vs
贝莱德（BLK）与南方铜业（SCCO）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南方铜业的1.8倍（$7.0B vs $3.9B），南方铜业净利率更高（33.9% vs 16.1%，领先17.8%），贝莱德自由现金流更多（$2.1B vs $1.1B），过去两年贝莱德的营收复合增速更高（24.5% vs 22.0%）
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。
南方铜业注册地为美国特拉华州，总部位于亚利桑那州凤凰城，在秘鲁、墨西哥两地持有多座铜矿、冶炼厂及精炼厂，旗下拥有夸霍内、托克帕拉、布埃纳维斯塔等知名矿山。2024年公司铜产量达21亿磅，同时产出银、钼、锌等多种金属。
BLK vs SCCO — 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
SCCO
高出17.8%
16.1%
自由现金流更多
BLK
多$1.1B
$1.1B
两年增速更快
BLK
近两年复合增速
22.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $3.9B |
| 净利润 | $1.1B | $1.3B |
| 毛利率 | — | 62.0% |
| 营业利润率 | 23.7% | 54.5% |
| 净利率 | 16.1% | 33.9% |
| 营收同比 | — | 39.0% |
| 净利润同比 | — | 64.7% |
| 每股收益（稀释后） | $7.05 | $1.49 |
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BLKSCCO
| Q4 25 | $7.0B | $3.9B | ||
| Q3 25 | $6.5B | $3.4B | ||
| Q2 25 | $5.4B | $3.1B | ||
| Q1 25 | $5.3B | $3.1B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $5.2B | $2.9B | ||
| Q2 24 | $4.8B | $3.1B | ||
| Q1 24 | $4.7B | $2.6B |
净利润BLKSCCO
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.6B | $976.7M | ||
| Q1 25 | $1.5B | $949.1M | ||
| Q4 24 | — | $796.2M | ||
| Q3 24 | $1.6B | $899.8M | ||
| Q2 24 | $1.5B | $953.8M | ||
| Q1 24 | $1.6B | $738.8M |
毛利率BLKSCCO
| Q4 25 | — | 62.0% | ||
| Q3 25 | — | 59.8% | ||
| Q2 25 | — | 60.3% | ||
| Q1 25 | — | 57.7% | ||
| Q4 24 | — | 56.5% | ||
| Q3 24 | — | 58.3% | ||
| Q2 24 | — | 59.9% | ||
| Q1 24 | — | 55.5% |
营业利润率BLKSCCO
| Q4 25 | 23.7% | 54.5% | ||
| Q3 25 | 30.0% | 52.4% | ||
| Q2 25 | 31.9% | 52.0% | ||
| Q1 25 | 32.2% | 49.2% | ||
| Q4 24 | — | 47.0% | ||
| Q3 24 | 38.6% | 49.5% | ||
| Q2 24 | 37.5% | 51.5% | ||
| Q1 24 | 35.8% | 45.8% |
净利率BLKSCCO
| Q4 25 | 16.1% | 33.9% | ||
| Q3 25 | 20.3% | 32.9% | ||
| Q2 25 | 29.4% | 32.0% | ||
| Q1 25 | 28.6% | 30.4% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | 31.4% | 30.7% | ||
| Q2 24 | 31.1% | 30.6% | ||
| Q1 24 | 33.3% | 28.4% |
每股收益（稀释后）BLKSCCO
| Q4 25 | $7.05 | $1.49 | ||
| Q3 25 | $8.43 | $1.35 | ||
| Q2 25 | $10.19 | $1.21 | ||
| Q1 25 | $9.64 | $1.19 | ||
| Q4 24 | — | $1.02 | ||
| Q3 24 | $10.90 | $1.15 | ||
| Q2 24 | $9.99 | $1.22 | ||
| Q1 24 | $10.48 | $0.95 |
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 | $4.9B |
| 总债务越低越好 | $12.8B | $6.8B |
| 股东权益账面价值 | $55.9B | $11.0B |
| 总资产 | $170.0B | $21.4B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.61× |
8季度趋势，按日历期对齐
现金及短期投资BLKSCCO
| Q4 25 | $11.5B | $4.9B | ||
| Q3 25 | $10.0B | $4.5B | ||
| Q2 25 | $9.5B | $4.0B | ||
| Q1 25 | $7.7B | $4.3B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | $14.0B | $3.0B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $1.6B |
总债务BLKSCCO
| Q4 25 | $12.8B | $6.8B | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.3B |
股东权益BLKSCCO
| Q4 25 | $55.9B | $11.0B | ||
| Q3 25 | $55.5B | $10.4B | ||
| Q2 25 | $49.1B | $10.0B | ||
| Q1 25 | $48.0B | $9.6B | ||
| Q4 24 | — | $9.2B | ||
| Q3 24 | $41.2B | $8.9B | ||
| Q2 24 | $40.3B | $8.5B | ||
| Q1 24 | $39.9B | $7.5B |
总资产BLKSCCO
| Q4 25 | $170.0B | $21.4B | ||
| Q3 25 | $162.7B | $20.3B | ||
| Q2 25 | $146.5B | $19.6B | ||
| Q1 25 | $141.9B | $19.8B | ||
| Q4 24 | — | $18.7B | ||
| Q3 24 | $132.8B | $18.4B | ||
| Q2 24 | — | $17.8B | ||
| Q1 24 | — | $16.8B |
负债/权益比BLKSCCO
| Q4 25 | 0.23× | 0.61× | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | — | 0.74× | ||
| Q1 24 | — | 0.83× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $1.1B |
| 自由现金流率自由现金流/营收 | 30.6% | 27.7% |
| 资本支出强度资本支出/营收 | 1.9% | 10.9% |
| 现金转化率经营现金流/净利润 | 2.02× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $3.4B |
8季度趋势，按日历期对齐
经营现金流BLKSCCO
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.4B | $976.8M | ||
| Q1 25 | $-1.1B | $721.4M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $962.1M | ||
| Q1 24 | $-408.0M | $659.7M |
自由现金流BLKSCCO
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $741.1M | ||
| Q1 25 | $-1.2B | $403.6M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $630.3M | ||
| Q1 24 | $-472.0M | $445.9M |
自由现金流率BLKSCCO
| Q4 25 | 30.6% | 27.7% | ||
| Q3 25 | 20.5% | 35.8% | ||
| Q2 25 | 23.5% | 24.3% | ||
| Q1 25 | -22.9% | 12.9% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 40.7% | ||
| Q2 24 | — | 20.2% | ||
| Q1 24 | -10.0% | 17.2% |
资本支出强度BLKSCCO
| Q4 25 | 1.9% | 10.9% | ||
| Q3 25 | 1.2% | 10.3% | ||
| Q2 25 | 1.6% | 7.7% | ||
| Q1 25 | 1.5% | 10.2% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | — | 10.6% | ||
| Q1 24 | 1.4% | 8.2% |
现金转化率BLKSCCO
| Q4 25 | 2.02× | 1.14× | ||
| Q3 25 | 1.07× | 1.40× | ||
| Q2 25 | 0.86× | 1.00× | ||
| Q1 25 | -0.75× | 0.76× | ||
| Q4 24 | — | 1.71× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | -0.26× | 0.89× |
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% |
SCCO
| Other | $1.3B | 32% |
| MX | $726.4M | 19% |
| CH | $560.4M | 14% |
| PE | $218.8M | 6% |
| Silver | $201.1M | 5% |
| BR | $157.9M | 4% |
| CL | $149.0M | 4% |
| Molybdenum | $143.3M | 4% |
| ES | $130.8M | 3% |
| Mexican IMMSA Unit | $129.8M | 3% |
| IT | $107.1M | 3% |
| Zinc | $88.8M | 2% |
