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凯雷集团（CG）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.5倍（$1.9B vs $1.2B），凯雷集团同比增速更快（84.1% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CG vs TNET — 直观对比
营收规模更大
CG
是对方的1.5倍
$1.2B
营收增速更快
CG
高出86.3%
-2.2%
自由现金流更多
TNET
多$1.3B
$-1.2B
两年增速更快
CG
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $358.1M | — |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | 0.1% |
| 净利率 | 18.8% | — |
| 营收同比 | 84.1% | -2.2% |
| 净利润同比 | 69.8% | — |
| 每股收益（稀释后） | $0.96 | $0.02 |
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CGTNET
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $332.7M | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $973.1M | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $688.4M | $1.3B |
净利润CGTNET
| Q4 25 | $358.1M | — | ||
| Q3 25 | $900.0K | $34.0M | ||
| Q2 25 | $319.7M | $37.0M | ||
| Q1 25 | $130.0M | $85.0M | ||
| Q4 24 | $210.9M | — | ||
| Q3 24 | $595.7M | $45.0M | ||
| Q2 24 | $148.2M | $60.0M | ||
| Q1 24 | $65.6M | $91.0M |
营业利润率CGTNET
| Q4 25 | 24.3% | 0.1% | ||
| Q3 25 | 25.8% | 4.1% | ||
| Q2 25 | 28.0% | 4.1% | ||
| Q1 25 | 17.6% | 8.9% | ||
| Q4 24 | 25.7% | -2.9% | ||
| Q3 24 | 29.9% | 4.7% | ||
| Q2 24 | 20.5% | 6.5% | ||
| Q1 24 | 17.5% | 9.7% |
净利率CGTNET
| Q4 25 | 18.8% | — | ||
| Q3 25 | 0.3% | 2.8% | ||
| Q2 25 | 20.3% | 3.0% | ||
| Q1 25 | 13.4% | 6.6% | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 22.6% | 3.6% | ||
| Q2 24 | 13.9% | 4.9% | ||
| Q1 24 | 9.5% | 7.2% |
每股收益（稀释后）CGTNET
| Q4 25 | $0.96 | $0.02 | ||
| Q3 25 | $0.00 | $0.70 | ||
| Q2 25 | $0.87 | $0.77 | ||
| Q1 25 | $0.35 | $1.71 | ||
| Q4 24 | $0.56 | $-0.44 | ||
| Q3 24 | $1.63 | $0.89 | ||
| Q2 24 | $0.40 | $1.20 | ||
| Q1 24 | $0.18 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $54.0M |
| 总资产 | $29.1B | $3.8B |
| 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CGTNET
| Q4 25 | $2.0B | $287.0M | ||
| Q3 25 | $2.2B | $321.0M | ||
| Q2 25 | $1.3B | $407.0M | ||
| Q1 25 | $1.2B | $349.0M | ||
| Q4 24 | $1.3B | $360.0M | ||
| Q3 24 | $1.4B | $301.0M | ||
| Q2 24 | $914.8M | $249.0M | ||
| Q1 24 | $1.3B | $383.0M |
股东权益CGTNET
| Q4 25 | $7.1B | $54.0M | ||
| Q3 25 | $6.8B | $110.0M | ||
| Q2 25 | $6.7B | $107.0M | ||
| Q1 25 | $6.4B | $63.0M | ||
| Q4 24 | $6.3B | $69.0M | ||
| Q3 24 | $6.3B | $129.0M | ||
| Q2 24 | $5.7B | $100.0M | ||
| Q1 24 | $5.7B | $143.0M |
总资产CGTNET
| Q4 25 | $29.1B | $3.8B | ||
| Q3 25 | $27.1B | $3.4B | ||
| Q2 25 | $25.1B | $3.7B | ||
| Q1 25 | $24.1B | $3.8B | ||
| Q4 24 | $23.1B | $4.1B | ||
| Q3 24 | $22.7B | $3.7B | ||
| Q2 24 | $22.3B | $3.7B | ||
| Q1 24 | $20.8B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $43.0M |
| 自由现金流率自由现金流/营收 | -65.1% | 3.4% |
| 资本支出强度资本支出/营收 | 2.2% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流CGTNET
| Q4 25 | $-1.2B | $61.0M | ||
| Q3 25 | $-1.6B | $72.0M | ||
| Q2 25 | $-168.8M | $75.0M | ||
| Q1 25 | $-352.1M | $95.0M | ||
| Q4 24 | $-352.8M | $65.0M | ||
| Q3 24 | $791.9M | $84.0M | ||
| Q2 24 | $-1.3B | $39.0M | ||
| Q1 24 | $71.1M | $91.0M |
自由现金流CGTNET
| Q4 25 | $-1.2B | $43.0M | ||
| Q3 25 | $-1.6B | $55.0M | ||
| Q2 25 | $-186.3M | $57.0M | ||
| Q1 25 | $-368.8M | $79.0M | ||
| Q4 24 | $-379.5M | $47.0M | ||
| Q3 24 | $772.8M | $59.0M | ||
| Q2 24 | $-1.3B | $22.0M | ||
| Q1 24 | $56.9M | $73.0M |
自由现金流率CGTNET
| Q4 25 | -65.1% | 3.4% | ||
| Q3 25 | -475.7% | 4.5% | ||
| Q2 25 | -11.8% | 4.6% | ||
| Q1 25 | -37.9% | 6.1% | ||
| Q4 24 | -36.8% | 3.7% | ||
| Q3 24 | 29.3% | 4.8% | ||
| Q2 24 | -120.4% | 1.8% | ||
| Q1 24 | 8.3% | 5.8% |
资本支出强度CGTNET
| Q4 25 | 2.2% | 1.4% | ||
| Q3 25 | 7.0% | 1.4% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 1.7% | 1.2% | ||
| Q4 24 | 2.6% | 1.4% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | 1.7% | 1.4% | ||
| Q1 24 | 2.1% | 1.4% |
现金转化率CGTNET
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 2.12× | ||
| Q2 25 | -0.53× | 2.03× | ||
| Q1 25 | -2.71× | 1.12× | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | 1.87× | ||
| Q2 24 | -8.57× | 0.65× | ||
| Q1 24 | 1.08× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
