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Arhaus, Inc.（ARHS）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是Arhaus, Inc.的2.4倍（$883.8M vs $364.8M）。Arhaus, Inc.净利率更高（4.1% vs 4.1%，领先0.0%）。RH同比增速更快（8.9% vs 5.1%）。RH自由现金流更多（$83.0M vs $-8.8M）。过去两年Arhaus, Inc.的营收复合增速更高（11.2% vs 9.4%）
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
ARHS vs RH — 直观对比
营收规模更大
RH
是对方的2.4倍
$364.8M
营收增速更快
RH
高出3.7%
5.1%
净利率更高
ARHS
高出0.0%
4.1%
自由现金流更多
RH
多$91.8M
$-8.8M
两年增速更快
ARHS
近两年复合增速
9.4%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $364.8M | $883.8M |
| 净利润 | $15.1M | $36.3M |
| 毛利率 | 38.1% | 44.1% |
| 营业利润率 | 5.6% | 12.0% |
| 净利率 | 4.1% | 4.1% |
| 营收同比 | 5.1% | 8.9% |
| 净利润同比 | -29.1% | 9.3% |
| 每股收益（稀释后） | $0.11 | $1.83 |
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ARHSRH
| Q4 25 | $364.8M | $883.8M | ||
| Q3 25 | $344.6M | $899.2M | ||
| Q2 25 | $358.4M | $814.0M | ||
| Q1 25 | $311.4M | $812.4M | ||
| Q4 24 | $347.0M | $811.7M | ||
| Q3 24 | $319.1M | $829.7M | ||
| Q2 24 | $309.8M | $727.0M | ||
| Q1 24 | $295.2M | $738.3M |
净利润ARHSRH
| Q4 25 | $15.1M | $36.3M | ||
| Q3 25 | $12.2M | $51.7M | ||
| Q2 25 | $35.1M | $8.0M | ||
| Q1 25 | $4.9M | $13.9M | ||
| Q4 24 | $21.3M | $33.2M | ||
| Q3 24 | $9.9M | $29.0M | ||
| Q2 24 | $22.2M | $-3.6M | ||
| Q1 24 | $15.1M | $11.4M |
毛利率ARHSRH
| Q4 25 | 38.1% | 44.1% | ||
| Q3 25 | 38.7% | 45.5% | ||
| Q2 25 | 41.4% | 43.7% | ||
| Q1 25 | 37.1% | 44.7% | ||
| Q4 24 | 40.0% | 44.5% | ||
| Q3 24 | 38.6% | 45.2% | ||
| Q2 24 | 40.1% | 43.5% | ||
| Q1 24 | 39.0% | 43.5% |
营业利润率ARHSRH
| Q4 25 | 5.6% | 12.0% | ||
| Q3 25 | 4.8% | 14.3% | ||
| Q2 25 | 13.0% | 6.9% | ||
| Q1 25 | 1.7% | 8.7% | ||
| Q4 24 | 8.2% | 12.5% | ||
| Q3 24 | 3.3% | 11.6% | ||
| Q2 24 | 9.5% | 7.5% | ||
| Q1 24 | 6.2% | 8.7% |
净利率ARHSRH
| Q4 25 | 4.1% | 4.1% | ||
| Q3 25 | 3.5% | 5.8% | ||
| Q2 25 | 9.8% | 1.0% | ||
| Q1 25 | 1.6% | 1.7% | ||
| Q4 24 | 6.1% | 4.1% | ||
| Q3 24 | 3.1% | 3.5% | ||
| Q2 24 | 7.2% | -0.5% | ||
| Q1 24 | 5.1% | 1.5% |
每股收益（稀释后）ARHSRH
| Q4 25 | $0.11 | $1.83 | ||
| Q3 25 | $0.09 | $2.62 | ||
| Q2 25 | $0.25 | $0.40 | ||
| Q1 25 | $0.03 | $0.71 | ||
| Q4 24 | $0.15 | $1.66 | ||
| Q3 24 | $0.07 | $1.45 | ||
| Q2 24 | $0.16 | $-0.20 | ||
| Q1 24 | $0.11 | $0.91 |
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 | $253.4M | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $418.2M | $3.3M |
| 总资产 | $1.4B | $4.8B |
| 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ARHSRH
| Q4 25 | $253.4M | $43.1M | ||
| Q3 25 | $262.2M | $34.6M | ||
| Q2 25 | $234.8M | $46.1M | ||
| Q1 25 | $214.4M | $30.4M | ||
| Q4 24 | $197.5M | $87.0M | ||
| Q3 24 | $177.7M | $78.3M | ||
| Q2 24 | $174.2M | $101.8M | ||
| Q1 24 | $233.2M | $123.7M |
股东权益ARHSRH
| Q4 25 | $418.2M | $3.3M | ||
| Q3 25 | $400.4M | $-40.9M | ||
| Q2 25 | $385.6M | $-110.8M | ||
| Q1 25 | $348.8M | $-163.6M | ||
| Q4 24 | $343.7M | $-183.0M | ||
| Q3 24 | $320.6M | $-234.7M | ||
| Q2 24 | $309.3M | $-289.9M | ||
| Q1 24 | $285.6M | $-297.4M |
总资产ARHSRH
| Q4 25 | $1.4B | $4.8B | ||
| Q3 25 | $1.4B | $4.7B | ||
| Q2 25 | $1.3B | $4.7B | ||
| Q1 25 | $1.3B | $4.6B | ||
| Q4 24 | $1.2B | $4.5B | ||
| Q3 24 | $1.2B | $4.4B | ||
| Q2 24 | $1.2B | $4.2B | ||
| Q1 24 | $1.2B | $4.1B |
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 | $9.3M | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $-8.8M | $83.0M |
| 自由现金流率自由现金流/营收 | -2.4% | 9.4% |
| 资本支出强度资本支出/营收 | 5.0% | 5.5% |
| 现金转化率经营现金流/净利润 | 0.62× | 3.64× |
| 过去12个月自由现金流最近4个季度 | $59.0M | $128.1M |
8季度趋势，按日历期对齐
经营现金流ARHSRH
| Q4 25 | $9.3M | $131.9M | ||
| Q3 25 | $46.1M | $137.7M | ||
| Q2 25 | $34.9M | $86.6M | ||
| Q1 25 | $46.5M | $-18.8M | ||
| Q4 24 | $31.7M | $-31.4M | ||
| Q3 24 | $31.1M | $11.2M | ||
| Q2 24 | $47.5M | $56.1M | ||
| Q1 24 | $36.8M | $-114.0M |
自由现金流ARHSRH
| Q4 25 | $-8.8M | $83.0M | ||
| Q3 25 | $28.0M | $80.7M | ||
| Q2 25 | $20.9M | $34.1M | ||
| Q1 25 | $18.9M | $-69.7M | ||
| Q4 24 | $13.0M | $-96.0M | ||
| Q3 24 | $4.6M | $-37.9M | ||
| Q2 24 | $11.3M | $-10.1M | ||
| Q1 24 | $10.9M | $-251.5M |
自由现金流率ARHSRH
| Q4 25 | -2.4% | 9.4% | ||
| Q3 25 | 8.1% | 9.0% | ||
| Q2 25 | 5.8% | 4.2% | ||
| Q1 25 | 6.1% | -8.6% | ||
| Q4 24 | 3.7% | -11.8% | ||
| Q3 24 | 1.4% | -4.6% | ||
| Q2 24 | 3.6% | -1.4% | ||
| Q1 24 | 3.7% | -34.1% |
资本支出强度ARHSRH
| Q4 25 | 5.0% | 5.5% | ||
| Q3 25 | 5.3% | 6.3% | ||
| Q2 25 | 3.9% | 6.5% | ||
| Q1 25 | 8.9% | 6.3% | ||
| Q4 24 | 5.4% | 8.0% | ||
| Q3 24 | 8.3% | 5.9% | ||
| Q2 24 | 11.7% | 9.1% | ||
| Q1 24 | 8.8% | 18.6% |
现金转化率ARHSRH
| Q4 25 | 0.62× | 3.64× | ||
| Q3 25 | 3.77× | 2.66× | ||
| Q2 25 | 1.00× | 10.78× | ||
| Q1 25 | 9.53× | -1.35× | ||
| Q4 24 | 1.49× | -0.95× | ||
| Q3 24 | 3.14× | 0.39× | ||
| Q2 24 | 2.14× | — | ||
| Q1 24 | 2.44× | -10.01× |
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
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
