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凯雷集团（CG）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.5倍（$1.9B vs $1.3B），凯雷集团净利率更高（18.8% vs -63.1%，领先81.9%），凯雷集团同比增速更快（84.1% vs -25.8%），Rivian Automotive, Inc.自由现金流更多（$-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 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
CG vs RIVN — 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110.0%
-25.8%
净利率更高
CG
高出81.9%
-63.1%
自由现金流更多
RIVN
多$93.1M
$-1.2B
两年增速更快
CG
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $358.1M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 24.3% | -64.8% |
| 净利率 | 18.8% | -63.1% |
| 营收同比 | 84.1% | -25.8% |
| 净利润同比 | 69.8% | -9.0% |
| 每股收益（稀释后） | $0.96 | $-0.66 |
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CGRIVN
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $332.7M | $1.6B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $973.1M | $1.2B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $2.6B | $874.0M | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $688.4M | $1.2B |
净利润CGRIVN
| Q4 25 | $358.1M | $-811.0M | ||
| Q3 25 | $900.0K | $-1.2B | ||
| Q2 25 | $319.7M | $-1.1B | ||
| Q1 25 | $130.0M | $-545.0M | ||
| Q4 24 | $210.9M | $-744.0M | ||
| Q3 24 | $595.7M | $-1.1B | ||
| Q2 24 | $148.2M | $-1.5B | ||
| Q1 24 | $65.6M | $-1.4B |
毛利率CGRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率CGRIVN
| Q4 25 | 24.3% | -64.8% | ||
| Q3 25 | 25.8% | -63.1% | ||
| Q2 25 | 28.0% | -85.5% | ||
| Q1 25 | 17.6% | -52.8% | ||
| Q4 24 | 25.7% | -38.1% | ||
| Q3 24 | 29.9% | -133.8% | ||
| Q2 24 | 20.5% | -118.7% | ||
| Q1 24 | 17.5% | -123.3% |
净利率CGRIVN
| Q4 25 | 18.8% | -63.1% | ||
| Q3 25 | 0.3% | -75.3% | ||
| Q2 25 | 20.3% | -85.7% | ||
| Q1 25 | 13.4% | -44.0% | ||
| Q4 24 | 20.4% | -42.9% | ||
| Q3 24 | 22.6% | -125.9% | ||
| Q2 24 | 13.9% | -125.8% | ||
| Q1 24 | 9.5% | -120.1% |
每股收益（稀释后）CGRIVN
| Q4 25 | $0.96 | $-0.66 | ||
| Q3 25 | $0.00 | $-0.96 | ||
| Q2 25 | $0.87 | $-0.97 | ||
| Q1 25 | $0.35 | $-0.48 | ||
| Q4 24 | $0.56 | $-0.67 | ||
| Q3 24 | $1.63 | $-1.08 | ||
| Q2 24 | $0.40 | $-1.46 | ||
| Q1 24 | $0.18 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $4.6B |
| 总资产 | $29.1B | $14.9B |
| 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CGRIVN
| Q4 25 | $2.0B | $6.1B | ||
| Q3 25 | $2.2B | $7.1B | ||
| Q2 25 | $1.3B | $7.5B | ||
| Q1 25 | $1.2B | $7.2B | ||
| Q4 24 | $1.3B | $7.7B | ||
| Q3 24 | $1.4B | $6.7B | ||
| Q2 24 | $914.8M | $7.9B | ||
| Q1 24 | $1.3B | $7.9B |
总债务CGRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.4B |
股东权益CGRIVN
| Q4 25 | $7.1B | $4.6B | ||
| Q3 25 | $6.8B | $5.1B | ||
| Q2 25 | $6.7B | $6.1B | ||
| Q1 25 | $6.4B | $6.2B | ||
| Q4 24 | $6.3B | $6.6B | ||
| Q3 24 | $6.3B | $5.9B | ||
| Q2 24 | $5.7B | $6.8B | ||
| Q1 24 | $5.7B | $8.1B |
总资产CGRIVN
| Q4 25 | $29.1B | $14.9B | ||
| Q3 25 | $27.1B | $15.2B | ||
| Q2 25 | $25.1B | $15.6B | ||
| Q1 25 | $24.1B | $15.5B | ||
| Q4 24 | $23.1B | $15.4B | ||
| Q3 24 | $22.7B | $14.3B | ||
| Q2 24 | $22.3B | $15.4B | ||
| Q1 24 | $20.8B | $15.7B |
负债/权益比CGRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 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% | -89.0% |
| 资本支出强度资本支出/营收 | 2.2% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流CGRIVN
| Q4 25 | $-1.2B | $-681.0M | ||
| Q3 25 | $-1.6B | $26.0M | ||
| Q2 25 | $-168.8M | $64.0M | ||
| Q1 25 | $-352.1M | $-188.0M | ||
| Q4 24 | $-352.8M | $1.2B | ||
| Q3 24 | $791.9M | $-876.0M | ||
| Q2 24 | $-1.3B | $-754.0M | ||
| Q1 24 | $71.1M | $-1.3B |
自由现金流CGRIVN
| Q4 25 | $-1.2B | $-1.1B | ||
| Q3 25 | $-1.6B | $-421.0M | ||
| Q2 25 | $-186.3M | $-398.0M | ||
| Q1 25 | $-368.8M | $-526.0M | ||
| Q4 24 | $-379.5M | $856.0M | ||
| Q3 24 | $772.8M | $-1.2B | ||
| Q2 24 | $-1.3B | $-1.0B | ||
| Q1 24 | $56.9M | $-1.5B |
自由现金流率CGRIVN
| Q4 25 | -65.1% | -89.0% | ||
| Q3 25 | -475.7% | -27.0% | ||
| Q2 25 | -11.8% | -30.5% | ||
| Q1 25 | -37.9% | -42.4% | ||
| Q4 24 | -36.8% | 49.4% | ||
| Q3 24 | 29.3% | -131.9% | ||
| Q2 24 | -120.4% | -89.6% | ||
| Q1 24 | 8.3% | -126.5% |
资本支出强度CGRIVN
| Q4 25 | 2.2% | 36.0% | ||
| Q3 25 | 7.0% | 28.7% | ||
| Q2 25 | 1.1% | 35.5% | ||
| Q1 25 | 1.7% | 27.3% | ||
| Q4 24 | 2.6% | 18.9% | ||
| Q3 24 | 0.7% | 31.7% | ||
| Q2 24 | 1.7% | 24.4% | ||
| Q1 24 | 2.1% | 21.1% |
现金转化率CGRIVN
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | -8.57× | — | ||
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
