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道富集团（STT）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是道富集团的1.2倍（$4.4B vs $3.7B），标普全球净利率更高（26.8% vs 20.4%，领先6.4%），标普全球同比增速更快（191.7% vs 7.5%），道富集团自由现金流更多（$9.8B vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% vs 8.1%）
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
STT vs VG — 直观对比
营收规模更大
VG
是对方的1.2倍
$3.7B
营收增速更快
VG
高出184.2%
7.5%
净利率更高
VG
高出6.4%
20.4%
自由现金流更多
STT
多$11.3B
$-1.5B
两年增速更快
VG
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $4.4B |
| 净利润 | $747.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | 38.7% |
| 净利率 | 20.4% | 26.8% |
| 营收同比 | 7.5% | 191.7% |
| 净利润同比 | -4.6% | 20.3% |
| 每股收益（稀释后） | $2.41 | $0.41 |
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STTVG
| Q4 25 | $3.7B | $4.4B | ||
| Q3 25 | $3.5B | $3.3B | ||
| Q2 25 | $3.4B | $3.1B | ||
| Q1 25 | $3.3B | $2.9B | ||
| Q4 24 | $3.4B | $1.5B | ||
| Q3 24 | $3.3B | $926.0M | ||
| Q2 24 | $3.2B | $1.1B | ||
| Q1 24 | $3.1B | $1.4B |
净利润STTVG
| Q4 25 | $747.0M | $1.2B | ||
| Q3 25 | $861.0M | $550.0M | ||
| Q2 25 | $693.0M | $475.0M | ||
| Q1 25 | $644.0M | $517.0M | ||
| Q4 24 | $783.0M | $990.0M | ||
| Q3 24 | $730.0M | $-294.0M | ||
| Q2 24 | $711.0M | $352.0M | ||
| Q1 24 | $463.0M | $698.0M |
营业利润率STTVG
| Q4 25 | 25.0% | 38.7% | ||
| Q3 25 | 31.1% | 39.7% | ||
| Q2 25 | 25.8% | 33.5% | ||
| Q1 25 | 25.0% | 37.3% | ||
| Q4 24 | 28.1% | 39.0% | ||
| Q3 24 | 28.4% | 20.4% | ||
| Q2 24 | 28.6% | 32.8% | ||
| Q1 24 | 19.1% | 43.6% |
净利率STTVG
| Q4 25 | 20.4% | 26.8% | ||
| Q3 25 | 24.3% | 16.5% | ||
| Q2 25 | 20.1% | 15.3% | ||
| Q1 25 | 19.6% | 17.9% | ||
| Q4 24 | 22.9% | 65.0% | ||
| Q3 24 | 22.4% | -31.7% | ||
| Q2 24 | 22.3% | 31.8% | ||
| Q1 24 | 14.8% | 49.4% |
每股收益（稀释后）STTVG
| Q4 25 | $2.41 | $0.41 | ||
| Q3 25 | $2.78 | $0.16 | ||
| Q2 25 | $2.17 | $0.14 | ||
| Q1 25 | $2.04 | $0.15 | ||
| Q4 24 | $2.43 | $0.35 | ||
| Q3 24 | $2.26 | $-0.15 | ||
| Q2 24 | $2.15 | $0.12 | ||
| Q1 24 | $1.37 | $0.25 |
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 | — | $34.2B |
| 股东权益账面价值 | $27.8B | $6.7B |
| 总资产 | $366.0B | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资STTVG
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务STTVG
| Q4 25 | — | $34.2B | ||
| Q3 25 | — | $32.6B | ||
| Q2 25 | — | $30.0B | ||
| Q1 25 | — | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益STTVG
| Q4 25 | $27.8B | $6.7B | ||
| Q3 25 | $27.6B | $5.7B | ||
| Q2 25 | $27.3B | $5.3B | ||
| Q1 25 | $26.7B | $4.9B | ||
| Q4 24 | $25.3B | $2.9B | ||
| Q3 24 | $25.8B | — | ||
| Q2 24 | $24.8B | — | ||
| Q1 24 | $24.4B | — |
总资产STTVG
| Q4 25 | $366.0B | $53.4B | ||
| Q3 25 | $371.1B | $50.1B | ||
| Q2 25 | $376.7B | $46.5B | ||
| Q1 25 | $372.7B | $45.1B | ||
| Q4 24 | $353.2B | $43.5B | ||
| Q3 24 | $338.5B | — | ||
| Q2 24 | $325.6B | — | ||
| Q1 24 | $338.0B | — |
负债/权益比STTVG
| Q4 25 | — | 5.07× | ||
| Q3 25 | — | 5.73× | ||
| Q2 25 | — | 5.69× | ||
| Q1 25 | — | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $10.0B | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $9.8B | $-1.5B |
| 自由现金流率自由现金流/营收 | 266.6% | -34.1% |
| 资本支出强度资本支出/营收 | 7.3% | 81.6% |
| 现金转化率经营现金流/净利润 | 13.44× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流STTVG
| Q4 25 | $10.0B | $2.1B | ||
| Q3 25 | $7.9B | $1.9B | ||
| Q2 25 | $-8.4B | $1.5B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $-7.4B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $-7.6B | — | ||
| Q1 24 | $-844.0M | $638.0M |
自由现金流STTVG
| Q4 25 | $9.8B | $-1.5B | ||
| Q3 25 | $7.7B | $-1.4B | ||
| Q2 25 | $-8.8B | $-1.5B | ||
| Q1 25 | $2.2B | $-2.4B | ||
| Q4 24 | $-7.7B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $-7.9B | — | ||
| Q1 24 | $-1.1B | $-2.4B |
自由现金流率STTVG
| Q4 25 | 266.6% | -34.1% | ||
| Q3 25 | 216.0% | -42.4% | ||
| Q2 25 | -254.1% | -49.1% | ||
| Q1 25 | 66.1% | -81.3% | ||
| Q4 24 | -225.1% | — | ||
| Q3 24 | 75.9% | — | ||
| Q2 24 | -246.2% | — | ||
| Q1 24 | -34.2% | -167.3% |
资本支出强度STTVG
| Q4 25 | 7.3% | 81.6% | ||
| Q3 25 | 6.9% | 98.9% | ||
| Q2 25 | 9.3% | 96.1% | ||
| Q1 25 | 6.9% | 119.8% | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 7.3% | 212.4% |
现金转化率STTVG
| Q4 25 | 13.44× | 1.77× | ||
| Q3 25 | 9.18× | 3.42× | ||
| Q2 25 | -12.18× | 3.07× | ||
| Q1 25 | 3.72× | 2.15× | ||
| Q4 24 | -9.49× | — | ||
| Q3 24 | 3.71× | — | ||
| Q2 24 | -10.75× | — | ||
| Q1 24 | -1.82× | 0.91× |
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
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
