vs
黑石集团（BX）与国际纸业（IP）财务数据对比。点击上方公司名可切换其他公司
国际纸业的季度营收约是黑石集团的1.4倍（$4.7B vs $3.3B），黑石集团净利率更高（36.7% vs -50.3%，领先87.0%），国际纸业同比增速更快（3.6% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs 1.3%）
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。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
BX vs IP — 直观对比
营收规模更大
IP
是对方的1.4倍
$3.3B
营收增速更快
IP
高出81.3%
-77.7%
净利率更高
BX
高出87.0%
-50.3%
两年增速更快
BX
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.7B |
| 净利润 | $1.2B | $-2.4B |
| 毛利率 | — | 32.2% |
| 营业利润率 | — | -56.4% |
| 净利率 | 36.7% | -50.3% |
| 营收同比 | -77.7% | 3.6% |
| 净利润同比 | -76.1% | -1521.8% |
| 每股收益（稀释后） | $0.80 | $-4.76 |
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BXIP
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $4.7B | ||
| Q3 25 | $3.1B | $6.2B | ||
| Q2 25 | $3.7B | $6.8B | ||
| Q1 25 | $3.3B | $5.9B | ||
| Q4 24 | $3.1B | $4.6B | ||
| Q3 24 | $3.7B | $4.7B | ||
| Q2 24 | $2.8B | $4.7B |
净利润BXIP
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $-2.4B | ||
| Q3 25 | $624.9M | $-1.1B | ||
| Q2 25 | $764.2M | $75.0M | ||
| Q1 25 | $614.9M | $-105.0M | ||
| Q4 24 | $703.9M | $-147.0M | ||
| Q3 24 | $780.8M | $150.0M | ||
| Q2 24 | $444.4M | $498.0M |
毛利率BXIP
| Q1 26 | — | — | ||
| Q4 25 | — | 32.2% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.0% |
营业利润率BXIP
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | -56.4% | ||
| Q3 25 | 46.8% | -10.8% | ||
| Q2 25 | 51.6% | 1.7% | ||
| Q1 25 | 44.2% | -2.3% | ||
| Q4 24 | 50.6% | -4.9% | ||
| Q3 24 | 49.4% | 5.1% | ||
| Q2 24 | 43.2% | 6.8% |
净利率BXIP
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | -50.3% | ||
| Q3 25 | 20.2% | -17.7% | ||
| Q2 25 | 20.6% | 1.1% | ||
| Q1 25 | 18.7% | -1.8% | ||
| Q4 24 | 22.8% | -3.2% | ||
| Q3 24 | 21.3% | 3.2% | ||
| Q2 24 | 15.9% | 10.5% |
每股收益（稀释后）BXIP
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $-4.76 | ||
| Q3 25 | $0.80 | $-2.09 | ||
| Q2 25 | $0.98 | $0.14 | ||
| Q1 25 | $0.80 | $-0.24 | ||
| Q4 24 | $0.91 | $-0.42 | ||
| Q3 24 | $1.02 | $0.42 | ||
| Q2 24 | $0.58 | $1.41 |
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 | $1.1B |
| 总债务越低越好 | — | $8.8B |
| 股东权益账面价值 | $18.5B | $14.8B |
| 总资产 | $45.3B | $38.0B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资BXIP
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $1.1B | ||
| Q3 25 | $2.4B | $995.0M | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.4B | $1.0B |
总债务BXIP
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $8.8B | ||
| Q3 25 | $12.1B | $9.0B | ||
| Q2 25 | $12.1B | $9.7B | ||
| Q1 25 | $12.6B | $9.2B | ||
| Q4 24 | $11.5B | $5.4B | ||
| Q3 24 | $10.9B | $5.3B | ||
| Q2 24 | $10.8B | $5.3B |
股东权益BXIP
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $14.8B | ||
| Q3 25 | $8.4B | $17.3B | ||
| Q2 25 | $8.4B | $18.6B | ||
| Q1 25 | $8.0B | $18.1B | ||
| Q4 24 | $8.2B | $8.2B | ||
| Q3 24 | $7.0B | $8.6B | ||
| Q2 24 | $6.8B | $8.6B |
总资产BXIP
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $38.0B | ||
| Q3 25 | $46.6B | $40.6B | ||
| Q2 25 | $45.4B | $42.4B | ||
| Q1 25 | $45.3B | $41.2B | ||
| Q4 24 | $43.5B | $22.8B | ||
| Q3 24 | $42.6B | $23.2B | ||
| Q2 24 | $40.6B | $23.1B |
负债/权益比BXIP
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 0.60× | ||
| Q3 25 | 1.44× | 0.52× | ||
| Q2 25 | 1.45× | 0.52× | ||
| Q1 25 | 1.58× | 0.51× | ||
| Q4 24 | 1.40× | 0.66× | ||
| Q3 24 | 1.55× | 0.62× | ||
| Q2 24 | 1.58× | 0.62× |
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 | — | $905.0M |
| 自由现金流经营现金流 - 资本支出 | — | $255.0M |
| 自由现金流率自由现金流/营收 | — | 5.4% |
| 资本支出强度资本支出/营收 | — | 13.7% |
| 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 | — | $-159.0M |
8季度趋势，按日历期对齐
经营现金流BXIP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $905.0M | ||
| Q3 25 | $1.6B | $605.0M | ||
| Q2 25 | $888.5M | $476.0M | ||
| Q1 25 | $1.1B | $-288.0M | ||
| Q4 24 | $161.4M | $397.0M | ||
| Q3 24 | $1.2B | $521.0M | ||
| Q2 24 | $1.2B | $365.0M |
自由现金流BXIP
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $255.0M | ||
| Q3 25 | $1.6B | $150.0M | ||
| Q2 25 | $848.4M | $54.0M | ||
| Q1 25 | $1.1B | $-618.0M | ||
| Q4 24 | $149.5M | $137.0M | ||
| Q3 24 | $1.2B | $309.0M | ||
| Q2 24 | $1.1B | $167.0M |
自由现金流率BXIP
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 5.4% | ||
| Q3 25 | 51.0% | 2.4% | ||
| Q2 25 | 22.9% | 0.8% | ||
| Q1 25 | 32.8% | -10.5% | ||
| Q4 24 | 4.9% | 3.0% | ||
| Q3 24 | 32.8% | 6.6% | ||
| Q2 24 | 41.0% | 3.5% |
资本支出强度BXIP
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 13.7% | ||
| Q3 25 | 0.8% | 7.3% | ||
| Q2 25 | 1.1% | 6.2% | ||
| Q1 25 | 0.9% | 5.6% | ||
| Q4 24 | 0.4% | 5.7% | ||
| Q3 24 | 0.5% | 4.5% | ||
| Q2 24 | 0.4% | 4.2% |
现金转化率BXIP
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.16× | 6.35× | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 1.56× | 3.47× | ||
| Q2 24 | 2.61× | 0.73× |
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% |
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
