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拉扎德（LAZ）与BLUE OWL CAPITAL INC.（OWL）财务数据对比。点击上方公司名可切换其他公司
拉扎德的季度营收约是BLUE OWL CAPITAL INC.的1.2倍（$929.4M vs $755.6M），BLUE OWL CAPITAL INC.净利率更高（6.3% vs 5.4%，领先0.9%），BLUE OWL CAPITAL INC.同比增速更快（19.7% vs 10.8%），拉扎德自由现金流更多（$396.1M vs $359.1M），过去两年BLUE OWL CAPITAL INC.的营收复合增速更高（21.3% vs 8.8%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
LAZ vs OWL — 直观对比
营收规模更大
LAZ
是对方的1.2倍
$755.6M
营收增速更快
OWL
高出8.9%
10.8%
净利率更高
OWL
高出0.9%
5.4%
自由现金流更多
LAZ
多$37.0M
$359.1M
两年增速更快
OWL
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $755.6M |
| 净利润 | $49.9M | $47.7M |
| 毛利率 | — | — |
| 营业利润率 | 9.1% | 22.2% |
| 净利率 | 5.4% | 6.3% |
| 营收同比 | 10.8% | 19.7% |
| 净利润同比 | -42.2% | 129.8% |
| 每股收益（稀释后） | $0.44 | $0.07 |
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LAZOWL
| Q4 25 | $929.4M | $755.6M | ||
| Q3 25 | $770.8M | $728.0M | ||
| Q2 25 | $817.2M | $703.1M | ||
| Q1 25 | $669.2M | $683.5M | ||
| Q4 24 | $839.0M | $631.4M | ||
| Q3 24 | $807.4M | $600.9M | ||
| Q2 24 | $708.0M | $549.8M | ||
| Q1 24 | $785.5M | $513.3M |
净利润LAZOWL
| Q4 25 | $49.9M | $47.7M | ||
| Q3 25 | $71.2M | $6.3M | ||
| Q2 25 | $55.3M | $17.4M | ||
| Q1 25 | $60.4M | $7.4M | ||
| Q4 24 | $86.3M | $20.7M | ||
| Q3 24 | $107.9M | $29.8M | ||
| Q2 24 | $49.9M | $33.9M | ||
| Q1 24 | $35.8M | $25.1M |
营业利润率LAZOWL
| Q4 25 | 9.1% | 22.2% | ||
| Q3 25 | 12.3% | 7.6% | ||
| Q2 25 | 11.4% | 12.0% | ||
| Q1 25 | 8.2% | 5.9% | ||
| Q4 24 | 12.8% | 11.7% | ||
| Q3 24 | 20.0% | 18.7% | ||
| Q2 24 | 9.0% | 28.4% | ||
| Q1 24 | 6.9% | 24.7% |
净利率LAZOWL
| Q4 25 | 5.4% | 6.3% | ||
| Q3 25 | 9.2% | 0.9% | ||
| Q2 25 | 6.8% | 2.5% | ||
| Q1 25 | 9.0% | 1.1% | ||
| Q4 24 | 10.3% | 3.3% | ||
| Q3 24 | 13.4% | 5.0% | ||
| Q2 24 | 7.0% | 6.2% | ||
| Q1 24 | 4.6% | 4.9% |
每股收益（稀释后）LAZOWL
| Q4 25 | $0.44 | $0.07 | ||
| Q3 25 | $0.65 | $0.01 | ||
| Q2 25 | $0.52 | $0.02 | ||
| Q1 25 | $0.56 | $0.00 | ||
| Q4 24 | $0.82 | $0.06 | ||
| Q3 24 | $1.02 | $0.04 | ||
| Q2 24 | $0.49 | $0.06 | ||
| Q1 24 | $0.35 | $0.04 |
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 | $1.5B | $194.5M |
| 总债务越低越好 | $1.7B | $3.3B |
| 股东权益账面价值 | $873.7M | $2.2B |
| 总资产 | $4.9B | $12.5B |
| 负债/权益比越低杠杆越低 | 1.93× | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资LAZOWL
| Q4 25 | $1.5B | $194.5M | ||
| Q3 25 | $1.2B | $137.3M | ||
| Q2 25 | $978.3M | $117.6M | ||
| Q1 25 | $908.6M | $97.6M | ||
| Q4 24 | $1.3B | $152.1M | ||
| Q3 24 | $1.2B | $115.9M | ||
| Q2 24 | $847.6M | $436.8M | ||
| Q1 24 | $923.2M | $155.8M |
总债务LAZOWL
| Q4 25 | $1.7B | $3.3B | ||
| Q3 25 | $1.7B | $3.2B | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | $1.7B | $3.2B | ||
| Q4 24 | $1.7B | $2.6B | ||
| Q3 24 | $1.9B | $2.5B | ||
| Q2 24 | $1.9B | $2.5B | ||
| Q1 24 | $1.9B | $2.1B |
股东权益LAZOWL
| Q4 25 | $873.7M | $2.2B | ||
| Q3 25 | $841.5M | $2.3B | ||
| Q2 25 | $741.6M | $2.4B | ||
| Q1 25 | $603.0M | $2.3B | ||
| Q4 24 | $636.2M | $2.1B | ||
| Q3 24 | $624.3M | $2.0B | ||
| Q2 24 | $458.7M | $1.7B | ||
| Q1 24 | $392.7M | $1.6B |
总资产LAZOWL
| Q4 25 | $4.9B | $12.5B | ||
| Q3 25 | $4.6B | $12.5B | ||
| Q2 25 | $4.5B | $12.3B | ||
| Q1 25 | $4.2B | $12.3B | ||
| Q4 24 | $4.8B | $11.0B | ||
| Q3 24 | $4.8B | $10.8B | ||
| Q2 24 | $4.5B | $9.7B | ||
| Q1 24 | $4.6B | $9.0B |
负债/权益比LAZOWL
| Q4 25 | 1.93× | 1.51× | ||
| Q3 25 | 2.01× | 1.41× | ||
| Q2 25 | 2.28× | 1.38× | ||
| Q1 25 | 2.80× | 1.37× | ||
| Q4 24 | 2.65× | 1.22× | ||
| Q3 24 | 2.97× | 1.27× | ||
| Q2 24 | 4.04× | 1.41× | ||
| Q1 24 | 4.71× | 1.26× |
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 | $399.7M | $382.9M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $359.1M |
| 自由现金流率自由现金流/营收 | 42.6% | 47.5% |
| 资本支出强度资本支出/营收 | 0.4% | 3.1% |
| 现金转化率经营现金流/净利润 | 8.02× | 8.03× |
| 过去12个月自由现金流最近4个季度 | $487.4M | $1.2B |
8季度趋势，按日历期对齐
经营现金流LAZOWL
| Q4 25 | $399.7M | $382.9M | ||
| Q3 25 | $287.5M | $433.1M | ||
| Q2 25 | $49.7M | $422.5M | ||
| Q1 25 | $-217.5M | $17.6M | ||
| Q4 24 | $362.9M | $324.0M | ||
| Q3 24 | $293.7M | $326.0M | ||
| Q2 24 | $176.2M | $302.3M | ||
| Q1 24 | $-90.0M | $47.2M |
自由现金流LAZOWL
| Q4 25 | $396.1M | $359.1M | ||
| Q3 25 | $284.6M | $422.5M | ||
| Q2 25 | $38.0M | $412.5M | ||
| Q1 25 | $-231.3M | $4.2M | ||
| Q4 24 | $348.0M | $310.1M | ||
| Q3 24 | $276.2M | $314.8M | ||
| Q2 24 | $169.8M | $269.4M | ||
| Q1 24 | $-96.6M | $41.1M |
自由现金流率LAZOWL
| Q4 25 | 42.6% | 47.5% | ||
| Q3 25 | 36.9% | 58.0% | ||
| Q2 25 | 4.6% | 58.7% | ||
| Q1 25 | -34.6% | 0.6% | ||
| Q4 24 | 41.5% | 49.1% | ||
| Q3 24 | 34.2% | 52.4% | ||
| Q2 24 | 24.0% | 49.0% | ||
| Q1 24 | -12.3% | 8.0% |
资本支出强度LAZOWL
| Q4 25 | 0.4% | 3.1% | ||
| Q3 25 | 0.4% | 1.5% | ||
| Q2 25 | 1.4% | 1.4% | ||
| Q1 25 | 2.1% | 2.0% | ||
| Q4 24 | 1.8% | 2.2% | ||
| Q3 24 | 2.2% | 1.9% | ||
| Q2 24 | 0.9% | 6.0% | ||
| Q1 24 | 0.8% | 1.2% |
现金转化率LAZOWL
| Q4 25 | 8.02× | 8.03× | ||
| Q3 25 | 4.03× | 68.64× | ||
| Q2 25 | 0.90× | 24.25× | ||
| Q1 25 | -3.60× | 2.37× | ||
| Q4 24 | 4.20× | 15.62× | ||
| Q3 24 | 2.72× | 10.94× | ||
| Q2 24 | 3.53× | 8.91× | ||
| Q1 24 | -2.52× | 1.88× |
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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
