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贝莱德（BLK）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是贝莱德的1.7倍（$12.3B vs $7.0B），高通净利率更高（24.5% vs 16.1%，领先8.4%），高通自由现金流更多（$4.4B vs $2.1B），过去两年贝莱德的营收复合增速更高（24.5% vs 14.2%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
BLK vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.7倍
$7.0B
净利率更高
QCOM
高出8.4%
16.1%
自由现金流更多
QCOM
多$2.3B
$2.1B
两年增速更快
BLK
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $12.3B |
| 净利润 | $1.1B | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 23.7% | 27.5% |
| 净利率 | 16.1% | 24.5% |
| 营收同比 | — | 5.0% |
| 净利润同比 | — | -5.5% |
| 每股收益（稀释后） | $7.05 | $2.78 |
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BLKQCOM
| Q4 25 | $7.0B | $12.3B | ||
| Q3 25 | $6.5B | $11.3B | ||
| Q2 25 | $5.4B | $10.4B | ||
| Q1 25 | $5.3B | $11.0B | ||
| Q4 24 | — | $11.7B | ||
| Q3 24 | $5.2B | $10.2B | ||
| Q2 24 | $4.8B | $9.4B | ||
| Q1 24 | $4.7B | $9.4B |
净利润BLKQCOM
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.3B | $-3.1B | ||
| Q2 25 | $1.6B | $2.7B | ||
| Q1 25 | $1.5B | $2.8B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $1.6B | $2.9B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $1.6B | $2.3B |
毛利率BLKQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率BLKQCOM
| Q4 25 | 23.7% | 27.5% | ||
| Q3 25 | 30.0% | 25.9% | ||
| Q2 25 | 31.9% | 26.6% | ||
| Q1 25 | 32.2% | 28.4% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | 38.6% | 25.2% | ||
| Q2 24 | 37.5% | 23.6% | ||
| Q1 24 | 35.8% | 24.9% |
净利率BLKQCOM
| Q4 25 | 16.1% | 24.5% | ||
| Q3 25 | 20.3% | -27.7% | ||
| Q2 25 | 29.4% | 25.7% | ||
| Q1 25 | 28.6% | 25.6% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | 31.4% | 28.5% | ||
| Q2 24 | 31.1% | 22.7% | ||
| Q1 24 | 33.3% | 24.8% |
每股收益（稀释后）BLKQCOM
| Q4 25 | $7.05 | $2.78 | ||
| Q3 25 | $8.43 | $-2.77 | ||
| Q2 25 | $10.19 | $2.43 | ||
| Q1 25 | $9.64 | $2.52 | ||
| Q4 24 | — | $2.83 | ||
| Q3 24 | $10.90 | $2.57 | ||
| Q2 24 | $9.99 | $1.88 | ||
| Q1 24 | $10.48 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $12.8B | $14.8B |
| 股东权益账面价值 | $55.9B | $23.1B |
| 总资产 | $170.0B | $53.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资BLKQCOM
| Q4 25 | $11.5B | $11.8B | ||
| Q3 25 | $10.0B | $10.2B | ||
| Q2 25 | $9.5B | $10.0B | ||
| Q1 25 | $7.7B | $13.8B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | $14.0B | $13.3B | ||
| Q2 24 | — | $13.0B | ||
| Q1 24 | — | $13.9B |
总债务BLKQCOM
| Q4 25 | $12.8B | $14.8B | ||
| Q3 25 | $12.8B | $14.8B | ||
| Q2 25 | $12.8B | $14.8B | ||
| Q1 25 | $12.3B | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | $12.4B | $13.3B | ||
| Q2 24 | — | $13.2B | ||
| Q1 24 | — | $14.5B |
股东权益BLKQCOM
| Q4 25 | $55.9B | $23.1B | ||
| Q3 25 | $55.5B | $21.2B | ||
| Q2 25 | $49.1B | $27.2B | ||
| Q1 25 | $48.0B | $27.7B | ||
| Q4 24 | — | $26.9B | ||
| Q3 24 | $41.2B | $26.3B | ||
| Q2 24 | $40.3B | $24.7B | ||
| Q1 24 | $39.9B | $24.5B |
总资产BLKQCOM
| Q4 25 | $170.0B | $53.0B | ||
| Q3 25 | $162.7B | $50.1B | ||
| Q2 25 | $146.5B | $54.9B | ||
| Q1 25 | $141.9B | $55.4B | ||
| Q4 24 | — | $55.6B | ||
| Q3 24 | $132.8B | $55.2B | ||
| Q2 24 | — | $52.7B | ||
| Q1 24 | — | $53.2B |
负债/权益比BLKQCOM
| Q4 25 | 0.23× | 0.64× | ||
| Q3 25 | 0.23× | 0.70× | ||
| Q2 25 | 0.26× | 0.54× | ||
| Q1 25 | 0.26× | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | 0.30× | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $4.4B |
| 自由现金流率自由现金流/营收 | 30.6% | 36.0% |
| 资本支出强度资本支出/营收 | 1.9% | 4.5% |
| 现金转化率经营现金流/净利润 | 2.02× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $12.9B |
8季度趋势，按日历期对齐
经营现金流BLKQCOM
| Q4 25 | $2.3B | $5.0B | ||
| Q3 25 | $1.4B | $4.0B | ||
| Q2 25 | $1.4B | $2.9B | ||
| Q1 25 | $-1.1B | $2.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $-408.0M | $3.6B |
自由现金流BLKQCOM
| Q4 25 | $2.1B | $4.4B | ||
| Q3 25 | $1.3B | $3.6B | ||
| Q2 25 | $1.3B | $2.6B | ||
| Q1 25 | $-1.2B | $2.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $-472.0M | $3.4B |
自由现金流率BLKQCOM
| Q4 25 | 30.6% | 36.0% | ||
| Q3 25 | 20.5% | 31.8% | ||
| Q2 25 | 23.5% | 24.9% | ||
| Q1 25 | -22.9% | 21.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | -10.0% | 35.9% |
资本支出强度BLKQCOM
| Q4 25 | 1.9% | 4.5% | ||
| Q3 25 | 1.2% | 3.6% | ||
| Q2 25 | 1.6% | 2.8% | ||
| Q1 25 | 1.5% | 1.9% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | 1.4% | 2.0% |
现金转化率BLKQCOM
| Q4 25 | 2.02× | 1.65× | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 0.86× | 1.08× | ||
| Q1 25 | -0.75× | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.43× | ||
| Q1 24 | -0.26× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
