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贝莱德（BLK）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是贝莱德的1.6倍（$11.2B vs $7.0B），维萨净利率更高（53.4% vs 16.1%，领先37.3%），过去两年贝莱德的营收复合增速更高（24.5% vs 12.3%）
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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
BLK vs V — 直观对比
营收规模更大
V
是对方的1.6倍
$7.0B
净利率更高
V
高出37.3%
16.1%
两年增速更快
BLK
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $11.2B |
| 净利润 | $1.1B | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 64.4% |
| 净利率 | 16.1% | 53.4% |
| 营收同比 | — | 17.0% |
| 净利润同比 | — | 32.0% |
| 每股收益（稀释后） | $7.05 | — |
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BLKV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $7.0B | $10.9B | ||
| Q3 25 | $6.5B | $10.7B | ||
| Q2 25 | $5.4B | $10.2B | ||
| Q1 25 | $5.3B | $9.6B | ||
| Q4 24 | — | $9.5B | ||
| Q3 24 | $5.2B | $9.6B | ||
| Q2 24 | $4.8B | $8.9B |
净利润BLKV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $1.1B | $5.9B | ||
| Q3 25 | $1.3B | $5.1B | ||
| Q2 25 | $1.6B | $5.3B | ||
| Q1 25 | $1.5B | $4.6B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $1.6B | $5.3B | ||
| Q2 24 | $1.5B | $4.9B |
营业利润率BLKV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 23.7% | 61.8% | ||
| Q3 25 | 30.0% | 57.3% | ||
| Q2 25 | 31.9% | 60.7% | ||
| Q1 25 | 32.2% | 56.6% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | 38.6% | 66.0% | ||
| Q2 24 | 37.5% | 66.7% |
净利率BLKV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 16.1% | 53.7% | ||
| Q3 25 | 20.3% | 47.5% | ||
| Q2 25 | 29.4% | 51.8% | ||
| Q1 25 | 28.6% | 47.7% | ||
| Q4 24 | — | 53.8% | ||
| Q3 24 | 31.4% | 55.3% | ||
| Q2 24 | 31.1% | 54.7% |
每股收益（稀释后）BLKV
| Q2 26 | — | — | ||
| Q4 25 | $7.05 | — | ||
| Q3 25 | $8.43 | — | ||
| Q2 25 | $10.19 | — | ||
| Q1 25 | $9.64 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $10.90 | — | ||
| Q2 24 | $9.99 | — |
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 | $12.4B |
| 总债务越低越好 | $12.8B | $22.4B |
| 股东权益账面价值 | $55.9B | $35.7B |
| 总资产 | $170.0B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资BLKV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $11.5B | $14.8B | ||
| Q3 25 | $10.0B | $17.2B | ||
| Q2 25 | $9.5B | $17.1B | ||
| Q1 25 | $7.7B | $11.7B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | $14.0B | $12.0B | ||
| Q2 24 | — | $12.9B |
总债务BLKV
| Q2 26 | — | $22.4B | ||
| Q4 25 | $12.8B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | — | — |
股东权益BLKV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $55.9B | $38.8B | ||
| Q3 25 | $55.5B | $37.9B | ||
| Q2 25 | $49.1B | $38.7B | ||
| Q1 25 | $48.0B | $38.0B | ||
| Q4 24 | — | $38.3B | ||
| Q3 24 | $41.2B | $39.1B | ||
| Q2 24 | $40.3B | $39.7B |
总资产BLKV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $170.0B | $96.8B | ||
| Q3 25 | $162.7B | $99.6B | ||
| Q2 25 | $146.5B | $100.0B | ||
| Q1 25 | $141.9B | $92.9B | ||
| Q4 24 | — | $91.9B | ||
| Q3 24 | $132.8B | $94.5B | ||
| Q2 24 | — | $91.0B |
负债/权益比BLKV
| Q2 26 | — | 0.63× | ||
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 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 | — |
| 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× | — |
| 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BLKV
| Q2 26 | — | — | ||
| Q4 25 | $2.3B | $6.8B | ||
| Q3 25 | $1.4B | $6.2B | ||
| Q2 25 | $1.4B | $6.7B | ||
| Q1 25 | $-1.1B | $4.7B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $5.1B |
自由现金流BLKV
| Q2 26 | — | — | ||
| Q4 25 | $2.1B | $6.4B | ||
| Q3 25 | $1.3B | $5.8B | ||
| Q2 25 | $1.3B | $6.3B | ||
| Q1 25 | $-1.2B | $4.4B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $4.7B |
自由现金流率BLKV
| Q2 26 | — | — | ||
| Q4 25 | 30.6% | 58.7% | ||
| Q3 25 | 20.5% | 54.5% | ||
| Q2 25 | 23.5% | 62.0% | ||
| Q1 25 | -22.9% | 45.5% | ||
| Q4 24 | — | 53.1% | ||
| Q3 24 | — | 66.1% | ||
| Q2 24 | — | 53.2% |
资本支出强度BLKV
| Q2 26 | — | — | ||
| Q4 25 | 1.9% | 3.5% | ||
| Q3 25 | 1.2% | 3.6% | ||
| Q2 25 | 1.6% | 4.1% | ||
| Q1 25 | 1.5% | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.5% |
现金转化率BLKV
| Q2 26 | — | — | ||
| Q4 25 | 2.02× | 1.16× | ||
| Q3 25 | 1.07× | 1.23× | ||
| Q2 25 | 0.86× | 1.28× | ||
| Q1 25 | -0.75× | 1.03× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 1.05× |
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% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
