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黑石集团（BX）与RESIDEO TECHNOLOGIES, INC.（REZI）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RESIDEO TECHNOLOGIES, INC.的1.7倍（$3.3B vs $1.9B），黑石集团净利率更高（36.7% vs 7.2%，领先29.6%），RESIDEO TECHNOLOGIES, INC.同比增速更快（2.0% vs -77.7%），过去两年RESIDEO TECHNOLOGIES, INC.的营收复合增速更高（12.9% vs 8.5%）
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。
Resideo Technologies是2018年从霍尼韦尔分拆成立的美国跨国企业，主营住宅场景的温控、空气质量调节、湿度控制及安防系统，业务覆盖美国及全球市场。公司下设产品、分销两大业务板块，生产销售温度照明控制、安防、水气监测等智能家居硬件及配套软件产品。
BX vs REZI — 直观对比
营收规模更大
BX
是对方的1.7倍
$1.9B
营收增速更快
REZI
高出79.7%
-77.7%
净利率更高
BX
高出29.6%
7.2%
两年增速更快
REZI
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $1.9B |
| 净利润 | $1.2B | $136.0M |
| 毛利率 | — | 29.6% |
| 营业利润率 | — | 7.4% |
| 净利率 | 36.7% | 7.2% |
| 营收同比 | -77.7% | 2.0% |
| 净利润同比 | -76.1% | 491.3% |
| 每股收益（稀释后） | $0.80 | $0.99 |
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BXREZI
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $1.9B | ||
| Q3 25 | $3.1B | $1.9B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.3B | $1.8B | ||
| Q4 24 | $3.1B | $1.9B | ||
| Q3 24 | $3.7B | $1.8B | ||
| Q2 24 | $2.8B | $1.6B |
净利润BXREZI
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $136.0M | ||
| Q3 25 | $624.9M | $156.0M | ||
| Q2 25 | $764.2M | $-825.0M | ||
| Q1 25 | $614.9M | $6.0M | ||
| Q4 24 | $703.9M | $23.0M | ||
| Q3 24 | $780.8M | $20.0M | ||
| Q2 24 | $444.4M | $30.0M |
毛利率BXREZI
| Q1 26 | — | — | ||
| Q4 25 | — | 29.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.9% | ||
| Q4 24 | — | 28.5% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 28.1% |
营业利润率BXREZI
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 7.4% | ||
| Q3 25 | 46.8% | 8.3% | ||
| Q2 25 | 51.6% | 9.1% | ||
| Q1 25 | 44.2% | 7.7% | ||
| Q4 24 | 50.6% | 7.8% | ||
| Q3 24 | 49.4% | 6.9% | ||
| Q2 24 | 43.2% | 7.7% |
净利率BXREZI
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 7.2% | ||
| Q3 25 | 20.2% | 8.4% | ||
| Q2 25 | 20.6% | -42.5% | ||
| Q1 25 | 18.7% | 0.3% | ||
| Q4 24 | 22.8% | 1.2% | ||
| Q3 24 | 21.3% | 1.1% | ||
| Q2 24 | 15.9% | 1.9% |
每股收益（稀释后）BXREZI
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.99 | ||
| Q3 25 | $0.80 | $0.85 | ||
| Q2 25 | $0.98 | $-5.59 | ||
| Q1 25 | $0.80 | $-0.02 | ||
| Q4 24 | $0.91 | $0.06 | ||
| Q3 24 | $1.02 | $0.07 | ||
| Q2 24 | $0.58 | $0.19 |
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 | $661.0M |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $18.5B | $2.9B |
| 总资产 | $45.3B | $8.4B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资BXREZI
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $661.0M | ||
| Q3 25 | $2.4B | $345.0M | ||
| Q2 25 | $2.2B | $753.0M | ||
| Q1 25 | $2.4B | $577.0M | ||
| Q4 24 | $2.0B | $692.0M | ||
| Q3 24 | $2.4B | $531.0M | ||
| Q2 24 | $2.4B | $413.0M |
总债务BXREZI
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $3.2B | ||
| Q3 25 | $12.1B | $3.2B | ||
| Q2 25 | $12.1B | $2.0B | ||
| Q1 25 | $12.6B | $2.0B | ||
| Q4 24 | $11.5B | $2.0B | ||
| Q3 24 | $10.9B | $2.0B | ||
| Q2 24 | $10.8B | $2.0B |
股东权益BXREZI
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $2.9B | ||
| Q3 25 | $8.4B | $2.8B | ||
| Q2 25 | $8.4B | $2.6B | ||
| Q1 25 | $8.0B | $3.3B | ||
| Q4 24 | $8.2B | $3.3B | ||
| Q3 24 | $7.0B | $3.4B | ||
| Q2 24 | $6.8B | $3.3B |
总资产BXREZI
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $8.4B | ||
| Q3 25 | $46.6B | $8.2B | ||
| Q2 25 | $45.4B | $8.5B | ||
| Q1 25 | $45.3B | $8.1B | ||
| Q4 24 | $43.5B | $8.2B | ||
| Q3 24 | $42.6B | $8.1B | ||
| Q2 24 | $40.6B | $8.0B |
负债/权益比BXREZI
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 1.11× | ||
| Q3 25 | 1.44× | 1.17× | ||
| Q2 25 | 1.45× | 0.77× | ||
| Q1 25 | 1.58× | 0.60× | ||
| Q4 24 | 1.40× | 0.61× | ||
| Q3 24 | 1.55× | 0.60× | ||
| Q2 24 | 1.58× | 0.61× |
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 | — | $299.0M |
| 自由现金流经营现金流 - 资本支出 | — | $262.0M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | — | 2.20× |
| 过去12个月自由现金流最近4个季度 | — | $-1.3B |
8季度趋势，按日历期对齐
经营现金流BXREZI
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $299.0M | ||
| Q3 25 | $1.6B | $-1.6B | ||
| Q2 25 | $888.5M | $200.0M | ||
| Q1 25 | $1.1B | $-65.0M | ||
| Q4 24 | $161.4M | $203.0M | ||
| Q3 24 | $1.2B | $147.0M | ||
| Q2 24 | $1.2B | $92.0M |
自由现金流BXREZI
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $262.0M | ||
| Q3 25 | $1.6B | $-1.6B | ||
| Q2 25 | $848.4M | $180.0M | ||
| Q1 25 | $1.1B | $-96.0M | ||
| Q4 24 | $149.5M | $181.0M | ||
| Q3 24 | $1.2B | $125.0M | ||
| Q2 24 | $1.1B | $77.0M |
自由现金流率BXREZI
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 13.8% | ||
| Q3 25 | 51.0% | -85.8% | ||
| Q2 25 | 22.9% | 9.3% | ||
| Q1 25 | 32.8% | -5.4% | ||
| Q4 24 | 4.9% | 9.7% | ||
| Q3 24 | 32.8% | 6.8% | ||
| Q2 24 | 41.0% | 4.8% |
资本支出强度BXREZI
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 2.0% | ||
| Q3 25 | 0.8% | 1.5% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | 0.9% | 1.8% | ||
| Q4 24 | 0.4% | 1.2% | ||
| Q3 24 | 0.5% | 1.2% | ||
| Q2 24 | 0.4% | 0.9% |
现金转化率BXREZI
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 2.20× | ||
| Q3 25 | 2.56× | -10.07× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.80× | -10.83× | ||
| Q4 24 | 0.23× | 8.83× | ||
| Q3 24 | 1.56× | 7.35× | ||
| Q2 24 | 2.61× | 3.07× |
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% |
REZI
| ADI Global Distribution Segment | $1.2B | 62% |
| Safety And Security | $257.0M | 14% |
| Air | $211.0M | 11% |
| Energy Service | $153.0M | 8% |
| Public Utilities Inventory Water | $91.0M | 5% |
