vs
KKR & Co.（KKR）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是KKR & Co.的1.3倍（$7.6B vs $5.7B），KKR & Co.净利率更高（20.0% vs 1.3%，领先18.7%），KKR & Co.同比增速更快（76.1% vs 0.5%），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
KKR vs SW — 直观对比
营收规模更大
SW
是对方的1.3倍
$5.7B
营收增速更快
KKR
高出75.6%
0.5%
净利率更高
KKR
高出18.7%
1.3%
两年增速更快
SW
近两年复合增速
-22.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $7.6B |
| 净利润 | $1.1B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 45.3% | 5.1% |
| 净利率 | 20.0% | 1.3% |
| 营收同比 | 76.1% | 0.5% |
| 净利润同比 | 1.8% | -33.6% |
| 每股收益（稀释后） | — | $0.18 |
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KKRSW
| Q4 25 | $5.7B | $7.6B | ||
| Q3 25 | $5.5B | $8.0B | ||
| Q2 25 | $5.1B | $7.9B | ||
| Q1 25 | $3.1B | $7.7B | ||
| Q4 24 | $3.3B | $7.5B | ||
| Q3 24 | $4.8B | $7.7B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $9.7B | $2.9B |
净利润KKRSW
| Q4 25 | $1.1B | $97.0M | ||
| Q3 25 | $900.4M | $246.0M | ||
| Q2 25 | $510.1M | $-28.0M | ||
| Q1 25 | $-185.9M | $384.0M | ||
| Q4 24 | $1.1B | $146.0M | ||
| Q3 24 | $600.5M | $-150.0M | ||
| Q2 24 | $667.9M | $132.0M | ||
| Q1 24 | $682.2M | $191.0M |
毛利率KKRSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率KKRSW
| Q4 25 | 45.3% | 5.1% | ||
| Q3 25 | 39.8% | 6.6% | ||
| Q2 25 | 30.0% | 3.2% | ||
| Q1 25 | 24.8% | 7.2% | ||
| Q4 24 | 50.4% | 5.3% | ||
| Q3 24 | 34.3% | 0.7% | ||
| Q2 24 | 29.0% | 8.2% | ||
| Q1 24 | 14.1% | 10.5% |
净利率KKRSW
| Q4 25 | 20.0% | 1.3% | ||
| Q3 25 | 16.3% | 3.1% | ||
| Q2 25 | 10.0% | -0.4% | ||
| Q1 25 | -6.0% | 5.0% | ||
| Q4 24 | 34.5% | 1.9% | ||
| Q3 24 | 12.5% | -2.0% | ||
| Q2 24 | 16.0% | 4.4% | ||
| Q1 24 | 7.1% | 6.5% |
每股收益（稀释后）KKRSW
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | — | $0.73 |
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 | — | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $30.9B | $18.3B |
| 总资产 | $410.1B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资KKRSW
| Q4 25 | — | $892.0M | ||
| Q3 25 | — | $851.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $26.8K | ||
| Q1 24 | — | $108 |
总债务KKRSW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益KKRSW
| Q4 25 | $30.9B | $18.3B | ||
| Q3 25 | $29.7B | $18.4B | ||
| Q2 25 | $28.2B | $18.3B | ||
| Q1 25 | $27.5B | $17.9B | ||
| Q4 24 | $23.7B | $17.4B | ||
| Q3 24 | $24.1B | $18.0B | ||
| Q2 24 | $21.7B | $14.5K | ||
| Q1 24 | $21.4B | $108 |
总资产KKRSW
| Q4 25 | $410.1B | $45.2B | ||
| Q3 25 | $398.5B | $45.6B | ||
| Q2 25 | $380.9B | $45.7B | ||
| Q1 25 | $372.4B | $44.6B | ||
| Q4 24 | $360.1B | $43.8B | ||
| Q3 24 | $360.7B | $45.0B | ||
| Q2 24 | $348.5B | $26.8K | ||
| Q1 24 | $339.8B | $108 |
负债/权益比KKRSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $-4.9B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $612.0M |
| 自由现金流率自由现金流/营收 | — | 8.1% |
| 资本支出强度资本支出/营收 | — | 7.7% |
| 现金转化率经营现金流/净利润 | -4.28× | 12.32× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流KKRSW
| Q4 25 | $-4.9B | $1.2B | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $438.8M | $829.0M | ||
| Q1 25 | $2.5B | $235.0M | ||
| Q4 24 | $-111.7M | $781.0M | ||
| Q3 24 | $1.9B | $320.0M | ||
| Q2 24 | $3.4B | $340.0M | ||
| Q1 24 | $1.5B | $42.0M |
自由现金流KKRSW
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | — | $-166.0M |
自由现金流率KKRSW
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | -5.7% |
资本支出强度KKRSW
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 7.1% |
现金转化率KKRSW
| Q4 25 | -4.28× | 12.32× | ||
| Q3 25 | 2.65× | 4.61× | ||
| Q2 25 | 0.86× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | -0.10× | 5.35× | ||
| Q3 24 | 3.12× | — | ||
| Q2 24 | 5.03× | 2.58× | ||
| Q1 24 | 2.24× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
