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黑石集团（BX）与国际香精香料（IFF）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国际香精香料的1.3倍（$3.3B vs $2.6B），黑石集团净利率更高（36.7% vs 0.2%，领先36.6%），国际香精香料同比增速更快（-6.6% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs -5.5%）
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。
国际香精香料（IFF）是美国知名企业，业务覆盖风味、质感、香氛、营养、酶制剂、菌种、大豆蛋白、益生菌等多品类产品研发，产品行销全球。公司总部位于纽约，在44个国家设有创意、销售及生产基地，是标普500指数成分股企业。
BX vs IFF — 直观对比
营收规模更大
BX
是对方的1.3倍
$2.6B
营收增速更快
IFF
高出71.2%
-77.7%
净利率更高
BX
高出36.6%
0.2%
两年增速更快
BX
近两年复合增速
-5.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.6B |
| 净利润 | $1.2B | $5.0M |
| 毛利率 | — | 34.4% |
| 营业利润率 | — | 3.7% |
| 净利率 | 36.7% | 0.2% |
| 营收同比 | -77.7% | -6.6% |
| 净利润同比 | -76.1% | 110.9% |
| 每股收益（稀释后） | $0.80 | $0.03 |
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BXIFF
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.6B | ||
| Q3 25 | $3.1B | $2.7B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $2.8B | $2.9B |
净利润BXIFF
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $5.0M | ||
| Q3 25 | $624.9M | $40.0M | ||
| Q2 25 | $764.2M | $612.0M | ||
| Q1 25 | $614.9M | $-1.0B | ||
| Q4 24 | $703.9M | $-46.0M | ||
| Q3 24 | $780.8M | $59.0M | ||
| Q2 24 | $444.4M | $170.0M |
毛利率BXIFF
| Q1 26 | — | — | ||
| Q4 25 | — | 34.4% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 36.4% | ||
| Q4 24 | — | 35.4% | ||
| Q3 24 | — | 36.0% | ||
| Q2 24 | — | 37.0% |
营业利润率BXIFF
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 3.7% | ||
| Q3 25 | 46.8% | 8.4% | ||
| Q2 25 | 51.6% | 7.2% | ||
| Q1 25 | 44.2% | -31.8% | ||
| Q4 24 | 50.6% | 4.6% | ||
| Q3 24 | 49.4% | 8.5% | ||
| Q2 24 | 43.2% | 6.6% |
净利率BXIFF
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 0.2% | ||
| Q3 25 | 20.2% | 1.5% | ||
| Q2 25 | 20.6% | 22.1% | ||
| Q1 25 | 18.7% | -35.8% | ||
| Q4 24 | 22.8% | -1.7% | ||
| Q3 24 | 21.3% | 2.0% | ||
| Q2 24 | 15.9% | 5.9% |
每股收益（稀释后）BXIFF
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.03 | ||
| Q3 25 | $0.80 | $0.16 | ||
| Q2 25 | $0.98 | $2.38 | ||
| Q1 25 | $0.80 | $-3.98 | ||
| Q4 24 | $0.91 | $-0.17 | ||
| Q3 24 | $1.02 | $0.23 | ||
| Q2 24 | $0.58 | $0.66 |
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 | $590.0M |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $18.5B | $14.2B |
| 总资产 | $45.3B | $25.5B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
现金及短期投资BXIFF
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $590.0M | ||
| Q3 25 | $2.4B | $621.0M | ||
| Q2 25 | $2.2B | $816.0M | ||
| Q1 25 | $2.4B | $613.0M | ||
| Q4 24 | $2.0B | $469.0M | ||
| Q3 24 | $2.4B | $567.0M | ||
| Q2 24 | $2.4B | $671.0M |
总债务BXIFF
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $5.6B | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $11.5B | $8.9B | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $10.8B | — |
股东权益BXIFF
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $14.2B | ||
| Q3 25 | $8.4B | $14.2B | ||
| Q2 25 | $8.4B | $14.4B | ||
| Q1 25 | $8.0B | $13.2B | ||
| Q4 24 | $8.2B | $13.9B | ||
| Q3 24 | $7.0B | $14.8B | ||
| Q2 24 | $6.8B | $14.3B |
总资产BXIFF
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $25.5B | ||
| Q3 25 | $46.6B | $25.8B | ||
| Q2 25 | $45.4B | $26.1B | ||
| Q1 25 | $45.3B | $28.3B | ||
| Q4 24 | $43.5B | $28.7B | ||
| Q3 24 | $42.6B | $29.9B | ||
| Q2 24 | $40.6B | $29.5B |
负债/权益比BXIFF
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 0.40× | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 1.40× | 0.64× | ||
| 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 | — | $318.0M |
| 自由现金流经营现金流 - 资本支出 | — | $130.0M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | — | 7.3% |
| 现金转化率经营现金流/净利润 | — | 63.60× |
| 过去12个月自由现金流最近4个季度 | — | $256.0M |
8季度趋势，按日历期对齐
经营现金流BXIFF
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $318.0M | ||
| Q3 25 | $1.6B | $164.0M | ||
| Q2 25 | $888.5M | $241.0M | ||
| Q1 25 | $1.1B | $127.0M | ||
| Q4 24 | $161.4M | $368.0M | ||
| Q3 24 | $1.2B | $366.0M | ||
| Q2 24 | $1.2B | $237.0M |
自由现金流BXIFF
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $130.0M | ||
| Q3 25 | $1.6B | $32.0M | ||
| Q2 25 | $848.4M | $146.0M | ||
| Q1 25 | $1.1B | $-52.0M | ||
| Q4 24 | $149.5M | $208.0M | ||
| Q3 24 | $1.2B | $263.0M | ||
| Q2 24 | $1.1B | $155.0M |
自由现金流率BXIFF
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 5.0% | ||
| Q3 25 | 51.0% | 1.2% | ||
| Q2 25 | 22.9% | 5.3% | ||
| Q1 25 | 32.8% | -1.8% | ||
| Q4 24 | 4.9% | 7.5% | ||
| Q3 24 | 32.8% | 9.0% | ||
| Q2 24 | 41.0% | 5.4% |
资本支出强度BXIFF
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 7.3% | ||
| Q3 25 | 0.8% | 4.9% | ||
| Q2 25 | 1.1% | 3.4% | ||
| Q1 25 | 0.9% | 6.3% | ||
| Q4 24 | 0.4% | 5.8% | ||
| Q3 24 | 0.5% | 3.5% | ||
| Q2 24 | 0.4% | 2.8% |
现金转化率BXIFF
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 63.60× | ||
| Q3 25 | 2.56× | 4.10× | ||
| Q2 25 | 1.16× | 0.39× | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 1.56× | 6.20× | ||
| Q2 24 | 2.61× | 1.39× |
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% |
IFF
| Food Ingredients | $802.0M | 31% |
| Scent | $610.0M | 24% |
| Other | $589.0M | 23% |
| Taste | $588.0M | 23% |
