vs
凯雷集团（CG）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是凯雷集团的1.9倍（$3.7B vs $1.9B），SHOPIFY INC.净利率更高（20.2% vs 18.8%，领先1.4%），凯雷集团同比增速更快（84.1% vs 30.6%），SHOPIFY INC.自由现金流更多（$715.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 40.5%）
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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
CG vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.9倍
$1.9B
营收增速更快
CG
高出53.5%
30.6%
净利率更高
SHOP
高出1.4%
18.8%
自由现金流更多
SHOP
多$2.0B
$-1.2B
两年增速更快
CG
近两年复合增速
40.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.7B |
| 净利润 | $358.1M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 24.3% | 17.2% |
| 净利率 | 18.8% | 20.2% |
| 营收同比 | 84.1% | 30.6% |
| 净利润同比 | 69.8% | -42.5% |
| 每股收益（稀释后） | $0.96 | $0.58 |
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CGSHOP
| Q4 25 | $1.9B | $3.7B | ||
| Q3 25 | $332.7M | $2.8B | ||
| Q2 25 | $1.6B | $2.7B | ||
| Q1 25 | $973.1M | $2.4B | ||
| Q4 24 | $1.0B | $2.8B | ||
| Q3 24 | $2.6B | $2.2B | ||
| Q2 24 | $1.1B | $2.0B | ||
| Q1 24 | $688.4M | $1.9B |
净利润CGSHOP
| Q4 25 | $358.1M | $743.0M | ||
| Q3 25 | $900.0K | $264.0M | ||
| Q2 25 | $319.7M | $906.0M | ||
| Q1 25 | $130.0M | $-682.0M | ||
| Q4 24 | $210.9M | $1.3B | ||
| Q3 24 | $595.7M | $828.0M | ||
| Q2 24 | $148.2M | $171.0M | ||
| Q1 24 | $65.6M | $-273.0M |
毛利率CGSHOP
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
营业利润率CGSHOP
| Q4 25 | 24.3% | 17.2% | ||
| Q3 25 | 25.8% | 12.1% | ||
| Q2 25 | 28.0% | 10.9% | ||
| Q1 25 | 17.6% | 8.6% | ||
| Q4 24 | 25.7% | 16.5% | ||
| Q3 24 | 29.9% | 13.1% | ||
| Q2 24 | 20.5% | 11.8% | ||
| Q1 24 | 17.5% | 4.6% |
净利率CGSHOP
| Q4 25 | 18.8% | 20.2% | ||
| Q3 25 | 0.3% | 9.3% | ||
| Q2 25 | 20.3% | 33.8% | ||
| Q1 25 | 13.4% | -28.9% | ||
| Q4 24 | 20.4% | 46.0% | ||
| Q3 24 | 22.6% | 38.3% | ||
| Q2 24 | 13.9% | 8.4% | ||
| Q1 24 | 9.5% | -14.7% |
每股收益（稀释后）CGSHOP
| Q4 25 | $0.96 | $0.58 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $0.87 | $0.69 | ||
| Q1 25 | $0.35 | $-0.53 | ||
| Q4 24 | $0.56 | $0.99 | ||
| Q3 24 | $1.63 | $0.64 | ||
| Q2 24 | $0.40 | $0.13 | ||
| Q1 24 | $0.18 | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $13.5B |
| 总资产 | $29.1B | $15.2B |
| 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CGSHOP
| Q4 25 | $2.0B | $5.8B | ||
| Q3 25 | $2.2B | $6.3B | ||
| Q2 25 | $1.3B | $5.8B | ||
| Q1 25 | $1.2B | $5.5B | ||
| Q4 24 | $1.3B | $5.5B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $914.8M | — | ||
| Q1 24 | $1.3B | — |
股东权益CGSHOP
| Q4 25 | $7.1B | $13.5B | ||
| Q3 25 | $6.8B | $12.5B | ||
| Q2 25 | $6.7B | $12.1B | ||
| Q1 25 | $6.4B | $11.1B | ||
| Q4 24 | $6.3B | $11.6B | ||
| Q3 24 | $6.3B | $10.1B | ||
| Q2 24 | $5.7B | $9.2B | ||
| Q1 24 | $5.7B | $8.9B |
总资产CGSHOP
| Q4 25 | $29.1B | $15.2B | ||
| Q3 25 | $27.1B | $15.0B | ||
| Q2 25 | $25.1B | $14.6B | ||
| Q1 25 | $24.1B | $13.4B | ||
| Q4 24 | $23.1B | $13.9B | ||
| Q3 24 | $22.7B | — | ||
| Q2 24 | $22.3B | — | ||
| Q1 24 | $20.8B | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $715.0M |
| 自由现金流率自由现金流/营收 | -65.1% | 19.5% |
| 资本支出强度资本支出/营收 | 2.2% | 0.3% |
| 现金转化率经营现金流/净利润 | -3.34× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $2.0B |
8季度趋势，按日历期对齐
经营现金流CGSHOP
| Q4 25 | $-1.2B | $725.0M | ||
| Q3 25 | $-1.6B | $513.0M | ||
| Q2 25 | $-168.8M | $428.0M | ||
| Q1 25 | $-352.1M | $367.0M | ||
| Q4 24 | $-352.8M | $615.0M | ||
| Q3 24 | $791.9M | $423.0M | ||
| Q2 24 | $-1.3B | $340.0M | ||
| Q1 24 | $71.1M | $238.0M |
自由现金流CGSHOP
| Q4 25 | $-1.2B | $715.0M | ||
| Q3 25 | $-1.6B | $507.0M | ||
| Q2 25 | $-186.3M | $422.0M | ||
| Q1 25 | $-368.8M | $363.0M | ||
| Q4 24 | $-379.5M | $611.0M | ||
| Q3 24 | $772.8M | $421.0M | ||
| Q2 24 | $-1.3B | $333.0M | ||
| Q1 24 | $56.9M | $232.0M |
自由现金流率CGSHOP
| Q4 25 | -65.1% | 19.5% | ||
| Q3 25 | -475.7% | 17.8% | ||
| Q2 25 | -11.8% | 15.7% | ||
| Q1 25 | -37.9% | 15.4% | ||
| Q4 24 | -36.8% | 21.7% | ||
| Q3 24 | 29.3% | 19.5% | ||
| Q2 24 | -120.4% | 16.3% | ||
| Q1 24 | 8.3% | 12.5% |
资本支出强度CGSHOP
| Q4 25 | 2.2% | 0.3% | ||
| Q3 25 | 7.0% | 0.2% | ||
| Q2 25 | 1.1% | 0.2% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 2.6% | 0.1% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.3% |
现金转化率CGSHOP
| Q4 25 | -3.34× | 0.98× | ||
| Q3 25 | -1732.78× | 1.94× | ||
| Q2 25 | -0.53× | 0.47× | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 0.48× | ||
| Q3 24 | 1.33× | 0.51× | ||
| Q2 24 | -8.57× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
