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KKR & Co.（KKR）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
KKR & Co.的季度营收约是ServiceNow的1.5倍（$5.7B vs $3.8B），KKR & Co.净利率更高（20.0% vs 12.4%，领先7.5%），KKR & Co.同比增速更快（76.1% vs 2.8%），过去两年ServiceNow的营收复合增速更高（19.8% vs -22.9%）
KKR（全称Kohlberg Kravis Roberts & Co.）是源自美国的全球知名私募股权投资机构，截至2024年12月31日，已累计完成770笔私募股权投资，对应总企业价值约7900亿美元，资产管理规模达5530亿美元，其中付费资产管理规模为4460亿美元。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
KKR vs NOW — 直观对比
营收规模更大
KKR
是对方的1.5倍
$3.8B
营收增速更快
KKR
高出73.4%
2.8%
净利率更高
KKR
高出7.5%
12.4%
两年增速更快
NOW
近两年复合增速
-22.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $3.8B |
| 净利润 | $1.1B | $469.0M |
| 毛利率 | — | 75.1% |
| 营业利润率 | 45.3% | 13.3% |
| 净利率 | 20.0% | 12.4% |
| 营收同比 | 76.1% | 2.8% |
| 净利润同比 | 1.8% | -53.7% |
| 每股收益（稀释后） | — | $1.04 |
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KKRNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $5.7B | $3.6B | ||
| Q3 25 | $5.5B | $3.4B | ||
| Q2 25 | $5.1B | $3.2B | ||
| Q1 25 | $3.1B | $3.1B | ||
| Q4 24 | $3.3B | $3.0B | ||
| Q3 24 | $4.8B | $2.8B | ||
| Q2 24 | $4.2B | $2.6B |
净利润KKRNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $1.1B | $401.0M | ||
| Q3 25 | $900.4M | $502.0M | ||
| Q2 25 | $510.1M | $385.0M | ||
| Q1 25 | $-185.9M | $460.0M | ||
| Q4 24 | $1.1B | $384.0M | ||
| Q3 24 | $600.5M | $432.0M | ||
| Q2 24 | $667.9M | $262.0M |
毛利率KKRNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 79.0% |
营业利润率KKRNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 45.3% | 12.4% | ||
| Q3 25 | 39.8% | 16.8% | ||
| Q2 25 | 30.0% | 11.1% | ||
| Q1 25 | 24.8% | 14.6% | ||
| Q4 24 | 50.4% | 12.6% | ||
| Q3 24 | 34.3% | 14.9% | ||
| Q2 24 | 29.0% | 9.1% |
净利率KKRNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 20.0% | 11.2% | ||
| Q3 25 | 16.3% | 14.7% | ||
| Q2 25 | 10.0% | 12.0% | ||
| Q1 25 | -6.0% | 14.9% | ||
| Q4 24 | 34.5% | 13.0% | ||
| Q3 24 | 12.5% | 15.4% | ||
| Q2 24 | 16.0% | 10.0% |
每股收益（稀释后）KKRNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | — | $-4.77 | ||
| Q3 25 | — | $2.40 | ||
| Q2 25 | — | $1.84 | ||
| Q1 25 | — | $2.20 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | — | $2.07 | ||
| Q2 24 | — | $1.26 |
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 | — | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $30.9B | $11.7B |
| 总资产 | $410.1B | $24.4B |
| 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KKRNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.2B |
股东权益KKRNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $30.9B | $13.0B | ||
| Q3 25 | $29.7B | $11.3B | ||
| Q2 25 | $28.2B | $10.9B | ||
| Q1 25 | $27.5B | $10.1B | ||
| Q4 24 | $23.7B | $9.6B | ||
| Q3 24 | $24.1B | $9.3B | ||
| Q2 24 | $21.7B | $8.7B |
总资产KKRNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $410.1B | $26.0B | ||
| Q3 25 | $398.5B | $21.8B | ||
| Q2 25 | $380.9B | $22.1B | ||
| Q1 25 | $372.4B | $21.0B | ||
| Q4 24 | $360.1B | $20.4B | ||
| Q3 24 | $360.7B | $18.4B | ||
| Q2 24 | $348.5B | $18.2B |
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 | $-4.9B | $1.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.7B |
| 自由现金流率自由现金流/营收 | — | 44.2% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -4.28× | 3.56× |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流KKRNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-4.9B | $2.2B | ||
| Q3 25 | $2.4B | $813.0M | ||
| Q2 25 | $438.8M | $716.0M | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | $-111.7M | $1.6B | ||
| Q3 24 | $1.9B | $671.0M | ||
| Q2 24 | $3.4B | $620.0M |
自由现金流KKRNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $578.0M | ||
| Q2 25 | — | $526.0M | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $469.0M | ||
| Q2 24 | — | $358.0M |
自由现金流率KKRNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | — | 56.1% | ||
| Q3 25 | — | 17.0% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 47.7% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 13.6% |
资本支出强度KKRNOW
| Q1 26 | — | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 10.0% |
现金转化率KKRNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | -4.28× | 5.58× | ||
| Q3 25 | 2.65× | 1.62× | ||
| Q2 25 | 0.86× | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | -0.10× | 4.26× | ||
| Q3 24 | 3.12× | 1.55× | ||
| Q2 24 | 5.03× | 2.37× |
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
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
