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贝莱德（BLK）与再生元制药（REGN）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再生元制药的1.8倍（$7.0B vs $3.9B），再生元制药净利率更高（21.7% vs 16.1%，领先5.7%），贝莱德自由现金流更多（$2.1B vs $922.0M），过去两年贝莱德的营收复合增速更高（24.5% vs 11.1%）
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。
再生元制药是一家总部位于美国纽约州韦斯特切斯特县的生物技术企业，成立于1988年。公司最初围绕神经营养因子及其再生能力开展研究，这也是其名称的由来，后续业务逐步拓展至细胞因子与酪氨酸激酶受体领域，首款产品为VEGF陷阱类药物。
BLK vs REGN — 直观对比
营收规模更大
BLK
是对方的1.8倍
$3.9B
净利率更高
REGN
高出5.7%
16.1%
自由现金流更多
BLK
多$1.2B
$922.0M
两年增速更快
BLK
近两年复合增速
11.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $3.9B |
| 净利润 | $1.1B | $844.6M |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 22.7% |
| 净利率 | 16.1% | 21.7% |
| 营收同比 | — | 2.5% |
| 净利润同比 | — | -8.0% |
| 每股收益（稀释后） | $7.05 | $7.78 |
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BLKREGN
| Q4 25 | $7.0B | $3.9B | ||
| Q3 25 | $6.5B | $3.8B | ||
| Q2 25 | $5.4B | $3.7B | ||
| Q1 25 | $5.3B | $3.0B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | $5.2B | $3.7B | ||
| Q2 24 | $4.8B | $3.5B | ||
| Q1 24 | $4.7B | $3.1B |
净利润BLKREGN
| Q4 25 | $1.1B | $844.6M | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.5B | $808.7M | ||
| Q4 24 | — | $917.7M | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.4B | ||
| Q1 24 | $1.6B | $722.0M |
营业利润率BLKREGN
| Q4 25 | 23.7% | 22.7% | ||
| Q3 25 | 30.0% | 27.3% | ||
| Q2 25 | 31.9% | 29.4% | ||
| Q1 25 | 32.2% | 19.5% | ||
| Q4 24 | — | 26.1% | ||
| Q3 24 | 38.6% | 31.7% | ||
| Q2 24 | 37.5% | 30.2% | ||
| Q1 24 | 35.8% | 23.9% |
净利率BLKREGN
| Q4 25 | 16.1% | 21.7% | ||
| Q3 25 | 20.3% | 38.9% | ||
| Q2 25 | 29.4% | 37.9% | ||
| Q1 25 | 28.6% | 26.7% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | 31.4% | 36.0% | ||
| Q2 24 | 31.1% | 40.4% | ||
| Q1 24 | 33.3% | 23.0% |
每股收益（稀释后）BLKREGN
| Q4 25 | $7.05 | $7.78 | ||
| Q3 25 | $8.43 | $13.62 | ||
| Q2 25 | $10.19 | $12.81 | ||
| Q1 25 | $9.64 | $7.27 | ||
| Q4 24 | — | $8.12 | ||
| Q3 24 | $10.90 | $11.54 | ||
| Q2 24 | $9.99 | $12.41 | ||
| Q1 24 | $10.48 | $6.27 |
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 | $8.6B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $55.9B | $31.3B |
| 总资产 | $170.0B | $40.6B |
| 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BLKREGN
| Q4 25 | $11.5B | $8.6B | ||
| Q3 25 | $10.0B | $8.4B | ||
| Q2 25 | $9.5B | $7.5B | ||
| Q1 25 | $7.7B | $8.3B | ||
| Q4 24 | — | $9.0B | ||
| Q3 24 | $14.0B | $9.8B | ||
| Q2 24 | — | $9.8B | ||
| Q1 24 | — | $10.5B |
总债务BLKREGN
| 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BLKREGN
| Q4 25 | $55.9B | $31.3B | ||
| Q3 25 | $55.5B | $31.0B | ||
| Q2 25 | $49.1B | $29.9B | ||
| Q1 25 | $48.0B | $29.4B | ||
| Q4 24 | — | $29.4B | ||
| Q3 24 | $41.2B | $29.3B | ||
| Q2 24 | $40.3B | $28.2B | ||
| Q1 24 | $39.9B | $27.0B |
总资产BLKREGN
| Q4 25 | $170.0B | $40.6B | ||
| Q3 25 | $162.7B | $40.2B | ||
| Q2 25 | $146.5B | $38.2B | ||
| Q1 25 | $141.9B | $37.5B | ||
| Q4 24 | — | $37.8B | ||
| Q3 24 | $132.8B | $37.4B | ||
| Q2 24 | — | $36.1B | ||
| Q1 24 | — | $34.4B |
负债/权益比BLKREGN
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $922.0M |
| 自由现金流率自由现金流/营收 | 30.6% | 23.7% |
| 资本支出强度资本支出/营收 | 1.9% | 6.4% |
| 现金转化率经营现金流/净利润 | 2.02× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $4.1B |
8季度趋势，按日历期对齐
经营现金流BLKREGN
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $-1.1B | $1.0B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $354.0M | ||
| Q1 24 | $-408.0M | $1.5B |
自由现金流BLKREGN
| Q4 25 | $2.1B | $922.0M | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $925.4M | ||
| Q1 25 | $-1.2B | $815.8M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $173.5M | ||
| Q1 24 | $-472.0M | $1.4B |
自由现金流率BLKREGN
| Q4 25 | 30.6% | 23.7% | ||
| Q3 25 | 20.5% | 37.8% | ||
| Q2 25 | 23.5% | 25.2% | ||
| Q1 25 | -22.9% | 26.9% | ||
| Q4 24 | — | 28.1% | ||
| Q3 24 | — | 28.2% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | -10.0% | 43.8% |
资本支出强度BLKREGN
| Q4 25 | 1.9% | 6.4% | ||
| Q3 25 | 1.2% | 5.4% | ||
| Q2 25 | 1.6% | 6.0% | ||
| Q1 25 | 1.5% | 7.6% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | 1.4% | 4.3% |
现金转化率BLKREGN
| Q4 25 | 2.02× | 1.39× | ||
| Q3 25 | 1.07× | 1.11× | ||
| Q2 25 | 0.86× | 0.82× | ||
| Q1 25 | -0.75× | 1.29× | ||
| Q4 24 | — | 1.38× | ||
| Q3 24 | — | 0.96× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | -0.26× | 2.09× |
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% |
REGN
暂无分部数据
