vs
黑石集团（BX）与福泰制药（VRTX）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福泰制药的1.0倍（$3.3B vs $3.2B），福泰制药净利率更高（37.3% vs 36.7%，领先0.6%），福泰制药同比增速更快（9.5% vs -77.7%），过去两年福泰制药的营收复合增速更高（8.9% 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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
BX vs VRTX — 直观对比
营收规模更大
BX
是对方的1.0倍
$3.2B
营收增速更快
VRTX
高出87.3%
-77.7%
净利率更高
VRTX
高出0.6%
36.7%
两年增速更快
VRTX
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.2B |
| 净利润 | $1.2B | $1.2B |
| 毛利率 | — | 85.4% |
| 营业利润率 | — | 37.8% |
| 净利率 | 36.7% | 37.3% |
| 营收同比 | -77.7% | 9.5% |
| 净利润同比 | -76.1% | 30.5% |
| 每股收益（稀释后） | $0.80 | $4.64 |
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BXVRTX
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $3.2B | ||
| Q3 25 | $3.1B | $3.1B | ||
| Q2 25 | $3.7B | $3.0B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.1B | $2.9B | ||
| Q3 24 | $3.7B | $2.8B | ||
| Q2 24 | $2.8B | $2.6B |
净利润BXVRTX
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $624.9M | $1.1B | ||
| Q2 25 | $764.2M | $1.0B | ||
| Q1 25 | $614.9M | $646.3M | ||
| Q4 24 | $703.9M | $913.0M | ||
| Q3 24 | $780.8M | $1.0B | ||
| Q2 24 | $444.4M | $-3.6B |
毛利率BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | — | 85.4% | ||
| Q3 25 | — | 86.5% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 85.5% | ||
| Q3 24 | — | 85.8% | ||
| Q2 24 | — | 85.9% |
营业利润率BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 37.8% | ||
| Q3 25 | 46.8% | 38.6% | ||
| Q2 25 | 51.6% | 38.8% | ||
| Q1 25 | 44.2% | 22.7% | ||
| Q4 24 | 50.6% | 35.2% | ||
| Q3 24 | 49.4% | 40.3% | ||
| Q2 24 | 43.2% | -132.9% |
净利率BXVRTX
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 37.3% | ||
| Q3 25 | 20.2% | 35.2% | ||
| Q2 25 | 20.6% | 34.8% | ||
| Q1 25 | 18.7% | 23.3% | ||
| Q4 24 | 22.8% | 31.4% | ||
| Q3 24 | 21.3% | 37.7% | ||
| Q2 24 | 15.9% | -135.8% |
每股收益（稀释后）BXVRTX
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $4.64 | ||
| Q3 25 | $0.80 | $4.20 | ||
| Q2 25 | $0.98 | $3.99 | ||
| Q1 25 | $0.80 | $2.49 | ||
| Q4 24 | $0.91 | $3.62 | ||
| Q3 24 | $1.02 | $4.01 | ||
| Q2 24 | $0.58 | $-13.92 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $18.5B | $18.7B |
| 总资产 | $45.3B | $25.6B |
| 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BXVRTX
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $6.6B | ||
| Q3 25 | $2.4B | $6.3B | ||
| Q2 25 | $2.2B | $6.4B | ||
| Q1 25 | $2.4B | $6.2B | ||
| Q4 24 | $2.0B | $6.1B | ||
| Q3 24 | $2.4B | $6.5B | ||
| Q2 24 | $2.4B | $5.8B |
总债务BXVRTX
| 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BXVRTX
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $18.7B | ||
| Q3 25 | $8.4B | $17.3B | ||
| Q2 25 | $8.4B | $17.2B | ||
| Q1 25 | $8.0B | $16.5B | ||
| Q4 24 | $8.2B | $16.4B | ||
| Q3 24 | $7.0B | $15.6B | ||
| Q2 24 | $6.8B | $14.8B |
总资产BXVRTX
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $25.6B | ||
| Q3 25 | $46.6B | $24.9B | ||
| Q2 25 | $45.4B | $24.0B | ||
| Q1 25 | $45.3B | $22.9B | ||
| Q4 24 | $43.5B | $22.5B | ||
| Q3 24 | $42.6B | $22.2B | ||
| Q2 24 | $40.6B | $20.1B |
负债/权益比BXVRTX
| 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 | — | $498.0M |
| 自由现金流经营现金流 - 资本支出 | — | $348.6M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 4.7% |
| 现金转化率经营现金流/净利润 | — | 0.42× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $498.0M | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $888.5M | $1.1B | ||
| Q1 25 | $1.1B | $818.9M | ||
| Q4 24 | $161.4M | $584.6M | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $-3.8B |
自由现金流BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $348.6M | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $848.4M | $927.4M | ||
| Q1 25 | $1.1B | $778.2M | ||
| Q4 24 | $149.5M | $492.0M | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $-3.8B |
自由现金流率BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 10.9% | ||
| Q3 25 | 51.0% | 37.0% | ||
| Q2 25 | 22.9% | 31.3% | ||
| Q1 25 | 32.8% | 28.1% | ||
| Q4 24 | 4.9% | 16.9% | ||
| Q3 24 | 32.8% | 47.0% | ||
| Q2 24 | 41.0% | -144.5% |
资本支出强度BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.7% | ||
| Q3 25 | 0.8% | 3.3% | ||
| Q2 25 | 1.1% | 4.9% | ||
| Q1 25 | 0.9% | 1.5% | ||
| Q4 24 | 0.4% | 3.2% | ||
| Q3 24 | 0.5% | 2.4% | ||
| Q2 24 | 0.4% | 2.6% |
现金转化率BXVRTX
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 0.42× | ||
| Q3 25 | 2.56× | 1.15× | ||
| Q2 25 | 1.16× | 1.04× | ||
| Q1 25 | 1.80× | 1.27× | ||
| Q4 24 | 0.23× | 0.64× | ||
| Q3 24 | 1.56× | 1.31× | ||
| 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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
