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凯雷集团（CG）与泰瑞达（TER）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泰瑞达的1.8倍（$1.9B vs $1.1B），泰瑞达净利率更高（23.7% vs 18.8%，领先4.9%），凯雷集团同比增速更快（84.1% vs 43.9%），泰瑞达自由现金流更多（$218.8M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 34.4%）
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。
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
CG vs TER — 直观对比
营收规模更大
CG
是对方的1.8倍
$1.1B
营收增速更快
CG
高出40.2%
43.9%
净利率更高
TER
高出4.9%
18.8%
自由现金流更多
TER
多$1.5B
$-1.2B
两年增速更快
CG
近两年复合增速
34.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.1B |
| 净利润 | $358.1M | $257.2M |
| 毛利率 | — | 57.2% |
| 营业利润率 | 24.3% | 27.1% |
| 净利率 | 18.8% | 23.7% |
| 营收同比 | 84.1% | 43.9% |
| 净利润同比 | 69.8% | 75.9% |
| 每股收益（稀释后） | $0.96 | $1.62 |
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CGTER
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $332.7M | $769.2M | ||
| Q2 25 | $1.6B | $651.8M | ||
| Q1 25 | $973.1M | $685.7M | ||
| Q4 24 | $1.0B | $752.9M | ||
| Q3 24 | $2.6B | $737.3M | ||
| Q2 24 | $1.1B | $729.9M | ||
| Q1 24 | $688.4M | $599.8M |
净利润CGTER
| Q4 25 | $358.1M | $257.2M | ||
| Q3 25 | $900.0K | $119.6M | ||
| Q2 25 | $319.7M | $78.4M | ||
| Q1 25 | $130.0M | $98.9M | ||
| Q4 24 | $210.9M | $146.3M | ||
| Q3 24 | $595.7M | $145.6M | ||
| Q2 24 | $148.2M | $186.3M | ||
| Q1 24 | $65.6M | $64.2M |
毛利率CGTER
| Q4 25 | — | 57.2% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | 57.2% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 59.4% | ||
| Q3 24 | — | 59.2% | ||
| Q2 24 | — | 58.3% | ||
| Q1 24 | — | 56.6% |
营业利润率CGTER
| Q4 25 | 24.3% | 27.1% | ||
| Q3 25 | 25.8% | 18.9% | ||
| Q2 25 | 28.0% | 13.9% | ||
| Q1 25 | 17.6% | 17.6% | ||
| Q4 24 | 25.7% | 20.4% | ||
| Q3 24 | 29.9% | 20.6% | ||
| Q2 24 | 20.5% | 28.8% | ||
| Q1 24 | 17.5% | 13.0% |
净利率CGTER
| Q4 25 | 18.8% | 23.7% | ||
| Q3 25 | 0.3% | 15.5% | ||
| Q2 25 | 20.3% | 12.0% | ||
| Q1 25 | 13.4% | 14.4% | ||
| Q4 24 | 20.4% | 19.4% | ||
| Q3 24 | 22.6% | 19.8% | ||
| Q2 24 | 13.9% | 25.5% | ||
| Q1 24 | 9.5% | 10.7% |
每股收益（稀释后）CGTER
| Q4 25 | $0.96 | $1.62 | ||
| Q3 25 | $0.00 | $0.75 | ||
| Q2 25 | $0.87 | $0.49 | ||
| Q1 25 | $0.35 | $0.61 | ||
| Q4 24 | $0.56 | $0.89 | ||
| Q3 24 | $1.63 | $0.89 | ||
| Q2 24 | $0.40 | $1.14 | ||
| 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 | $293.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $2.8B |
| 总资产 | $29.1B | $4.2B |
| 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CGTER
| Q4 25 | $2.0B | $293.8M | ||
| Q3 25 | $2.2B | $272.7M | ||
| Q2 25 | $1.3B | $339.3M | ||
| Q1 25 | $1.2B | $475.6M | ||
| Q4 24 | $1.3B | $553.4M | ||
| Q3 24 | $1.4B | $510.0M | ||
| Q2 24 | $914.8M | $421.9M | ||
| Q1 24 | $1.3B | $707.4M |
股东权益CGTER
| Q4 25 | $7.1B | $2.8B | ||
| Q3 25 | $6.8B | $2.7B | ||
| Q2 25 | $6.7B | $2.8B | ||
| Q1 25 | $6.4B | $2.8B | ||
| Q4 24 | $6.3B | $2.8B | ||
| Q3 24 | $6.3B | $2.9B | ||
| Q2 24 | $5.7B | $2.7B | ||
| Q1 24 | $5.7B | $2.6B |
总资产CGTER
| Q4 25 | $29.1B | $4.2B | ||
| Q3 25 | $27.1B | $4.0B | ||
| Q2 25 | $25.1B | $3.8B | ||
| Q1 25 | $24.1B | $3.7B | ||
| Q4 24 | $23.1B | $3.7B | ||
| Q3 24 | $22.7B | $3.8B | ||
| Q2 24 | $22.3B | $3.6B | ||
| Q1 24 | $20.8B | $3.4B |
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 | $281.6M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $218.8M |
| 自由现金流率自由现金流/营收 | -65.1% | 20.2% |
| 资本支出强度资本支出/营收 | 2.2% | 5.8% |
| 现金转化率经营现金流/净利润 | -3.34× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $450.4M |
8季度趋势，按日历期对齐
经营现金流CGTER
| Q4 25 | $-1.2B | $281.6M | ||
| Q3 25 | $-1.6B | $49.0M | ||
| Q2 25 | $-168.8M | $182.1M | ||
| Q1 25 | $-352.1M | $161.6M | ||
| Q4 24 | $-352.8M | $282.6M | ||
| Q3 24 | $791.9M | $166.3M | ||
| Q2 24 | $-1.3B | $216.1M | ||
| Q1 24 | $71.1M | $7.3M |
自由现金流CGTER
| Q4 25 | $-1.2B | $218.8M | ||
| Q3 25 | $-1.6B | $2.4M | ||
| Q2 25 | $-186.3M | $131.7M | ||
| Q1 25 | $-368.8M | $97.6M | ||
| Q4 24 | $-379.5M | $225.2M | ||
| Q3 24 | $772.8M | $114.4M | ||
| Q2 24 | $-1.3B | $171.2M | ||
| Q1 24 | $56.9M | $-36.7M |
自由现金流率CGTER
| Q4 25 | -65.1% | 20.2% | ||
| Q3 25 | -475.7% | 0.3% | ||
| Q2 25 | -11.8% | 20.2% | ||
| Q1 25 | -37.9% | 14.2% | ||
| Q4 24 | -36.8% | 29.9% | ||
| Q3 24 | 29.3% | 15.5% | ||
| Q2 24 | -120.4% | 23.5% | ||
| Q1 24 | 8.3% | -6.1% |
资本支出强度CGTER
| Q4 25 | 2.2% | 5.8% | ||
| Q3 25 | 7.0% | 6.1% | ||
| Q2 25 | 1.1% | 7.7% | ||
| Q1 25 | 1.7% | 9.3% | ||
| Q4 24 | 2.6% | 7.6% | ||
| Q3 24 | 0.7% | 7.0% | ||
| Q2 24 | 1.7% | 6.1% | ||
| Q1 24 | 2.1% | 7.3% |
现金转化率CGTER
| Q4 25 | -3.34× | 1.09× | ||
| Q3 25 | -1732.78× | 0.41× | ||
| Q2 25 | -0.53× | 2.32× | ||
| Q1 25 | -2.71× | 1.63× | ||
| Q4 24 | -1.67× | 1.93× | ||
| Q3 24 | 1.33× | 1.14× | ||
| Q2 24 | -8.57× | 1.16× | ||
| Q1 24 | 1.08× | 0.11× |
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% |
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
