vs
黑石集团（BX）与盖璞（GAP）财务数据对比。点击上方公司名可切换其他公司
盖璞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 6.0%，领先30.8%），盖璞同比增速更快（3.0% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs -4.2%）
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。
盖璞（Gap Inc.）是总部位于美国加利福尼亚州旧金山的跨国服饰零售商，1969年由唐纳德·费舍尔与多丽丝·费舍尔创立，旗下拥有Gap、Banana Republic、Old Navy、Athleta四大核心品牌，是美国最大的服饰零售商之一，全球门店数量位列全球第三，仅次于Inditex集团和H&M。
BX vs GAP — 直观对比
营收规模更大
GAP
是对方的1.2倍
$3.3B
营收增速更快
GAP
高出80.7%
-77.7%
净利率更高
BX
高出30.8%
6.0%
两年增速更快
BX
近两年复合增速
-4.2%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.9B |
| 净利润 | $1.2B | $236.0M |
| 毛利率 | — | 42.4% |
| 营业利润率 | — | 8.5% |
| 净利率 | 36.7% | 6.0% |
| 营收同比 | -77.7% | 3.0% |
| 净利润同比 | -76.1% | -13.9% |
| 每股收益（稀释后） | $0.80 | $0.62 |
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BXGAP
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $3.9B | ||
| Q3 25 | $3.1B | $3.7B | ||
| Q2 25 | $3.7B | $3.5B | ||
| Q1 25 | $3.3B | $4.1B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $3.7B | $3.7B | ||
| Q2 24 | $2.8B | $3.4B |
净利润BXGAP
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $236.0M | ||
| Q3 25 | $624.9M | $216.0M | ||
| Q2 25 | $764.2M | $193.0M | ||
| Q1 25 | $614.9M | $206.0M | ||
| Q4 24 | $703.9M | $274.0M | ||
| Q3 24 | $780.8M | $206.0M | ||
| Q2 24 | $444.4M | $158.0M |
毛利率BXGAP
| Q1 26 | — | — | ||
| Q4 25 | — | 42.4% | ||
| Q3 25 | — | 41.2% | ||
| Q2 25 | — | 41.8% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 42.6% | ||
| Q2 24 | — | 41.2% |
营业利润率BXGAP
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 8.5% | ||
| Q3 25 | 46.8% | 7.8% | ||
| Q2 25 | 51.6% | 7.5% | ||
| Q1 25 | 44.2% | 6.2% | ||
| Q4 24 | 50.6% | 9.3% | ||
| Q3 24 | 49.4% | 7.9% | ||
| Q2 24 | 43.2% | 6.1% |
净利率BXGAP
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 6.0% | ||
| Q3 25 | 20.2% | 5.8% | ||
| Q2 25 | 20.6% | 5.6% | ||
| Q1 25 | 18.7% | 5.0% | ||
| Q4 24 | 22.8% | 7.2% | ||
| Q3 24 | 21.3% | 5.5% | ||
| Q2 24 | 15.9% | 4.7% |
每股收益（稀释后）BXGAP
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.62 | ||
| Q3 25 | $0.80 | $0.57 | ||
| Q2 25 | $0.98 | $0.51 | ||
| Q1 25 | $0.80 | $0.53 | ||
| Q4 24 | $0.91 | $0.72 | ||
| Q3 24 | $1.02 | $0.54 | ||
| Q2 24 | $0.58 | $0.41 |
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 | $2.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $18.5B | $3.6B |
| 总资产 | $45.3B | $12.4B |
| 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BXGAP
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.4B | $2.4B | ||
| Q2 25 | $2.2B | $2.2B | ||
| Q1 25 | $2.4B | $2.6B | ||
| Q4 24 | $2.0B | $2.2B | ||
| Q3 24 | $2.4B | $2.1B | ||
| Q2 24 | $2.4B | $1.7B |
总债务BXGAP
| 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BXGAP
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $3.6B | ||
| Q3 25 | $8.4B | $3.4B | ||
| Q2 25 | $8.4B | $3.3B | ||
| Q1 25 | $8.0B | $3.3B | ||
| Q4 24 | $8.2B | $3.1B | ||
| Q3 24 | $7.0B | $2.9B | ||
| Q2 24 | $6.8B | $2.7B |
总资产BXGAP
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $12.4B | ||
| Q3 25 | $46.6B | $12.1B | ||
| Q2 25 | $45.4B | $11.6B | ||
| Q1 25 | $45.3B | $11.9B | ||
| Q4 24 | $43.5B | $11.9B | ||
| Q3 24 | $42.6B | $11.5B | ||
| Q2 24 | $40.6B | $10.9B |
负债/权益比BXGAP
| 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 | — | $299.0M |
| 自由现金流经营现金流 - 资本支出 | — | $153.0M |
| 自由现金流率自由现金流/营收 | — | 3.9% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | — | 1.27× |
| 过去12个月自由现金流最近4个季度 | — | $779.0M |
8季度趋势，按日历期对齐
经营现金流BXGAP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $299.0M | ||
| Q3 25 | $1.6B | $448.0M | ||
| Q2 25 | $888.5M | $-140.0M | ||
| Q1 25 | $1.1B | $616.0M | ||
| Q4 24 | $161.4M | $291.0M | ||
| Q3 24 | $1.2B | $549.0M | ||
| Q2 24 | $1.2B | $30.0M |
自由现金流BXGAP
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $153.0M | ||
| Q3 25 | $1.6B | $350.0M | ||
| Q2 25 | $848.4M | $-223.0M | ||
| Q1 25 | $1.1B | $499.0M | ||
| Q4 24 | $149.5M | $143.0M | ||
| Q3 24 | $1.2B | $460.0M | ||
| Q2 24 | $1.1B | $-63.0M |
自由现金流率BXGAP
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 3.9% | ||
| Q3 25 | 51.0% | 9.4% | ||
| Q2 25 | 22.9% | -6.4% | ||
| Q1 25 | 32.8% | 12.0% | ||
| Q4 24 | 4.9% | 3.7% | ||
| Q3 24 | 32.8% | 12.4% | ||
| Q2 24 | 41.0% | -1.9% |
资本支出强度BXGAP
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 3.7% | ||
| Q3 25 | 0.8% | 2.6% | ||
| Q2 25 | 1.1% | 2.4% | ||
| Q1 25 | 0.9% | 2.8% | ||
| Q4 24 | 0.4% | 3.9% | ||
| Q3 24 | 0.5% | 2.4% | ||
| Q2 24 | 0.4% | 2.7% |
现金转化率BXGAP
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 1.27× | ||
| Q3 25 | 2.56× | 2.07× | ||
| Q2 25 | 1.16× | -0.73× | ||
| Q1 25 | 1.80× | 2.99× | ||
| Q4 24 | 0.23× | 1.06× | ||
| Q3 24 | 1.56× | 2.67× | ||
| Q2 24 | 2.61× | 0.19× |
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% |
GAP
| Other | $2.2B | 55% |
| Online Sales | $1.6B | 40% |
| CA | $191.0M | 5% |
| Other Regions | $13.0M | 0% |
