vs
凯雷集团（CG）与TKO Group Holdings（TKO）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TKO Group Holdings的1.8倍（$1.9B vs $1.0B），凯雷集团净利率更高（18.8% vs -0.2%，领先19.1%），凯雷集团同比增速更快（84.1% vs 61.6%），过去两年凯雷集团的营收复合增速更高（66.2% vs 28.4%）
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。
TKO Group Holdings是美国体育及体育娱乐上市企业，成立于2023年9月12日，由奋进集团（Endeavor）子公司、终极格斗冠军赛（UFC）母公司Zuffa与职业摔跤品牌世界摔角娱乐（WWE）合并组建，主营综合格斗、职业摔跤赛事运营及相关娱乐内容业务。
CG vs TKO — 直观对比
营收规模更大
CG
是对方的1.8倍
$1.0B
营收增速更快
CG
高出22.5%
61.6%
净利率更高
CG
高出19.1%
-0.2%
两年增速更快
CG
近两年复合增速
28.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.0B |
| 净利润 | $358.1M | $-2.4M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 5.5% |
| 净利率 | 18.8% | -0.2% |
| 营收同比 | 84.1% | 61.6% |
| 净利润同比 | 69.8% | -107.7% |
| 每股收益（稀释后） | $0.96 | $-0.07 |
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CGTKO
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $332.7M | $1.1B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $973.1M | $1.3B | ||
| Q4 24 | $1.0B | $642.2M | ||
| Q3 24 | $2.6B | $681.3M | ||
| Q2 24 | $1.1B | $851.2M | ||
| Q1 24 | $688.4M | $629.7M |
净利润CGTKO
| Q4 25 | $358.1M | $-2.4M | ||
| Q3 25 | $900.0K | $41.0M | ||
| Q2 25 | $319.7M | $98.4M | ||
| Q1 25 | $130.0M | $58.4M | ||
| Q4 24 | $210.9M | $31.0M | ||
| Q3 24 | $595.7M | $23.1M | ||
| Q2 24 | $148.2M | $59.1M | ||
| Q1 24 | $65.6M | $-103.8M |
营业利润率CGTKO
| Q4 25 | 24.3% | 5.5% | ||
| Q3 25 | 25.8% | 15.4% | ||
| Q2 25 | 28.0% | 28.1% | ||
| Q1 25 | 17.6% | 18.7% | ||
| Q4 24 | 25.7% | 15.9% | ||
| Q3 24 | 29.9% | 20.0% | ||
| Q2 24 | 20.5% | 30.0% | ||
| Q1 24 | 17.5% | -33.4% |
净利率CGTKO
| Q4 25 | 18.8% | -0.2% | ||
| Q3 25 | 0.3% | 3.7% | ||
| Q2 25 | 20.3% | 7.5% | ||
| Q1 25 | 13.4% | 4.6% | ||
| Q4 24 | 20.4% | 4.8% | ||
| Q3 24 | 22.6% | 3.4% | ||
| Q2 24 | 13.9% | 6.9% | ||
| Q1 24 | 9.5% | -16.5% |
每股收益（稀释后）CGTKO
| Q4 25 | $0.96 | $-0.07 | ||
| Q3 25 | $0.00 | $0.47 | ||
| Q2 25 | $0.87 | $1.17 | ||
| Q1 25 | $0.35 | $0.69 | ||
| Q4 24 | $0.56 | $0.28 | ||
| Q3 24 | $1.63 | $0.28 | ||
| Q2 24 | $0.40 | $0.72 | ||
| Q1 24 | $0.18 | $-1.26 |
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 | $831.1M |
| 总债务越低越好 | — | $3.8B |
| 股东权益账面价值 | $7.1B | $3.7B |
| 总资产 | $29.1B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资CGTKO
| Q4 25 | $2.0B | $831.1M | ||
| Q3 25 | $2.2B | $861.4M | ||
| Q2 25 | $1.3B | $535.1M | ||
| Q1 25 | $1.2B | $470.9M | ||
| Q4 24 | $1.3B | $525.6M | ||
| Q3 24 | $1.4B | $457.4M | ||
| Q2 24 | $914.8M | $277.5M | ||
| Q1 24 | $1.3B | $245.8M |
总债务CGTKO
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益CGTKO
| Q4 25 | $7.1B | $3.7B | ||
| Q3 25 | $6.8B | $3.8B | ||
| Q2 25 | $6.7B | $4.3B | ||
| Q1 25 | $6.4B | $4.2B | ||
| Q4 24 | $6.3B | $4.1B | ||
| Q3 24 | $6.3B | $4.0B | ||
| Q2 24 | $5.7B | $4.0B | ||
| Q1 24 | $5.7B | $4.0B |
总资产CGTKO
| Q4 25 | $29.1B | $15.5B | ||
| Q3 25 | $27.1B | $15.5B | ||
| Q2 25 | $25.1B | $15.3B | ||
| Q1 25 | $24.1B | $15.0B | ||
| Q4 24 | $23.1B | $12.7B | ||
| Q3 24 | $22.7B | $12.8B | ||
| Q2 24 | $22.3B | $12.7B | ||
| Q1 24 | $20.8B | $12.7B |
负债/权益比CGTKO
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.68× |
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 | $309.9M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | — |
| 自由现金流率自由现金流/营收 | -65.1% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 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季度趋势，按日历期对齐
经营现金流CGTKO
| Q4 25 | $-1.2B | $309.9M | ||
| Q3 25 | $-1.6B | $416.8M | ||
| Q2 25 | $-168.8M | $396.2M | ||
| Q1 25 | $-352.1M | $162.8M | ||
| Q4 24 | $-352.8M | $56.8M | ||
| Q3 24 | $791.9M | $236.5M | ||
| Q2 24 | $-1.3B | $230.7M | ||
| Q1 24 | $71.1M | $59.3M |
自由现金流CGTKO
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | — | ||
| Q2 25 | $-186.3M | — | ||
| Q1 25 | $-368.8M | — | ||
| Q4 24 | $-379.5M | — | ||
| Q3 24 | $772.8M | — | ||
| Q2 24 | $-1.3B | — | ||
| Q1 24 | $56.9M | — |
自由现金流率CGTKO
| Q4 25 | -65.1% | — | ||
| Q3 25 | -475.7% | — | ||
| Q2 25 | -11.8% | — | ||
| Q1 25 | -37.9% | — | ||
| Q4 24 | -36.8% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | -120.4% | — | ||
| Q1 24 | 8.3% | — |
资本支出强度CGTKO
| Q4 25 | 2.2% | — | ||
| Q3 25 | 7.0% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 2.1% | — |
现金转化率CGTKO
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 10.16× | ||
| Q2 25 | -0.53× | 4.03× | ||
| Q1 25 | -2.71× | 2.79× | ||
| Q4 24 | -1.67× | 1.83× | ||
| Q3 24 | 1.33× | 10.22× | ||
| Q2 24 | -8.57× | 3.90× | ||
| 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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
