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凯雷集团（CG）与Ventas（VTR）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Ventas的1.1倍（$1.9B vs $1.7B），凯雷集团净利率更高（18.8% vs 3.6%，领先15.3%），凯雷集团同比增速更快（84.1% vs 22.0%），过去两年凯雷集团的营收复合增速更高（66.2% vs 17.5%）
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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
CG vs VTR — 直观对比
营收规模更大
CG
是对方的1.1倍
$1.7B
营收增速更快
CG
高出62.1%
22.0%
净利率更高
CG
高出15.3%
3.6%
两年增速更快
CG
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $358.1M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 24.3% | — |
| 净利率 | 18.8% | 3.6% |
| 营收同比 | 84.1% | 22.0% |
| 净利润同比 | 69.8% | 19.0% |
| 每股收益（稀释后） | $0.96 | — |
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CGVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $332.7M | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $973.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B |
净利润CGVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $358.1M | $73.0M | ||
| Q3 25 | $900.0K | $68.7M | ||
| Q2 25 | $319.7M | $71.5M | ||
| Q1 25 | $130.0M | $48.4M | ||
| Q4 24 | $210.9M | $58.7M | ||
| Q3 24 | $595.7M | $21.0M | ||
| Q2 24 | $148.2M | $21.2M |
营业利润率CGVTR
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | 4.9% | ||
| Q3 25 | 25.8% | 3.0% | ||
| Q2 25 | 28.0% | 3.0% | ||
| Q1 25 | 17.6% | 3.0% | ||
| Q4 24 | 25.7% | -0.0% | ||
| Q3 24 | 29.9% | 1.5% | ||
| Q2 24 | 20.5% | -1.6% |
净利率CGVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 18.8% | 4.7% | ||
| Q3 25 | 0.3% | 4.6% | ||
| Q2 25 | 20.3% | 5.0% | ||
| Q1 25 | 13.4% | 3.6% | ||
| Q4 24 | 20.4% | 4.6% | ||
| Q3 24 | 22.6% | 1.7% | ||
| Q2 24 | 13.9% | 1.8% |
每股收益（稀释后）CGVTR
| Q1 26 | — | — | ||
| Q4 25 | $0.96 | $0.15 | ||
| Q3 25 | $0.00 | $0.14 | ||
| Q2 25 | $0.87 | $0.15 | ||
| Q1 25 | $0.35 | $0.10 | ||
| Q4 24 | $0.56 | $0.13 | ||
| Q3 24 | $1.63 | $0.05 | ||
| Q2 24 | $0.40 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.1B | $13.2B |
| 总资产 | $29.1B | $27.7B |
| 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CGVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $2.0B | $741.1M | ||
| Q3 25 | $2.2B | $188.6M | ||
| Q2 25 | $1.3B | $614.2M | ||
| Q1 25 | $1.2B | $182.3M | ||
| Q4 24 | $1.3B | $897.9M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $914.8M | $557.1M |
总债务CGVTR
| Q1 26 | — | — | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CGVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $7.1B | $12.5B | ||
| Q3 25 | $6.8B | $12.4B | ||
| Q2 25 | $6.7B | $11.5B | ||
| Q1 25 | $6.4B | $11.5B | ||
| Q4 24 | $6.3B | $10.8B | ||
| Q3 24 | $6.3B | $9.8B | ||
| Q2 24 | $5.7B | $9.6B |
总资产CGVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $29.1B | $27.6B | ||
| Q3 25 | $27.1B | $26.9B | ||
| Q2 25 | $25.1B | $26.5B | ||
| Q1 25 | $24.1B | $26.0B | ||
| Q4 24 | $23.1B | $26.2B | ||
| Q3 24 | $22.7B | $25.3B | ||
| Q2 24 | $22.3B | $24.5B |
负债/权益比CGVTR
| Q1 26 | — | — | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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CGVTR
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $471.7M | ||
| Q3 25 | $-1.6B | $378.6M | ||
| Q2 25 | $-168.8M | $475.3M | ||
| Q1 25 | $-352.1M | $321.1M | ||
| Q4 24 | $-352.8M | $373.6M | ||
| Q3 24 | $791.9M | $353.7M | ||
| Q2 24 | $-1.3B | $335.9M |
自由现金流CGVTR
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率CGVTR
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度CGVTR
| Q1 26 | — | — | ||
| 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% | — |
现金转化率CGVTR
| Q1 26 | — | — | ||
| Q4 25 | -3.34× | 6.46× | ||
| Q3 25 | -1732.78× | 5.51× | ||
| Q2 25 | -0.53× | 6.65× | ||
| Q1 25 | -2.71× | 6.64× | ||
| Q4 24 | -1.67× | 6.36× | ||
| Q3 24 | 1.33× | 16.84× | ||
| Q2 24 | -8.57× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
