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贝莱德（BLK）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是贝莱德的1.2倍（$8.7B vs $7.0B），贝宝净利率更高（16.6% vs 16.1%，领先0.5%），贝宝自由现金流更多（$2.2B vs $2.1B），过去两年贝莱德的营收复合增速更高（24.5% vs 6.2%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
BLK vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.2倍
$7.0B
净利率更高
PYPL
高出0.5%
16.1%
自由现金流更多
PYPL
多$43.0M
$2.1B
两年增速更快
BLK
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $8.7B |
| 净利润 | $1.1B | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 17.4% |
| 净利率 | 16.1% | 16.6% |
| 营收同比 | — | 3.7% |
| 净利润同比 | — | 28.2% |
| 每股收益（稀释后） | $7.05 | $1.53 |
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BLKPYPL
| Q4 25 | $7.0B | $8.7B | ||
| Q3 25 | $6.5B | $8.4B | ||
| Q2 25 | $5.4B | $8.3B | ||
| Q1 25 | $5.3B | $7.8B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $5.2B | $7.8B | ||
| Q2 24 | $4.8B | $7.9B | ||
| Q1 24 | $4.7B | $7.7B |
净利润BLKPYPL
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.6B | $888.0M |
营业利润率BLKPYPL
| Q4 25 | 23.7% | 17.4% | ||
| Q3 25 | 30.0% | 18.1% | ||
| Q2 25 | 31.9% | 18.1% | ||
| Q1 25 | 32.2% | 19.6% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | 38.6% | 17.7% | ||
| Q2 24 | 37.5% | 16.8% | ||
| Q1 24 | 35.8% | 15.2% |
净利率BLKPYPL
| Q4 25 | 16.1% | 16.6% | ||
| Q3 25 | 20.3% | 14.8% | ||
| Q2 25 | 29.4% | 15.2% | ||
| Q1 25 | 28.6% | 16.5% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 31.4% | 12.9% | ||
| Q2 24 | 31.1% | 14.3% | ||
| Q1 24 | 33.3% | 11.5% |
每股收益（稀释后）BLKPYPL
| Q4 25 | $7.05 | $1.53 | ||
| Q3 25 | $8.43 | $1.30 | ||
| Q2 25 | $10.19 | $1.29 | ||
| Q1 25 | $9.64 | $1.29 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | $10.90 | $0.99 | ||
| Q2 24 | $9.99 | $1.08 | ||
| Q1 24 | $10.48 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $55.9B | $20.3B |
| 总资产 | $170.0B | $80.2B |
| 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BLKPYPL
| Q4 25 | $11.5B | $10.4B | ||
| Q3 25 | $10.0B | $10.8B | ||
| Q2 25 | $9.5B | $10.0B | ||
| Q1 25 | $7.7B | $11.2B | ||
| Q4 24 | — | $10.8B | ||
| Q3 24 | $14.0B | $11.9B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | — | $14.3B |
总债务BLKPYPL
| 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BLKPYPL
| Q4 25 | $55.9B | $20.3B | ||
| Q3 25 | $55.5B | $20.2B | ||
| Q2 25 | $49.1B | $20.2B | ||
| Q1 25 | $48.0B | $20.3B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $41.2B | $20.2B | ||
| Q2 24 | $40.3B | $20.6B | ||
| Q1 24 | $39.9B | $20.7B |
总资产BLKPYPL
| Q4 25 | $170.0B | $80.2B | ||
| Q3 25 | $162.7B | $79.8B | ||
| Q2 25 | $146.5B | $79.8B | ||
| Q1 25 | $141.9B | $81.3B | ||
| Q4 24 | — | $81.6B | ||
| Q3 24 | $132.8B | $83.5B | ||
| Q2 24 | — | $84.0B | ||
| Q1 24 | — | $83.3B |
负债/权益比BLKPYPL
| 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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $2.2B |
| 自由现金流率自由现金流/营收 | 30.6% | 25.2% |
| 资本支出强度资本支出/营收 | 1.9% | 2.2% |
| 现金转化率经营现金流/净利润 | 2.02× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $5.6B |
8季度趋势，按日历期对齐
经营现金流BLKPYPL
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $1.4B | $898.0M | ||
| Q1 25 | $-1.1B | $1.2B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | $-408.0M | $1.9B |
自由现金流BLKPYPL
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $692.0M | ||
| Q1 25 | $-1.2B | $964.0M | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | $-472.0M | $1.8B |
自由现金流率BLKPYPL
| Q4 25 | 30.6% | 25.2% | ||
| Q3 25 | 20.5% | 20.4% | ||
| Q2 25 | 23.5% | 8.3% | ||
| Q1 25 | -22.9% | 12.4% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | -10.0% | 22.9% |
资本支出强度BLKPYPL
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | 1.2% | 3.0% | ||
| Q2 25 | 1.6% | 2.5% | ||
| Q1 25 | 1.5% | 2.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | 1.4% | 2.0% |
现金转化率BLKPYPL
| Q4 25 | 2.02× | 1.66× | ||
| Q3 25 | 1.07× | 1.58× | ||
| Q2 25 | 0.86× | 0.71× | ||
| Q1 25 | -0.75× | 0.90× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | -0.26× | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
