vs
黑石集团（BX）与PVH CORP.（PVH）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PVH CORP.的1.4倍（$3.3B vs $2.3B），黑石集团净利率更高（36.7% vs 0.2%，领先36.6%），PVH CORP.同比增速更快（1.7% vs -77.7%）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
BX vs PVH — 直观对比
营收规模更大
BX
是对方的1.4倍
$2.3B
营收增速更快
PVH
高出79.5%
-77.7%
净利率更高
BX
高出36.6%
0.2%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.3B |
| 净利润 | $1.2B | $4.2M |
| 毛利率 | — | 56.3% |
| 营业利润率 | — | 7.9% |
| 净利率 | 36.7% | 0.2% |
| 营收同比 | -77.7% | 1.7% |
| 净利润同比 | -76.1% | -96.8% |
| 每股收益（稀释后） | $0.80 | $0.09 |
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BXPVH
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.3B | ||
| Q3 25 | $3.1B | $2.2B | ||
| Q2 25 | $3.7B | $2.0B | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $2.8B | — |
净利润BXPVH
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $4.2M | ||
| Q3 25 | $624.9M | $224.2M | ||
| Q2 25 | $764.2M | $-44.8M | ||
| Q1 25 | $614.9M | — | ||
| Q4 24 | $703.9M | — | ||
| Q3 24 | $780.8M | — | ||
| Q2 24 | $444.4M | — |
毛利率BXPVH
| Q1 26 | — | — | ||
| Q4 25 | — | 56.3% | ||
| Q3 25 | — | 57.7% | ||
| Q2 25 | — | 58.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率BXPVH
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 7.9% | ||
| Q3 25 | 46.8% | 6.1% | ||
| Q2 25 | 51.6% | -16.7% | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 50.6% | — | ||
| Q3 24 | 49.4% | — | ||
| Q2 24 | 43.2% | — |
净利率BXPVH
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 0.2% | ||
| Q3 25 | 20.2% | 10.3% | ||
| Q2 25 | 20.6% | -2.3% | ||
| Q1 25 | 18.7% | — | ||
| Q4 24 | 22.8% | — | ||
| Q3 24 | 21.3% | — | ||
| Q2 24 | 15.9% | — |
每股收益（稀释后）BXPVH
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.09 | ||
| Q3 25 | $0.80 | $4.63 | ||
| Q2 25 | $0.98 | $-0.88 | ||
| Q1 25 | $0.80 | — | ||
| Q4 24 | $0.91 | — | ||
| Q3 24 | $1.02 | — | ||
| Q2 24 | $0.58 | — |
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 | $158.2M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $18.5B | $4.9B |
| 总资产 | $45.3B | $11.4B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资BXPVH
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $158.2M | ||
| Q3 25 | $2.4B | $248.8M | ||
| Q2 25 | $2.2B | $191.0M | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.4B | — |
总债务BXPVH
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $2.3B | ||
| Q3 25 | $12.1B | $2.3B | ||
| Q2 25 | $12.1B | $2.2B | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $11.5B | — | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $10.8B | — |
股东权益BXPVH
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $4.9B | ||
| Q3 25 | $8.4B | $4.9B | ||
| Q2 25 | $8.4B | $4.6B | ||
| Q1 25 | $8.0B | — | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $7.0B | — | ||
| Q2 24 | $6.8B | — |
总资产BXPVH
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $11.4B | ||
| Q3 25 | $46.6B | $11.6B | ||
| Q2 25 | $45.4B | $10.7B | ||
| Q1 25 | $45.3B | — | ||
| Q4 24 | $43.5B | — | ||
| Q3 24 | $42.6B | — | ||
| Q2 24 | $40.6B | — |
负债/权益比BXPVH
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 0.46× | ||
| Q3 25 | 1.44× | 0.47× | ||
| Q2 25 | 1.45× | 0.48× | ||
| 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 | — | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-85.1M |
| 自由现金流率自由现金流/营收 | — | -3.7% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | — | -10.60× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BXPVH
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $-44.5M | ||
| Q3 25 | $1.6B | $213.1M | ||
| Q2 25 | $888.5M | $-71.4M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $161.4M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — |
自由现金流BXPVH
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-85.1M | ||
| Q3 25 | $1.6B | $181.9M | ||
| Q2 25 | $848.4M | $-98.1M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $149.5M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — |
自由现金流率BXPVH
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | -3.7% | ||
| Q3 25 | 51.0% | 8.4% | ||
| Q2 25 | 22.9% | -4.9% | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 32.8% | — | ||
| Q2 24 | 41.0% | — |
资本支出强度BXPVH
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.8% | ||
| Q3 25 | 0.8% | 1.4% | ||
| Q2 25 | 1.1% | 1.3% | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.4% | — |
现金转化率BXPVH
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | -10.60× | ||
| Q3 25 | 2.56× | 0.95× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 2.61× | — |
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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
