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Avantor, Inc.（AVTR）与黑石集团（BX）财务数据对比。点击上方公司名可切换其他公司
黑石集团的季度营收约是Avantor, Inc.的2.0倍（$3.3B vs $1.7B），黑石集团净利率更高（36.7% vs 3.1%，领先33.6%），Avantor, Inc.同比增速更快（-1.4% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs -0.5%）
Avantor是一家总部位于美国宾夕法尼亚州拉德诺的生物技术、化工及制药领域企业，前身为1904年成立的J.T. Baker，2010年正式更名，2019年在纽约证券交易所挂牌上市，股票代码为AVTR，为全球生命科学、医疗健康等行业客户提供核心产品与服务。
黑石集团是总部位于美国纽约的另类资产管理机构，1985年由曾共同任职于雷曼兄弟的彼得·彼得森和斯蒂芬·施瓦茨曼创立，最初主营并购咨询业务。过去三十年间，其私募股权业务是全球最大的杠杆收购投资方之一，地产业务也在全球积极布局商业不动产投资。
AVTR vs BX — 直观对比
营收规模更大
BX
是对方的2.0倍
$1.7B
营收增速更快
AVTR
高出76.4%
-77.7%
净利率更高
BX
高出33.6%
3.1%
两年增速更快
BX
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $3.3B |
| 净利润 | $52.4M | $1.2B |
| 毛利率 | 31.5% | — |
| 营业利润率 | 7.6% | — |
| 净利率 | 3.1% | 36.7% |
| 营收同比 | -1.4% | -77.7% |
| 净利润同比 | -89.5% | -76.1% |
| 每股收益（稀释后） | $0.08 | $0.80 |
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AVTRBX
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.7B | $4.4B | ||
| Q3 25 | $1.6B | $3.1B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | $1.6B | $3.3B | ||
| Q4 24 | $1.7B | $3.1B | ||
| Q3 24 | $1.7B | $3.7B | ||
| Q2 24 | $1.7B | $2.8B |
净利润AVTRBX
| Q1 26 | — | $1.2B | ||
| Q4 25 | $52.4M | $1.0B | ||
| Q3 25 | $-711.8M | $624.9M | ||
| Q2 25 | $64.7M | $764.2M | ||
| Q1 25 | $64.5M | $614.9M | ||
| Q4 24 | $500.4M | $703.9M | ||
| Q3 24 | $57.8M | $780.8M | ||
| Q2 24 | $92.9M | $444.4M |
毛利率AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | 31.5% | — | ||
| Q3 25 | 32.4% | — | ||
| Q2 25 | 32.9% | — | ||
| Q1 25 | 33.8% | — | ||
| Q4 24 | 33.4% | — | ||
| Q3 24 | 32.9% | — | ||
| Q2 24 | 34.1% | — |
营业利润率AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 54.1% | ||
| Q3 25 | -40.0% | 46.8% | ||
| Q2 25 | 7.7% | 51.6% | ||
| Q1 25 | 9.3% | 44.2% | ||
| Q4 24 | 37.8% | 50.6% | ||
| Q3 24 | 7.3% | 49.4% | ||
| Q2 24 | 10.3% | 43.2% |
净利率AVTRBX
| Q1 26 | — | 36.7% | ||
| Q4 25 | 3.1% | 23.3% | ||
| Q3 25 | -43.8% | 20.2% | ||
| Q2 25 | 3.8% | 20.6% | ||
| Q1 25 | 4.1% | 18.7% | ||
| Q4 24 | 29.7% | 22.8% | ||
| Q3 24 | 3.4% | 21.3% | ||
| Q2 24 | 5.5% | 15.9% |
每股收益（稀释后）AVTRBX
| Q1 26 | — | $0.80 | ||
| Q4 25 | $0.08 | $1.29 | ||
| Q3 25 | $-1.04 | $0.80 | ||
| Q2 25 | $0.09 | $0.98 | ||
| Q1 25 | $0.09 | $0.80 | ||
| Q4 24 | $0.73 | $0.91 | ||
| Q3 24 | $0.08 | $1.02 | ||
| Q2 24 | $0.14 | $0.58 |
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 | $365.4M | $2.4B |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $5.6B | $18.5B |
| 总资产 | $11.8B | $45.3B |
| 负债/权益比越低杠杆越低 | 0.71× | — |
8季度趋势，按日历期对齐
现金及短期投资AVTRBX
| Q1 26 | — | $2.4B | ||
| Q4 25 | $365.4M | $2.6B | ||
| Q3 25 | $251.9M | $2.4B | ||
| Q2 25 | $449.4M | $2.2B | ||
| Q1 25 | $315.7M | $2.4B | ||
| Q4 24 | $261.9M | $2.0B | ||
| Q3 24 | $285.3M | $2.4B | ||
| Q2 24 | $272.6M | $2.4B |
总债务AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | $3.9B | $12.6B | ||
| Q3 25 | $3.9B | $12.1B | ||
| Q2 25 | $4.2B | $12.1B | ||
| Q1 25 | $4.1B | $12.6B | ||
| Q4 24 | $4.1B | $11.5B | ||
| Q3 24 | $4.9B | $10.9B | ||
| Q2 24 | $5.1B | $10.8B |
股东权益AVTRBX
| Q1 26 | — | $18.5B | ||
| Q4 25 | $5.6B | $8.7B | ||
| Q3 25 | $5.6B | $8.4B | ||
| Q2 25 | $6.3B | $8.4B | ||
| Q1 25 | $6.1B | $8.0B | ||
| Q4 24 | $6.0B | $8.2B | ||
| Q3 24 | $5.6B | $7.0B | ||
| Q2 24 | $5.4B | $6.8B |
总资产AVTRBX
| Q1 26 | — | $45.3B | ||
| Q4 25 | $11.8B | $47.7B | ||
| Q3 25 | $11.7B | $46.6B | ||
| Q2 25 | $12.8B | $45.4B | ||
| Q1 25 | $12.3B | $45.3B | ||
| Q4 24 | $12.1B | $43.5B | ||
| Q3 24 | $12.8B | $42.6B | ||
| Q2 24 | $12.7B | $40.6B |
负债/权益比AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | 0.71× | 1.45× | ||
| Q3 25 | 0.69× | 1.44× | ||
| Q2 25 | 0.67× | 1.45× | ||
| Q1 25 | 0.67× | 1.58× | ||
| Q4 24 | 0.68× | 1.40× | ||
| Q3 24 | 0.89× | 1.55× | ||
| Q2 24 | 0.94× | 1.58× |
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 | $152.7M | — |
| 自由现金流经营现金流 - 资本支出 | $117.2M | — |
| 自由现金流率自由现金流/营收 | 7.0% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 2.91× | — |
| 过去12个月自由现金流最近4个季度 | $495.0M | — |
8季度趋势，按日历期对齐
经营现金流AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | $152.7M | $1.1B | ||
| Q3 25 | $207.4M | $1.6B | ||
| Q2 25 | $154.4M | $888.5M | ||
| Q1 25 | $109.3M | $1.1B | ||
| Q4 24 | $173.3M | $161.4M | ||
| Q3 24 | $244.8M | $1.2B | ||
| Q2 24 | $281.1M | $1.2B |
自由现金流AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | $117.2M | $1.0B | ||
| Q3 25 | $171.7M | $1.6B | ||
| Q2 25 | $124.8M | $848.4M | ||
| Q1 25 | $81.3M | $1.1B | ||
| Q4 24 | $145.8M | $149.5M | ||
| Q3 24 | $204.0M | $1.2B | ||
| Q2 24 | $235.3M | $1.1B |
自由现金流率AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | 7.0% | 24.0% | ||
| Q3 25 | 10.6% | 51.0% | ||
| Q2 25 | 7.4% | 22.9% | ||
| Q1 25 | 5.1% | 32.8% | ||
| Q4 24 | 8.6% | 4.9% | ||
| Q3 24 | 11.9% | 32.8% | ||
| Q2 24 | 13.8% | 41.0% |
资本支出强度AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 0.5% | ||
| Q3 25 | 2.2% | 0.8% | ||
| Q2 25 | 1.8% | 1.1% | ||
| Q1 25 | 1.8% | 0.9% | ||
| Q4 24 | 1.6% | 0.4% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 2.7% | 0.4% |
现金转化率AVTRBX
| Q1 26 | — | — | ||
| Q4 25 | 2.91× | 1.05× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | 2.39× | 1.16× | ||
| Q1 25 | 1.69× | 1.80× | ||
| Q4 24 | 0.35× | 0.23× | ||
| Q3 24 | 4.24× | 1.56× | ||
| Q2 24 | 3.03× | 2.61× |
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
AVTR
| Laboratory Solutions Segment | $1.1B | 67% |
| Bioscience Production Segment | $547.5M | 33% |
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
