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凯雷集团（CG）与RXO, Inc.（RXO）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RXO, Inc.的1.3倍（$1.9B vs $1.5B），凯雷集团净利率更高（18.8% vs -3.1%，领先22.0%），凯雷集团同比增速更快（84.1% vs -11.9%），RXO, Inc.自由现金流更多（$-9.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 26.8%）
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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
CG vs RXO — 直观对比
营收规模更大
CG
是对方的1.3倍
$1.5B
营收增速更快
CG
高出96.0%
-11.9%
净利率更高
CG
高出22.0%
-3.1%
自由现金流更多
RXO
多$1.2B
$-1.2B
两年增速更快
CG
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $358.1M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | -2.9% |
| 净利率 | 18.8% | -3.1% |
| 营收同比 | 84.1% | -11.9% |
| 净利润同比 | 69.8% | -84.0% |
| 每股收益（稀释后） | $0.96 | $-0.28 |
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CGRXO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $332.7M | $1.4B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $973.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $2.6B | $1.0B | ||
| Q2 24 | $1.1B | $930.0M | ||
| Q1 24 | $688.4M | $913.0M |
净利润CGRXO
| Q4 25 | $358.1M | $-46.0M | ||
| Q3 25 | $900.0K | $-14.0M | ||
| Q2 25 | $319.7M | $-9.0M | ||
| Q1 25 | $130.0M | $-31.0M | ||
| Q4 24 | $210.9M | $-25.0M | ||
| Q3 24 | $595.7M | $-243.0M | ||
| Q2 24 | $148.2M | $-7.0M | ||
| Q1 24 | $65.6M | $-15.0M |
营业利润率CGRXO
| Q4 25 | 24.3% | -2.9% | ||
| Q3 25 | 25.8% | -0.5% | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 17.6% | -2.1% | ||
| Q4 24 | 25.7% | -1.4% | ||
| Q3 24 | 29.9% | -1.9% | ||
| Q2 24 | 20.5% | — | ||
| Q1 24 | 17.5% | -1.3% |
净利率CGRXO
| Q4 25 | 18.8% | -3.1% | ||
| Q3 25 | 0.3% | -1.0% | ||
| Q2 25 | 20.3% | -0.6% | ||
| Q1 25 | 13.4% | -2.2% | ||
| Q4 24 | 20.4% | -1.5% | ||
| Q3 24 | 22.6% | -23.4% | ||
| Q2 24 | 13.9% | -0.8% | ||
| Q1 24 | 9.5% | -1.6% |
每股收益（稀释后）CGRXO
| Q4 25 | $0.96 | $-0.28 | ||
| Q3 25 | $0.00 | $-0.08 | ||
| Q2 25 | $0.87 | $-0.05 | ||
| Q1 25 | $0.35 | $-0.18 | ||
| Q4 24 | $0.56 | $-0.17 | ||
| Q3 24 | $1.63 | $-1.81 | ||
| Q2 24 | $0.40 | $-0.06 | ||
| Q1 24 | $0.18 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $7.1B | $1.5B |
| 总资产 | $29.1B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CGRXO
| Q4 25 | $2.0B | $17.0M | ||
| Q3 25 | $2.2B | $25.0M | ||
| Q2 25 | $1.3B | $18.0M | ||
| Q1 25 | $1.2B | $16.0M | ||
| Q4 24 | $1.3B | $35.0M | ||
| Q3 24 | $1.4B | $55.0M | ||
| Q2 24 | $914.8M | $7.0M | ||
| Q1 24 | $1.3B | $7.0M |
总债务CGRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益CGRXO
| Q4 25 | $7.1B | $1.5B | ||
| Q3 25 | $6.8B | $1.6B | ||
| Q2 25 | $6.7B | $1.6B | ||
| Q1 25 | $6.4B | $1.6B | ||
| Q4 24 | $6.3B | $1.6B | ||
| Q3 24 | $6.3B | $1.7B | ||
| Q2 24 | $5.7B | $579.0M | ||
| Q1 24 | $5.7B | $582.0M |
总资产CGRXO
| Q4 25 | $29.1B | $3.3B | ||
| Q3 25 | $27.1B | $3.2B | ||
| Q2 25 | $25.1B | $3.2B | ||
| Q1 25 | $24.1B | $3.3B | ||
| Q4 24 | $23.1B | $3.4B | ||
| Q3 24 | $22.7B | $3.4B | ||
| Q2 24 | $22.3B | $1.8B | ||
| Q1 24 | $20.8B | $1.8B |
负债/权益比CGRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $-9.0M |
| 自由现金流率自由现金流/营收 | -65.1% | -0.6% |
| 资本支出强度资本支出/营收 | 2.2% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流CGRXO
| Q4 25 | $-1.2B | $7.0M | ||
| Q3 25 | $-1.6B | $23.0M | ||
| Q2 25 | $-168.8M | $23.0M | ||
| Q1 25 | $-352.1M | $-2.0M | ||
| Q4 24 | $-352.8M | $-7.0M | ||
| Q3 24 | $791.9M | $-7.0M | ||
| Q2 24 | $-1.3B | $-5.0M | ||
| Q1 24 | $71.1M | $7.0M |
自由现金流CGRXO
| Q4 25 | $-1.2B | $-9.0M | ||
| Q3 25 | $-1.6B | $9.0M | ||
| Q2 25 | $-186.3M | $9.0M | ||
| Q1 25 | $-368.8M | $-17.0M | ||
| Q4 24 | $-379.5M | $-19.0M | ||
| Q3 24 | $772.8M | $-18.0M | ||
| Q2 24 | $-1.3B | $-16.0M | ||
| Q1 24 | $56.9M | $-4.0M |
自由现金流率CGRXO
| Q4 25 | -65.1% | -0.6% | ||
| Q3 25 | -475.7% | 0.6% | ||
| Q2 25 | -11.8% | 0.6% | ||
| Q1 25 | -37.9% | -1.2% | ||
| Q4 24 | -36.8% | -1.1% | ||
| Q3 24 | 29.3% | -1.7% | ||
| Q2 24 | -120.4% | -1.7% | ||
| Q1 24 | 8.3% | -0.4% |
资本支出强度CGRXO
| Q4 25 | 2.2% | 1.1% | ||
| Q3 25 | 7.0% | 1.0% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | 1.7% | 1.0% | ||
| Q4 24 | 2.6% | 0.7% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 1.7% | 1.2% | ||
| Q1 24 | 2.1% | 1.2% |
现金转化率CGRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
