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凯雷集团（CG）与Snap Inc（SNAP）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Snap Inc的1.1倍（$1.9B vs $1.7B），凯雷集团净利率更高（18.8% vs 2.6%，领先16.2%），凯雷集团同比增速更快（84.1% vs 10.2%），Snap Inc自由现金流更多（$205.6M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 19.9%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
CG vs SNAP — 直观对比
营收规模更大
CG
是对方的1.1倍
$1.7B
营收增速更快
CG
高出73.9%
10.2%
净利率更高
CG
高出16.2%
2.6%
自由现金流更多
SNAP
多$1.4B
$-1.2B
两年增速更快
CG
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $358.1M | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | 24.3% | 2.9% |
| 净利率 | 18.8% | 2.6% |
| 营收同比 | 84.1% | 10.2% |
| 净利润同比 | 69.8% | 396.7% |
| 每股收益（稀释后） | $0.96 | $0.03 |
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CGSNAP
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $332.7M | $1.5B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $973.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $688.4M | $1.2B |
净利润CGSNAP
| Q4 25 | $358.1M | $45.2M | ||
| Q3 25 | $900.0K | $-103.5M | ||
| Q2 25 | $319.7M | $-262.6M | ||
| Q1 25 | $130.0M | $-139.6M | ||
| Q4 24 | $210.9M | $9.1M | ||
| Q3 24 | $595.7M | $-153.2M | ||
| Q2 24 | $148.2M | $-248.6M | ||
| Q1 24 | $65.6M | $-305.1M |
毛利率CGSNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 51.4% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 52.4% | ||
| Q1 24 | — | 51.9% |
营业利润率CGSNAP
| Q4 25 | 24.3% | 2.9% | ||
| Q3 25 | 25.8% | -8.5% | ||
| Q2 25 | 28.0% | -19.3% | ||
| Q1 25 | 17.6% | -14.2% | ||
| Q4 24 | 25.7% | -1.7% | ||
| Q3 24 | 29.9% | -12.6% | ||
| Q2 24 | 20.5% | -20.5% | ||
| Q1 24 | 17.5% | -27.9% |
净利率CGSNAP
| Q4 25 | 18.8% | 2.6% | ||
| Q3 25 | 0.3% | -6.9% | ||
| Q2 25 | 20.3% | -19.5% | ||
| Q1 25 | 13.4% | -10.2% | ||
| Q4 24 | 20.4% | 0.6% | ||
| Q3 24 | 22.6% | -11.2% | ||
| Q2 24 | 13.9% | -20.1% | ||
| Q1 24 | 9.5% | -25.5% |
每股收益（稀释后）CGSNAP
| Q4 25 | $0.96 | $0.03 | ||
| Q3 25 | $0.00 | $-0.06 | ||
| Q2 25 | $0.87 | $-0.16 | ||
| Q1 25 | $0.35 | $-0.08 | ||
| Q4 24 | $0.56 | $0.01 | ||
| Q3 24 | $1.63 | $-0.09 | ||
| Q2 24 | $0.40 | $-0.15 | ||
| Q1 24 | $0.18 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $7.1B | $2.3B |
| 总资产 | $29.1B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资CGSNAP
| Q4 25 | $2.0B | $2.9B | ||
| Q3 25 | $2.2B | $3.0B | ||
| Q2 25 | $1.3B | $2.9B | ||
| Q1 25 | $1.2B | $3.2B | ||
| Q4 24 | $1.3B | $3.4B | ||
| Q3 24 | $1.4B | $3.2B | ||
| Q2 24 | $914.8M | $3.1B | ||
| Q1 24 | $1.3B | $2.9B |
总债务CGSNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益CGSNAP
| Q4 25 | $7.1B | $2.3B | ||
| Q3 25 | $6.8B | $2.2B | ||
| Q2 25 | $6.7B | $2.1B | ||
| Q1 25 | $6.4B | $2.3B | ||
| Q4 24 | $6.3B | $2.5B | ||
| Q3 24 | $6.3B | $2.2B | ||
| Q2 24 | $5.7B | $2.1B | ||
| Q1 24 | $5.7B | $2.1B |
总资产CGSNAP
| Q4 25 | $29.1B | $7.7B | ||
| Q3 25 | $27.1B | $7.6B | ||
| Q2 25 | $25.1B | $7.4B | ||
| Q1 25 | $24.1B | $7.6B | ||
| Q4 24 | $23.1B | $7.9B | ||
| Q3 24 | $22.7B | $7.6B | ||
| Q2 24 | $22.3B | $7.4B | ||
| Q1 24 | $20.8B | $7.2B |
负债/权益比CGSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $205.6M |
| 自由现金流率自由现金流/营收 | -65.1% | 12.0% |
| 资本支出强度资本支出/营收 | 2.2% | 3.7% |
| 现金转化率经营现金流/净利润 | -3.34× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $437.2M |
8季度趋势，按日历期对齐
经营现金流CGSNAP
| Q4 25 | $-1.2B | $269.6M | ||
| Q3 25 | $-1.6B | $146.5M | ||
| Q2 25 | $-168.8M | $88.5M | ||
| Q1 25 | $-352.1M | $151.6M | ||
| Q4 24 | $-352.8M | $230.6M | ||
| Q3 24 | $791.9M | $115.9M | ||
| Q2 24 | $-1.3B | $-21.4M | ||
| Q1 24 | $71.1M | $88.4M |
自由现金流CGSNAP
| Q4 25 | $-1.2B | $205.6M | ||
| Q3 25 | $-1.6B | $93.4M | ||
| Q2 25 | $-186.3M | $23.8M | ||
| Q1 25 | $-368.8M | $114.4M | ||
| Q4 24 | $-379.5M | $182.4M | ||
| Q3 24 | $772.8M | $71.8M | ||
| Q2 24 | $-1.3B | $-73.4M | ||
| Q1 24 | $56.9M | $37.9M |
自由现金流率CGSNAP
| Q4 25 | -65.1% | 12.0% | ||
| Q3 25 | -475.7% | 6.2% | ||
| Q2 25 | -11.8% | 1.8% | ||
| Q1 25 | -37.9% | 8.4% | ||
| Q4 24 | -36.8% | 11.7% | ||
| Q3 24 | 29.3% | 5.2% | ||
| Q2 24 | -120.4% | -5.9% | ||
| Q1 24 | 8.3% | 3.2% |
资本支出强度CGSNAP
| Q4 25 | 2.2% | 3.7% | ||
| Q3 25 | 7.0% | 3.5% | ||
| Q2 25 | 1.1% | 4.8% | ||
| Q1 25 | 1.7% | 2.7% | ||
| Q4 24 | 2.6% | 3.1% | ||
| Q3 24 | 0.7% | 3.2% | ||
| Q2 24 | 1.7% | 4.2% | ||
| Q1 24 | 2.1% | 4.2% |
现金转化率CGSNAP
| Q4 25 | -3.34× | 5.96× | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 25.34× | ||
| 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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
