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拉扎德（LAZ）与德太投资（TPG）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德太投资的1.3倍（$929.4M vs $715.1M），德太投资净利率更高（10.8% vs 5.4%，领先5.4%），德太投资同比增速更快（35.6% vs 10.8%），过去两年德太投资的营收复合增速更高（18.1% 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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
LAZ vs TPG — 直观对比
营收规模更大
LAZ
是对方的1.3倍
$715.1M
营收增速更快
TPG
高出24.9%
10.8%
净利率更高
TPG
高出5.4%
5.4%
两年增速更快
TPG
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $715.1M |
| 净利润 | $49.9M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 9.1% | — |
| 净利率 | 5.4% | 10.8% |
| 营收同比 | 10.8% | 35.6% |
| 净利润同比 | -42.2% | 494.1% |
| 每股收益（稀释后） | $0.44 | $0.30 |
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LAZTPG
| Q4 25 | $929.4M | $715.1M | ||
| Q3 25 | $770.8M | $596.5M | ||
| Q2 25 | $817.2M | $569.1M | ||
| Q1 25 | $669.2M | $543.5M | ||
| Q4 24 | $839.0M | $527.2M | ||
| Q3 24 | $807.4M | $524.7M | ||
| Q2 24 | $708.0M | $522.8M | ||
| Q1 24 | $785.5M | $512.3M |
净利润LAZTPG
| Q4 25 | $49.9M | $77.1M | ||
| Q3 25 | $71.2M | $67.1M | ||
| Q2 25 | $55.3M | $14.9M | ||
| Q1 25 | $60.4M | $25.4M | ||
| Q4 24 | $86.3M | $13.0M | ||
| Q3 24 | $107.9M | $9.0M | ||
| Q2 24 | $49.9M | $-14.0M | ||
| Q1 24 | $35.8M | $15.5M |
营业利润率LAZTPG
| Q4 25 | 9.1% | — | ||
| Q3 25 | 12.3% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 8.2% | — | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 9.0% | — | ||
| Q1 24 | 6.9% | — |
净利率LAZTPG
| Q4 25 | 5.4% | 10.8% | ||
| Q3 25 | 9.2% | 11.3% | ||
| Q2 25 | 6.8% | 2.6% | ||
| Q1 25 | 9.0% | 4.7% | ||
| Q4 24 | 10.3% | 2.5% | ||
| Q3 24 | 13.4% | 1.7% | ||
| Q2 24 | 7.0% | -2.7% | ||
| Q1 24 | 4.6% | 3.0% |
每股收益（稀释后）LAZTPG
| Q4 25 | $0.44 | $0.30 | ||
| Q3 25 | $0.65 | $0.20 | ||
| Q2 25 | $0.52 | $-0.05 | ||
| Q1 25 | $0.56 | $0.00 | ||
| Q4 24 | $0.82 | $-0.04 | ||
| Q3 24 | $1.02 | $-0.08 | ||
| Q2 24 | $0.49 | $-0.19 | ||
| Q1 24 | $0.35 | $-0.11 |
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 | $826.1M |
| 总债务越低越好 | $1.7B | $1.7B |
| 股东权益账面价值 | $873.7M | $4.1B |
| 总资产 | $4.9B | $13.5B |
| 负债/权益比越低杠杆越低 | 1.93× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资LAZTPG
| Q4 25 | $1.5B | $826.1M | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $978.3M | $1.1B | ||
| Q1 25 | $908.6M | $822.0M | ||
| Q4 24 | $1.3B | $808.0M | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $847.6M | $1.1B | ||
| Q1 24 | $923.2M | $1.1B |
总债务LAZTPG
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $1.9B | $1.2B |
股东权益LAZTPG
| Q4 25 | $873.7M | $4.1B | ||
| Q3 25 | $841.5M | $3.8B | ||
| Q2 25 | $741.6M | $3.6B | ||
| Q1 25 | $603.0M | $3.5B | ||
| Q4 24 | $636.2M | $3.6B | ||
| Q3 24 | $624.3M | $3.4B | ||
| Q2 24 | $458.7M | $3.3B | ||
| Q1 24 | $392.7M | $3.3B |
总资产LAZTPG
| Q4 25 | $4.9B | $13.5B | ||
| Q3 25 | $4.6B | $13.0B | ||
| Q2 25 | $4.5B | $12.0B | ||
| Q1 25 | $4.2B | $11.3B | ||
| Q4 24 | $4.8B | $10.5B | ||
| Q3 24 | $4.8B | $10.5B | ||
| Q2 24 | $4.5B | $10.1B | ||
| Q1 24 | $4.6B | $9.9B |
负债/权益比LAZTPG
| Q4 25 | 1.93× | 0.42× | ||
| Q3 25 | 2.01× | 0.47× | ||
| Q2 25 | 2.28× | 0.45× | ||
| Q1 25 | 2.80× | 0.42× | ||
| Q4 24 | 2.65× | 0.36× | ||
| Q3 24 | 2.97× | 0.39× | ||
| Q2 24 | 4.04× | 0.37× | ||
| Q1 24 | 4.71× | 0.37× |
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 | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | — |
| 自由现金流率自由现金流/营收 | 42.6% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | 8.02× | -0.57× |
| 过去12个月自由现金流最近4个季度 | $487.4M | — |
8季度趋势，按日历期对齐
经营现金流LAZTPG
| Q4 25 | $399.7M | $-43.7M | ||
| Q3 25 | $287.5M | $492.0M | ||
| Q2 25 | $49.7M | $385.9M | ||
| Q1 25 | $-217.5M | $198.2M | ||
| Q4 24 | $362.9M | $-188.1M | ||
| Q3 24 | $293.7M | $68.9M | ||
| Q2 24 | $176.2M | $214.6M | ||
| Q1 24 | $-90.0M | $436.7M |
自由现金流LAZTPG
| Q4 25 | $396.1M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $38.0M | — | ||
| Q1 25 | $-231.3M | — | ||
| Q4 24 | $348.0M | — | ||
| Q3 24 | $276.2M | — | ||
| Q2 24 | $169.8M | — | ||
| Q1 24 | $-96.6M | — |
自由现金流率LAZTPG
| Q4 25 | 42.6% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | -34.6% | — | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | 34.2% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | -12.3% | — |
资本支出强度LAZTPG
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.8% | — |
现金转化率LAZTPG
| Q4 25 | 8.02× | -0.57× | ||
| Q3 25 | 4.03× | 7.33× | ||
| Q2 25 | 0.90× | 25.83× | ||
| Q1 25 | -3.60× | 7.80× | ||
| Q4 24 | 4.20× | -14.49× | ||
| Q3 24 | 2.72× | 7.69× | ||
| Q2 24 | 3.53× | — | ||
| Q1 24 | -2.52× | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
