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黑石集团（BX）与Delek US Holdings, Inc.（DK）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Delek US Holdings, Inc.的1.4倍（$3.3B vs $2.4B），黑石集团净利率更高（36.7% vs 3.2%，领先33.5%），Delek US Holdings, Inc.同比增速更快（2.3% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs -11.9%）
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。
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
BX vs DK — 直观对比
营收规模更大
BX
是对方的1.4倍
$2.4B
营收增速更快
DK
高出80.1%
-77.7%
净利率更高
BX
高出33.5%
3.2%
两年增速更快
BX
近两年复合增速
-11.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.4B |
| 净利润 | $1.2B | $78.3M |
| 毛利率 | — | 9.3% |
| 营业利润率 | — | 6.8% |
| 净利率 | 36.7% | 3.2% |
| 营收同比 | -77.7% | 2.3% |
| 净利润同比 | -76.1% | 118.9% |
| 每股收益（稀释后） | $0.80 | $1.23 |
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BXDK
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.4B | ||
| Q3 25 | $3.1B | $2.9B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.3B | $2.6B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $3.7B | $3.0B | ||
| Q2 24 | $2.8B | $3.3B |
净利润BXDK
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $78.3M | ||
| Q3 25 | $624.9M | $178.0M | ||
| Q2 25 | $764.2M | $-106.4M | ||
| Q1 25 | $614.9M | $-172.7M | ||
| Q4 24 | $703.9M | $-413.8M | ||
| Q3 24 | $780.8M | $-76.8M | ||
| Q2 24 | $444.4M | $-37.2M |
毛利率BXDK
| Q1 26 | — | — | ||
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 13.8% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | -5.7% | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | 0.5% |
营业利润率BXDK
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 6.8% | ||
| Q3 25 | 46.8% | 10.2% | ||
| Q2 25 | 51.6% | -1.2% | ||
| Q1 25 | 44.2% | -4.8% | ||
| Q4 24 | 50.6% | -17.0% | ||
| Q3 24 | 49.4% | -4.0% | ||
| Q2 24 | 43.2% | 0.1% |
净利率BXDK
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 3.2% | ||
| Q3 25 | 20.2% | 6.2% | ||
| Q2 25 | 20.6% | -3.8% | ||
| Q1 25 | 18.7% | -6.5% | ||
| Q4 24 | 22.8% | -17.4% | ||
| Q3 24 | 21.3% | -2.5% | ||
| Q2 24 | 15.9% | -1.1% |
每股收益（稀释后）BXDK
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $1.23 | ||
| Q3 25 | $0.80 | $2.93 | ||
| Q2 25 | $0.98 | $-1.76 | ||
| Q1 25 | $0.80 | $-2.78 | ||
| Q4 24 | $0.91 | $-6.48 | ||
| Q3 24 | $1.02 | $-1.20 | ||
| Q2 24 | $0.58 | $-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 | $625.8M |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $18.5B | $547.3M |
| 总资产 | $45.3B | $6.8B |
| 负债/权益比越低杠杆越低 | — | 5.91× |
8季度趋势，按日历期对齐
现金及短期投资BXDK
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $625.8M | ||
| Q3 25 | $2.4B | $630.9M | ||
| Q2 25 | $2.2B | $615.5M | ||
| Q1 25 | $2.4B | $623.8M | ||
| Q4 24 | $2.0B | $735.6M | ||
| Q3 24 | $2.4B | $1.0B | ||
| Q2 24 | $2.4B | $657.9M |
总债务BXDK
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $3.2B | ||
| Q3 25 | $12.1B | $3.2B | ||
| Q2 25 | $12.1B | $3.1B | ||
| Q1 25 | $12.6B | $3.0B | ||
| Q4 24 | $11.5B | $2.8B | ||
| Q3 24 | $10.9B | $2.8B | ||
| Q2 24 | $10.8B | $2.5B |
股东权益BXDK
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $547.3M | ||
| Q3 25 | $8.4B | $444.8M | ||
| Q2 25 | $8.4B | $294.9M | ||
| Q1 25 | $8.0B | $429.4M | ||
| Q4 24 | $8.2B | $575.2M | ||
| Q3 24 | $7.0B | $875.4M | ||
| Q2 24 | $6.8B | $982.8M |
总资产BXDK
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $6.8B | ||
| Q3 25 | $46.6B | $7.1B | ||
| Q2 25 | $45.4B | $7.1B | ||
| Q1 25 | $45.3B | $6.9B | ||
| Q4 24 | $43.5B | $6.7B | ||
| Q3 24 | $42.6B | $7.0B | ||
| Q2 24 | $40.6B | $6.9B |
负债/权益比BXDK
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 5.91× | ||
| Q3 25 | 1.44× | 7.14× | ||
| Q2 25 | 1.45× | 10.51× | ||
| Q1 25 | 1.58× | 7.07× | ||
| Q4 24 | 1.40× | 4.81× | ||
| Q3 24 | 1.55× | 3.19× | ||
| Q2 24 | 1.58× | 2.50× |
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 | — | $502.8M |
| 自由现金流经营现金流 - 资本支出 | — | $382.8M |
| 自由现金流率自由现金流/营收 | — | 15.8% |
| 资本支出强度资本支出/营收 | — | 4.9% |
| 现金转化率经营现金流/净利润 | — | 6.42× |
| 过去12个月自由现金流最近4个季度 | — | $6.3M |
8季度趋势，按日历期对齐
经营现金流BXDK
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $502.8M | ||
| Q3 25 | $1.6B | $44.0M | ||
| Q2 25 | $888.5M | $51.4M | ||
| Q1 25 | $1.1B | $-62.4M | ||
| Q4 24 | $161.4M | $-163.5M | ||
| Q3 24 | $1.2B | $-21.6M | ||
| Q2 24 | $1.2B | $-48.4M |
自由现金流BXDK
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $382.8M | ||
| Q3 25 | $1.6B | $-64.0M | ||
| Q2 25 | $848.4M | $-114.4M | ||
| Q1 25 | $1.1B | $-198.1M | ||
| Q4 24 | $149.5M | $-354.0M | ||
| Q3 24 | $1.2B | $-140.6M | ||
| Q2 24 | $1.1B | $-128.3M |
自由现金流率BXDK
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 15.8% | ||
| Q3 25 | 51.0% | -2.2% | ||
| Q2 25 | 22.9% | -4.1% | ||
| Q1 25 | 32.8% | -7.5% | ||
| Q4 24 | 4.9% | -14.9% | ||
| Q3 24 | 32.8% | -4.6% | ||
| Q2 24 | 41.0% | -3.9% |
资本支出强度BXDK
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.9% | ||
| Q3 25 | 0.8% | 3.7% | ||
| Q2 25 | 1.1% | 6.0% | ||
| Q1 25 | 0.9% | 5.1% | ||
| Q4 24 | 0.4% | 8.0% | ||
| Q3 24 | 0.5% | 3.9% | ||
| Q2 24 | 0.4% | 2.4% |
现金转化率BXDK
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 6.42× | ||
| Q3 25 | 2.56× | 0.25× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 2.61× | — |
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% |
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
