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黑石集团（BX）与Williams Companies（WMB）财务数据对比。点击上方公司名可切换其他公司
Williams Companies的季度营收约是黑石集团的1.2倍（$3.8B vs $3.3B），黑石集团净利率更高（36.7% vs 19.1%，领先17.6%），Williams Companies同比增速更快（12.7% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% vs 7.3%）
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。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
BX vs WMB — 直观对比
营收规模更大
WMB
是对方的1.2倍
$3.3B
营收增速更快
WMB
高出90.4%
-77.7%
净利率更高
BX
高出17.6%
19.1%
两年增速更快
BX
近两年复合增速
7.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.8B |
| 净利润 | $1.2B | $734.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 27.3% |
| 净利率 | 36.7% | 19.1% |
| 营收同比 | -77.7% | 12.7% |
| 净利润同比 | -76.1% | 51.0% |
| 每股收益（稀释后） | $0.80 | $0.60 |
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BXWMB
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $3.8B | ||
| Q3 25 | $3.1B | $3.5B | ||
| Q2 25 | $3.7B | $3.4B | ||
| Q1 25 | $3.3B | $4.2B | ||
| Q4 24 | $3.1B | $3.4B | ||
| Q3 24 | $3.7B | $3.0B | ||
| Q2 24 | $2.8B | $2.8B |
净利润BXWMB
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $734.0M | ||
| Q3 25 | $624.9M | $647.0M | ||
| Q2 25 | $764.2M | $546.0M | ||
| Q1 25 | $614.9M | $691.0M | ||
| Q4 24 | $703.9M | $486.0M | ||
| Q3 24 | $780.8M | $706.0M | ||
| Q2 24 | $444.4M | $401.0M |
营业利润率BXWMB
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 27.3% | ||
| Q3 25 | 46.8% | 31.8% | ||
| Q2 25 | 51.6% | 28.0% | ||
| Q1 25 | 44.2% | 26.1% | ||
| Q4 24 | 50.6% | 23.2% | ||
| Q3 24 | 49.4% | 27.6% | ||
| Q2 24 | 43.2% | 24.4% |
净利率BXWMB
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 19.1% | ||
| Q3 25 | 20.2% | 18.5% | ||
| Q2 25 | 20.6% | 16.2% | ||
| Q1 25 | 18.7% | 16.5% | ||
| Q4 24 | 22.8% | 14.2% | ||
| Q3 24 | 21.3% | 23.3% | ||
| Q2 24 | 15.9% | 14.1% |
每股收益（稀释后）BXWMB
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.60 | ||
| Q3 25 | $0.80 | $0.53 | ||
| Q2 25 | $0.98 | $0.45 | ||
| Q1 25 | $0.80 | $0.56 | ||
| Q4 24 | $0.91 | $0.39 | ||
| Q3 24 | $1.02 | $0.58 | ||
| Q2 24 | $0.58 | $0.33 |
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 | — |
| 总债务越低越好 | — | $27.3B |
| 股东权益账面价值 | $18.5B | $12.8B |
| 总资产 | $45.3B | $58.6B |
| 负债/权益比越低杠杆越低 | — | 2.13× |
8季度趋势，按日历期对齐
现金及短期投资BXWMB
| 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BXWMB
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $27.3B | ||
| Q3 25 | $12.1B | $25.6B | ||
| Q2 25 | $12.1B | $25.6B | ||
| Q1 25 | $12.6B | $24.1B | ||
| Q4 24 | $11.5B | $24.7B | ||
| Q3 24 | $10.9B | $24.8B | ||
| Q2 24 | $10.8B | $24.1B |
股东权益BXWMB
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $12.8B | ||
| Q3 25 | $8.4B | $12.5B | ||
| Q2 25 | $8.4B | $12.4B | ||
| Q1 25 | $8.0B | $12.5B | ||
| Q4 24 | $8.2B | $12.4B | ||
| Q3 24 | $7.0B | $12.4B | ||
| Q2 24 | $6.8B | $12.3B |
总资产BXWMB
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $58.6B | ||
| Q3 25 | $46.6B | $55.7B | ||
| Q2 25 | $45.4B | $56.1B | ||
| Q1 25 | $45.3B | $54.9B | ||
| Q4 24 | $43.5B | $54.5B | ||
| Q3 24 | $42.6B | $53.8B | ||
| Q2 24 | $40.6B | $52.4B |
负债/权益比BXWMB
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 2.13× | ||
| Q3 25 | 1.44× | 2.04× | ||
| Q2 25 | 1.45× | 2.06× | ||
| Q1 25 | 1.58× | 1.93× | ||
| Q4 24 | 1.40× | 1.99× | ||
| Q3 24 | 1.55× | 2.00× | ||
| Q2 24 | 1.58× | 1.96× |
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 | — | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $-379.0M |
| 自由现金流率自由现金流/营收 | — | -9.9% |
| 资本支出强度资本支出/营收 | — | 50.9% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流BXWMB
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $888.5M | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $161.4M | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.3B |
自由现金流BXWMB
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-379.0M | ||
| Q3 25 | $1.6B | $485.0M | ||
| Q2 25 | $848.4M | $478.0M | ||
| Q1 25 | $1.1B | $421.0M | ||
| Q4 24 | $149.5M | $450.0M | ||
| Q3 24 | $1.2B | $561.0M | ||
| Q2 24 | $1.1B | $700.0M |
自由现金流率BXWMB
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | -9.9% | ||
| Q3 25 | 51.0% | 13.9% | ||
| Q2 25 | 22.9% | 14.2% | ||
| Q1 25 | 32.8% | 10.1% | ||
| Q4 24 | 4.9% | 13.2% | ||
| Q3 24 | 32.8% | 18.5% | ||
| Q2 24 | 41.0% | 24.6% |
资本支出强度BXWMB
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 50.9% | ||
| Q3 25 | 0.8% | 27.3% | ||
| Q2 25 | 1.1% | 28.8% | ||
| Q1 25 | 0.9% | 24.2% | ||
| Q4 24 | 0.4% | 22.5% | ||
| Q3 24 | 0.5% | 22.5% | ||
| Q2 24 | 0.4% | 20.3% |
现金转化率BXWMB
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 2.15× | ||
| Q3 25 | 2.56× | 2.22× | ||
| Q2 25 | 1.16× | 2.66× | ||
| Q1 25 | 1.80× | 2.07× | ||
| Q4 24 | 0.23× | 2.51× | ||
| Q3 24 | 1.56× | 1.76× | ||
| Q2 24 | 2.61× | 3.19× |
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% |
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
