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BGC Group, Inc.（BGC）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
BGC Group, Inc.的季度营收约是Tradeweb Markets Inc.的1.2倍（$638.6M vs $521.2M）。Tradeweb Markets Inc.净利率更高（62.4% vs 2.3%，领先60.1%）。BGC Group, Inc.同比增速更快（34.4% vs 12.5%）。Tradeweb Markets Inc.自由现金流更多（$336.5M vs $175.1M）。过去两年BGC Group, Inc.的营收复合增速更高（18.7% vs 12.9%）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
BGC vs TW — 直观对比
营收规模更大
BGC
是对方的1.2倍
$521.2M
营收增速更快
BGC
高出21.9%
12.5%
净利率更高
TW
高出60.1%
2.3%
自由现金流更多
TW
多$161.4M
$175.1M
两年增速更快
BGC
近两年复合增速
12.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $638.6M | $521.2M |
| 净利润 | $14.4M | $325.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.9% | 42.4% |
| 净利率 | 2.3% | 62.4% |
| 营收同比 | 34.4% | 12.5% |
| 净利润同比 | -43.0% | 128.5% |
| 每股收益（稀释后） | $0.03 | $1.52 |
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BGCTW
| Q4 25 | $638.6M | $521.2M | ||
| Q3 25 | $620.8M | $508.6M | ||
| Q2 25 | $648.0M | $513.0M | ||
| Q1 25 | $534.6M | $509.7M | ||
| Q4 24 | $475.2M | $463.3M | ||
| Q3 24 | $448.9M | $448.9M | ||
| Q2 24 | $435.0M | $405.0M | ||
| Q1 24 | $453.6M | $408.7M |
净利润BGCTW
| Q4 25 | $14.4M | $325.0M | ||
| Q3 25 | $27.9M | $185.6M | ||
| Q2 25 | $57.5M | $153.8M | ||
| Q1 25 | $55.2M | $148.4M | ||
| Q4 24 | $25.2M | $142.2M | ||
| Q3 24 | $14.7M | $113.9M | ||
| Q2 24 | $37.8M | $119.2M | ||
| Q1 24 | $49.2M | $126.1M |
营业利润率BGCTW
| Q4 25 | 3.9% | 42.4% | ||
| Q3 25 | 5.4% | 41.4% | ||
| Q2 25 | 11.6% | 39.0% | ||
| Q1 25 | 15.0% | 40.0% | ||
| Q4 24 | 5.7% | 40.7% | ||
| Q3 24 | 4.4% | 35.5% | ||
| Q2 24 | 12.7% | 40.1% | ||
| Q1 24 | 15.7% | 41.0% |
净利率BGCTW
| Q4 25 | 2.3% | 62.4% | ||
| Q3 25 | 4.5% | 36.5% | ||
| Q2 25 | 8.9% | 30.0% | ||
| Q1 25 | 10.3% | 29.1% | ||
| Q4 24 | 5.3% | 30.7% | ||
| Q3 24 | 3.3% | 25.4% | ||
| Q2 24 | 8.7% | 29.4% | ||
| Q1 24 | 10.8% | 30.9% |
每股收益（稀释后）BGCTW
| Q4 25 | $0.03 | $1.52 | ||
| Q3 25 | $0.06 | $0.86 | ||
| Q2 25 | $0.11 | $0.71 | ||
| Q1 25 | $0.11 | $0.69 | ||
| Q4 24 | $0.04 | $0.66 | ||
| Q3 24 | $0.03 | $0.53 | ||
| Q2 24 | $0.08 | $0.55 | ||
| Q1 24 | $0.10 | $0.59 |
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 | $851.5M | $2.1B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $972.5M | $6.5B |
| 总资产 | $4.4B | $8.2B |
| 负债/权益比越低杠杆越低 | 1.58× | — |
8季度趋势，按日历期对齐
现金及短期投资BGCTW
| Q4 25 | $851.5M | $2.1B | ||
| Q3 25 | $774.9M | $1.9B | ||
| Q2 25 | $827.8M | $1.6B | ||
| Q1 25 | $966.4M | $1.3B | ||
| Q4 24 | $711.6M | $1.3B | ||
| Q3 24 | $563.5M | $1.2B | ||
| Q2 24 | $571.7M | $1.7B | ||
| Q1 24 | $566.8M | $1.5B |
总债务BGCTW
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $945.0M | — |
股东权益BGCTW
| Q4 25 | $972.5M | $6.5B | ||
| Q3 25 | $965.3M | $6.3B | ||
| Q2 25 | $930.5M | $6.1B | ||
| Q1 25 | $963.8M | $5.9B | ||
| Q4 24 | $898.5M | $5.8B | ||
| Q3 24 | $860.1M | $5.7B | ||
| Q2 24 | $858.1M | $5.6B | ||
| Q1 24 | $912.1M | $5.5B |
总资产BGCTW
| Q4 25 | $4.4B | $8.2B | ||
| Q3 25 | $5.8B | $8.0B | ||
| Q2 25 | $4.9B | $8.1B | ||
| Q1 25 | $4.9B | $7.4B | ||
| Q4 24 | $3.6B | $7.3B | ||
| Q3 24 | $4.4B | $7.3B | ||
| Q2 24 | $4.3B | $7.3B | ||
| Q1 24 | $4.4B | $7.4B |
负债/权益比BGCTW
| Q4 25 | 1.58× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 1.97× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 1.68× | — | ||
| Q1 24 | 1.04× | — |
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 | $180.4M | $355.9M |
| 自由现金流经营现金流 - 资本支出 | $175.1M | $336.5M |
| 自由现金流率自由现金流/营收 | 27.4% | 64.6% |
| 资本支出强度资本支出/营收 | 0.8% | 3.7% |
| 现金转化率经营现金流/净利润 | 12.55× | 1.10× |
| 过去12个月自由现金流最近4个季度 | $372.9M | $1.1B |
8季度趋势，按日历期对齐
经营现金流BGCTW
| Q4 25 | $180.4M | $355.9M | ||
| Q3 25 | $141.9M | $342.3M | ||
| Q2 25 | $71.2M | $409.2M | ||
| Q1 25 | $839.0K | $60.2M | ||
| Q4 24 | $251.9M | $282.0M | ||
| Q3 24 | $88.3M | $292.1M | ||
| Q2 24 | $-53.0M | $285.7M | ||
| Q1 24 | $28.1M | $37.9M |
自由现金流BGCTW
| Q4 25 | $175.1M | $336.5M | ||
| Q3 25 | $137.2M | $328.3M | ||
| Q2 25 | $65.0M | $403.7M | ||
| Q1 25 | $-4.4M | $58.6M | ||
| Q4 24 | $245.6M | $256.8M | ||
| Q3 24 | $78.8M | $287.8M | ||
| Q2 24 | $-63.5M | $280.8M | ||
| Q1 24 | $24.9M | $31.3M |
自由现金流率BGCTW
| Q4 25 | 27.4% | 64.6% | ||
| Q3 25 | 22.1% | 64.5% | ||
| Q2 25 | 10.0% | 78.7% | ||
| Q1 25 | -0.8% | 11.5% | ||
| Q4 24 | 51.7% | 55.4% | ||
| Q3 24 | 17.5% | 64.1% | ||
| Q2 24 | -14.6% | 69.4% | ||
| Q1 24 | 5.5% | 7.7% |
资本支出强度BGCTW
| Q4 25 | 0.8% | 3.7% | ||
| Q3 25 | 0.8% | 2.8% | ||
| Q2 25 | 1.0% | 1.1% | ||
| Q1 25 | 1.0% | 0.3% | ||
| Q4 24 | 1.3% | 5.4% | ||
| Q3 24 | 2.1% | 1.0% | ||
| Q2 24 | 2.4% | 1.2% | ||
| Q1 24 | 0.7% | 1.6% |
现金转化率BGCTW
| Q4 25 | 12.55× | 1.10× | ||
| Q3 25 | 5.09× | 1.84× | ||
| Q2 25 | 1.24× | 2.66× | ||
| Q1 25 | 0.02× | 0.41× | ||
| Q4 24 | 9.99× | 1.98× | ||
| Q3 24 | 5.99× | 2.56× | ||
| Q2 24 | -1.40× | 2.40× | ||
| Q1 24 | 0.57× | 0.30× |
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
BGC
| Commissions | $590.2M | 92% |
| Data Software And Post Trade | $36.7M | 6% |
| Fees From Related Parties | $4.6M | 1% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
