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贝莱德（BLK）与福陆（FLR）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福陆的1.7倍（$7.0B vs $4.2B），贝莱德净利率更高（16.1% vs -37.7%，领先53.8%），贝莱德自由现金流更多（$2.1B vs $-378.0M），过去两年贝莱德的营收复合增速更高（24.5% vs 5.7%）
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。
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
BLK vs FLR — 直观对比
营收规模更大
BLK
是对方的1.7倍
$4.2B
净利率更高
BLK
高出53.8%
-37.7%
自由现金流更多
BLK
多$2.5B
$-378.0M
两年增速更快
BLK
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $4.2B |
| 净利润 | $1.1B | $-1.6B |
| 毛利率 | — | 3.2% |
| 营业利润率 | 23.7% | 1.3% |
| 净利率 | 16.1% | -37.7% |
| 营收同比 | — | -2.0% |
| 净利润同比 | — | -184.4% |
| 每股收益（稀释后） | $7.05 | $-9.40 |
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BLKFLR
| Q4 25 | $7.0B | $4.2B | ||
| Q3 25 | $6.5B | $3.4B | ||
| Q2 25 | $5.4B | $4.0B | ||
| Q1 25 | $5.3B | $4.0B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | $5.2B | $4.1B | ||
| Q2 24 | $4.8B | $4.2B | ||
| Q1 24 | $4.7B | $3.7B |
净利润BLKFLR
| Q4 25 | $1.1B | $-1.6B | ||
| Q3 25 | $1.3B | $-697.0M | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $1.5B | $-241.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $1.6B | $54.0M | ||
| Q2 24 | $1.5B | $169.0M | ||
| Q1 24 | $1.6B | $59.0M |
毛利率BLKFLR
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | -13.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 4.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 2.7% |
营业利润率BLKFLR
| Q4 25 | 23.7% | 1.3% | ||
| Q3 25 | 30.0% | -14.7% | ||
| Q2 25 | 31.9% | -0.7% | ||
| Q1 25 | 32.2% | 2.3% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | 38.6% | 1.2% | ||
| Q2 24 | 37.5% | 4.2% | ||
| Q1 24 | 35.8% | 1.4% |
净利率BLKFLR
| Q4 25 | 16.1% | -37.7% | ||
| Q3 25 | 20.3% | -20.7% | ||
| Q2 25 | 29.4% | 61.8% | ||
| Q1 25 | 28.6% | -6.1% | ||
| Q4 24 | — | 43.7% | ||
| Q3 24 | 31.4% | 1.3% | ||
| Q2 24 | 31.1% | 4.0% | ||
| Q1 24 | 33.3% | 1.6% |
每股收益（稀释后）BLKFLR
| Q4 25 | $7.05 | $-9.40 | ||
| Q3 25 | $8.43 | $-4.30 | ||
| Q2 25 | $10.19 | $14.81 | ||
| Q1 25 | $9.64 | $-1.42 | ||
| Q4 24 | — | $10.68 | ||
| Q3 24 | $10.90 | $0.31 | ||
| Q2 24 | $9.99 | $0.97 | ||
| Q1 24 | $10.48 | $0.34 |
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 | $11.5B | $2.2B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $55.9B | $3.2B |
| 总资产 | $170.0B | $8.2B |
| 负债/权益比越低杠杆越低 | 0.23× | — |
8季度趋势，按日历期对齐
现金及短期投资BLKFLR
| Q4 25 | $11.5B | $2.2B | ||
| Q3 25 | $10.0B | $2.8B | ||
| Q2 25 | $9.5B | $2.3B | ||
| Q1 25 | $7.7B | $2.5B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $14.0B | $3.0B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.4B |
总债务BLKFLR
| Q4 25 | $12.8B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BLKFLR
| Q4 25 | $55.9B | $3.2B | ||
| Q3 25 | $55.5B | $5.2B | ||
| Q2 25 | $49.1B | $5.9B | ||
| Q1 25 | $48.0B | $3.6B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $41.2B | $2.3B | ||
| Q2 24 | $40.3B | $2.1B | ||
| Q1 24 | $39.9B | $2.0B |
总资产BLKFLR
| Q4 25 | $170.0B | $8.2B | ||
| Q3 25 | $162.7B | $11.5B | ||
| Q2 25 | $146.5B | $11.8B | ||
| Q1 25 | $141.9B | $8.4B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | $132.8B | $7.1B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.7B |
负债/权益比BLKFLR
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $2.3B | $-366.0M |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $-378.0M |
| 自由现金流率自由现金流/营收 | 30.6% | -9.1% |
| 资本支出强度资本支出/营收 | 1.9% | 0.3% |
| 现金转化率经营现金流/净利润 | 2.02× | — |
| 过去12个月自由现金流最近4个季度 | $3.6B | $-437.0M |
8季度趋势，按日历期对齐
经营现金流BLKFLR
| Q4 25 | $2.3B | $-366.0M | ||
| Q3 25 | $1.4B | $286.0M | ||
| Q2 25 | $1.4B | $-21.0M | ||
| Q1 25 | $-1.1B | $-286.0M | ||
| Q4 24 | — | $327.0M | ||
| Q3 24 | — | $330.0M | ||
| Q2 24 | — | $282.0M | ||
| Q1 24 | $-408.0M | $-111.0M |
自由现金流BLKFLR
| Q4 25 | $2.1B | $-378.0M | ||
| Q3 25 | $1.3B | $273.0M | ||
| Q2 25 | $1.3B | $-35.0M | ||
| Q1 25 | $-1.2B | $-297.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $279.0M | ||
| Q2 24 | — | $234.0M | ||
| Q1 24 | $-472.0M | $-145.0M |
自由现金流率BLKFLR
| Q4 25 | 30.6% | -9.1% | ||
| Q3 25 | 20.5% | 8.1% | ||
| Q2 25 | 23.5% | -0.9% | ||
| Q1 25 | -22.9% | -7.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | -10.0% | -3.9% |
资本支出强度BLKFLR
| Q4 25 | 1.9% | 0.3% | ||
| Q3 25 | 1.2% | 0.4% | ||
| Q2 25 | 1.6% | 0.4% | ||
| Q1 25 | 1.5% | 0.3% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | 1.4% | 0.9% |
现金转化率BLKFLR
| Q4 25 | 2.02× | — | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 0.86× | -0.01× | ||
| Q1 25 | -0.75× | — | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 6.11× | ||
| Q2 24 | — | 1.67× | ||
| Q1 24 | -0.26× | -1.88× |
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
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% |
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
