vs
黑石集团（BX）与Kellanova（K）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Kellanova的1.0倍（$3.3B vs $3.3B），黑石集团净利率更高（36.7% vs 9.5%，领先27.3%），Kellanova同比增速更快（0.8% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs -9.0%）
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。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
BX vs K — 直观对比
营收规模更大
BX
是对方的1.0倍
$3.3B
营收增速更快
K
高出78.6%
-77.7%
净利率更高
BX
高出27.3%
9.5%
两年增速更快
BX
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.3B |
| 净利润 | $1.2B | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | — | 13.9% |
| 净利率 | 36.7% | 9.5% |
| 营收同比 | -77.7% | 0.8% |
| 净利润同比 | -76.1% | -15.8% |
| 每股收益（稀释后） | $0.80 | $0.88 |
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BXK
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.1B | $3.3B | ||
| Q2 25 | $3.7B | $3.2B | ||
| Q1 25 | $3.3B | $3.1B | ||
| Q4 24 | $3.1B | $3.1B | ||
| Q3 24 | $3.7B | $3.2B | ||
| Q2 24 | $2.8B | $3.2B |
净利润BXK
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $624.9M | $309.0M | ||
| Q2 25 | $764.2M | $299.0M | ||
| Q1 25 | $614.9M | $304.0M | ||
| Q4 24 | $703.9M | $365.0M | ||
| Q3 24 | $780.8M | $367.0M | ||
| Q2 24 | $444.4M | $344.0M |
毛利率BXK
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.4% | ||
| Q2 24 | — | 36.4% |
营业利润率BXK
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | — | ||
| Q3 25 | 46.8% | 13.9% | ||
| Q2 25 | 51.6% | 13.7% | ||
| Q1 25 | 44.2% | 13.9% | ||
| Q4 24 | 50.6% | 17.0% | ||
| Q3 24 | 49.4% | 14.1% | ||
| Q2 24 | 43.2% | 15.4% |
净利率BXK
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | — | ||
| Q3 25 | 20.2% | 9.5% | ||
| Q2 25 | 20.6% | 9.3% | ||
| Q1 25 | 18.7% | 9.9% | ||
| Q4 24 | 22.8% | 11.7% | ||
| Q3 24 | 21.3% | 11.4% | ||
| Q2 24 | 15.9% | 10.8% |
每股收益（稀释后）BXK
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | — | ||
| Q3 25 | $0.80 | $0.88 | ||
| Q2 25 | $0.98 | $0.85 | ||
| Q1 25 | $0.80 | $0.87 | ||
| Q4 24 | $0.91 | $1.05 | ||
| Q3 24 | $1.02 | $1.05 | ||
| Q2 24 | $0.58 | $1.00 |
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 | $240.0M |
| 总债务越低越好 | — | $4.3B |
| 股东权益账面价值 | $18.5B | $4.2B |
| 总资产 | $45.3B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资BXK
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.4B | $240.0M | ||
| Q2 25 | $2.2B | $354.0M | ||
| Q1 25 | $2.4B | $330.0M | ||
| Q4 24 | $2.0B | $694.0M | ||
| Q3 24 | $2.4B | $569.0M | ||
| Q2 24 | $2.4B | $272.0M |
总债务BXK
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.1B | $4.3B | ||
| Q2 25 | $12.1B | $4.3B | ||
| Q1 25 | $12.6B | $5.0B | ||
| Q4 24 | $11.5B | $5.0B | ||
| Q3 24 | $10.9B | $5.1B | ||
| Q2 24 | $10.8B | $5.0B |
股东权益BXK
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | — | ||
| Q3 25 | $8.4B | $4.2B | ||
| Q2 25 | $8.4B | $4.1B | ||
| Q1 25 | $8.0B | $3.9B | ||
| Q4 24 | $8.2B | $3.8B | ||
| Q3 24 | $7.0B | $3.6B | ||
| Q2 24 | $6.8B | $3.3B |
总资产BXK
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | — | ||
| Q3 25 | $46.6B | $15.6B | ||
| Q2 25 | $45.4B | $15.9B | ||
| Q1 25 | $45.3B | $15.5B | ||
| Q4 24 | $43.5B | $15.6B | ||
| Q3 24 | $42.6B | $15.8B | ||
| Q2 24 | $40.6B | $15.3B |
负债/权益比BXK
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.44× | 1.02× | ||
| Q2 25 | 1.45× | 1.05× | ||
| Q1 25 | 1.58× | 1.28× | ||
| Q4 24 | 1.40× | 1.32× | ||
| Q3 24 | 1.55× | 1.40× | ||
| Q2 24 | 1.58× | 1.51× |
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 | — | $503.0M |
| 自由现金流经营现金流 - 资本支出 | — | $359.0M |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 4.4% |
| 现金转化率经营现金流/净利润 | — | 1.63× |
| 过去12个月自由现金流最近4个季度 | — | $599.0M |
8季度趋势，按日历期对齐
经营现金流BXK
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.6B | $503.0M | ||
| Q2 25 | $888.5M | $169.0M | ||
| Q1 25 | $1.1B | $116.0M | ||
| Q4 24 | $161.4M | $467.0M | ||
| Q3 24 | $1.2B | $553.0M | ||
| Q2 24 | $1.2B | $376.0M |
自由现金流BXK
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.6B | $359.0M | ||
| Q2 25 | $848.4M | $21.0M | ||
| Q1 25 | $1.1B | $-60.0M | ||
| Q4 24 | $149.5M | $279.0M | ||
| Q3 24 | $1.2B | $410.0M | ||
| Q2 24 | $1.1B | $234.0M |
自由现金流率BXK
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | — | ||
| Q3 25 | 51.0% | 11.0% | ||
| Q2 25 | 22.9% | 0.7% | ||
| Q1 25 | 32.8% | -1.9% | ||
| Q4 24 | 4.9% | 8.9% | ||
| Q3 24 | 32.8% | 12.7% | ||
| Q2 24 | 41.0% | 7.3% |
资本支出强度BXK
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.8% | 4.4% | ||
| Q2 25 | 1.1% | 4.6% | ||
| Q1 25 | 0.9% | 5.7% | ||
| Q4 24 | 0.4% | 6.0% | ||
| Q3 24 | 0.5% | 4.4% | ||
| Q2 24 | 0.4% | 4.4% |
现金转化率BXK
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 2.56× | 1.63× | ||
| Q2 25 | 1.16× | 0.57× | ||
| Q1 25 | 1.80× | 0.38× | ||
| Q4 24 | 0.23× | 1.28× | ||
| Q3 24 | 1.56× | 1.51× | ||
| Q2 24 | 2.61× | 1.09× |
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% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
