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贝莱德（BLK）与SONIC AUTOMOTIVE INC（SAH）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SONIC AUTOMOTIVE INC的1.8倍（$7.0B vs $3.9B），贝莱德净利率更高（16.1% vs 1.2%，领先14.9%），贝莱德自由现金流更多（$2.1B vs $-195.6M），过去两年贝莱德的营收复合增速更高（24.5% vs 7.0%）
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。
Sonic Automotive是财富世界500强企业，总部位于北卡罗来纳州夏洛特，按营收计算是美国第五大汽车零售商。公司由O·布鲁顿·史密斯创立，1997年在纽约证券交易所完成首次公开募股。
BLK vs SAH — 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
BLK
高出14.9%
1.2%
自由现金流更多
BLK
多$2.3B
$-195.6M
两年增速更快
BLK
近两年复合增速
7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $3.9B |
| 净利润 | $1.1B | $46.9M |
| 毛利率 | — | 15.5% |
| 营业利润率 | 23.7% | 3.2% |
| 净利率 | 16.1% | 1.2% |
| 营收同比 | — | -0.6% |
| 净利润同比 | — | -20.0% |
| 每股收益（稀释后） | $7.05 | $1.39 |
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BLKSAH
| Q4 25 | $7.0B | $3.9B | ||
| Q3 25 | $6.5B | $4.0B | ||
| Q2 25 | $5.4B | $3.7B | ||
| Q1 25 | $5.3B | $3.7B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $5.2B | $3.5B | ||
| Q2 24 | $4.8B | $3.5B | ||
| Q1 24 | $4.7B | $3.4B |
净利润BLKSAH
| Q4 25 | $1.1B | $46.9M | ||
| Q3 25 | $1.3B | $46.8M | ||
| Q2 25 | $1.6B | $-45.6M | ||
| Q1 25 | $1.5B | $70.6M | ||
| Q4 24 | — | $58.6M | ||
| Q3 24 | $1.6B | $74.2M | ||
| Q2 24 | $1.5B | $41.2M | ||
| Q1 24 | $1.6B | $42.0M |
毛利率BLKSAH
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 15.5% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 15.6% | ||
| Q1 24 | — | 15.8% |
营业利润率BLKSAH
| Q4 25 | 23.7% | 3.2% | ||
| Q3 25 | 30.0% | 3.1% | ||
| Q2 25 | 31.9% | -0.6% | ||
| Q1 25 | 32.2% | 4.0% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | 38.6% | 3.3% | ||
| Q2 24 | 37.5% | 3.1% | ||
| Q1 24 | 35.8% | 3.2% |
净利率BLKSAH
| Q4 25 | 16.1% | 1.2% | ||
| Q3 25 | 20.3% | 1.2% | ||
| Q2 25 | 29.4% | -1.2% | ||
| Q1 25 | 28.6% | 1.9% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | 31.4% | 2.1% | ||
| Q2 24 | 31.1% | 1.2% | ||
| Q1 24 | 33.3% | 1.2% |
每股收益（稀释后）BLKSAH
| Q4 25 | $7.05 | $1.39 | ||
| Q3 25 | $8.43 | $1.33 | ||
| Q2 25 | $10.19 | $-1.34 | ||
| Q1 25 | $9.64 | $2.04 | ||
| Q4 24 | — | $1.67 | ||
| Q3 24 | $10.90 | $2.13 | ||
| Q2 24 | $9.99 | $1.18 | ||
| Q1 24 | $10.48 | $1.20 |
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 | $6.3M |
| 总债务越低越好 | $12.8B | $1.6B |
| 股东权益账面价值 | $55.9B | $1.1B |
| 总资产 | $170.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资BLKSAH
| Q4 25 | $11.5B | $6.3M | ||
| Q3 25 | $10.0B | $89.4M | ||
| Q2 25 | $9.5B | $110.4M | ||
| Q1 25 | $7.7B | $64.6M | ||
| Q4 24 | — | $44.0M | ||
| Q3 24 | $14.0B | $17.6M | ||
| Q2 24 | — | $67.2M | ||
| Q1 24 | — | $15.1M |
总债务BLKSAH
| Q4 25 | $12.8B | $1.6B | ||
| Q3 25 | $12.8B | $1.5B | ||
| Q2 25 | $12.8B | $1.5B | ||
| Q1 25 | $12.3B | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $12.4B | $1.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
股东权益BLKSAH
| Q4 25 | $55.9B | $1.1B | ||
| Q3 25 | $55.5B | $1.1B | ||
| Q2 25 | $49.1B | $1.0B | ||
| Q1 25 | $48.0B | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $41.2B | $1.0B | ||
| Q2 24 | $40.3B | $944.7M | ||
| Q1 24 | $39.9B | $904.4M |
总资产BLKSAH
| Q4 25 | $170.0B | $6.0B | ||
| Q3 25 | $162.7B | $6.0B | ||
| Q2 25 | $146.5B | $5.9B | ||
| Q1 25 | $141.9B | $5.9B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | $132.8B | $5.8B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $5.4B |
负债/权益比BLKSAH
| Q4 25 | 0.23× | 1.51× | ||
| Q3 25 | 0.23× | 1.39× | ||
| Q2 25 | 0.26× | 1.48× | ||
| Q1 25 | 0.26× | 1.44× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | 0.30× | 1.67× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.83× |
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 | $66.9M |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $-195.6M |
| 自由现金流率自由现金流/营收 | 30.6% | -5.1% |
| 资本支出强度资本支出/营收 | 1.9% | 6.8% |
| 现金转化率经营现金流/净利润 | 2.02× | 1.43× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $192.3M |
8季度趋势，按日历期对齐
经营现金流BLKSAH
| Q4 25 | $2.3B | $66.9M | ||
| Q3 25 | $1.4B | $167.9M | ||
| Q2 25 | $1.4B | $136.8M | ||
| Q1 25 | $-1.1B | $195.8M | ||
| Q4 24 | — | $87.7M | ||
| Q3 24 | — | $87.8M | ||
| Q2 24 | — | $-136.4M | ||
| Q1 24 | $-408.0M | $70.1M |
自由现金流BLKSAH
| Q4 25 | $2.1B | $-195.6M | ||
| Q3 25 | $1.3B | $134.4M | ||
| Q2 25 | $1.3B | $102.7M | ||
| Q1 25 | $-1.2B | $150.8M | ||
| Q4 24 | — | $-245.5M | ||
| Q3 24 | — | $34.5M | ||
| Q2 24 | — | $-185.2M | ||
| Q1 24 | $-472.0M | $26.3M |
自由现金流率BLKSAH
| Q4 25 | 30.6% | -5.1% | ||
| Q3 25 | 20.5% | 3.4% | ||
| Q2 25 | 23.5% | 2.8% | ||
| Q1 25 | -22.9% | 4.1% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | -5.4% | ||
| Q1 24 | -10.0% | 0.8% |
资本支出强度BLKSAH
| Q4 25 | 1.9% | 6.8% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | 1.6% | 0.9% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | 1.4% | 1.3% |
现金转化率BLKSAH
| Q4 25 | 2.02× | 1.43× | ||
| Q3 25 | 1.07× | 3.59× | ||
| Q2 25 | 0.86× | — | ||
| Q1 25 | -0.75× | 2.77× | ||
| Q4 24 | — | 1.50× | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | -3.31× | ||
| Q1 24 | -0.26× | 1.67× |
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% |
SAH
| Retail New Vehicles | $1.9B | 48% |
| Other | $1.2B | 31% |
| Parts Serviceand Collision Repair | $515.2M | 13% |
| Finance Insurance And Other Net | $202.2M | 5% |
| Wholesale Vehicles | $63.9M | 2% |
| Fleet New Vehicles | $24.0M | 1% |
