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黑石集团（BX）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是黑石集团的1.3倍（$4.3B vs $3.3B），黑石集团净利率更高（36.7% vs 17.7%，领先19.1%），皇家加勒比集团同比增速更快（13.3% vs -9.1%），过去两年黑石集团的营收复合增速更高（8.5% vs 6.9%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
BX vs RCL — 直观对比
营收规模更大
RCL
是对方的1.3倍
$3.3B
营收增速更快
RCL
高出22.3%
-9.1%
净利率更高
BX
高出19.1%
17.7%
两年增速更快
BX
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.3B |
| 净利润 | $1.2B | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | — | 21.9% |
| 净利率 | 36.7% | 17.7% |
| 营收同比 | -9.1% | 13.3% |
| 净利润同比 | -3.9% | 36.4% |
| 每股收益（稀释后） | $0.80 | $2.76 |
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BXRCL
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $4.3B | ||
| Q3 25 | $3.1B | $5.1B | ||
| Q2 25 | $3.7B | $4.5B | ||
| Q1 25 | $3.3B | $4.0B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $3.7B | $4.9B | ||
| Q2 24 | $2.8B | $4.1B |
净利润BXRCL
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $753.0M | ||
| Q3 25 | $624.9M | $1.6B | ||
| Q2 25 | $764.2M | $1.2B | ||
| Q1 25 | $614.9M | $730.0M | ||
| Q4 24 | $703.9M | $552.0M | ||
| Q3 24 | $780.8M | $1.1B | ||
| Q2 24 | $444.4M | $854.0M |
毛利率BXRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率BXRCL
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 21.9% | ||
| Q3 25 | 46.8% | 33.1% | ||
| Q2 25 | 51.6% | 29.3% | ||
| Q1 25 | 44.2% | 23.6% | ||
| Q4 24 | 50.6% | 16.6% | ||
| Q3 24 | 49.4% | 33.4% | ||
| Q2 24 | 43.2% | 26.7% |
净利率BXRCL
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 17.7% | ||
| Q3 25 | 20.2% | 30.6% | ||
| Q2 25 | 20.6% | 26.7% | ||
| Q1 25 | 18.7% | 18.3% | ||
| Q4 24 | 22.8% | 14.7% | ||
| Q3 24 | 21.3% | 22.7% | ||
| Q2 24 | 15.9% | 20.8% |
每股收益（稀释后）BXRCL
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $2.76 | ||
| Q3 25 | $0.80 | $5.74 | ||
| Q2 25 | $0.98 | $4.41 | ||
| Q1 25 | $0.80 | $2.70 | ||
| Q4 24 | $0.91 | $2.27 | ||
| Q3 24 | $1.02 | $4.21 | ||
| Q2 24 | $0.58 | $3.11 |
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 | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $18.5B | $10.0B |
| 总资产 | $45.3B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资BXRCL
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $825.0M | ||
| Q3 25 | $2.4B | $432.0M | ||
| Q2 25 | $2.2B | $735.0M | ||
| Q1 25 | $2.4B | $386.0M | ||
| Q4 24 | $2.0B | $388.0M | ||
| Q3 24 | $2.4B | $418.0M | ||
| Q2 24 | $2.4B | $391.0M |
总债务BXRCL
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $18.2B | ||
| Q3 25 | $12.1B | $17.2B | ||
| Q2 25 | $12.1B | $17.6B | ||
| Q1 25 | $12.6B | $18.0B | ||
| Q4 24 | $11.5B | $18.5B | ||
| Q3 24 | $10.9B | $19.0B | ||
| Q2 24 | $10.8B | $19.8B |
股东权益BXRCL
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $10.0B | ||
| Q3 25 | $8.4B | $10.1B | ||
| Q2 25 | $8.4B | $9.2B | ||
| Q1 25 | $8.0B | $8.0B | ||
| Q4 24 | $8.2B | $7.6B | ||
| Q3 24 | $7.0B | $7.0B | ||
| Q2 24 | $6.8B | $6.0B |
总资产BXRCL
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $41.6B | ||
| Q3 25 | $46.6B | $40.1B | ||
| Q2 25 | $45.4B | $38.5B | ||
| Q1 25 | $45.3B | $37.5B | ||
| Q4 24 | $43.5B | $37.1B | ||
| Q3 24 | $42.6B | $37.1B | ||
| Q2 24 | $40.6B | $37.0B |
负债/权益比BXRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 1.81× | ||
| Q3 25 | 1.44× | 1.70× | ||
| Q2 25 | 1.45× | 1.92× | ||
| Q1 25 | 1.58× | 2.26× | ||
| Q4 24 | 1.40× | 2.44× | ||
| Q3 24 | 1.55× | 2.69× | ||
| Q2 24 | 1.58× | 3.29× |
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 | — | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流BXRCL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $888.5M | $1.7B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $161.4M | $1.5B | ||
| Q3 24 | $1.2B | $897.0M | ||
| Q2 24 | $1.2B | $1.6B |
自由现金流BXRCL
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $116.0M | ||
| Q3 25 | $1.6B | $-989.0M | ||
| Q2 25 | $848.4M | $910.0M | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $149.5M | $915.0M | ||
| Q3 24 | $1.2B | $563.0M | ||
| Q2 24 | $1.1B | $-567.0M |
自由现金流率BXRCL
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 2.7% | ||
| Q3 25 | 51.0% | -19.2% | ||
| Q2 25 | 22.9% | 20.1% | ||
| Q1 25 | 32.8% | 30.0% | ||
| Q4 24 | 4.9% | 24.3% | ||
| Q3 24 | 32.8% | 11.5% | ||
| Q2 24 | 41.0% | -13.8% |
资本支出强度BXRCL
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 35.4% | ||
| Q3 25 | 0.8% | 47.8% | ||
| Q2 25 | 1.1% | 18.4% | ||
| Q1 25 | 0.9% | 10.7% | ||
| Q4 24 | 0.4% | 14.7% | ||
| Q3 24 | 0.5% | 6.8% | ||
| Q2 24 | 0.4% | 52.1% |
现金转化率BXRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 2.16× | ||
| Q3 25 | 2.56× | 0.93× | ||
| Q2 25 | 1.16× | 1.44× | ||
| Q1 25 | 1.80× | 2.23× | ||
| Q4 24 | 0.23× | 2.66× | ||
| Q3 24 | 1.56× | 0.81× | ||
| Q2 24 | 2.61× | 1.84× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
