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邦吉（BG）与贝莱德（BLK）财务数据对比。点击上方公司名可切换其他公司
贝莱德的季度营收约是邦吉的1.4倍（$7.0B vs $4.9B），贝莱德净利率更高（16.1% vs 1.9%，领先14.1%），贝莱德自由现金流更多（$2.1B vs $809.0M），过去两年贝莱德的营收复合增速更高（24.5% vs 11.3%）
邦吉（Bunge Global）是全球知名的农业与食品企业，注册地位于瑞士日内瓦，总部设在美国密苏里州圣路易斯市，业务覆盖农产品生产、加工、贸易及食品供应链服务等多个领域，在全球农业产业中拥有较高的市场地位。
贝莱德是美国跨国投资企业，成立于1988年，最初主打企业风险管理与固定收益机构资产管理业务，现为全球规模最大的资产管理机构，截至2025年管理资产规模达12.5万亿美元。公司总部位于纽约，在30个国家设有70个办事处，客户遍布全球100个国家。
BG vs BLK — 直观对比
营收规模更大
BLK
是对方的1.4倍
$4.9B
净利率更高
BLK
高出14.1%
1.9%
自由现金流更多
BLK
多$1.3B
$809.0M
两年增速更快
BLK
近两年复合增速
11.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $7.0B |
| 净利润 | $95.0M | $1.1B |
| 毛利率 | 20.7% | — |
| 营业利润率 | 1.8% | 23.7% |
| 净利率 | 1.9% | 16.1% |
| 营收同比 | 22.2% | — |
| 净利润同比 | -84.2% | — |
| 每股收益（稀释后） | $-0.02 | $7.05 |
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BGBLK
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $4.4B | $6.5B | ||
| Q2 25 | $4.0B | $5.4B | ||
| Q1 25 | $3.7B | $5.3B | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $3.9B | $5.2B | ||
| Q2 24 | $3.7B | $4.8B | ||
| Q1 24 | $3.9B | $4.7B |
净利润BGBLK
| Q4 25 | $95.0M | $1.1B | ||
| Q3 25 | $166.0M | $1.3B | ||
| Q2 25 | $354.0M | $1.6B | ||
| Q1 25 | $201.0M | $1.5B | ||
| Q4 24 | $602.0M | — | ||
| Q3 24 | $221.0M | $1.6B | ||
| Q2 24 | $70.0M | $1.5B | ||
| Q1 24 | $244.0M | $1.6B |
毛利率BGBLK
| Q4 25 | 20.7% | — | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | 18.4% | — | ||
| Q1 25 | 16.3% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 17.8% | — | ||
| Q1 24 | 22.2% | — |
营业利润率BGBLK
| Q4 25 | 1.8% | 23.7% | ||
| Q3 25 | 6.2% | 30.0% | ||
| Q2 25 | 12.3% | 31.9% | ||
| Q1 25 | 7.8% | 32.2% | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 8.3% | 38.6% | ||
| Q2 24 | 2.8% | 37.5% | ||
| Q1 24 | 9.4% | 35.8% |
净利率BGBLK
| Q4 25 | 1.9% | 16.1% | ||
| Q3 25 | 3.8% | 20.3% | ||
| Q2 25 | 8.8% | 29.4% | ||
| Q1 25 | 5.5% | 28.6% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 5.7% | 31.4% | ||
| Q2 24 | 1.9% | 31.1% | ||
| Q1 24 | 6.2% | 33.3% |
每股收益（稀释后）BGBLK
| Q4 25 | $-0.02 | $7.05 | ||
| Q3 25 | $0.84 | $8.43 | ||
| Q2 25 | $2.61 | $10.19 | ||
| Q1 25 | $1.48 | $9.64 | ||
| Q4 24 | $4.27 | — | ||
| Q3 24 | $1.56 | $10.90 | ||
| Q2 24 | $0.48 | $9.99 | ||
| Q1 24 | $1.68 | $10.48 |
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 | $2.0B | $11.5B |
| 总债务越低越好 | $10.2B | $12.8B |
| 股东权益账面价值 | $15.9B | $55.9B |
| 总资产 | $44.5B | $170.0B |
| 负债/权益比越低杠杆越低 | 0.64× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资BGBLK
| Q4 25 | $2.0B | $11.5B | ||
| Q3 25 | $3.2B | $10.0B | ||
| Q2 25 | $7.1B | $9.5B | ||
| Q1 25 | $3.9B | $7.7B | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.0B | $14.0B | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $3.1B | — |
总债务BGBLK
| Q4 25 | $10.2B | $12.8B | ||
| Q3 25 | $11.1B | $12.8B | ||
| Q2 25 | $7.7B | $12.8B | ||
| Q1 25 | $5.4B | $12.3B | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.4B | $12.4B | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $4.1B | — |
股东权益BGBLK
| Q4 25 | $15.9B | $55.9B | ||
| Q3 25 | $15.8B | $55.5B | ||
| Q2 25 | $10.9B | $49.1B | ||
| Q1 25 | $10.6B | $48.0B | ||
| Q4 24 | $9.9B | — | ||
| Q3 24 | $10.1B | $41.2B | ||
| Q2 24 | $10.0B | $40.3B | ||
| Q1 24 | $10.6B | $39.9B |
总资产BGBLK
| Q4 25 | $44.5B | $170.0B | ||
| Q3 25 | $46.3B | $162.7B | ||
| Q2 25 | $31.2B | $146.5B | ||
| Q1 25 | $26.7B | $141.9B | ||
| Q4 24 | $24.9B | — | ||
| Q3 24 | $25.3B | $132.8B | ||
| Q2 24 | $24.4B | — | ||
| Q1 24 | $25.8B | — |
负债/权益比BGBLK
| Q4 25 | 0.64× | 0.23× | ||
| Q3 25 | 0.71× | 0.23× | ||
| Q2 25 | 0.71× | 0.26× | ||
| Q1 25 | 0.51× | 0.26× | ||
| Q4 24 | 0.54× | — | ||
| Q3 24 | 0.54× | 0.30× | ||
| Q2 24 | 0.41× | — | ||
| Q1 24 | 0.39× | — |
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 | $1.3B | $2.3B |
| 自由现金流经营现金流 - 资本支出 | $809.0M | $2.1B |
| 自由现金流率自由现金流/营收 | 16.6% | 30.6% |
| 资本支出强度资本支出/营收 | 11.0% | 1.9% |
| 现金转化率经营现金流/净利润 | 14.18× | 2.02× |
| 过去12个月自由现金流最近4个季度 | $-879.0M | $3.6B |
8季度趋势，按日历期对齐
经营现金流BGBLK
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $854.0M | $1.4B | ||
| Q2 25 | $-1.1B | $1.4B | ||
| Q1 25 | $-285.0M | $-1.1B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $-1.5B | — | ||
| Q1 24 | $994.0M | $-408.0M |
自由现金流BGBLK
| Q4 25 | $809.0M | $2.1B | ||
| Q3 25 | $385.0M | $1.3B | ||
| Q2 25 | $-1.5B | $1.3B | ||
| Q1 25 | $-595.0M | $-1.2B | ||
| Q4 24 | $564.0M | — | ||
| Q3 24 | $973.0M | — | ||
| Q2 24 | $-1.8B | — | ||
| Q1 24 | $758.0M | $-472.0M |
自由现金流率BGBLK
| Q4 25 | 16.6% | 30.6% | ||
| Q3 25 | 8.8% | 20.5% | ||
| Q2 25 | -36.8% | 23.5% | ||
| Q1 25 | -16.2% | -22.9% | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | -47.4% | — | ||
| Q1 24 | 19.2% | -10.0% |
资本支出强度BGBLK
| Q4 25 | 11.0% | 1.9% | ||
| Q3 25 | 10.7% | 1.2% | ||
| Q2 25 | 10.1% | 1.6% | ||
| Q1 25 | 8.5% | 1.5% | ||
| Q4 24 | 12.2% | — | ||
| Q3 24 | 9.1% | — | ||
| Q2 24 | 8.0% | — | ||
| Q1 24 | 6.0% | 1.4% |
现金转化率BGBLK
| Q4 25 | 14.18× | 2.02× | ||
| Q3 25 | 5.14× | 1.07× | ||
| Q2 25 | -3.03× | 0.86× | ||
| Q1 25 | -1.42× | -0.75× | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 6.00× | — | ||
| Q2 24 | -21.06× | — | ||
| Q1 24 | 4.07× | -0.26× |
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
BG
| Other Oilseeds Processing And Refining | $4.6B | 95% |
| Other | $251.0M | 5% |
| Other Products | $3.0M | 0% |
BLK
| Investment Advice | $5.3B | 75% |
| Investment Performance | $754.0M | 11% |
| Technology Services And Subscription Revenue | $531.0M | 8% |
| Distribution And Shareholder Service | $359.0M | 5% |
| Service Other | $86.0M | 1% |
