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黑石集团（BX）与道富集团（STT）财务数据对比。点击上方公司名可切换其他公司
道富集团的季度营收约是黑石集团的1.1倍（$3.7B vs $3.3B），黑石集团净利率更高（36.7% vs 20.4%，领先16.4%），道富集团同比增速更快（7.5% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs 8.1%）
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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
BX vs STT — 直观对比
营收规模更大
STT
是对方的1.1倍
$3.3B
营收增速更快
STT
高出85.2%
-77.7%
净利率更高
BX
高出16.4%
20.4%
两年增速更快
BX
近两年复合增速
8.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.7B |
| 净利润 | $1.2B | $747.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 25.0% |
| 净利率 | 36.7% | 20.4% |
| 营收同比 | -77.7% | 7.5% |
| 净利润同比 | -76.1% | -4.6% |
| 每股收益（稀释后） | $0.80 | $2.41 |
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BXSTT
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $3.7B | ||
| Q3 25 | $3.1B | $3.5B | ||
| Q2 25 | $3.7B | $3.4B | ||
| Q1 25 | $3.3B | $3.3B | ||
| Q4 24 | $3.1B | $3.4B | ||
| Q3 24 | $3.7B | $3.3B | ||
| Q2 24 | $2.8B | $3.2B |
净利润BXSTT
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $747.0M | ||
| Q3 25 | $624.9M | $861.0M | ||
| Q2 25 | $764.2M | $693.0M | ||
| Q1 25 | $614.9M | $644.0M | ||
| Q4 24 | $703.9M | $783.0M | ||
| Q3 24 | $780.8M | $730.0M | ||
| Q2 24 | $444.4M | $711.0M |
营业利润率BXSTT
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 25.0% | ||
| Q3 25 | 46.8% | 31.1% | ||
| Q2 25 | 51.6% | 25.8% | ||
| Q1 25 | 44.2% | 25.0% | ||
| Q4 24 | 50.6% | 28.1% | ||
| Q3 24 | 49.4% | 28.4% | ||
| Q2 24 | 43.2% | 28.6% |
净利率BXSTT
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 20.4% | ||
| Q3 25 | 20.2% | 24.3% | ||
| Q2 25 | 20.6% | 20.1% | ||
| Q1 25 | 18.7% | 19.6% | ||
| Q4 24 | 22.8% | 22.9% | ||
| Q3 24 | 21.3% | 22.4% | ||
| Q2 24 | 15.9% | 22.3% |
每股收益（稀释后）BXSTT
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $2.41 | ||
| Q3 25 | $0.80 | $2.78 | ||
| Q2 25 | $0.98 | $2.17 | ||
| Q1 25 | $0.80 | $2.04 | ||
| Q4 24 | $0.91 | $2.43 | ||
| Q3 24 | $1.02 | $2.26 | ||
| Q2 24 | $0.58 | $2.15 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $18.5B | $27.8B |
| 总资产 | $45.3B | $366.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BXSTT
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.4B | — |
总债务BXSTT
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $11.5B | — | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $10.8B | — |
股东权益BXSTT
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $27.8B | ||
| Q3 25 | $8.4B | $27.6B | ||
| Q2 25 | $8.4B | $27.3B | ||
| Q1 25 | $8.0B | $26.7B | ||
| Q4 24 | $8.2B | $25.3B | ||
| Q3 24 | $7.0B | $25.8B | ||
| Q2 24 | $6.8B | $24.8B |
总资产BXSTT
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $366.0B | ||
| Q3 25 | $46.6B | $371.1B | ||
| Q2 25 | $45.4B | $376.7B | ||
| Q1 25 | $45.3B | $372.7B | ||
| Q4 24 | $43.5B | $353.2B | ||
| Q3 24 | $42.6B | $338.5B | ||
| Q2 24 | $40.6B | $325.6B |
负债/权益比BXSTT
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.45× | — | ||
| 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 | — | $10.0B |
| 自由现金流经营现金流 - 资本支出 | — | $9.8B |
| 自由现金流率自由现金流/营收 | — | 266.6% |
| 资本支出强度资本支出/营收 | — | 7.3% |
| 现金转化率经营现金流/净利润 | — | 13.44× |
| 过去12个月自由现金流最近4个季度 | — | $10.8B |
8季度趋势，按日历期对齐
经营现金流BXSTT
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $10.0B | ||
| Q3 25 | $1.6B | $7.9B | ||
| Q2 25 | $888.5M | $-8.4B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $161.4M | $-7.4B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $1.2B | $-7.6B |
自由现金流BXSTT
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $9.8B | ||
| Q3 25 | $1.6B | $7.7B | ||
| Q2 25 | $848.4M | $-8.8B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $149.5M | $-7.7B | ||
| Q3 24 | $1.2B | $2.5B | ||
| Q2 24 | $1.1B | $-7.9B |
自由现金流率BXSTT
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 266.6% | ||
| Q3 25 | 51.0% | 216.0% | ||
| Q2 25 | 22.9% | -254.1% | ||
| Q1 25 | 32.8% | 66.1% | ||
| Q4 24 | 4.9% | -225.1% | ||
| Q3 24 | 32.8% | 75.9% | ||
| Q2 24 | 41.0% | -246.2% |
资本支出强度BXSTT
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 7.3% | ||
| Q3 25 | 0.8% | 6.9% | ||
| Q2 25 | 1.1% | 9.3% | ||
| Q1 25 | 0.9% | 6.9% | ||
| Q4 24 | 0.4% | 7.3% | ||
| Q3 24 | 0.5% | 7.2% | ||
| Q2 24 | 0.4% | 6.7% |
现金转化率BXSTT
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 13.44× | ||
| Q3 25 | 2.56× | 9.18× | ||
| Q2 25 | 1.16× | -12.18× | ||
| Q1 25 | 1.80× | 3.72× | ||
| Q4 24 | 0.23× | -9.49× | ||
| Q3 24 | 1.56× | 3.71× | ||
| Q2 24 | 2.61× | -10.75× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
