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贝莱德（BLK）与PLAINS GP HOLDINGS LP（PAGP）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是贝莱德的1.4倍（$10.0B vs $7.0B），贝莱德净利率更高（16.1% vs 0.6%，领先15.5%），贝莱德自由现金流更多（$2.1B vs $636.0M），过去两年贝莱德的营收复合增速更高（24.5% vs -8.6%）
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。
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
BLK vs PAGP — 直观对比
营收规模更大
PAGP
是对方的1.4倍
$7.0B
净利率更高
BLK
高出15.5%
0.6%
自由现金流更多
BLK
多$1.5B
$636.0M
两年增速更快
BLK
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $10.0B |
| 净利润 | $1.1B | $63.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 23.7% | 1.8% |
| 净利率 | 16.1% | 0.6% |
| 营收同比 | — | -19.1% |
| 净利润同比 | — | 672.7% |
| 每股收益（稀释后） | $7.05 | — |
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BLKPAGP
| Q4 25 | $7.0B | $10.0B | ||
| Q3 25 | $6.5B | $11.6B | ||
| Q2 25 | $5.4B | $10.6B | ||
| Q1 25 | $5.3B | $12.0B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | $5.2B | $12.7B | ||
| Q2 24 | $4.8B | $12.9B | ||
| Q1 24 | $4.7B | $12.0B |
净利润BLKPAGP
| Q4 25 | $1.1B | $63.0M | ||
| Q3 25 | $1.3B | $83.0M | ||
| Q2 25 | $1.6B | $30.0M | ||
| Q1 25 | $1.5B | $84.0M | ||
| Q4 24 | — | $-11.0M | ||
| Q3 24 | $1.6B | $33.0M | ||
| Q2 24 | $1.5B | $39.0M | ||
| Q1 24 | $1.6B | $42.0M |
毛利率BLKPAGP
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 9.0% |
营业利润率BLKPAGP
| Q4 25 | 23.7% | 1.8% | ||
| Q3 25 | 30.0% | 4.2% | ||
| Q2 25 | 31.9% | 2.2% | ||
| Q1 25 | 32.2% | 4.4% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 38.6% | 2.7% | ||
| Q2 24 | 37.5% | 2.9% | ||
| Q1 24 | 35.8% | 3.1% |
净利率BLKPAGP
| Q4 25 | 16.1% | 0.6% | ||
| Q3 25 | 20.3% | 0.7% | ||
| Q2 25 | 29.4% | 0.3% | ||
| Q1 25 | 28.6% | 0.7% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | 31.4% | 0.3% | ||
| Q2 24 | 31.1% | 0.3% | ||
| Q1 24 | 33.3% | 0.4% |
每股收益（稀释后）BLKPAGP
| Q4 25 | $7.05 | — | ||
| Q3 25 | $8.43 | — | ||
| Q2 25 | $10.19 | — | ||
| Q1 25 | $9.64 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $10.90 | — | ||
| Q2 24 | $9.99 | — | ||
| Q1 24 | $10.48 | — |
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 | $329.0M |
| 总债务越低越好 | $12.8B | $10.7B |
| 股东权益账面价值 | $55.9B | — |
| 总资产 | $170.0B | $31.3B |
| 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BLKPAGP
| Q4 25 | $11.5B | $329.0M | ||
| Q3 25 | $10.0B | $1.2B | ||
| Q2 25 | $9.5B | $460.0M | ||
| Q1 25 | $7.7B | $429.0M | ||
| Q4 24 | — | $349.0M | ||
| Q3 24 | $14.0B | $641.0M | ||
| Q2 24 | — | $556.0M | ||
| Q1 24 | — | $334.0M |
总债务BLKPAGP
| Q4 25 | $12.8B | $10.7B | ||
| Q3 25 | $12.8B | $8.4B | ||
| Q2 25 | $12.8B | $8.2B | ||
| Q1 25 | $12.3B | $8.2B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | $12.4B | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
股东权益BLKPAGP
| Q4 25 | $55.9B | — | ||
| Q3 25 | $55.5B | — | ||
| Q2 25 | $49.1B | — | ||
| Q1 25 | $48.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $41.2B | — | ||
| Q2 24 | $40.3B | — | ||
| Q1 24 | $39.9B | — |
总资产BLKPAGP
| Q4 25 | $170.0B | $31.3B | ||
| Q3 25 | $162.7B | $29.3B | ||
| Q2 25 | $146.5B | $28.3B | ||
| Q1 25 | $141.9B | $28.3B | ||
| Q4 24 | — | $27.8B | ||
| Q3 24 | $132.8B | $28.4B | ||
| Q2 24 | — | $28.7B | ||
| Q1 24 | — | $28.6B |
负债/权益比BLKPAGP
| 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 | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $636.0M |
| 自由现金流率自由现金流/营收 | 30.6% | 6.3% |
| 资本支出强度资本支出/营收 | 1.9% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.02× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $2.3B |
8季度趋势，按日历期对齐
经营现金流BLKPAGP
| Q4 25 | $2.3B | $784.0M | ||
| Q3 25 | $1.4B | $817.0M | ||
| Q2 25 | $1.4B | $692.0M | ||
| Q1 25 | $-1.1B | $638.0M | ||
| Q4 24 | — | $726.0M | ||
| Q3 24 | — | $688.0M | ||
| Q2 24 | — | $652.0M | ||
| Q1 24 | $-408.0M | $418.0M |
自由现金流BLKPAGP
| Q4 25 | $2.1B | $636.0M | ||
| Q3 25 | $1.3B | $632.0M | ||
| Q2 25 | $1.3B | $573.0M | ||
| Q1 25 | $-1.2B | $447.0M | ||
| Q4 24 | — | $560.0M | ||
| Q3 24 | — | $531.0M | ||
| Q2 24 | — | $513.0M | ||
| Q1 24 | $-472.0M | $261.0M |
自由现金流率BLKPAGP
| Q4 25 | 30.6% | 6.3% | ||
| Q3 25 | 20.5% | 5.5% | ||
| Q2 25 | 23.5% | 5.4% | ||
| Q1 25 | -22.9% | 3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | -10.0% | 2.2% |
资本支出强度BLKPAGP
| Q4 25 | 1.9% | 1.5% | ||
| Q3 25 | 1.2% | 1.6% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | 1.4% | 1.3% |
现金转化率BLKPAGP
| Q4 25 | 2.02× | 12.44× | ||
| Q3 25 | 1.07× | 9.84× | ||
| Q2 25 | 0.86× | 23.07× | ||
| Q1 25 | -0.75× | 7.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 20.85× | ||
| Q2 24 | — | 16.72× | ||
| Q1 24 | -0.26× | 9.95× |
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% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
