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凯雷集团（CG）与罗塞塔石碑（STEP）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罗塞塔石碑的3.2倍（$1.9B vs $586.5M）。凯雷集团净利率更高（18.8% vs -21.0%，领先39.9%）。凯雷集团同比增速更快（84.1% vs 73.0%）。罗塞塔石碑自由现金流更多（$26.7M vs $-1.2B）。过去两年凯雷集团的营收复合增速更高（66.2% vs 28.2%）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
CG vs STEP — 直观对比
营收规模更大
CG
是对方的3.2倍
$586.5M
营收增速更快
CG
高出11.1%
73.0%
净利率更高
CG
高出39.9%
-21.0%
自由现金流更多
STEP
多$1.3B
$-1.2B
两年增速更快
CG
近两年复合增速
28.2%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $586.5M |
| 净利润 | $358.1M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | -33.2% |
| 净利率 | 18.8% | -21.0% |
| 营收同比 | 84.1% | 73.0% |
| 净利润同比 | 69.8% | 35.7% |
| 每股收益（稀释后） | $0.96 | $-1.55 |
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CGSTEP
| Q4 25 | $1.9B | $586.5M | ||
| Q3 25 | $332.7M | $454.2M | ||
| Q2 25 | $1.6B | $364.3M | ||
| Q1 25 | $973.1M | $377.7M | ||
| Q4 24 | $1.0B | $339.0M | ||
| Q3 24 | $2.6B | $271.7M | ||
| Q2 24 | $1.1B | $186.4M | ||
| Q1 24 | $688.4M | $356.8M |
净利润CGSTEP
| Q4 25 | $358.1M | $-123.5M | ||
| Q3 25 | $900.0K | $-366.1M | ||
| Q2 25 | $319.7M | $-38.4M | ||
| Q1 25 | $130.0M | $-18.5M | ||
| Q4 24 | $210.9M | $-192.0M | ||
| Q3 24 | $595.7M | $17.6M | ||
| Q2 24 | $148.2M | $13.3M | ||
| Q1 24 | $65.6M | $30.8M |
营业利润率CGSTEP
| Q4 25 | 24.3% | -33.2% | ||
| Q3 25 | 25.8% | -148.8% | ||
| Q2 25 | 28.0% | -5.6% | ||
| Q1 25 | 17.6% | 2.6% | ||
| Q4 24 | 25.7% | -101.7% | ||
| Q3 24 | 29.9% | 21.3% | ||
| Q2 24 | 20.5% | 29.4% | ||
| Q1 24 | 17.5% | 26.5% |
净利率CGSTEP
| Q4 25 | 18.8% | -21.0% | ||
| Q3 25 | 0.3% | -80.6% | ||
| Q2 25 | 20.3% | -10.5% | ||
| Q1 25 | 13.4% | -4.9% | ||
| Q4 24 | 20.4% | -56.6% | ||
| Q3 24 | 22.6% | 6.5% | ||
| Q2 24 | 13.9% | 7.2% | ||
| Q1 24 | 9.5% | 8.6% |
每股收益（稀释后）CGSTEP
| Q4 25 | $0.96 | $-1.55 | ||
| Q3 25 | $0.00 | $-4.66 | ||
| Q2 25 | $0.87 | $-0.49 | ||
| Q1 25 | $0.35 | $-0.37 | ||
| Q4 24 | $0.56 | $-2.61 | ||
| Q3 24 | $1.63 | $0.26 | ||
| Q2 24 | $0.40 | $0.20 | ||
| Q1 24 | $0.18 | $0.47 |
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 | — | $270.2M |
| 股东权益账面价值 | $7.1B | $-378.8M |
| 总资产 | $29.1B | $5.2B |
| 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CGSTEP
| 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CGSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益CGSTEP
| Q4 25 | $7.1B | $-378.8M | ||
| Q3 25 | $6.8B | $-233.5M | ||
| Q2 25 | $6.7B | $153.9M | ||
| Q1 25 | $6.4B | $179.4M | ||
| Q4 24 | $6.3B | $209.8M | ||
| Q3 24 | $6.3B | $397.5M | ||
| Q2 24 | $5.7B | $366.9M | ||
| Q1 24 | $5.7B | $324.5M |
总资产CGSTEP
| Q4 25 | $29.1B | $5.2B | ||
| Q3 25 | $27.1B | $5.3B | ||
| Q2 25 | $25.1B | $4.8B | ||
| Q1 25 | $24.1B | $4.6B | ||
| Q4 24 | $23.1B | $4.3B | ||
| Q3 24 | $22.7B | $4.0B | ||
| Q2 24 | $22.3B | $3.8B | ||
| Q1 24 | $20.8B | $3.8B |
负债/权益比CGSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $26.7M |
| 自由现金流率自由现金流/营收 | -65.1% | 4.6% |
| 资本支出强度资本支出/营收 | 2.2% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流CGSTEP
| Q4 25 | $-1.2B | $27.2M | ||
| Q3 25 | $-1.6B | $16.2M | ||
| Q2 25 | $-168.8M | $46.3M | ||
| Q1 25 | $-352.1M | $-66.5M | ||
| Q4 24 | $-352.8M | $27.6M | ||
| Q3 24 | $791.9M | $53.7M | ||
| Q2 24 | $-1.3B | $50.2M | ||
| Q1 24 | $71.1M | $7.6M |
自由现金流CGSTEP
| Q4 25 | $-1.2B | $26.7M | ||
| Q3 25 | $-1.6B | $15.9M | ||
| Q2 25 | $-186.3M | $45.2M | ||
| Q1 25 | $-368.8M | $-69.2M | ||
| Q4 24 | $-379.5M | $27.0M | ||
| Q3 24 | $772.8M | $52.4M | ||
| Q2 24 | $-1.3B | $49.6M | ||
| Q1 24 | $56.9M | $6.7M |
自由现金流率CGSTEP
| Q4 25 | -65.1% | 4.6% | ||
| Q3 25 | -475.7% | 3.5% | ||
| Q2 25 | -11.8% | 12.4% | ||
| Q1 25 | -37.9% | -18.3% | ||
| Q4 24 | -36.8% | 8.0% | ||
| Q3 24 | 29.3% | 19.3% | ||
| Q2 24 | -120.4% | 26.6% | ||
| Q1 24 | 8.3% | 1.9% |
资本支出强度CGSTEP
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 7.0% | 0.1% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.7% | 0.7% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.3% |
现金转化率CGSTEP
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | 3.05× | ||
| Q2 24 | -8.57× | 3.76× | ||
| Q1 24 | 1.08× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
