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邦吉（BG）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
邦吉的季度营收约是黑石集团的1.5倍（$4.9B vs $3.3B），黑石集团净利率更高（36.7% vs 1.9%，领先34.8%），邦吉同比增速更快（22.2% vs -77.7%），过去两年邦吉的营收复合增速更高（11.3% vs 8.5%）
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。
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。
BG vs BX — 直观对比
营收规模更大
BG
是对方的1.5倍
$3.3B
营收增速更快
BG
高出99.9%
-77.7%
净利率更高
BX
高出34.8%
1.9%
两年增速更快
BG
近两年复合增速
8.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.3B |
| 净利润 | $95.0M | $1.2B |
| 毛利率 | 20.7% | — |
| 营业利润率 | 1.8% | — |
| 净利率 | 1.9% | 36.7% |
| 营收同比 | 22.2% | -77.7% |
| 净利润同比 | -84.2% | -76.1% |
| 每股收益（稀释后） | $-0.02 | $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BGBX
| Q1 26 | — | $3.3B | ||
| Q4 25 | $4.9B | $4.4B | ||
| Q3 25 | $4.4B | $3.1B | ||
| Q2 25 | $4.0B | $3.7B | ||
| Q1 25 | $3.7B | $3.3B | ||
| Q4 24 | $4.0B | $3.1B | ||
| Q3 24 | $3.9B | $3.7B | ||
| Q2 24 | $3.7B | $2.8B |
净利润BGBX
| Q1 26 | — | $1.2B | ||
| Q4 25 | $95.0M | $1.0B | ||
| Q3 25 | $166.0M | $624.9M | ||
| Q2 25 | $354.0M | $764.2M | ||
| Q1 25 | $201.0M | $614.9M | ||
| Q4 24 | $602.0M | $703.9M | ||
| Q3 24 | $221.0M | $780.8M | ||
| Q2 24 | $70.0M | $444.4M |
毛利率BGBX
| Q1 26 | — | — | ||
| 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% | — |
营业利润率BGBX
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 54.1% | ||
| Q3 25 | 6.2% | 46.8% | ||
| Q2 25 | 12.3% | 51.6% | ||
| Q1 25 | 7.8% | 44.2% | ||
| Q4 24 | 18.3% | 50.6% | ||
| Q3 24 | 8.3% | 49.4% | ||
| Q2 24 | 2.8% | 43.2% |
净利率BGBX
| Q1 26 | — | 36.7% | ||
| Q4 25 | 1.9% | 23.3% | ||
| Q3 25 | 3.8% | 20.2% | ||
| Q2 25 | 8.8% | 20.6% | ||
| Q1 25 | 5.5% | 18.7% | ||
| Q4 24 | 15.0% | 22.8% | ||
| Q3 24 | 5.7% | 21.3% | ||
| Q2 24 | 1.9% | 15.9% |
每股收益（稀释后）BGBX
| Q1 26 | — | $0.80 | ||
| Q4 25 | $-0.02 | $1.29 | ||
| Q3 25 | $0.84 | $0.80 | ||
| Q2 25 | $2.61 | $0.98 | ||
| Q1 25 | $1.48 | $0.80 | ||
| Q4 24 | $4.27 | $0.91 | ||
| Q3 24 | $1.56 | $1.02 | ||
| Q2 24 | $0.48 | $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 | $2.0B | $2.4B |
| 总债务越低越好 | $10.2B | — |
| 股东权益账面价值 | $15.9B | $18.5B |
| 总资产 | $44.5B | $45.3B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资BGBX
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.0B | $2.6B | ||
| Q3 25 | $3.2B | $2.4B | ||
| Q2 25 | $7.1B | $2.2B | ||
| Q1 25 | $3.9B | $2.4B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.0B | $2.4B | ||
| Q2 24 | $1.3B | $2.4B |
总债务BGBX
| Q1 26 | — | — | ||
| Q4 25 | $10.2B | $12.6B | ||
| Q3 25 | $11.1B | $12.1B | ||
| Q2 25 | $7.7B | $12.1B | ||
| Q1 25 | $5.4B | $12.6B | ||
| Q4 24 | $5.4B | $11.5B | ||
| Q3 24 | $5.4B | $10.9B | ||
| Q2 24 | $4.1B | $10.8B |
股东权益BGBX
| Q1 26 | — | $18.5B | ||
| Q4 25 | $15.9B | $8.7B | ||
| Q3 25 | $15.8B | $8.4B | ||
| Q2 25 | $10.9B | $8.4B | ||
| Q1 25 | $10.6B | $8.0B | ||
| Q4 24 | $9.9B | $8.2B | ||
| Q3 24 | $10.1B | $7.0B | ||
| Q2 24 | $10.0B | $6.8B |
总资产BGBX
| Q1 26 | — | $45.3B | ||
| Q4 25 | $44.5B | $47.7B | ||
| Q3 25 | $46.3B | $46.6B | ||
| Q2 25 | $31.2B | $45.4B | ||
| Q1 25 | $26.7B | $45.3B | ||
| Q4 24 | $24.9B | $43.5B | ||
| Q3 24 | $25.3B | $42.6B | ||
| Q2 24 | $24.4B | $40.6B |
负债/权益比BGBX
| Q1 26 | — | — | ||
| Q4 25 | 0.64× | 1.45× | ||
| Q3 25 | 0.71× | 1.44× | ||
| Q2 25 | 0.71× | 1.45× | ||
| Q1 25 | 0.51× | 1.58× | ||
| Q4 24 | 0.54× | 1.40× | ||
| Q3 24 | 0.54× | 1.55× | ||
| Q2 24 | 0.41× | 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 | $1.3B | — |
| 自由现金流经营现金流 - 资本支出 | $809.0M | — |
| 自由现金流率自由现金流/营收 | 16.6% | — |
| 资本支出强度资本支出/营收 | 11.0% | — |
| 现金转化率经营现金流/净利润 | 14.18× | — |
| 过去12个月自由现金流最近4个季度 | $-879.0M | — |
8季度趋势，按日历期对齐
经营现金流BGBX
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $854.0M | $1.6B | ||
| Q2 25 | $-1.1B | $888.5M | ||
| Q1 25 | $-285.0M | $1.1B | ||
| Q4 24 | $1.1B | $161.4M | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $-1.5B | $1.2B |
自由现金流BGBX
| Q1 26 | — | — | ||
| Q4 25 | $809.0M | $1.0B | ||
| Q3 25 | $385.0M | $1.6B | ||
| Q2 25 | $-1.5B | $848.4M | ||
| Q1 25 | $-595.0M | $1.1B | ||
| Q4 24 | $564.0M | $149.5M | ||
| Q3 24 | $973.0M | $1.2B | ||
| Q2 24 | $-1.8B | $1.1B |
自由现金流率BGBX
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | 24.0% | ||
| Q3 25 | 8.8% | 51.0% | ||
| Q2 25 | -36.8% | 22.9% | ||
| Q1 25 | -16.2% | 32.8% | ||
| Q4 24 | 14.1% | 4.9% | ||
| Q3 24 | 25.1% | 32.8% | ||
| Q2 24 | -47.4% | 41.0% |
资本支出强度BGBX
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 0.5% | ||
| Q3 25 | 10.7% | 0.8% | ||
| Q2 25 | 10.1% | 1.1% | ||
| Q1 25 | 8.5% | 0.9% | ||
| Q4 24 | 12.2% | 0.4% | ||
| Q3 24 | 9.1% | 0.5% | ||
| Q2 24 | 8.0% | 0.4% |
现金转化率BGBX
| Q1 26 | — | — | ||
| Q4 25 | 14.18× | 1.05× | ||
| Q3 25 | 5.14× | 2.56× | ||
| Q2 25 | -3.03× | 1.16× | ||
| Q1 25 | -1.42× | 1.80× | ||
| Q4 24 | 1.75× | 0.23× | ||
| Q3 24 | 6.00× | 1.56× | ||
| Q2 24 | -21.06× | 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
BG
| Other Oilseeds Processing And Refining | $4.6B | 95% |
| Other | $251.0M | 5% |
| Other Products | $3.0M | 0% |
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% |
