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贝莱德（BLK）与ServiceNow（NOW）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ServiceNow的1.9倍（$7.0B vs $3.8B），贝莱德净利率更高（16.1% vs 12.4%，领先3.6%），贝莱德自由现金流更多（$2.1B vs $1.7B），过去两年贝莱德的营收复合增速更高（24.5% vs 19.8%）
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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
BLK vs NOW — 直观对比
营收规模更大
BLK
是对方的1.9倍
$3.8B
净利率更高
BLK
高出3.6%
12.4%
自由现金流更多
BLK
多$482.0M
$1.7B
两年增速更快
BLK
近两年复合增速
19.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $3.8B |
| 净利润 | $1.1B | $469.0M |
| 毛利率 | — | 75.1% |
| 营业利润率 | 23.7% | 13.3% |
| 净利率 | 16.1% | 12.4% |
| 营收同比 | — | 2.8% |
| 净利润同比 | — | -53.7% |
| 每股收益（稀释后） | $7.05 | $1.04 |
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BLKNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $7.0B | $3.6B | ||
| Q3 25 | $6.5B | $3.4B | ||
| Q2 25 | $5.4B | $3.2B | ||
| Q1 25 | $5.3B | $3.1B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $5.2B | $2.8B | ||
| Q2 24 | $4.8B | $2.6B |
净利润BLKNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $1.1B | $401.0M | ||
| Q3 25 | $1.3B | $502.0M | ||
| Q2 25 | $1.6B | $385.0M | ||
| Q1 25 | $1.5B | $460.0M | ||
| Q4 24 | — | $384.0M | ||
| Q3 24 | $1.6B | $432.0M | ||
| Q2 24 | $1.5B | $262.0M |
毛利率BLKNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 79.0% |
营业利润率BLKNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 23.7% | 12.4% | ||
| Q3 25 | 30.0% | 16.8% | ||
| Q2 25 | 31.9% | 11.1% | ||
| Q1 25 | 32.2% | 14.6% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 38.6% | 14.9% | ||
| Q2 24 | 37.5% | 9.1% |
净利率BLKNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 16.1% | 11.2% | ||
| Q3 25 | 20.3% | 14.7% | ||
| Q2 25 | 29.4% | 12.0% | ||
| Q1 25 | 28.6% | 14.9% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | 31.4% | 15.4% | ||
| Q2 24 | 31.1% | 10.0% |
每股收益（稀释后）BLKNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $7.05 | $-4.77 | ||
| Q3 25 | $8.43 | $2.40 | ||
| Q2 25 | $10.19 | $1.84 | ||
| Q1 25 | $9.64 | $2.20 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | $10.90 | $2.07 | ||
| Q2 24 | $9.99 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $55.9B | $11.7B |
| 总资产 | $170.0B | $24.4B |
| 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BLKNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $11.5B | $3.7B | ||
| Q3 25 | $10.0B | $2.7B | ||
| Q2 25 | $9.5B | $3.1B | ||
| Q1 25 | $7.7B | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $14.0B | $1.9B | ||
| Q2 24 | — | $2.2B |
总债务BLKNOW
| Q1 26 | — | — | ||
| Q4 25 | $12.8B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | — | — |
股东权益BLKNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $55.9B | $13.0B | ||
| Q3 25 | $55.5B | $11.3B | ||
| Q2 25 | $49.1B | $10.9B | ||
| Q1 25 | $48.0B | $10.1B | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | $41.2B | $9.3B | ||
| Q2 24 | $40.3B | $8.7B |
总资产BLKNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $170.0B | $26.0B | ||
| Q3 25 | $162.7B | $21.8B | ||
| Q2 25 | $146.5B | $22.1B | ||
| Q1 25 | $141.9B | $21.0B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $132.8B | $18.4B | ||
| Q2 24 | — | $18.2B |
负债/权益比BLKNOW
| Q1 26 | — | — | ||
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $1.7B |
| 自由现金流率自由现金流/营收 | 30.6% | 44.2% |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 2.02× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $4.8B |
8季度趋势，按日历期对齐
经营现金流BLKNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $1.4B | $813.0M | ||
| Q2 25 | $1.4B | $716.0M | ||
| Q1 25 | $-1.1B | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $671.0M | ||
| Q2 24 | — | $620.0M |
自由现金流BLKNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.1B | $2.0B | ||
| Q3 25 | $1.3B | $578.0M | ||
| Q2 25 | $1.3B | $526.0M | ||
| Q1 25 | $-1.2B | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $469.0M | ||
| Q2 24 | — | $358.0M |
自由现金流率BLKNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 30.6% | 56.1% | ||
| Q3 25 | 20.5% | 17.0% | ||
| Q2 25 | 23.5% | 16.4% | ||
| Q1 25 | -22.9% | 47.7% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 13.6% |
资本支出强度BLKNOW
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 6.7% | ||
| Q3 25 | 1.2% | 6.9% | ||
| Q2 25 | 1.6% | 5.9% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 10.0% |
现金转化率BLKNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 2.02× | 5.58× | ||
| Q3 25 | 1.07× | 1.62× | ||
| Q2 25 | 0.86× | 1.86× | ||
| Q1 25 | -0.75× | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
