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黑石集团（BX）与科迪华（CTVA）财务数据对比。点击上方公司名可切换其他公司
科迪华的季度营收约是黑石集团的1.2倍（$3.9B vs $3.3B），黑石集团净利率更高（36.7% vs -14.1%，领先50.9%），科迪华同比增速更快（-1.7% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs -6.7%）
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。
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
BX vs CTVA — 直观对比
营收规模更大
CTVA
是对方的1.2倍
$3.3B
营收增速更快
CTVA
高出76.0%
-77.7%
净利率更高
BX
高出50.9%
-14.1%
两年增速更快
BX
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.9B |
| 净利润 | $1.2B | $-552.0M |
| 毛利率 | — | 42.4% |
| 营业利润率 | — | -13.6% |
| 净利率 | 36.7% | -14.1% |
| 营收同比 | -77.7% | -1.7% |
| 净利润同比 | -76.1% | -1246.3% |
| 每股收益（稀释后） | $0.80 | $-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BXCTVA
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $3.9B | ||
| Q3 25 | $3.1B | $2.6B | ||
| Q2 25 | $3.7B | $6.5B | ||
| Q1 25 | $3.3B | $4.4B | ||
| Q4 24 | $3.1B | $4.0B | ||
| Q3 24 | $3.7B | $2.3B | ||
| Q2 24 | $2.8B | $6.1B |
净利润BXCTVA
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $-552.0M | ||
| Q3 25 | $624.9M | $-320.0M | ||
| Q2 25 | $764.2M | $1.3B | ||
| Q1 25 | $614.9M | $652.0M | ||
| Q4 24 | $703.9M | $-41.0M | ||
| Q3 24 | $780.8M | $-524.0M | ||
| Q2 24 | $444.4M | $1.1B |
毛利率BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | — | 42.4% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 54.6% | ||
| Q1 25 | — | 47.0% | ||
| Q4 24 | — | 37.3% | ||
| Q3 24 | — | 32.7% | ||
| Q2 24 | — | 52.3% |
营业利润率BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | -13.6% | ||
| Q3 25 | 46.8% | -14.1% | ||
| Q2 25 | 51.6% | 27.9% | ||
| Q1 25 | 44.2% | 17.7% | ||
| Q4 24 | 50.6% | 2.2% | ||
| Q3 24 | 49.4% | -27.2% | ||
| Q2 24 | 43.2% | 21.9% |
净利率BXCTVA
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | -14.1% | ||
| Q3 25 | 20.2% | -12.2% | ||
| Q2 25 | 20.6% | 20.4% | ||
| Q1 25 | 18.7% | 14.8% | ||
| Q4 24 | 22.8% | -1.0% | ||
| Q3 24 | 21.3% | -22.5% | ||
| Q2 24 | 15.9% | 17.2% |
每股收益（稀释后）BXCTVA
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $-0.80 | ||
| Q3 25 | $0.80 | $-0.47 | ||
| Q2 25 | $0.98 | $1.92 | ||
| Q1 25 | $0.80 | $0.95 | ||
| Q4 24 | $0.91 | $-0.05 | ||
| Q3 24 | $1.02 | $-0.76 | ||
| Q2 24 | $0.58 | $1.51 |
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 | $4.5B |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $18.5B | $24.1B |
| 总资产 | $45.3B | $42.8B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资BXCTVA
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $4.5B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $2.2B | $2.1B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $2.0B | $3.2B | ||
| Q3 24 | $2.4B | $2.5B | ||
| Q2 24 | $2.4B | $2.0B |
总债务BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $1.7B | ||
| Q3 25 | $12.1B | $1.7B | ||
| Q2 25 | $12.1B | $1.7B | ||
| Q1 25 | $12.6B | $1.8B | ||
| Q4 24 | $11.5B | $2.0B | ||
| Q3 24 | $10.9B | $2.0B | ||
| Q2 24 | $10.8B | $2.5B |
股东权益BXCTVA
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $24.1B | ||
| Q3 25 | $8.4B | $25.2B | ||
| Q2 25 | $8.4B | $25.9B | ||
| Q1 25 | $8.0B | $24.3B | ||
| Q4 24 | $8.2B | $23.8B | ||
| Q3 24 | $7.0B | $24.7B | ||
| Q2 24 | $6.8B | $25.2B |
总资产BXCTVA
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $42.8B | ||
| Q3 25 | $46.6B | $42.2B | ||
| Q2 25 | $45.4B | $41.8B | ||
| Q1 25 | $45.3B | $42.1B | ||
| Q4 24 | $43.5B | $40.8B | ||
| Q3 24 | $42.6B | $41.9B | ||
| Q2 24 | $40.6B | $41.5B |
负债/权益比BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 0.07× | ||
| Q3 25 | 1.44× | 0.07× | ||
| Q2 25 | 1.45× | 0.07× | ||
| Q1 25 | 1.58× | 0.07× | ||
| Q4 24 | 1.40× | 0.08× | ||
| Q3 24 | 1.55× | 0.08× | ||
| Q2 24 | 1.58× | 0.10× |
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 | — | $4.4B |
| 自由现金流经营现金流 - 资本支出 | — | $4.2B |
| 自由现金流率自由现金流/营收 | — | 106.2% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $2.8B |
8季度趋势，按日历期对齐
经营现金流BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $1.6B | $193.0M | ||
| Q2 25 | $888.5M | $947.0M | ||
| Q1 25 | $1.1B | $-2.1B | ||
| Q4 24 | $161.4M | $4.2B | ||
| Q3 24 | $1.2B | $130.0M | ||
| Q2 24 | $1.2B | $451.0M |
自由现金流BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $4.2B | ||
| Q3 25 | $1.6B | $36.0M | ||
| Q2 25 | $848.4M | $829.0M | ||
| Q1 25 | $1.1B | $-2.2B | ||
| Q4 24 | $149.5M | $4.0B | ||
| Q3 24 | $1.2B | $-24.0M | ||
| Q2 24 | $1.1B | $337.0M |
自由现金流率BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 106.2% | ||
| Q3 25 | 51.0% | 1.4% | ||
| Q2 25 | 22.9% | 12.8% | ||
| Q1 25 | 32.8% | -49.9% | ||
| Q4 24 | 4.9% | 100.4% | ||
| Q3 24 | 32.8% | -1.0% | ||
| Q2 24 | 41.0% | 5.5% |
资本支出强度BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 5.7% | ||
| Q3 25 | 0.8% | 6.0% | ||
| Q2 25 | 1.1% | 1.8% | ||
| Q1 25 | 0.9% | 2.1% | ||
| Q4 24 | 0.4% | 4.6% | ||
| Q3 24 | 0.5% | 6.6% | ||
| Q2 24 | 0.4% | 1.9% |
现金转化率BXCTVA
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.16× | 0.72× | ||
| Q1 25 | 1.80× | -3.23× | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 2.61× | 0.43× |
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% |
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
