vs
凯雷集团（CG）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
福泰制药的季度营收约是凯雷集团的1.7倍（$3.2B vs $1.9B），福泰制药净利率更高（37.3% vs 18.8%，领先18.5%），凯雷集团同比增速更快（84.1% vs 9.5%），福泰制药自由现金流更多（$348.6M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs 8.9%）
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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
CG vs VRTX — 直观对比
营收规模更大
VRTX
是对方的1.7倍
$1.9B
营收增速更快
CG
高出74.6%
9.5%
净利率更高
VRTX
高出18.5%
18.8%
自由现金流更多
VRTX
多$1.6B
$-1.2B
两年增速更快
CG
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.2B |
| 净利润 | $358.1M | $1.2B |
| 毛利率 | — | 85.4% |
| 营业利润率 | 24.3% | 37.8% |
| 净利率 | 18.8% | 37.3% |
| 营收同比 | 84.1% | 9.5% |
| 净利润同比 | 69.8% | 30.5% |
| 每股收益（稀释后） | $0.96 | $4.64 |
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CGVRTX
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $332.7M | $3.1B | ||
| Q2 25 | $1.6B | $3.0B | ||
| Q1 25 | $973.1M | $2.8B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $1.1B | $2.6B | ||
| Q1 24 | $688.4M | $2.7B |
净利润CGVRTX
| Q4 25 | $358.1M | $1.2B | ||
| Q3 25 | $900.0K | $1.1B | ||
| Q2 25 | $319.7M | $1.0B | ||
| Q1 25 | $130.0M | $646.3M | ||
| Q4 24 | $210.9M | $913.0M | ||
| Q3 24 | $595.7M | $1.0B | ||
| Q2 24 | $148.2M | $-3.6B | ||
| Q1 24 | $65.6M | $1.1B |
毛利率CGVRTX
| Q4 25 | — | 85.4% | ||
| Q3 25 | — | 86.5% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 85.5% | ||
| Q3 24 | — | 85.8% | ||
| Q2 24 | — | 85.9% | ||
| Q1 24 | — | 87.3% |
营业利润率CGVRTX
| Q4 25 | 24.3% | 37.8% | ||
| Q3 25 | 25.8% | 38.6% | ||
| Q2 25 | 28.0% | 38.8% | ||
| Q1 25 | 17.6% | 22.7% | ||
| Q4 24 | 25.7% | 35.2% | ||
| Q3 24 | 29.9% | 40.3% | ||
| Q2 24 | 20.5% | -132.9% | ||
| Q1 24 | 17.5% | 42.4% |
净利率CGVRTX
| Q4 25 | 18.8% | 37.3% | ||
| Q3 25 | 0.3% | 35.2% | ||
| Q2 25 | 20.3% | 34.8% | ||
| Q1 25 | 13.4% | 23.3% | ||
| Q4 24 | 20.4% | 31.4% | ||
| Q3 24 | 22.6% | 37.7% | ||
| Q2 24 | 13.9% | -135.8% | ||
| Q1 24 | 9.5% | 40.9% |
每股收益（稀释后）CGVRTX
| Q4 25 | $0.96 | $4.64 | ||
| Q3 25 | $0.00 | $4.20 | ||
| Q2 25 | $0.87 | $3.99 | ||
| Q1 25 | $0.35 | $2.49 | ||
| Q4 24 | $0.56 | $3.62 | ||
| Q3 24 | $1.63 | $4.01 | ||
| Q2 24 | $0.40 | $-13.92 | ||
| Q1 24 | $0.18 | $4.21 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $18.7B |
| 总资产 | $29.1B | $25.6B |
| 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CGVRTX
| Q4 25 | $2.0B | $6.6B | ||
| Q3 25 | $2.2B | $6.3B | ||
| Q2 25 | $1.3B | $6.4B | ||
| Q1 25 | $1.2B | $6.2B | ||
| Q4 24 | $1.3B | $6.1B | ||
| Q3 24 | $1.4B | $6.5B | ||
| Q2 24 | $914.8M | $5.8B | ||
| Q1 24 | $1.3B | $10.2B |
股东权益CGVRTX
| Q4 25 | $7.1B | $18.7B | ||
| Q3 25 | $6.8B | $17.3B | ||
| Q2 25 | $6.7B | $17.2B | ||
| Q1 25 | $6.4B | $16.5B | ||
| Q4 24 | $6.3B | $16.4B | ||
| Q3 24 | $6.3B | $15.6B | ||
| Q2 24 | $5.7B | $14.8B | ||
| Q1 24 | $5.7B | $18.5B |
总资产CGVRTX
| Q4 25 | $29.1B | $25.6B | ||
| Q3 25 | $27.1B | $24.9B | ||
| Q2 25 | $25.1B | $24.0B | ||
| Q1 25 | $24.1B | $22.9B | ||
| Q4 24 | $23.1B | $22.5B | ||
| Q3 24 | $22.7B | $22.2B | ||
| Q2 24 | $22.3B | $20.1B | ||
| Q1 24 | $20.8B | $23.9B |
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 | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $348.6M |
| 自由现金流率自由现金流/营收 | -65.1% | 10.9% |
| 资本支出强度资本支出/营收 | 2.2% | 4.7% |
| 现金转化率经营现金流/净利润 | -3.34× | 0.42× |
| 过去12个月自由现金流最近4个季度 | $-3.4B | $3.2B |
8季度趋势，按日历期对齐
经营现金流CGVRTX
| Q4 25 | $-1.2B | $498.0M | ||
| Q3 25 | $-1.6B | $1.2B | ||
| Q2 25 | $-168.8M | $1.1B | ||
| Q1 25 | $-352.1M | $818.9M | ||
| Q4 24 | $-352.8M | $584.6M | ||
| Q3 24 | $791.9M | $1.4B | ||
| Q2 24 | $-1.3B | $-3.8B | ||
| Q1 24 | $71.1M | $1.3B |
自由现金流CGVRTX
| Q4 25 | $-1.2B | $348.6M | ||
| Q3 25 | $-1.6B | $1.1B | ||
| Q2 25 | $-186.3M | $927.4M | ||
| Q1 25 | $-368.8M | $778.2M | ||
| Q4 24 | $-379.5M | $492.0M | ||
| Q3 24 | $772.8M | $1.3B | ||
| Q2 24 | $-1.3B | $-3.8B | ||
| Q1 24 | $56.9M | $1.2B |
自由现金流率CGVRTX
| Q4 25 | -65.1% | 10.9% | ||
| Q3 25 | -475.7% | 37.0% | ||
| Q2 25 | -11.8% | 31.3% | ||
| Q1 25 | -37.9% | 28.1% | ||
| Q4 24 | -36.8% | 16.9% | ||
| Q3 24 | 29.3% | 47.0% | ||
| Q2 24 | -120.4% | -144.5% | ||
| Q1 24 | 8.3% | 46.0% |
资本支出强度CGVRTX
| Q4 25 | 2.2% | 4.7% | ||
| Q3 25 | 7.0% | 3.3% | ||
| Q2 25 | 1.1% | 4.9% | ||
| Q1 25 | 1.7% | 1.5% | ||
| Q4 24 | 2.6% | 3.2% | ||
| Q3 24 | 0.7% | 2.4% | ||
| Q2 24 | 1.7% | 2.6% | ||
| Q1 24 | 2.1% | 2.5% |
现金转化率CGVRTX
| Q4 25 | -3.34× | 0.42× | ||
| Q3 25 | -1732.78× | 1.15× | ||
| Q2 25 | -0.53× | 1.04× | ||
| Q1 25 | -2.71× | 1.27× | ||
| Q4 24 | -1.67× | 0.64× | ||
| Q3 24 | 1.33× | 1.31× | ||
| Q2 24 | -8.57× | — | ||
| Q1 24 | 1.08× | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
