q1 25 | 1.7% | 0.9% | ||
| Q4 24 | 2.6% | 1.0% | ||
| Q3 24 | 0.7% | 1.2% | ||
| Q2 24 | 1.7% | 0.8% | ||
| Q1 24 | 2.1% | 0.8% |
现金转化率CGRHI
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 1.80× | ||
| Q2 25 | -0.53× | 2.91× | ||
| Q1 25 | -2.71× | -3.42× | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | 1.98× | ||
| Q2 24 | -8.57× | 2.08× | ||
| Q1 24 | 1.08× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
