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凯雷集团（CG）与德太投资（TPG）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德太投资的2.7倍（$1.9B vs $715.1M）。凯雷集团净利率更高（18.8% vs 10.8%，领先8.1%）。凯雷集团同比增速更快（84.1% vs 35.6%）。过去两年凯雷集团的营收复合增速更高（66.2% vs 18.1%）
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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
CG vs TPG — 直观对比
营收规模更大
CG
是对方的2.7倍
$715.1M
营收增速更快
CG
高出48.5%
35.6%
净利率更高
CG
高出8.1%
10.8%
两年增速更快
CG
近两年复合增速
18.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $715.1M |
| 净利润 | $358.1M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | — |
| 净利率 | 18.8% | 10.8% |
| 营收同比 | 84.1% | 35.6% |
| 净利润同比 | 69.8% | 494.1% |
| 每股收益（稀释后） | $0.96 | $0.30 |
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CGTPG
| Q4 25 | $1.9B | $715.1M | ||
| Q3 25 | $332.7M | $596.5M | ||
| Q2 25 | $1.6B | $569.1M | ||
| Q1 25 | $973.1M | $543.5M | ||
| Q4 24 | $1.0B | $527.2M | ||
| Q3 24 | $2.6B | $524.7M | ||
| Q2 24 | $1.1B | $522.8M | ||
| Q1 24 | $688.4M | $512.3M |
净利润CGTPG
| Q4 25 | $358.1M | $77.1M | ||
| Q3 25 | $900.0K | $67.1M | ||
| Q2 25 | $319.7M | $14.9M | ||
| Q1 25 | $130.0M | $25.4M | ||
| Q4 24 | $210.9M | $13.0M | ||
| Q3 24 | $595.7M | $9.0M | ||
| Q2 24 | $148.2M | $-14.0M | ||
| Q1 24 | $65.6M | $15.5M |
营业利润率CGTPG
| Q4 25 | 24.3% | — | ||
| Q3 25 | 25.8% | — | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 29.9% | — | ||
| Q2 24 | 20.5% | — | ||
| Q1 24 | 17.5% | — |
净利率CGTPG
| Q4 25 | 18.8% | 10.8% | ||
| Q3 25 | 0.3% | 11.3% | ||
| Q2 25 | 20.3% | 2.6% | ||
| Q1 25 | 13.4% | 4.7% | ||
| Q4 24 | 20.4% | 2.5% | ||
| Q3 24 | 22.6% | 1.7% | ||
| Q2 24 | 13.9% | -2.7% | ||
| Q1 24 | 9.5% | 3.0% |
每股收益（稀释后）CGTPG
| Q4 25 | $0.96 | $0.30 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $0.87 | $-0.05 | ||
| Q1 25 | $0.35 | $0.00 | ||
| Q4 24 | $0.56 | $-0.04 | ||
| Q3 24 | $1.63 | $-0.08 | ||
| Q2 24 | $0.40 | $-0.19 | ||
| Q1 24 | $0.18 | $-0.11 |
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 | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $7.1B | $4.1B |
| 总资产 | $29.1B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CGTPG
| Q4 25 | $2.0B | $826.1M | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.2B | $822.0M | ||
| Q4 24 | $1.3B | $808.0M | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $914.8M | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
总债务CGTPG
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益CGTPG
| Q4 25 | $7.1B | $4.1B | ||
| Q3 25 | $6.8B | $3.8B | ||
| Q2 25 | $6.7B | $3.6B | ||
| Q1 25 | $6.4B | $3.5B | ||
| Q4 24 | $6.3B | $3.6B | ||
| Q3 24 | $6.3B | $3.4B | ||
| Q2 24 | $5.7B | $3.3B | ||
| Q1 24 | $5.7B | $3.3B |
总资产CGTPG
| Q4 25 | $29.1B | $13.5B | ||
| Q3 25 | $27.1B | $13.0B | ||
| Q2 25 | $25.1B | $12.0B | ||
| Q1 25 | $24.1B | $11.3B | ||
| Q4 24 | $23.1B | $10.5B | ||
| Q3 24 | $22.7B | $10.5B | ||
| Q2 24 | $22.3B | $10.1B | ||
| Q1 24 | $20.8B | $9.9B |
负债/权益比CGTPG
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $-43.7M |
| 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× | -0.57× |
| 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CGTPG
| Q4 25 | $-1.2B | $-43.7M | ||
| Q3 25 | $-1.6B | $492.0M | ||
| Q2 25 | $-168.8M | $385.9M | ||
| Q1 25 | $-352.1M | $198.2M | ||
| Q4 24 | $-352.8M | $-188.1M | ||
| Q3 24 | $791.9M | $68.9M | ||
| Q2 24 | $-1.3B | $214.6M | ||
| Q1 24 | $71.1M | $436.7M |
自由现金流CGTPG
| 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CGTPG
| 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CGTPG
| 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CGTPG
| Q4 25 | -3.34× | -0.57× | ||
| Q3 25 | -1732.78× | 7.33× | ||
| Q2 25 | -0.53× | 25.83× | ||
| Q1 25 | -2.71× | 7.80× | ||
| Q4 24 | -1.67× | -14.49× | ||
| Q3 24 | 1.33× | 7.69× | ||
| Q2 24 | -8.57× | — | ||
| Q1 24 | 1.08× | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
