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贝莱德（BLK）与皇家加勒比集团（RCL）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皇家加勒比集团的1.6倍（$7.0B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 16.1%，领先5.3%），过去两年贝莱德的营收复合增速更高（24.5% vs 4.1%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
BLK vs RCL — 直观对比
营收规模更大
BLK
是对方的1.6倍
$4.5B
净利率更高
RCL
高出5.3%
16.1%
两年增速更快
BLK
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $4.5B |
| 净利润 | $1.1B | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 26.1% |
| 净利率 | 16.1% | 21.3% |
| 营收同比 | — | 11.3% |
| 净利润同比 | — | 29.1% |
| 每股收益（稀释后） | $7.05 | $3.48 |
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BLKRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $7.0B | $4.3B | ||
| Q3 25 | $6.5B | $5.1B | ||
| Q2 25 | $5.4B | $4.5B | ||
| Q1 25 | $5.3B | $4.0B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | $5.2B | $4.9B | ||
| Q2 24 | $4.8B | $4.1B |
净利润BLKRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $1.1B | $753.0M | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.5B | $730.0M | ||
| Q4 24 | — | $552.0M | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $854.0M |
毛利率BLKRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率BLKRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 23.7% | 21.9% | ||
| Q3 25 | 30.0% | 33.1% | ||
| Q2 25 | 31.9% | 29.3% | ||
| Q1 25 | 32.2% | 23.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 38.6% | 33.4% | ||
| Q2 24 | 37.5% | 26.7% |
净利率BLKRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 16.1% | 17.7% | ||
| Q3 25 | 20.3% | 30.6% | ||
| Q2 25 | 29.4% | 26.7% | ||
| Q1 25 | 28.6% | 18.3% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 31.4% | 22.7% | ||
| Q2 24 | 31.1% | 20.8% |
每股收益（稀释后）BLKRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $7.05 | $2.76 | ||
| Q3 25 | $8.43 | $5.74 | ||
| Q2 25 | $10.19 | $4.41 | ||
| Q1 25 | $9.64 | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | $10.90 | $4.21 | ||
| Q2 24 | $9.99 | $3.11 |
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 | $512.0M |
| 总债务越低越好 | $12.8B | $21.1B |
| 股东权益账面价值 | $55.9B | $10.0B |
| 总资产 | $170.0B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资BLKRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $11.5B | $825.0M | ||
| Q3 25 | $10.0B | $432.0M | ||
| Q2 25 | $9.5B | $735.0M | ||
| Q1 25 | $7.7B | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | $14.0B | $418.0M | ||
| Q2 24 | — | $391.0M |
总债务BLKRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $12.8B | $18.2B | ||
| Q3 25 | $12.8B | $17.2B | ||
| Q2 25 | $12.8B | $17.6B | ||
| Q1 25 | $12.3B | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | $12.4B | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益BLKRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $55.9B | $10.0B | ||
| Q3 25 | $55.5B | $10.1B | ||
| Q2 25 | $49.1B | $9.2B | ||
| Q1 25 | $48.0B | $8.0B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | $41.2B | $7.0B | ||
| Q2 24 | $40.3B | $6.0B |
总资产BLKRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $170.0B | $41.6B | ||
| Q3 25 | $162.7B | $40.1B | ||
| Q2 25 | $146.5B | $38.5B | ||
| Q1 25 | $141.9B | $37.5B | ||
| Q4 24 | — | $37.1B | ||
| Q3 24 | $132.8B | $37.1B | ||
| Q2 24 | — | $37.0B |
负债/权益比BLKRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.23× | 1.81× | ||
| Q3 25 | 0.23× | 1.70× | ||
| Q2 25 | 0.26× | 1.92× | ||
| Q1 25 | 0.26× | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 0.30× | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | — |
| 自由现金流率自由现金流/营收 | 30.6% | — |
| 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× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $3.6B | — |
8季度趋势，按日历期对齐
经营现金流BLKRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $2.3B | $1.6B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $-1.1B | $1.6B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $897.0M | ||
| Q2 24 | — | $1.6B |
自由现金流BLKRCL
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $116.0M | ||
| Q3 25 | $1.3B | $-989.0M | ||
| Q2 25 | $1.3B | $910.0M | ||
| Q1 25 | $-1.2B | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
自由现金流率BLKRCL
| Q1 26 | — | — | ||
| Q4 25 | 30.6% | 2.7% | ||
| Q3 25 | 20.5% | -19.2% | ||
| Q2 25 | 23.5% | 20.1% | ||
| Q1 25 | -22.9% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
资本支出强度BLKRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 35.4% | ||
| Q3 25 | 1.2% | 47.8% | ||
| Q2 25 | 1.6% | 18.4% | ||
| Q1 25 | 1.5% | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
现金转化率BLKRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 2.02× | 2.16× | ||
| Q3 25 | 1.07× | 0.93× | ||
| Q2 25 | 0.86× | 1.44× | ||
| Q1 25 | -0.75× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
