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凯雷集团（CG）与天宝（TRMB）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天宝的2.0倍（$1.9B vs $969.8M），凯雷集团净利率更高（18.8% vs 16.1%，领先2.7%），凯雷集团同比增速更快（84.1% vs -73.7%），天宝自由现金流更多（$360.9M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 0.9%）
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。
天宝（Trimble Inc.）是1978年成立的美国科技企业，总部位于科罗拉多州威斯敏斯特，于纳斯达克上市，为标普500成分股。公司面向建筑工程、地理空间测绘、交通物流等多个行业，提供软硬件产品及相关技术服务。
CG vs TRMB — 直观对比
营收规模更大
CG
是对方的2.0倍
$969.8M
营收增速更快
CG
高出157.8%
-73.7%
净利率更高
CG
高出2.7%
16.1%
自由现金流更多
TRMB
多$1.6B
$-1.2B
两年增速更快
CG
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $969.8M |
| 净利润 | $358.1M | $156.6M |
| 毛利率 | — | 72.0% |
| 营业利润率 | 24.3% | 22.3% |
| 净利率 | 18.8% | 16.1% |
| 营收同比 | 84.1% | -73.7% |
| 净利润同比 | 69.8% | 73.6% |
| 每股收益（稀释后） | $0.96 | $0.65 |
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CGTRMB
| Q4 25 | $1.9B | $901.2M | ||
| Q3 25 | $332.7M | $875.7M | ||
| Q2 25 | $1.6B | $840.6M | ||
| Q1 25 | $973.1M | $983.4M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $2.6B | $875.8M | ||
| Q2 24 | $1.1B | $870.8M | ||
| Q1 24 | $688.4M | $953.3M |
净利润CGTRMB
| Q4 25 | $358.1M | $111.5M | ||
| Q3 25 | $900.0K | $89.2M | ||
| Q2 25 | $319.7M | $66.7M | ||
| Q1 25 | $130.0M | $90.2M | ||
| Q4 24 | $210.9M | — | ||
| Q3 24 | $595.7M | $40.6M | ||
| Q2 24 | $148.2M | $1.3B | ||
| Q1 24 | $65.6M | $57.2M |
毛利率CGTRMB
| Q4 25 | — | 68.9% | ||
| Q3 25 | — | 68.3% | ||
| Q2 25 | — | 66.7% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 65.7% | ||
| Q2 24 | — | 62.7% | ||
| Q1 24 | — | 62.3% |
营业利润率CGTRMB
| Q4 25 | 24.3% | 16.7% | ||
| Q3 25 | 25.8% | 14.6% | ||
| Q2 25 | 28.0% | 11.6% | ||
| Q1 25 | 17.6% | 17.6% | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 29.9% | 13.3% | ||
| Q2 24 | 20.5% | 7.1% | ||
| Q1 24 | 17.5% | 11.5% |
净利率CGTRMB
| Q4 25 | 18.8% | 12.4% | ||
| Q3 25 | 0.3% | 10.2% | ||
| Q2 25 | 20.3% | 7.9% | ||
| Q1 25 | 13.4% | 9.2% | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 22.6% | 4.6% | ||
| Q2 24 | 13.9% | 151.2% | ||
| Q1 24 | 9.5% | 6.0% |
每股收益（稀释后）CGTRMB
| Q4 25 | $0.96 | $0.46 | ||
| Q3 25 | $0.00 | $0.37 | ||
| Q2 25 | $0.87 | $0.27 | ||
| Q1 25 | $0.35 | $0.36 | ||
| Q4 24 | $0.56 | — | ||
| Q3 24 | $1.63 | $0.16 | ||
| Q2 24 | $0.40 | $5.34 | ||
| Q1 24 | $0.18 | $0.23 |
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 | $253.4M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $7.1B | $5.8B |
| 总资产 | $29.1B | $9.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资CGTRMB
| Q4 25 | $2.0B | $232.7M | ||
| Q3 25 | $2.2B | $265.9M | ||
| Q2 25 | $1.3B | $290.0M | ||
| Q1 25 | $1.2B | $738.8M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $914.8M | $944.1M | ||
| Q1 24 | $1.3B | $255.1M |
总债务CGTRMB
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CGTRMB
| Q4 25 | $7.1B | $5.8B | ||
| Q3 25 | $6.8B | $5.7B | ||
| Q2 25 | $6.7B | $5.4B | ||
| Q1 25 | $6.4B | $5.7B | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $6.3B | $5.9B | ||
| Q2 24 | $5.7B | $5.6B | ||
| Q1 24 | $5.7B | $4.3B |
总资产CGTRMB
| Q4 25 | $29.1B | $9.0B | ||
| Q3 25 | $27.1B | $9.1B | ||
| Q2 25 | $25.1B | $8.9B | ||
| Q1 25 | $24.1B | $9.5B | ||
| Q4 24 | $23.1B | — | ||
| Q3 24 | $22.7B | $9.9B | ||
| Q2 24 | $22.3B | $9.6B | ||
| Q1 24 | $20.8B | $9.3B |
负债/权益比CGTRMB
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $386.2M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $360.9M |
| 自由现金流率自由现金流/营收 | -65.1% | 37.2% |
| 资本支出强度资本支出/营收 | 2.2% | 2.6% |
| 现金转化率经营现金流/净利润 | -3.34× | 2.47× |
| 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CGTRMB
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | $123.8M | ||
| Q2 25 | $-168.8M | $155.6M | ||
| Q1 25 | $-352.1M | $115.1M | ||
| Q4 24 | $-352.8M | — | ||
| Q3 24 | $791.9M | $94.9M | ||
| Q2 24 | $-1.3B | $87.6M | ||
| Q1 24 | $71.1M | $233.8M |
自由现金流CGTRMB
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | $116.6M | ||
| Q2 25 | $-186.3M | $149.0M | ||
| Q1 25 | $-368.8M | $109.0M | ||
| Q4 24 | $-379.5M | — | ||
| Q3 24 | $772.8M | $88.5M | ||
| Q2 24 | $-1.3B | $73.3M | ||
| Q1 24 | $56.9M | $227.0M |
自由现金流率CGTRMB
| Q4 25 | -65.1% | — | ||
| Q3 25 | -475.7% | 13.3% | ||
| Q2 25 | -11.8% | 17.7% | ||
| Q1 25 | -37.9% | 11.1% | ||
| Q4 24 | -36.8% | — | ||
| Q3 24 | 29.3% | 10.1% | ||
| Q2 24 | -120.4% | 8.4% | ||
| Q1 24 | 8.3% | 23.8% |
资本支出强度CGTRMB
| Q4 25 | 2.2% | — | ||
| Q3 25 | 7.0% | 0.8% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.7% | 0.6% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | 1.7% | 1.6% | ||
| Q1 24 | 2.1% | 0.7% |
现金转化率CGTRMB
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 1.39× | ||
| Q2 25 | -0.53× | 2.33× | ||
| Q1 25 | -2.71× | 1.28× | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | 2.34× | ||
| Q2 24 | -8.57× | 0.07× | ||
| Q1 24 | 1.08× | 4.09× |
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% |
TRMB
| Subscription and services | $701.5M | 72% |
| Product | $268.3M | 28% |
