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黑石集团（BX）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
Targa Resources的季度营收约是黑石集团的1.2倍（$4.1B vs $3.3B），黑石集团净利率更高（36.7% vs 13.4%，领先23.3%），Targa Resources同比增速更快（-7.9% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
BX vs TRGP — 直观对比
营收规模更大
TRGP
是对方的1.2倍
$3.3B
营收增速更快
TRGP
高出69.8%
-77.7%
净利率更高
BX
高出23.3%
13.4%
两年增速更快
BX
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.1B |
| 净利润 | $1.2B | $545.0M |
| 毛利率 | — | 43.1% |
| 营业利润率 | — | 22.6% |
| 净利率 | 36.7% | 13.4% |
| 营收同比 | -77.7% | -7.9% |
| 净利润同比 | -76.1% | 55.3% |
| 每股收益（稀释后） | $0.80 | $2.51 |
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BXTRGP
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $4.1B | ||
| Q3 25 | $3.1B | $4.2B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.3B | $4.6B | ||
| Q4 24 | $3.1B | $4.4B | ||
| Q3 24 | $3.7B | $3.9B | ||
| Q2 24 | $2.8B | $3.0B |
净利润BXTRGP
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $545.0M | ||
| Q3 25 | $624.9M | $478.4M | ||
| Q2 25 | $764.2M | $629.1M | ||
| Q1 25 | $614.9M | $270.5M | ||
| Q4 24 | $703.9M | $350.9M | ||
| Q3 24 | $780.8M | $387.4M | ||
| Q2 24 | $444.4M | $298.5M |
毛利率BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | — | 42.8% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 27.9% |
营业利润率BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 22.6% | ||
| Q3 25 | 46.8% | 20.2% | ||
| Q2 25 | 51.6% | 24.3% | ||
| Q1 25 | 44.2% | 11.9% | ||
| Q4 24 | 50.6% | 15.9% | ||
| Q3 24 | 49.4% | 18.9% | ||
| Q2 24 | 43.2% | 20.6% |
净利率BXTRGP
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 13.4% | ||
| Q3 25 | 20.2% | 11.5% | ||
| Q2 25 | 20.6% | 14.8% | ||
| Q1 25 | 18.7% | 5.9% | ||
| Q4 24 | 22.8% | 8.0% | ||
| Q3 24 | 21.3% | 10.1% | ||
| Q2 24 | 15.9% | 9.8% |
每股收益（稀释后）BXTRGP
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $2.51 | ||
| Q3 25 | $0.80 | $2.20 | ||
| Q2 25 | $0.98 | $2.87 | ||
| Q1 25 | $0.80 | $0.91 | ||
| Q4 24 | $0.91 | $1.44 | ||
| Q3 24 | $1.02 | $1.75 | ||
| Q2 24 | $0.58 | $1.33 |
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 | $166.1M |
| 总债务越低越好 | — | $16.7B |
| 股东权益账面价值 | $18.5B | $3.1B |
| 总资产 | $45.3B | $25.2B |
| 负债/权益比越低杠杆越低 | — | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资BXTRGP
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $166.1M | ||
| Q3 25 | $2.4B | $124.1M | ||
| Q2 25 | $2.2B | $113.1M | ||
| Q1 25 | $2.4B | $151.4M | ||
| Q4 24 | $2.0B | $157.3M | ||
| Q3 24 | $2.4B | $127.2M | ||
| Q2 24 | $2.4B | $166.4M |
总债务BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $16.7B | ||
| Q3 25 | $12.1B | $16.7B | ||
| Q2 25 | $12.1B | $16.1B | ||
| Q1 25 | $12.6B | $15.5B | ||
| Q4 24 | $11.5B | $13.8B | ||
| Q3 24 | $10.9B | $13.6B | ||
| Q2 24 | $10.8B | $13.0B |
股东权益BXTRGP
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $3.1B | ||
| Q3 25 | $8.4B | $2.7B | ||
| Q2 25 | $8.4B | $2.6B | ||
| Q1 25 | $8.0B | $2.5B | ||
| Q4 24 | $8.2B | $2.6B | ||
| Q3 24 | $7.0B | $2.6B | ||
| Q2 24 | $6.8B | $2.5B |
总资产BXTRGP
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $25.2B | ||
| Q3 25 | $46.6B | $24.2B | ||
| Q2 25 | $45.4B | $23.5B | ||
| Q1 25 | $45.3B | $22.8B | ||
| Q4 24 | $43.5B | $22.7B | ||
| Q3 24 | $42.6B | $21.9B | ||
| Q2 24 | $40.6B | $21.3B |
负债/权益比BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 5.43× | ||
| Q3 25 | 1.44× | 6.19× | ||
| Q2 25 | 1.45× | 6.21× | ||
| Q1 25 | 1.58× | 6.34× | ||
| Q4 24 | 1.40× | 5.32× | ||
| Q3 24 | 1.55× | 5.28× | ||
| Q2 24 | 1.58× | 5.25× |
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 | — | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $542.3M |
| 自由现金流率自由现金流/营收 | — | 13.4% |
| 资本支出强度资本支出/营收 | — | 23.8% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $584.1M |
8季度趋势，按日历期对齐
经营现金流BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.6B | $599.2M | ||
| Q2 25 | $888.5M | $858.3M | ||
| Q1 25 | $1.1B | $954.4M | ||
| Q4 24 | $161.4M | $1.3B | ||
| Q3 24 | $1.2B | $540.9M | ||
| Q2 24 | $1.2B | $904.5M |
自由现金流BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $542.3M | ||
| Q3 25 | $1.6B | $-72.6M | ||
| Q2 25 | $848.4M | $-47.8M | ||
| Q1 25 | $1.1B | $162.2M | ||
| Q4 24 | $149.5M | $601.0M | ||
| Q3 24 | $1.2B | $-287.9M | ||
| Q2 24 | $1.1B | $164.2M |
自由现金流率BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 13.4% | ||
| Q3 25 | 51.0% | -1.7% | ||
| Q2 25 | 22.9% | -1.1% | ||
| Q1 25 | 32.8% | 3.6% | ||
| Q4 24 | 4.9% | 13.6% | ||
| Q3 24 | 32.8% | -7.5% | ||
| Q2 24 | 41.0% | 5.4% |
资本支出强度BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 23.8% | ||
| Q3 25 | 0.8% | 16.2% | ||
| Q2 25 | 1.1% | 21.3% | ||
| Q1 25 | 0.9% | 17.4% | ||
| Q4 24 | 0.4% | 16.5% | ||
| Q3 24 | 0.5% | 21.5% | ||
| Q2 24 | 0.4% | 24.3% |
现金转化率BXTRGP
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 2.76× | ||
| Q3 25 | 2.56× | 1.25× | ||
| Q2 25 | 1.16× | 1.36× | ||
| Q1 25 | 1.80× | 3.53× | ||
| Q4 24 | 0.23× | 3.78× | ||
| Q3 24 | 1.56× | 1.40× | ||
| Q2 24 | 2.61× | 3.03× |
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% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
