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KKR & Co.（KKR）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
KKR & Co.的季度营收约是标普全球的1.3倍（$5.7B vs $4.4B），标普全球净利率更高（26.8% vs 20.0%，领先6.8%），标普全球同比增速更快（191.7% vs 76.1%），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
KKR vs VG — 直观对比
营收规模更大
KKR
是对方的1.3倍
$4.4B
营收增速更快
VG
高出115.5%
76.1%
净利率更高
VG
高出6.8%
20.0%
两年增速更快
VG
近两年复合增速
-22.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $4.4B |
| 净利润 | $1.1B | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 45.3% | 38.7% |
| 净利率 | 20.0% | 26.8% |
| 营收同比 | 76.1% | 191.7% |
| 净利润同比 | 1.8% | 20.3% |
| 每股收益（稀释后） | — | $0.41 |
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KKRVG
| Q4 25 | $5.7B | $4.4B | ||
| Q3 25 | $5.5B | $3.3B | ||
| Q2 25 | $5.1B | $3.1B | ||
| Q1 25 | $3.1B | $2.9B | ||
| Q4 24 | $3.3B | $1.5B | ||
| Q3 24 | $4.8B | $926.0M | ||
| Q2 24 | $4.2B | $1.1B | ||
| Q1 24 | $9.7B | $1.4B |
净利润KKRVG
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $900.4M | $550.0M | ||
| Q2 25 | $510.1M | $475.0M | ||
| Q1 25 | $-185.9M | $517.0M | ||
| Q4 24 | $1.1B | $990.0M | ||
| Q3 24 | $600.5M | $-294.0M | ||
| Q2 24 | $667.9M | $352.0M | ||
| Q1 24 | $682.2M | $698.0M |
营业利润率KKRVG
| Q4 25 | 45.3% | 38.7% | ||
| Q3 25 | 39.8% | 39.7% | ||
| Q2 25 | 30.0% | 33.5% | ||
| Q1 25 | 24.8% | 37.3% | ||
| Q4 24 | 50.4% | 39.0% | ||
| Q3 24 | 34.3% | 20.4% | ||
| Q2 24 | 29.0% | 32.8% | ||
| Q1 24 | 14.1% | 43.6% |
净利率KKRVG
| Q4 25 | 20.0% | 26.8% | ||
| Q3 25 | 16.3% | 16.5% | ||
| Q2 25 | 10.0% | 15.3% | ||
| Q1 25 | -6.0% | 17.9% | ||
| Q4 24 | 34.5% | 65.0% | ||
| Q3 24 | 12.5% | -31.7% | ||
| Q2 24 | 16.0% | 31.8% | ||
| Q1 24 | 7.1% | 49.4% |
每股收益（稀释后）KKRVG
| Q4 25 | — | $0.41 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $0.15 | ||
| Q4 24 | — | $0.35 | ||
| Q3 24 | — | $-0.15 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | — | $0.25 |
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 | — | $2.4B |
| 总债务越低越好 | — | $34.2B |
| 股东权益账面价值 | $30.9B | $6.7B |
| 总资产 | $410.1B | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资KKRVG
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务KKRVG
| Q4 25 | — | $34.2B | ||
| Q3 25 | — | $32.6B | ||
| Q2 25 | — | $30.0B | ||
| Q1 25 | — | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益KKRVG
| Q4 25 | $30.9B | $6.7B | ||
| Q3 25 | $29.7B | $5.7B | ||
| Q2 25 | $28.2B | $5.3B | ||
| Q1 25 | $27.5B | $4.9B | ||
| Q4 24 | $23.7B | $2.9B | ||
| Q3 24 | $24.1B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $21.4B | — |
总资产KKRVG
| Q4 25 | $410.1B | $53.4B | ||
| Q3 25 | $398.5B | $50.1B | ||
| Q2 25 | $380.9B | $46.5B | ||
| Q1 25 | $372.4B | $45.1B | ||
| Q4 24 | $360.1B | $43.5B | ||
| Q3 24 | $360.7B | — | ||
| Q2 24 | $348.5B | — | ||
| Q1 24 | $339.8B | — |
负债/权益比KKRVG
| Q4 25 | — | 5.07× | ||
| Q3 25 | — | 5.73× | ||
| Q2 25 | — | 5.69× | ||
| Q1 25 | — | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| Q3 24 | — | — | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.5B |
| 自由现金流率自由现金流/营收 | — | -34.1% |
| 资本支出强度资本支出/营收 | — | 81.6% |
| 现金转化率经营现金流/净利润 | -4.28× | 1.77× |
| 过去12个月自由现金流最近4个季度 | — | $-6.8B |
8季度趋势，按日历期对齐
经营现金流KKRVG
| Q4 25 | $-4.9B | $2.1B | ||
| Q3 25 | $2.4B | $1.9B | ||
| Q2 25 | $438.8M | $1.5B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $-111.7M | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $1.5B | $638.0M |
自由现金流KKRVG
| Q4 25 | — | $-1.5B | ||
| Q3 25 | — | $-1.4B | ||
| Q2 25 | — | $-1.5B | ||
| Q1 25 | — | $-2.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-2.4B |
自由现金流率KKRVG
| Q4 25 | — | -34.1% | ||
| Q3 25 | — | -42.4% | ||
| Q2 25 | — | -49.1% | ||
| Q1 25 | — | -81.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -167.3% |
资本支出强度KKRVG
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 98.9% | ||
| Q2 25 | — | 96.1% | ||
| Q1 25 | — | 119.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 212.4% |
现金转化率KKRVG
| Q4 25 | -4.28× | 1.77× | ||
| Q3 25 | 2.65× | 3.42× | ||
| Q2 25 | 0.86× | 3.07× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | -0.10× | — | ||
| Q3 24 | 3.12× | — | ||
| Q2 24 | 5.03× | — | ||
| Q1 24 | 2.24× | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
