vs
黑石集团（BX）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
德事隆的季度营收约是黑石集团的1.3倍（$4.2B vs $3.3B），黑石集团净利率更高（36.7% vs 5.6%，领先31.1%），德事隆同比增速更快（15.6% vs -77.7%），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
BX vs TXT — 直观对比
营收规模更大
TXT
是对方的1.3倍
$3.3B
营收增速更快
TXT
高出93.3%
-77.7%
净利率更高
BX
高出31.1%
5.6%
两年增速更快
TXT
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.2B |
| 净利润 | $1.2B | $235.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 36.7% | 5.6% |
| 营收同比 | -77.7% | 15.6% |
| 净利润同比 | -76.1% | 66.7% |
| 每股收益（稀释后） | $0.80 | — |
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BXTXT
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $4.2B | ||
| Q3 25 | $3.1B | $3.6B | ||
| Q2 25 | $3.7B | $3.7B | ||
| Q1 25 | $3.3B | $3.3B | ||
| Q4 24 | $3.1B | $3.6B | ||
| Q3 24 | $3.7B | $3.4B | ||
| Q2 24 | $2.8B | $3.5B |
净利润BXTXT
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $235.0M | ||
| Q3 25 | $624.9M | $234.0M | ||
| Q2 25 | $764.2M | $245.0M | ||
| Q1 25 | $614.9M | $207.0M | ||
| Q4 24 | $703.9M | $141.0M | ||
| Q3 24 | $780.8M | $223.0M | ||
| Q2 24 | $444.4M | $259.0M |
营业利润率BXTXT
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | — | ||
| Q3 25 | 46.8% | — | ||
| Q2 25 | 51.6% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 50.6% | 3.6% | ||
| Q3 24 | 49.4% | 7.4% | ||
| Q2 24 | 43.2% | 9.2% |
净利率BXTXT
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 5.6% | ||
| Q3 25 | 20.2% | 6.5% | ||
| Q2 25 | 20.6% | 6.6% | ||
| Q1 25 | 18.7% | 6.3% | ||
| Q4 24 | 22.8% | 3.9% | ||
| Q3 24 | 21.3% | 6.5% | ||
| Q2 24 | 15.9% | 7.3% |
每股收益（稀释后）BXTXT
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | — | ||
| Q3 25 | $0.80 | — | ||
| Q2 25 | $0.98 | — | ||
| Q1 25 | $0.80 | $1.13 | ||
| Q4 24 | $0.91 | — | ||
| Q3 24 | $1.02 | — | ||
| 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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $18.5B | — |
| 总资产 | $45.3B | — |
| 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BXTXT
| 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BXTXT
| 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BXTXT
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | — | ||
| Q3 25 | $8.4B | $7.5B | ||
| Q2 25 | $8.4B | $7.4B | ||
| Q1 25 | $8.0B | $7.3B | ||
| Q4 24 | $8.2B | $7.2B | ||
| Q3 24 | $7.0B | $7.0B | ||
| Q2 24 | $6.8B | $6.9B |
总资产BXTXT
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | — | ||
| Q3 25 | $46.6B | $17.4B | ||
| Q2 25 | $45.4B | $17.1B | ||
| Q1 25 | $45.3B | $16.9B | ||
| Q4 24 | $43.5B | $16.8B | ||
| Q3 24 | $42.6B | $16.5B | ||
| Q2 24 | $40.6B | $16.4B |
负债/权益比BXTXT
| 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 | — | $700.0M |
| 自由现金流经营现金流 - 资本支出 | — | $527.0M |
| 自由现金流率自由现金流/营收 | — | 12.6% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | — | 2.98× |
| 过去12个月自由现金流最近4个季度 | — | $929.0M |
8季度趋势，按日历期对齐
经营现金流BXTXT
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $700.0M | ||
| Q3 25 | $1.6B | $349.0M | ||
| Q2 25 | $888.5M | $387.0M | ||
| Q1 25 | $1.1B | $-124.0M | ||
| Q4 24 | $161.4M | $446.0M | ||
| Q3 24 | $1.2B | $208.0M | ||
| Q2 24 | $1.2B | $367.0M |
自由现金流BXTXT
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $527.0M | ||
| Q3 25 | $1.6B | $273.0M | ||
| Q2 25 | $848.4M | $309.0M | ||
| Q1 25 | $1.1B | $-180.0M | ||
| Q4 24 | $149.5M | $293.0M | ||
| Q3 24 | $1.2B | $137.0M | ||
| Q2 24 | $1.1B | $293.0M |
自由现金流率BXTXT
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 12.6% | ||
| Q3 25 | 51.0% | 7.6% | ||
| Q2 25 | 22.9% | 8.3% | ||
| Q1 25 | 32.8% | -5.4% | ||
| Q4 24 | 4.9% | 8.1% | ||
| Q3 24 | 32.8% | 4.0% | ||
| Q2 24 | 41.0% | 8.3% |
资本支出强度BXTXT
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.1% | ||
| Q3 25 | 0.8% | 2.1% | ||
| Q2 25 | 1.1% | 2.1% | ||
| Q1 25 | 0.9% | 1.7% | ||
| Q4 24 | 0.4% | 4.2% | ||
| Q3 24 | 0.5% | 2.1% | ||
| Q2 24 | 0.4% | 2.1% |
现金转化率BXTXT
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 2.98× | ||
| Q3 25 | 2.56× | 1.49× | ||
| Q2 25 | 1.16× | 1.58× | ||
| Q1 25 | 1.80× | -0.60× | ||
| Q4 24 | 0.23× | 3.16× | ||
| Q3 24 | 1.56× | 0.93× | ||
| Q2 24 | 2.61× | 1.42× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
