vs
黑石集团（BX）与闪迪（SNDK）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闪迪的1.1倍（$3.3B vs $3.0B），黑石集团净利率更高（36.7% vs 26.5%，领先10.2%），闪迪同比增速更快（78.5% 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。
闪迪是总部位于美国加利福尼亚州米尔皮塔斯的跨国计算机科技企业，主要设计生产闪存相关产品，涵盖存储卡、U盘、固态硬盘等品类。公司1988年由伊莱·哈拉里、桑贾伊·梅洛特拉、袁志坤共同创立，最初名为SunDisk，现品牌名取自创始人桑贾伊的名字与disk的组合。
BX vs SNDK — 直观对比
营收规模更大
BX
是对方的1.1倍
$3.0B
营收增速更快
SNDK
高出156.2%
-77.7%
净利率更高
BX
高出10.2%
26.5%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.0B |
| 净利润 | $1.2B | $803.0M |
| 毛利率 | — | 50.9% |
| 营业利润率 | — | 35.2% |
| 净利率 | 36.7% | 26.5% |
| 营收同比 | -77.7% | 78.5% |
| 净利润同比 | -76.1% | 141.5% |
| 每股收益（稀释后） | $0.80 | $5.15 |
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BXSNDK
| Q1 26 | $3.3B | $3.0B | ||
| Q4 25 | $4.4B | $2.3B | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.3B | $1.7B | ||
| Q4 24 | $3.1B | $1.9B | ||
| Q3 24 | $3.7B | $1.9B | ||
| Q2 24 | $2.8B | — |
净利润BXSNDK
| Q1 26 | $1.2B | $803.0M | ||
| Q4 25 | $1.0B | $112.0M | ||
| Q3 25 | $624.9M | — | ||
| Q2 25 | $764.2M | $-23.0M | ||
| Q1 25 | $614.9M | $-1.9B | ||
| Q4 24 | $703.9M | $104.0M | ||
| Q3 24 | $780.8M | $211.0M | ||
| Q2 24 | $444.4M | — |
毛利率BXSNDK
| Q1 26 | — | 50.9% | ||
| Q4 25 | — | 29.8% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 26.2% | ||
| Q1 25 | — | 22.5% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | — |
营业利润率BXSNDK
| Q1 26 | — | 35.2% | ||
| Q4 25 | 54.1% | 7.6% | ||
| Q3 25 | 46.8% | — | ||
| Q2 25 | 51.6% | 0.9% | ||
| Q1 25 | 44.2% | -111.0% | ||
| Q4 24 | 50.6% | 10.4% | ||
| Q3 24 | 49.4% | 15.5% | ||
| Q2 24 | 43.2% | — |
净利率BXSNDK
| Q1 26 | 36.7% | 26.5% | ||
| Q4 25 | 23.3% | 4.9% | ||
| Q3 25 | 20.2% | — | ||
| Q2 25 | 20.6% | -1.2% | ||
| Q1 25 | 18.7% | -114.0% | ||
| Q4 24 | 22.8% | 5.5% | ||
| Q3 24 | 21.3% | 11.2% | ||
| Q2 24 | 15.9% | — |
每股收益（稀释后）BXSNDK
| Q1 26 | $0.80 | $5.15 | ||
| Q4 25 | $1.29 | $0.75 | ||
| Q3 25 | $0.80 | — | ||
| Q2 25 | $0.98 | $-0.17 | ||
| Q1 25 | $0.80 | $-13.33 | ||
| Q4 24 | $0.91 | $0.72 | ||
| Q3 24 | $1.02 | $1.46 | ||
| 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 | $1.5B |
| 总债务越低越好 | — | $603.0M |
| 股东权益账面价值 | $18.5B | $10.2B |
| 总资产 | $45.3B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资BXSNDK
| Q1 26 | $2.4B | $1.5B | ||
| Q4 25 | $2.6B | $1.4B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.0B | $804.0M | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.4B | — |
总债务BXSNDK
| Q1 26 | — | $603.0M | ||
| Q4 25 | $12.6B | $1.4B | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $12.1B | $1.8B | ||
| Q1 25 | $12.6B | $1.9B | ||
| Q4 24 | $11.5B | — | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $10.8B | — |
股东权益BXSNDK
| Q1 26 | $18.5B | $10.2B | ||
| Q4 25 | $8.7B | $9.4B | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $8.4B | $9.2B | ||
| Q1 25 | $8.0B | $9.2B | ||
| Q4 24 | $8.2B | $12.0B | ||
| Q3 24 | $7.0B | $12.1B | ||
| Q2 24 | $6.8B | — |
总资产BXSNDK
| Q1 26 | $45.3B | $13.0B | ||
| Q4 25 | $47.7B | $12.7B | ||
| Q3 25 | $46.6B | — | ||
| Q2 25 | $45.4B | $13.0B | ||
| Q1 25 | $45.3B | $13.0B | ||
| Q4 24 | $43.5B | $14.2B | ||
| Q3 24 | $42.6B | — | ||
| Q2 24 | $40.6B | — |
负债/权益比BXSNDK
| Q1 26 | — | 0.06× | ||
| Q4 25 | 1.45× | 0.14× | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.45× | 0.20× | ||
| Q1 25 | 1.58× | 0.21× | ||
| 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 | — | $1.0B |
| 自由现金流经营现金流 - 资本支出 | — | $980.0M |
| 自由现金流率自由现金流/营收 | — | 32.4% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.27× |
| 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BXSNDK
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.1B | $488.0M | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $888.5M | — | ||
| Q1 25 | $1.1B | $26.0M | ||
| Q4 24 | $161.4M | $95.0M | ||
| Q3 24 | $1.2B | $-131.0M | ||
| Q2 24 | $1.2B | — |
自由现金流BXSNDK
| Q1 26 | — | $980.0M | ||
| Q4 25 | $1.0B | $438.0M | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $848.4M | — | ||
| Q1 25 | $1.1B | $-18.0M | ||
| Q4 24 | $149.5M | $47.0M | ||
| Q3 24 | $1.2B | $-198.0M | ||
| Q2 24 | $1.1B | — |
自由现金流率BXSNDK
| Q1 26 | — | 32.4% | ||
| Q4 25 | 24.0% | 19.0% | ||
| Q3 25 | 51.0% | — | ||
| Q2 25 | 22.9% | — | ||
| Q1 25 | 32.8% | -1.1% | ||
| Q4 24 | 4.9% | 2.5% | ||
| Q3 24 | 32.8% | -10.5% | ||
| Q2 24 | 41.0% | — |
资本支出强度BXSNDK
| Q1 26 | — | 1.3% | ||
| Q4 25 | 0.5% | 2.2% | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.9% | 2.6% | ||
| Q4 24 | 0.4% | 2.6% | ||
| Q3 24 | 0.5% | 3.6% | ||
| Q2 24 | 0.4% | — |
现金转化率BXSNDK
| Q1 26 | — | 1.27× | ||
| Q4 25 | 1.05× | 4.36× | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | 0.91× | ||
| Q3 24 | 1.56× | -0.62× | ||
| 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% |
SNDK
| Edge | $1.7B | 55% |
| Consumer | $907.0M | 30% |
| Datacenter | $440.0M | 15% |
