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黑石集团（BX）与加拿大国家铁路（CP）财务数据对比。点击上方公司名可切换其他公司
黑石集团的季度营收约是加拿大国家铁路的1.2倍（$3.3B vs $2.8B），黑石集团净利率更高（36.7% vs 27.7%，领先9.1%），加拿大国家铁路同比增速更快（1.3% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs 5.6%）
黑石集团是总部位于美国纽约的另类资产管理机构，1985年由曾共同任职于雷曼兄弟的彼得·彼得森和斯蒂芬·施瓦茨曼创立，最初主营并购咨询业务。过去三十年间，其私募股权业务是全球最大的杠杆收购投资方之一，地产业务也在全球积极布局商业不动产投资。
加拿大国家铁路是加拿大一级货运铁路企业，总部位于魁北克省蒙特利尔市，业务覆盖加拿大全境及美国中西部、南部区域，是加拿大两大主力货运铁路运营商之一，与加拿大太平洋堪萨斯城铁路公司齐名。
BX vs CP — 直观对比
营收规模更大
BX
是对方的1.2倍
$2.8B
营收增速更快
CP
高出79.0%
-77.7%
净利率更高
BX
高出9.1%
27.7%
两年增速更快
BX
近两年复合增速
5.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.8B |
| 净利润 | $1.2B | $786.2M |
| 毛利率 | — | — |
| 营业利润率 | — | 41.4% |
| 净利率 | 36.7% | 27.7% |
| 营收同比 | -77.7% | 1.3% |
| 净利润同比 | -76.1% | -10.3% |
| 每股收益（稀释后） | $0.80 | — |
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BXCP
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.8B | ||
| Q3 25 | $3.1B | $2.7B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.7B | $2.6B | ||
| Q2 24 | $2.8B | $2.6B |
净利润BXCP
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $786.2M | ||
| Q3 25 | $624.9M | $671.6M | ||
| Q2 25 | $764.2M | $900.8M | ||
| Q1 25 | $614.9M | $664.3M | ||
| Q4 24 | $703.9M | $876.7M | ||
| Q3 24 | $780.8M | $611.0M | ||
| Q2 24 | $444.4M | $660.6M |
营业利润率BXCP
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 41.4% | ||
| Q3 25 | 46.8% | 36.8% | ||
| Q2 25 | 51.6% | 36.6% | ||
| Q1 25 | 44.2% | 35.0% | ||
| Q4 24 | 50.6% | 40.6% | ||
| Q3 24 | 49.4% | 34.3% | ||
| Q2 24 | 43.2% | 35.4% |
净利率BXCP
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 27.7% | ||
| Q3 25 | 20.2% | 25.3% | ||
| Q2 25 | 20.6% | 33.6% | ||
| Q1 25 | 18.7% | 24.2% | ||
| Q4 24 | 22.8% | 31.2% | ||
| Q3 24 | 21.3% | 23.9% | ||
| Q2 24 | 15.9% | 25.3% |
每股收益（稀释后）BXCP
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | — | ||
| Q3 25 | $0.80 | — | ||
| Q2 25 | $0.98 | — | ||
| Q1 25 | $0.80 | — | ||
| Q4 24 | $0.91 | — | ||
| Q3 24 | $1.02 | — | ||
| Q2 24 | $0.58 | — |
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 | $2.4B | $134.3M |
| 总债务越低越好 | — | $14.6B |
| 股东权益账面价值 | $18.5B | $33.5B |
| 总资产 | $45.3B | $62.7B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资BXCP
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $134.3M | ||
| Q3 25 | $2.4B | $300.0M | ||
| Q2 25 | $2.2B | $583.3M | ||
| Q1 25 | $2.4B | $507.4M | ||
| Q4 24 | $2.0B | $539.5M | ||
| Q3 24 | $2.4B | $338.0M | ||
| Q2 24 | $2.4B | $406.6M |
总债务BXCP
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $14.6B | ||
| Q3 25 | $12.1B | $15.8B | ||
| Q2 25 | $12.1B | $15.5B | ||
| Q1 25 | $12.6B | $15.4B | ||
| Q4 24 | $11.5B | $14.5B | ||
| Q3 24 | $10.9B | $13.7B | ||
| Q2 24 | $10.8B | $13.8B |
股东权益BXCP
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $33.5B | ||
| Q3 25 | $8.4B | $33.4B | ||
| Q2 25 | $8.4B | $33.7B | ||
| Q1 25 | $8.0B | $35.2B | ||
| Q4 24 | $8.2B | $35.0B | ||
| Q3 24 | $7.0B | $32.2B | ||
| Q2 24 | $6.8B | $32.0B |
总资产BXCP
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $62.7B | ||
| Q3 25 | $46.6B | $63.3B | ||
| Q2 25 | $45.4B | $62.2B | ||
| Q1 25 | $45.3B | $64.3B | ||
| Q4 24 | $43.5B | $64.1B | ||
| Q3 24 | $42.6B | $60.0B | ||
| Q2 24 | $40.6B | $60.4B |
负债/权益比BXCP
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 0.43× | ||
| Q3 25 | 1.44× | 0.47× | ||
| Q2 25 | 1.45× | 0.46× | ||
| Q1 25 | 1.58× | 0.44× | ||
| Q4 24 | 1.40× | 0.41× | ||
| Q3 24 | 1.55× | 0.42× | ||
| Q2 24 | 1.58× | 0.43× |
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 | — | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $537.3M |
| 自由现金流率自由现金流/营收 | — | 18.9% |
| 资本支出强度资本支出/营收 | — | 20.2% |
| 现金转化率经营现金流/净利润 | — | 1.42× |
| 过去12个月自由现金流最近4个季度 | — | $1.6B |
8季度趋势，按日历期对齐
经营现金流BXCP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.6B | $930.0M | ||
| Q2 25 | $888.5M | $989.1M | ||
| Q1 25 | $1.1B | $843.9M | ||
| Q4 24 | $161.4M | $1.2B | ||
| Q3 24 | $1.2B | $928.6M | ||
| Q2 24 | $1.2B | $932.9M |
自由现金流BXCP
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $537.3M | ||
| Q3 25 | $1.6B | $302.2M | ||
| Q2 25 | $848.4M | $446.8M | ||
| Q1 25 | $1.1B | $324.9M | ||
| Q4 24 | $149.5M | $702.3M | ||
| Q3 24 | $1.2B | $382.5M | ||
| Q2 24 | $1.1B | $343.1M |
自由现金流率BXCP
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 18.9% | ||
| Q3 25 | 51.0% | 11.4% | ||
| Q2 25 | 22.9% | 16.7% | ||
| Q1 25 | 32.8% | 11.8% | ||
| Q4 24 | 4.9% | 25.0% | ||
| Q3 24 | 32.8% | 15.0% | ||
| Q2 24 | 41.0% | 13.1% |
资本支出强度BXCP
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 20.2% | ||
| Q3 25 | 0.8% | 23.7% | ||
| Q2 25 | 1.1% | 20.2% | ||
| Q1 25 | 0.9% | 18.9% | ||
| Q4 24 | 0.4% | 19.3% | ||
| Q3 24 | 0.5% | 21.4% | ||
| Q2 24 | 0.4% | 22.6% |
现金转化率BXCP
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 1.42× | ||
| Q3 25 | 2.56× | 1.38× | ||
| Q2 25 | 1.16× | 1.10× | ||
| Q1 25 | 1.80× | 1.27× | ||
| Q4 24 | 0.23× | 1.42× | ||
| Q3 24 | 1.56× | 1.52× | ||
| Q2 24 | 2.61× | 1.41× |
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
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
CP
暂无分部数据
