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博思艾伦汉密尔顿（BAH）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是博思艾伦汉密尔顿的1.6倍（$4.2B vs $2.6B），Leidos净利率更高（7.8% vs 7.6%，领先0.2%），Leidos同比增速更快（-3.5% vs -10.2%），Leidos自由现金流更多（$452.0M vs $248.0M），过去两年Leidos的营收复合增速更高（3.1% vs -2.8%）
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
BAH vs LDOS — 直观对比
营收规模更大
LDOS
是对方的1.6倍
$2.6B
营收增速更快
LDOS
高出6.7%
-10.2%
净利率更高
LDOS
高出0.2%
7.6%
自由现金流更多
LDOS
多$204.0M
$248.0M
两年增速更快
LDOS
近两年复合增速
-2.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $4.2B |
| 净利润 | $200.0M | $327.0M |
| 毛利率 | 51.9% | 17.4% |
| 营业利润率 | 8.8% | 11.3% |
| 净利率 | 7.6% | 7.8% |
| 营收同比 | -10.2% | -3.5% |
| 净利润同比 | 7.0% | 15.1% |
| 每股收益（稀释后） | $1.63 | $2.54 |
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BAHLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.6B | $4.4B | ||
| Q3 25 | $2.9B | $4.2B | ||
| Q2 25 | $2.9B | $4.2B | ||
| Q1 25 | $3.0B | $4.3B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.1B | $4.2B | ||
| Q2 24 | $2.9B | $4.1B |
净利润BAHLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $200.0M | $367.0M | ||
| Q3 25 | $175.0M | $391.0M | ||
| Q2 25 | $271.0M | $363.0M | ||
| Q1 25 | $192.7M | $284.0M | ||
| Q4 24 | $186.9M | — | ||
| Q3 24 | $390.1M | $364.0M | ||
| Q2 24 | $165.2M | $322.0M |
毛利率BAHLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 51.9% | 18.0% | ||
| Q3 25 | 53.6% | 18.0% | ||
| Q2 25 | 51.3% | 17.5% | ||
| Q1 25 | 53.6% | 15.6% | ||
| Q4 24 | 55.2% | — | ||
| Q3 24 | 56.7% | 17.8% | ||
| Q2 24 | 53.4% | 16.6% |
营业利润率BAHLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 8.8% | 12.0% | ||
| Q3 25 | 9.8% | 13.5% | ||
| Q2 25 | 8.8% | 12.5% | ||
| Q1 25 | 9.2% | 9.7% | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 17.4% | 12.4% | ||
| Q2 24 | 8.7% | 11.6% |
净利率BAHLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 7.6% | 8.2% | ||
| Q3 25 | 6.1% | 9.2% | ||
| Q2 25 | 9.3% | 8.6% | ||
| Q1 25 | 6.5% | 6.5% | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 12.4% | 8.7% | ||
| Q2 24 | 5.6% | 7.8% |
每股收益（稀释后）BAHLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $1.63 | $2.82 | ||
| Q3 25 | $1.42 | $3.01 | ||
| Q2 25 | $2.16 | $2.77 | ||
| Q1 25 | $1.52 | $2.10 | ||
| Q4 24 | $1.45 | — | ||
| Q3 24 | $3.01 | $2.68 | ||
| Q2 24 | $1.27 | $2.37 |
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 | $882.0M | $1.1B |
| 总债务越低越好 | $3.9B | $4.6B |
| 股东权益账面价值 | $1.0B | $4.9B |
| 总资产 | $7.1B | $13.5B |
| 负债/权益比越低杠杆越低 | 3.84× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资BAHLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $882.0M | $974.0M | ||
| Q3 25 | $816.0M | $930.0M | ||
| Q2 25 | $711.0M | $842.0M | ||
| Q1 25 | $885.0M | $943.0M | ||
| Q4 24 | $453.5M | — | ||
| Q3 24 | $558.7M | $1.2B | ||
| Q2 24 | $297.7M | $823.0M |
总债务BAHLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | $3.9B | $4.6B | ||
| Q3 25 | $4.0B | $5.0B | ||
| Q2 25 | $4.0B | $5.0B | ||
| Q1 25 | $4.0B | $4.1B | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.4B | $4.1B | ||
| Q2 24 | $3.4B | $4.1B |
股东权益BAHLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $1.0B | $4.9B | ||
| Q3 25 | $996.0M | $4.7B | ||
| Q2 25 | $1.1B | $4.3B | ||
| Q1 25 | $1.0B | $4.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $4.6B | ||
| Q2 24 | $1.1B | $4.5B |
总资产BAHLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $7.1B | $13.5B | ||
| Q3 25 | $7.2B | $13.5B | ||
| Q2 25 | $7.2B | $13.2B | ||
| Q1 25 | $7.3B | $13.1B | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $6.9B | $13.3B | ||
| Q2 24 | $6.6B | $12.9B |
负债/权益比BAHLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | 3.84× | 0.94× | ||
| Q3 25 | 3.98× | 1.07× | ||
| Q2 25 | 3.74× | 1.18× | ||
| Q1 25 | 3.99× | 0.92× | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 2.83× | 0.88× | ||
| Q2 24 | 3.14× | 0.92× |
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 | $261.0M | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $248.0M | $452.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 10.8% |
| 资本支出强度资本支出/营收 | 0.5% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.30× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $933.4M | — |
8季度趋势，按日历期对齐
经营现金流BAHLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $261.0M | — | ||
| Q3 25 | $421.0M | $711.0M | ||
| Q2 25 | $119.0M | $58.0M | ||
| Q1 25 | $219.0M | $299.0M | ||
| Q4 24 | $150.8M | — | ||
| Q3 24 | $587.1M | $656.0M | ||
| Q2 24 | $52.1M | $374.0M |
自由现金流BAHLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $248.0M | — | ||
| Q3 25 | $395.0M | $680.0M | ||
| Q2 25 | $96.0M | $36.0M | ||
| Q1 25 | $194.4M | $213.0M | ||
| Q4 24 | $133.6M | — | ||
| Q3 24 | $563.3M | $633.0M | ||
| Q2 24 | $19.7M | $351.0M |
自由现金流率BAHLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 9.5% | — | ||
| Q3 25 | 13.7% | 16.1% | ||
| Q2 25 | 3.3% | 0.9% | ||
| Q1 25 | 6.5% | 4.9% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 17.9% | 15.2% | ||
| Q2 24 | 0.7% | 8.5% |
资本支出强度BAHLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 0.8% | 0.5% | ||
| Q1 25 | 0.8% | 2.0% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.8% | 0.6% | ||
| Q2 24 | 1.1% | 0.6% |
现金转化率BAHLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 1.30× | — | ||
| Q3 25 | 2.41× | 1.82× | ||
| Q2 25 | 0.44× | 0.16× | ||
| Q1 25 | 1.14× | 1.05× | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 1.50× | 1.80× | ||
| Q2 24 | 0.32× | 1.16× |
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
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
