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贝莱德（BLK）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是贝莱德的1.3倍（$8.8B vs $7.0B），万事达卡净利率更高（46.1% vs 16.1%，领先30.0%），万事达卡自由现金流更多（$4.9B vs $2.1B），过去两年贝莱德的营收复合增速更高（24.5% vs 17.8%）
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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
BLK vs MA — 直观对比
营收规模更大
MA
是对方的1.3倍
$7.0B
净利率更高
MA
高出30.0%
16.1%
自由现金流更多
MA
多$2.7B
$2.1B
两年增速更快
BLK
近两年复合增速
17.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $8.8B |
| 净利润 | $1.1B | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 55.8% |
| 净利率 | 16.1% | 46.1% |
| 营收同比 | — | 17.6% |
| 净利润同比 | — | 21.5% |
| 每股收益（稀释后） | $7.05 | $4.52 |
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BLKMA
| Q4 25 | $7.0B | $8.8B | ||
| Q3 25 | $6.5B | $8.6B | ||
| Q2 25 | $5.4B | $8.1B | ||
| Q1 25 | $5.3B | $7.3B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $5.2B | $7.4B | ||
| Q2 24 | $4.8B | $7.0B | ||
| Q1 24 | $4.7B | $6.3B |
净利润BLKMA
| Q4 25 | $1.1B | $4.1B | ||
| Q3 25 | $1.3B | $3.9B | ||
| Q2 25 | $1.6B | $3.7B | ||
| Q1 25 | $1.5B | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $1.6B | $3.3B | ||
| Q2 24 | $1.5B | $3.3B | ||
| Q1 24 | $1.6B | $3.0B |
营业利润率BLKMA
| Q4 25 | 23.7% | 55.8% | ||
| Q3 25 | 30.0% | 58.8% | ||
| Q2 25 | 31.9% | 58.7% | ||
| Q1 25 | 32.2% | 57.2% | ||
| Q4 24 | — | 52.6% | ||
| Q3 24 | 38.6% | 54.3% | ||
| Q2 24 | 37.5% | 58.0% | ||
| Q1 24 | 35.8% | 56.8% |
净利率BLKMA
| Q4 25 | 16.1% | 46.1% | ||
| Q3 25 | 20.3% | 45.7% | ||
| Q2 25 | 29.4% | 45.5% | ||
| Q1 25 | 28.6% | 45.2% | ||
| Q4 24 | — | 44.6% | ||
| Q3 24 | 31.4% | 44.3% | ||
| Q2 24 | 31.1% | 46.8% | ||
| Q1 24 | 33.3% | 47.4% |
每股收益（稀释后）BLKMA
| Q4 25 | $7.05 | $4.52 | ||
| Q3 25 | $8.43 | $4.34 | ||
| Q2 25 | $10.19 | $4.07 | ||
| Q1 25 | $9.64 | $3.59 | ||
| Q4 24 | — | $3.64 | ||
| Q3 24 | $10.90 | $3.53 | ||
| Q2 24 | $9.99 | $3.50 | ||
| Q1 24 | $10.48 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $55.9B | $7.7B |
| 总资产 | $170.0B | $54.2B |
| 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BLKMA
| Q4 25 | $11.5B | $10.6B | ||
| Q3 25 | $10.0B | $10.3B | ||
| Q2 25 | $9.5B | $9.0B | ||
| Q1 25 | $7.7B | $7.6B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $14.0B | $11.1B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | — | $7.3B |
总债务BLKMA
| 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BLKMA
| Q4 25 | $55.9B | $7.7B | ||
| Q3 25 | $55.5B | $7.9B | ||
| Q2 25 | $49.1B | $7.9B | ||
| Q1 25 | $48.0B | $6.7B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | $41.2B | $7.4B | ||
| Q2 24 | $40.3B | $7.4B | ||
| Q1 24 | $39.9B | $7.2B |
总资产BLKMA
| Q4 25 | $170.0B | $54.2B | ||
| Q3 25 | $162.7B | $53.3B | ||
| Q2 25 | $146.5B | $51.4B | ||
| Q1 25 | $141.9B | $48.5B | ||
| Q4 24 | — | $48.1B | ||
| Q3 24 | $132.8B | $47.2B | ||
| Q2 24 | — | $42.3B | ||
| Q1 24 | — | $42.6B |
负债/权益比BLKMA
| 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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $4.9B |
| 自由现金流率自由现金流/营收 | 30.6% | 55.5% |
| 资本支出强度资本支出/营收 | 1.9% | 1.3% |
| 现金转化率经营现金流/净利润 | 2.02× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $17.2B |
8季度趋势，按日历期对齐
经营现金流BLKMA
| Q4 25 | $2.3B | $5.0B | ||
| Q3 25 | $1.4B | $5.7B | ||
| Q2 25 | $1.4B | $4.6B | ||
| Q1 25 | $-1.1B | $2.4B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $-408.0M | $1.7B |
自由现金流BLKMA
| Q4 25 | $2.1B | $4.9B | ||
| Q3 25 | $1.3B | $5.5B | ||
| Q2 25 | $1.3B | $4.6B | ||
| Q1 25 | $-1.2B | $2.2B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | $-472.0M | $1.5B |
自由现金流率BLKMA
| Q4 25 | 30.6% | 55.5% | ||
| Q3 25 | 20.5% | 63.8% | ||
| Q2 25 | 23.5% | 56.1% | ||
| Q1 25 | -22.9% | 30.6% | ||
| Q4 24 | — | 63.3% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 43.4% | ||
| Q1 24 | -10.0% | 23.9% |
资本支出强度BLKMA
| Q4 25 | 1.9% | 1.3% | ||
| Q3 25 | 1.2% | 2.1% | ||
| Q2 25 | 1.6% | 0.5% | ||
| Q1 25 | 1.5% | 2.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | 1.4% | 2.5% |
现金转化率BLKMA
| Q4 25 | 2.02× | 1.23× | ||
| Q3 25 | 1.07× | 1.44× | ||
| Q2 25 | 0.86× | 1.24× | ||
| Q1 25 | -0.75× | 0.73× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | -0.26× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
