vs
凯雷集团（CG）与西湖化学（WLK）财务数据对比。点击上方公司名可切换其他公司
西湖化学的季度营收约是凯雷集团的1.3倍（$2.5B vs $1.9B），凯雷集团净利率更高（18.8% vs -21.5%，领先40.3%），凯雷集团同比增速更快（84.1% vs -10.9%），西湖化学自由现金流更多（$-16.0M vs $-1.2B），过去两年凯雷集团的营收复合增速更高（66.2% vs -7.7%）
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。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
CG vs WLK — 直观对比
营收规模更大
WLK
是对方的1.3倍
$1.9B
营收增速更快
CG
高出95.0%
-10.9%
净利率更高
CG
高出40.3%
-21.5%
自由现金流更多
WLK
多$1.2B
$-1.2B
两年增速更快
CG
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.5B |
| 净利润 | $358.1M | $-544.0M |
| 毛利率 | — | 3.4% |
| 营业利润率 | 24.3% | -26.5% |
| 净利率 | 18.8% | -21.5% |
| 营收同比 | 84.1% | -10.9% |
| 净利润同比 | 69.8% | -7871.4% |
| 每股收益（稀释后） | $0.96 | $-4.22 |
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CGWLK
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $332.7M | $2.8B | ||
| Q2 25 | $1.6B | $3.0B | ||
| Q1 25 | $973.1M | $2.8B | ||
| Q4 24 | $1.0B | $2.8B | ||
| Q3 24 | $2.6B | $3.1B | ||
| Q2 24 | $1.1B | $3.2B | ||
| Q1 24 | $688.4M | $3.0B |
净利润CGWLK
| Q4 25 | $358.1M | $-544.0M | ||
| Q3 25 | $900.0K | $-782.0M | ||
| Q2 25 | $319.7M | $-142.0M | ||
| Q1 25 | $130.0M | $-40.0M | ||
| Q4 24 | $210.9M | $7.0M | ||
| Q3 24 | $595.7M | $108.0M | ||
| Q2 24 | $148.2M | $313.0M | ||
| Q1 24 | $65.6M | $174.0M |
毛利率CGWLK
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 16.0% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 15.7% |
营业利润率CGWLK
| Q4 25 | 24.3% | -26.5% | ||
| Q3 25 | 25.8% | -27.0% | ||
| Q2 25 | 28.0% | -3.7% | ||
| Q1 25 | 17.6% | -1.1% | ||
| Q4 24 | 25.7% | 2.3% | ||
| Q3 24 | 29.9% | 5.8% | ||
| Q2 24 | 20.5% | 12.7% | ||
| Q1 24 | 17.5% | 7.5% |
净利率CGWLK
| Q4 25 | 18.8% | -21.5% | ||
| Q3 25 | 0.3% | -27.6% | ||
| Q2 25 | 20.3% | -4.8% | ||
| Q1 25 | 13.4% | -1.4% | ||
| Q4 24 | 20.4% | 0.2% | ||
| Q3 24 | 22.6% | 3.5% | ||
| Q2 24 | 13.9% | 9.8% | ||
| Q1 24 | 9.5% | 5.8% |
每股收益（稀释后）CGWLK
| Q4 25 | $0.96 | $-4.22 | ||
| Q3 25 | $0.00 | $-6.06 | ||
| Q2 25 | $0.87 | $-1.11 | ||
| Q1 25 | $0.35 | $-0.31 | ||
| Q4 24 | $0.56 | $0.07 | ||
| Q3 24 | $1.63 | $0.83 | ||
| Q2 24 | $0.40 | $2.40 | ||
| Q1 24 | $0.18 | $1.34 |
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 | $2.7B |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $7.1B | $8.8B |
| 总资产 | $29.1B | $20.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资CGWLK
| Q4 25 | $2.0B | $2.7B | ||
| Q3 25 | $2.2B | $1.9B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.3B | $2.9B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $914.8M | $3.0B | ||
| Q1 24 | $1.3B | $3.1B |
总债务CGWLK
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
股东权益CGWLK
| Q4 25 | $7.1B | $8.8B | ||
| Q3 25 | $6.8B | $9.4B | ||
| Q2 25 | $6.7B | $10.3B | ||
| Q1 25 | $6.4B | $10.4B | ||
| Q4 24 | $6.3B | $10.5B | ||
| Q3 24 | $6.3B | $10.7B | ||
| Q2 24 | $5.7B | $10.6B | ||
| Q1 24 | $5.7B | $10.3B |
总资产CGWLK
| Q4 25 | $29.1B | $20.0B | ||
| Q3 25 | $27.1B | $19.8B | ||
| Q2 25 | $25.1B | $20.8B | ||
| Q1 25 | $24.1B | $20.7B | ||
| Q4 24 | $23.1B | $20.8B | ||
| Q3 24 | $22.7B | $21.1B | ||
| Q2 24 | $22.3B | $21.1B | ||
| Q1 24 | $20.8B | $21.0B |
负债/权益比CGWLK
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.47× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $-16.0M |
| 自由现金流率自由现金流/营收 | -65.1% | -0.6% |
| 资本支出强度资本支出/营收 | 2.2% | 9.5% |
| 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 | $-530.0M |
8季度趋势，按日历期对齐
经营现金流CGWLK
| Q4 25 | $-1.2B | $225.0M | ||
| Q3 25 | $-1.6B | $182.0M | ||
| Q2 25 | $-168.8M | $135.0M | ||
| Q1 25 | $-352.1M | $-77.0M | ||
| Q4 24 | $-352.8M | $434.0M | ||
| Q3 24 | $791.9M | $474.0M | ||
| Q2 24 | $-1.3B | $237.0M | ||
| Q1 24 | $71.1M | $169.0M |
自由现金流CGWLK
| Q4 25 | $-1.2B | $-16.0M | ||
| Q3 25 | $-1.6B | $-57.0M | ||
| Q2 25 | $-186.3M | $-132.0M | ||
| Q1 25 | $-368.8M | $-325.0M | ||
| Q4 24 | $-379.5M | $149.0M | ||
| Q3 24 | $772.8M | $254.0M | ||
| Q2 24 | $-1.3B | $6.0M | ||
| Q1 24 | $56.9M | $-103.0M |
自由现金流率CGWLK
| Q4 25 | -65.1% | -0.6% | ||
| Q3 25 | -475.7% | -2.0% | ||
| Q2 25 | -11.8% | -4.5% | ||
| Q1 25 | -37.9% | -11.4% | ||
| Q4 24 | -36.8% | 5.2% | ||
| Q3 24 | 29.3% | 8.1% | ||
| Q2 24 | -120.4% | 0.2% | ||
| Q1 24 | 8.3% | -3.5% |
资本支出强度CGWLK
| Q4 25 | 2.2% | 9.5% | ||
| Q3 25 | 7.0% | 8.4% | ||
| Q2 25 | 1.1% | 9.0% | ||
| Q1 25 | 1.7% | 8.7% | ||
| Q4 24 | 2.6% | 10.0% | ||
| Q3 24 | 0.7% | 7.1% | ||
| Q2 24 | 1.7% | 7.2% | ||
| Q1 24 | 2.1% | 9.1% |
现金转化率CGWLK
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 62.00× | ||
| Q3 24 | 1.33× | 4.39× | ||
| Q2 24 | -8.57× | 0.76× | ||
| Q1 24 | 1.08× | 0.97× |
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% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
