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凯雷集团（CG）与Sunrun Inc.（RUN）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Sunrun Inc.的1.6倍（$1.9B vs $1.2B），凯雷集团净利率更高（18.8% vs 8.9%，领先9.9%），Sunrun Inc.同比增速更快（123.5% vs 84.1%），过去两年凯雷集团的营收复合增速更高（66.2% vs 59.0%）
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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CG vs RUN — 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
RUN
高出39.4%
84.1%
净利率更高
CG
高出9.9%
8.9%
两年增速更快
CG
近两年复合增速
59.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $358.1M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 8.4% |
| 净利率 | 18.8% | 8.9% |
| 营收同比 | 84.1% | 123.5% |
| 净利润同比 | 69.8% | 103.7% |
| 每股收益（稀释后） | $0.96 | $0.38 |
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CGRUN
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $332.7M | $724.6M | ||
| Q2 25 | $1.6B | $569.3M | ||
| Q1 25 | $973.1M | $504.3M | ||
| Q4 24 | $1.0B | $518.5M | ||
| Q3 24 | $2.6B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $688.4M | $458.2M |
净利润CGRUN
| Q4 25 | $358.1M | $103.6M | ||
| Q3 25 | $900.0K | $16.6M | ||
| Q2 25 | $319.7M | $279.8M | ||
| Q1 25 | $130.0M | $50.0M | ||
| Q4 24 | $210.9M | $-2.8B | ||
| Q3 24 | $595.7M | $-83.8M | ||
| Q2 24 | $148.2M | $139.1M | ||
| Q1 24 | $65.6M | $-87.8M |
营业利润率CGRUN
| Q4 25 | 24.3% | 8.4% | ||
| Q3 25 | 25.8% | 0.5% | ||
| Q2 25 | 28.0% | -19.7% | ||
| Q1 25 | 17.6% | -22.8% | ||
| Q4 24 | 25.7% | -628.0% | ||
| Q3 24 | 29.9% | -23.8% | ||
| Q2 24 | 20.5% | -24.4% | ||
| Q1 24 | 17.5% | -40.0% |
净利率CGRUN
| Q4 25 | 18.8% | 8.9% | ||
| Q3 25 | 0.3% | 2.3% | ||
| Q2 25 | 20.3% | 49.1% | ||
| Q1 25 | 13.4% | 9.9% | ||
| Q4 24 | 20.4% | -542.7% | ||
| Q3 24 | 22.6% | -15.6% | ||
| Q2 24 | 13.9% | 26.5% | ||
| Q1 24 | 9.5% | -19.2% |
每股收益（稀释后）CGRUN
| Q4 25 | $0.96 | $0.38 | ||
| Q3 25 | $0.00 | $0.06 | ||
| Q2 25 | $0.87 | $1.07 | ||
| Q1 25 | $0.35 | $0.20 | ||
| Q4 24 | $0.56 | $-12.59 | ||
| Q3 24 | $1.63 | $-0.37 | ||
| Q2 24 | $0.40 | $0.55 | ||
| Q1 24 | $0.18 | $-0.40 |
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 | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $7.1B | $3.1B |
| 总资产 | $29.1B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CGRUN
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $914.8M | — | ||
| Q1 24 | $1.3B | — |
总债务CGRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CGRUN
| Q4 25 | $7.1B | $3.1B | ||
| Q3 25 | $6.8B | $3.0B | ||
| Q2 25 | $6.7B | $2.9B | ||
| Q1 25 | $6.4B | $2.6B | ||
| Q4 24 | $6.3B | $2.6B | ||
| Q3 24 | $6.3B | $5.3B | ||
| Q2 24 | $5.7B | $5.4B | ||
| Q1 24 | $5.7B | $5.2B |
总资产CGRUN
| Q4 25 | $29.1B | $22.6B | ||
| Q3 25 | $27.1B | $22.2B | ||
| Q2 25 | $25.1B | $21.2B | ||
| Q1 25 | $24.1B | $20.4B | ||
| Q4 24 | $23.1B | $19.9B | ||
| Q3 24 | $22.7B | $22.1B | ||
| Q2 24 | $22.3B | $21.4B | ||
| Q1 24 | $20.8B | $20.8B |
负债/权益比CGRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | — |
| 自由现金流率自由现金流/营收 | -65.1% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | -3.34× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | — |
8季度趋势，按日历期对齐
经营现金流CGRUN
| Q4 25 | $-1.2B | $96.9M | ||
| Q3 25 | $-1.6B | $-121.5M | ||
| Q2 25 | $-168.8M | $-292.7M | ||
| Q1 25 | $-352.1M | $-104.2M | ||
| Q4 24 | $-352.8M | $-258.4M | ||
| Q3 24 | $791.9M | $-156.2M | ||
| Q2 24 | $-1.3B | $-208.5M | ||
| Q1 24 | $71.1M | $-143.1M |
自由现金流CGRUN
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | — | ||
| Q2 25 | $-186.3M | — | ||
| Q1 25 | $-368.8M | — | ||
| Q4 24 | $-379.5M | — | ||
| Q3 24 | $772.8M | $-156.4M | ||
| Q2 24 | $-1.3B | — | ||
| Q1 24 | $56.9M | — |
自由现金流率CGRUN
| Q4 25 | -65.1% | — | ||
| Q3 25 | -475.7% | — | ||
| Q2 25 | -11.8% | — | ||
| Q1 25 | -37.9% | — | ||
| Q4 24 | -36.8% | — | ||
| Q3 24 | 29.3% | -29.1% | ||
| Q2 24 | -120.4% | — | ||
| Q1 24 | 8.3% | — |
资本支出强度CGRUN
| Q4 25 | 2.2% | — | ||
| Q3 25 | 7.0% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 2.1% | — |
现金转化率CGRUN
| Q4 25 | -3.34× | 0.94× | ||
| Q3 25 | -1732.78× | -7.33× | ||
| Q2 25 | -0.53× | -1.05× | ||
| Q1 25 | -2.71× | -2.08× | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | -8.57× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
