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黑石集团（BX）与DraftKings Inc.（DKNG）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DraftKings Inc.的1.7倍（$3.3B vs $2.0B），黑石集团净利率更高（36.7% vs 6.9%，领先29.9%），DraftKings Inc.同比增速更快（42.8% vs -77.7%），过去两年DraftKings Inc.的营收复合增速更高（30.1% vs 8.5%）
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。
DraftKings Inc.是总部位于美国马萨诸塞州波士顿的博彩企业，主要提供体育博彩、每日范特西体育相关服务，是全球线上博彩娱乐赛道的知名企业，业务覆盖多个国家和地区的合规消费市场。
BX vs DKNG — 直观对比
营收规模更大
BX
是对方的1.7倍
$2.0B
营收增速更快
DKNG
高出120.6%
-77.7%
净利率更高
BX
高出29.9%
6.9%
两年增速更快
DKNG
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.0B |
| 净利润 | $1.2B | $136.4M |
| 毛利率 | — | 46.0% |
| 营业利润率 | — | 7.6% |
| 净利率 | 36.7% | 6.9% |
| 营收同比 | -77.7% | 42.8% |
| 净利润同比 | -76.1% | 201.2% |
| 每股收益（稀释后） | $0.80 | $0.28 |
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BXDKNG
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.0B | ||
| Q3 25 | $3.1B | $1.1B | ||
| Q2 25 | $3.7B | $1.5B | ||
| Q1 25 | $3.3B | $1.4B | ||
| Q4 24 | $3.1B | $1.4B | ||
| Q3 24 | $3.7B | $1.1B | ||
| Q2 24 | $2.8B | $1.1B |
净利润BXDKNG
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $136.4M | ||
| Q3 25 | $624.9M | $-256.8M | ||
| Q2 25 | $764.2M | $157.9M | ||
| Q1 25 | $614.9M | $-33.9M | ||
| Q4 24 | $703.9M | $-134.9M | ||
| Q3 24 | $780.8M | $-293.7M | ||
| Q2 24 | $444.4M | $63.8M |
毛利率BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | — | 46.0% | ||
| Q3 25 | — | 31.5% | ||
| Q2 25 | — | 43.5% | ||
| Q1 25 | — | 40.1% | ||
| Q4 24 | — | 40.1% | ||
| Q3 24 | — | 32.2% | ||
| Q2 24 | — | 39.9% |
营业利润率BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 7.6% | ||
| Q3 25 | 46.8% | -23.8% | ||
| Q2 25 | 51.6% | 10.0% | ||
| Q1 25 | 44.2% | -3.3% | ||
| Q4 24 | 50.6% | -10.0% | ||
| Q3 24 | 49.4% | -27.3% | ||
| Q2 24 | 43.2% | -2.9% |
净利率BXDKNG
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 6.9% | ||
| Q3 25 | 20.2% | -22.4% | ||
| Q2 25 | 20.6% | 10.4% | ||
| Q1 25 | 18.7% | -2.4% | ||
| Q4 24 | 22.8% | -9.7% | ||
| Q3 24 | 21.3% | -26.8% | ||
| Q2 24 | 15.9% | 5.8% |
每股收益（稀释后）BXDKNG
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.28 | ||
| Q3 25 | $0.80 | $-0.52 | ||
| Q2 25 | $0.98 | $0.30 | ||
| Q1 25 | $0.80 | $-0.07 | ||
| Q4 24 | $0.91 | $-0.25 | ||
| Q3 24 | $1.02 | $-0.60 | ||
| Q2 24 | $0.58 | $0.10 |
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 | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $18.5B | $631.5M |
| 总资产 | $45.3B | $4.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BXDKNG
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $1.1B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.2B | $1.3B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $2.0B | $788.3M | ||
| Q3 24 | $2.4B | $877.8M | ||
| Q2 24 | $2.4B | $815.9M |
总债务BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $11.5B | — | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $10.8B | — |
股东权益BXDKNG
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $631.5M | ||
| Q3 25 | $8.4B | $732.3M | ||
| Q2 25 | $8.4B | $1.0B | ||
| Q1 25 | $8.0B | $872.9M | ||
| Q4 24 | $8.2B | $1.0B | ||
| Q3 24 | $7.0B | $1.1B | ||
| Q2 24 | $6.8B | $1.3B |
总资产BXDKNG
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $4.5B | ||
| Q3 25 | $46.6B | $4.6B | ||
| Q2 25 | $45.4B | $4.5B | ||
| Q1 25 | $45.3B | $4.5B | ||
| Q4 24 | $43.5B | $4.3B | ||
| Q3 24 | $42.6B | $4.3B | ||
| Q2 24 | $40.6B | $4.2B |
负债/权益比BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.58× | — |
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 | — | $320.5M |
| 自由现金流经营现金流 - 资本支出 | — | $316.5M |
| 自由现金流率自由现金流/营收 | — | 15.9% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 现金转化率经营现金流/净利润 | — | 2.35× |
| 过去12个月自由现金流最近4个季度 | — | $647.5M |
8季度趋势，按日历期对齐
经营现金流BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $320.5M | ||
| Q3 25 | $1.6B | $287.5M | ||
| Q2 25 | $888.5M | $173.9M | ||
| Q1 25 | $1.1B | $-119.0M | ||
| Q4 24 | $161.4M | $325.2M | ||
| Q3 24 | $1.2B | $133.6M | ||
| Q2 24 | $1.2B | $29.4M |
自由现金流BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $316.5M | ||
| Q3 25 | $1.6B | $283.0M | ||
| Q2 25 | $848.4M | $169.6M | ||
| Q1 25 | $1.1B | $-121.7M | ||
| Q4 24 | $149.5M | $323.2M | ||
| Q3 24 | $1.2B | $130.9M | ||
| Q2 24 | $1.1B | $27.0M |
自由现金流率BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 15.9% | ||
| Q3 25 | 51.0% | 24.7% | ||
| Q2 25 | 22.9% | 11.2% | ||
| Q1 25 | 32.8% | -8.6% | ||
| Q4 24 | 4.9% | 23.2% | ||
| Q3 24 | 32.8% | 11.9% | ||
| Q2 24 | 41.0% | 2.4% |
资本支出强度BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.2% | ||
| Q3 25 | 0.8% | 0.4% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 0.9% | 0.2% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.5% | 0.2% | ||
| Q2 24 | 0.4% | 0.2% |
现金转化率BXDKNG
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 2.35× | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.16× | 1.10× | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 2.61× | 0.46× |
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% |
DKNG
| Sportsbook | $1.4B | 68% |
| I Gaming | $500.2M | 25% |
| Other | $137.9M | 7% |
