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黑石集团（BX）与TransDigm Group（TDG）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TransDigm Group的1.4倍（$3.3B vs $2.3B），黑石集团净利率更高（36.7% vs 19.5%，领先17.3%），TransDigm Group同比增速更快（13.9% vs -77.7%），过去两年TransDigm Group的营收复合增速更高（9.1% 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。
TransDigm Group是总部位于美国俄亥俄州克利夫兰的上市航空航天制造企业，1993年由私募股权机构通过杠杆收购整合四家工业航空企业组建而成。公司专注于研发生产定制化航空航天部件，多年来通过多起收购持续拓展自身产品矩阵。
BX vs TDG — 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
TDG
高出91.6%
-77.7%
净利率更高
BX
高出17.3%
19.5%
两年增速更快
TDG
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.3B |
| 净利润 | $1.2B | $445.0M |
| 毛利率 | — | 59.2% |
| 营业利润率 | — | 45.6% |
| 净利率 | 36.7% | 19.5% |
| 营收同比 | -77.7% | 13.9% |
| 净利润同比 | -76.1% | -9.7% |
| 每股收益（稀释后） | $0.80 | $6.62 |
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BXTDG
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.3B | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.3B | $2.1B | ||
| Q4 24 | $3.1B | $2.0B | ||
| Q3 24 | $3.7B | $2.2B | ||
| Q2 24 | $2.8B | $2.0B |
净利润BXTDG
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $445.0M | ||
| Q3 25 | $624.9M | $610.0M | ||
| Q2 25 | $764.2M | $492.0M | ||
| Q1 25 | $614.9M | $479.0M | ||
| Q4 24 | $703.9M | $493.0M | ||
| Q3 24 | $780.8M | $468.0M | ||
| Q2 24 | $444.4M | $461.0M |
毛利率BXTDG
| Q1 26 | — | — | ||
| Q4 25 | — | 59.2% | ||
| Q3 25 | — | 60.3% | ||
| Q2 25 | — | 59.5% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 61.6% | ||
| Q3 24 | — | 57.5% | ||
| Q2 24 | — | 59.6% |
营业利润率BXTDG
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 45.6% | ||
| Q3 25 | 46.8% | 47.6% | ||
| Q2 25 | 51.6% | 46.4% | ||
| Q1 25 | 44.2% | 46.1% | ||
| Q4 24 | 50.6% | 48.6% | ||
| Q3 24 | 49.4% | 43.1% | ||
| Q2 24 | 43.2% | 45.7% |
净利率BXTDG
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 19.5% | ||
| Q3 25 | 20.2% | 25.0% | ||
| Q2 25 | 20.6% | 22.0% | ||
| Q1 25 | 18.7% | 22.3% | ||
| Q4 24 | 22.8% | 24.6% | ||
| Q3 24 | 21.3% | 21.4% | ||
| Q2 24 | 15.9% | 22.5% |
每股收益（稀释后）BXTDG
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $6.62 | ||
| Q3 25 | $0.80 | $7.75 | ||
| Q2 25 | $0.98 | $8.47 | ||
| Q1 25 | $0.80 | $8.24 | ||
| Q4 24 | $0.91 | $7.62 | ||
| Q3 24 | $1.02 | $5.82 | ||
| Q2 24 | $0.58 | $7.96 |
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 | $2.5B |
| 总债务越低越好 | — | $29.2B |
| 股东权益账面价值 | $18.5B | $-9.3B |
| 总资产 | $45.3B | $23.8B |
| 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BXTDG
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.4B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.4B | $2.4B | ||
| Q4 24 | $2.0B | $2.5B | ||
| Q3 24 | $2.4B | $6.3B | ||
| Q2 24 | $2.4B | $3.4B |
总债务BXTDG
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $29.2B | ||
| Q3 25 | $12.1B | $29.2B | ||
| Q2 25 | $12.1B | $24.3B | ||
| Q1 25 | $12.6B | $24.3B | ||
| Q4 24 | $11.5B | $24.3B | ||
| Q3 24 | $10.9B | $24.3B | ||
| Q2 24 | $10.8B | $21.4B |
股东权益BXTDG
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $-9.3B | ||
| Q3 25 | $8.4B | $-9.7B | ||
| Q2 25 | $8.4B | $-5.0B | ||
| Q1 25 | $8.0B | $-5.7B | ||
| Q4 24 | $8.2B | $-6.3B | ||
| Q3 24 | $7.0B | $-6.3B | ||
| Q2 24 | $6.8B | $-2.5B |
总资产BXTDG
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $23.8B | ||
| Q3 25 | $46.6B | $22.9B | ||
| Q2 25 | $45.4B | $22.7B | ||
| Q1 25 | $45.3B | $21.9B | ||
| Q4 24 | $43.5B | $21.5B | ||
| Q3 24 | $42.6B | $25.6B | ||
| Q2 24 | $40.6B | $21.8B |
负债/权益比BXTDG
| 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 | — | $832.0M |
| 自由现金流经营现金流 - 资本支出 | — | $772.0M |
| 自由现金流率自由现金流/营收 | — | 33.8% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | — | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | $1.9B |
8季度趋势，按日历期对齐
经营现金流BXTDG
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $832.0M | ||
| Q3 25 | $1.6B | $507.0M | ||
| Q2 25 | $888.5M | $631.0M | ||
| Q1 25 | $1.1B | $148.0M | ||
| Q4 24 | $161.4M | $752.0M | ||
| Q3 24 | $1.2B | $572.0M | ||
| Q2 24 | $1.2B | $608.0M |
自由现金流BXTDG
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $772.0M | ||
| Q3 25 | $1.6B | $441.0M | ||
| Q2 25 | $848.4M | $573.0M | ||
| Q1 25 | $1.1B | $92.0M | ||
| Q4 24 | $149.5M | $710.0M | ||
| Q3 24 | $1.2B | $531.0M | ||
| Q2 24 | $1.1B | $568.0M |
自由现金流率BXTDG
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 33.8% | ||
| Q3 25 | 51.0% | 18.1% | ||
| Q2 25 | 22.9% | 25.6% | ||
| Q1 25 | 32.8% | 4.3% | ||
| Q4 24 | 4.9% | 35.4% | ||
| Q3 24 | 32.8% | 24.3% | ||
| Q2 24 | 41.0% | 27.8% |
资本支出强度BXTDG
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 2.6% | ||
| Q3 25 | 0.8% | 2.7% | ||
| Q2 25 | 1.1% | 2.6% | ||
| Q1 25 | 0.9% | 2.6% | ||
| Q4 24 | 0.4% | 2.1% | ||
| Q3 24 | 0.5% | 1.9% | ||
| Q2 24 | 0.4% | 2.0% |
现金转化率BXTDG
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 1.87× | ||
| Q3 25 | 2.56× | 0.83× | ||
| Q2 25 | 1.16× | 1.28× | ||
| Q1 25 | 1.80× | 0.31× | ||
| Q4 24 | 0.23× | 1.53× | ||
| Q3 24 | 1.56× | 1.22× | ||
| Q2 24 | 2.61× | 1.32× |
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% |
TDG
| Airframe | $1.0B | 45% |
| Defense | $603.0M | 26% |
| Commercial Aftermarket | $368.0M | 16% |
| Commercial OEM | $253.0M | 11% |
| Non Aviation Related Business | $40.0M | 2% |
