vs
贝莱德（BLK）与Block, Inc.（XYZ）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Block, Inc.的1.1倍（$7.0B vs $6.3B），贝莱德净利率更高（16.1% vs 1.9%，领先14.2%），贝莱德自由现金流更多（$2.1B vs $579.8M），过去两年贝莱德的营收复合增速更高（24.5% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
BLK vs XYZ — 直观对比
营收规模更大
BLK
是对方的1.1倍
$6.3B
净利率更高
BLK
高出14.2%
1.9%
自由现金流更多
BLK
多$1.6B
$579.8M
两年增速更快
BLK
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $6.3B |
| 净利润 | $1.1B | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 23.7% | 7.8% |
| 净利率 | 16.1% | 1.9% |
| 营收同比 | — | 3.6% |
| 净利润同比 | — | -94.1% |
| 每股收益（稀释后） | $7.05 | $0.19 |
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BLKXYZ
| Q4 25 | $7.0B | $6.3B | ||
| Q3 25 | $6.5B | $6.1B | ||
| Q2 25 | $5.4B | $6.1B | ||
| Q1 25 | $5.3B | $5.8B | ||
| Q4 24 | — | $6.0B | ||
| Q3 24 | $5.2B | $6.0B | ||
| Q2 24 | $4.8B | $6.2B | ||
| Q1 24 | $4.7B | $6.0B |
净利润BLKXYZ
| Q4 25 | $1.1B | $115.8M | ||
| Q3 25 | $1.3B | $461.5M | ||
| Q2 25 | $1.6B | $538.5M | ||
| Q1 25 | $1.5B | $189.9M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $1.6B | $283.8M | ||
| Q2 24 | $1.5B | $195.3M | ||
| Q1 24 | $1.6B | $472.0M |
毛利率BLKXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
营业利润率BLKXYZ
| Q4 25 | 23.7% | 7.8% | ||
| Q3 25 | 30.0% | 6.7% | ||
| Q2 25 | 31.9% | 8.0% | ||
| Q1 25 | 32.2% | 5.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 38.6% | 5.4% | ||
| Q2 24 | 37.5% | 5.0% | ||
| Q1 24 | 35.8% | 4.2% |
净利率BLKXYZ
| Q4 25 | 16.1% | 1.9% | ||
| Q3 25 | 20.3% | 7.5% | ||
| Q2 25 | 29.4% | 8.9% | ||
| Q1 25 | 28.6% | 3.3% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | 31.4% | 4.7% | ||
| Q2 24 | 31.1% | 3.2% | ||
| Q1 24 | 33.3% | 7.9% |
每股收益（稀释后）BLKXYZ
| Q4 25 | $7.05 | $0.19 | ||
| Q3 25 | $8.43 | $0.74 | ||
| Q2 25 | $10.19 | $0.87 | ||
| Q1 25 | $9.64 | $0.30 | ||
| Q4 24 | — | $3.06 | ||
| Q3 24 | $10.90 | $0.45 | ||
| Q2 24 | $9.99 | $0.31 | ||
| Q1 24 | $10.48 | $0.74 |
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 | $6.6B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $55.9B | $22.2B |
| 总资产 | $170.0B | $39.5B |
| 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BLKXYZ
| Q4 25 | $11.5B | $6.6B | ||
| Q3 25 | $10.0B | $8.3B | ||
| Q2 25 | $9.5B | $6.4B | ||
| Q1 25 | $7.7B | $7.1B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | $14.0B | $8.3B | ||
| Q2 24 | — | $7.8B | ||
| Q1 24 | — | $5.8B |
总债务BLKXYZ
| Q4 25 | $12.8B | — | ||
| Q3 25 | $12.8B | $7.3B | ||
| Q2 25 | $12.8B | $5.1B | ||
| Q1 25 | $12.3B | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | $12.4B | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益BLKXYZ
| Q4 25 | $55.9B | $22.2B | ||
| Q3 25 | $55.5B | $22.5B | ||
| Q2 25 | $49.1B | $22.2B | ||
| Q1 25 | $48.0B | $21.5B | ||
| Q4 24 | — | $21.3B | ||
| Q3 24 | $41.2B | $19.9B | ||
| Q2 24 | $40.3B | $19.3B | ||
| Q1 24 | $39.9B | $19.0B |
总资产BLKXYZ
| Q4 25 | $170.0B | $39.5B | ||
| Q3 25 | $162.7B | $39.2B | ||
| Q2 25 | $146.5B | $36.9B | ||
| Q1 25 | $141.9B | $36.4B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | $132.8B | $36.4B | ||
| Q2 24 | — | $37.5B | ||
| Q1 24 | — | $35.6B |
负债/权益比BLKXYZ
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.23× | 0.32× | ||
| Q2 25 | 0.26× | 0.23× | ||
| Q1 25 | 0.26× | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | 0.30× | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $579.8M |
| 自由现金流率自由现金流/营收 | 30.6% | 9.3% |
| 资本支出强度资本支出/营收 | 1.9% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.02× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $2.4B |
8季度趋势，按日历期对齐
经营现金流BLKXYZ
| Q4 25 | $2.3B | $621.0M | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $374.3M | ||
| Q1 25 | $-1.1B | $133.3M | ||
| Q4 24 | — | $13.8M | ||
| Q3 24 | — | $684.8M | ||
| Q2 24 | — | $519.4M | ||
| Q1 24 | $-408.0M | $489.4M |
自由现金流BLKXYZ
| Q4 25 | $2.1B | $579.8M | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $343.0M | ||
| Q1 25 | $-1.2B | $101.5M | ||
| Q4 24 | — | $-13.2M | ||
| Q3 24 | — | $628.2M | ||
| Q2 24 | — | $481.0M | ||
| Q1 24 | $-472.0M | $457.4M |
自由现金流率BLKXYZ
| Q4 25 | 30.6% | 9.3% | ||
| Q3 25 | 20.5% | 22.9% | ||
| Q2 25 | 23.5% | 5.7% | ||
| Q1 25 | -22.9% | 1.8% | ||
| Q4 24 | — | -0.2% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | -10.0% | 7.7% |
资本支出强度BLKXYZ
| Q4 25 | 1.9% | 0.7% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | 1.6% | 0.5% | ||
| Q1 25 | 1.5% | 0.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | 1.4% | 0.5% |
现金转化率BLKXYZ
| Q4 25 | 2.02× | 5.36× | ||
| Q3 25 | 1.07× | 3.14× | ||
| Q2 25 | 0.86× | 0.70× | ||
| Q1 25 | -0.75× | 0.70× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | — | 2.66× | ||
| Q1 24 | -0.26× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
