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BRUNSWICK CORP（BC）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是BRUNSWICK CORP的1.1倍（$1.4B vs $1.3B），孩之宝净利率更高（13.9% vs 1.4%，领先12.5%），孩之宝同比增速更快（31.3% vs 15.5%），孩之宝自由现金流更多（$389.5M vs $83.6M），过去两年孩之宝的营收复合增速更高（38.2% vs -1.1%）
美国Brunswick公司创立于1845年，专注于多品类产品的研发、生产与营销，旗下拥有知名海事品牌水星海事（Mercury Marine）等多个品牌。目前集团在24个国家拥有超1.3万名员工，2024年销售额达52亿美元，全球总部位于伊利诺伊州芝加哥北郊的梅塔瓦。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
BC vs HAS — 直观对比
营收规模更大
HAS
是对方的1.1倍
$1.3B
营收增速更快
HAS
高出15.8%
15.5%
净利率更高
HAS
高出12.5%
1.4%
自由现金流更多
HAS
多$305.9M
$83.6M
两年增速更快
HAS
近两年复合增速
-1.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $18.7M | $201.6M |
| 毛利率 | 23.1% | 68.7% |
| 营业利润率 | 3.1% | 20.6% |
| 净利率 | 1.4% | 13.9% |
| 营收同比 | 15.5% | 31.3% |
| 净利润同比 | 122.7% | 687.8% |
| 每股收益（稀释后） | $0.32 | $1.46 |
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BCHAS
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $980.8M | ||
| Q1 25 | $1.2B | $887.1M | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $995.3M | ||
| Q1 24 | $1.4B | $757.3M |
净利润BCHAS
| Q4 25 | $18.7M | $201.6M | ||
| Q3 25 | $-235.5M | $233.2M | ||
| Q2 25 | $59.3M | $-855.8M | ||
| Q1 25 | $20.2M | $98.6M | ||
| Q4 24 | $-82.5M | $-34.3M | ||
| Q3 24 | $44.6M | $223.2M | ||
| Q2 24 | $100.0M | $138.5M | ||
| Q1 24 | $68.0M | $58.2M |
毛利率BCHAS
| Q4 25 | 23.1% | 68.7% | ||
| Q3 25 | 25.8% | 70.1% | ||
| Q2 25 | 25.5% | 77.0% | ||
| Q1 25 | 24.9% | 76.9% | ||
| Q4 24 | 21.9% | 67.4% | ||
| Q3 24 | 26.2% | 70.4% | ||
| Q2 24 | 27.1% | 76.1% | ||
| Q1 24 | 27.4% | 73.0% |
营业利润率BCHAS
| Q4 25 | 3.1% | 20.6% | ||
| Q3 25 | -17.8% | 24.6% | ||
| Q2 25 | 7.1% | -81.4% | ||
| Q1 25 | 4.6% | 19.2% | ||
| Q4 24 | -4.8% | 5.4% | ||
| Q3 24 | 7.7% | 23.6% | ||
| Q2 24 | 11.0% | 21.3% | ||
| Q1 24 | 8.1% | 15.3% |
净利率BCHAS
| Q4 25 | 1.4% | 13.9% | ||
| Q3 25 | -17.3% | 16.8% | ||
| Q2 25 | 4.1% | -87.3% | ||
| Q1 25 | 1.7% | 11.1% | ||
| Q4 24 | -7.1% | -3.1% | ||
| Q3 24 | 3.5% | 17.4% | ||
| Q2 24 | 6.9% | 13.9% | ||
| Q1 24 | 5.0% | 7.7% |
每股收益（稀释后）BCHAS
| Q4 25 | $0.32 | $1.46 | ||
| Q3 25 | $-3.59 | $1.64 | ||
| Q2 25 | $0.89 | $-6.10 | ||
| Q1 25 | $0.30 | $0.70 | ||
| Q4 24 | $-1.21 | $-0.25 | ||
| Q3 24 | $0.67 | $1.59 | ||
| Q2 24 | $1.48 | $0.99 | ||
| Q1 24 | $0.99 | $0.42 |
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 | $256.8M | — |
| 总债务越低越好 | $2.1B | — |
| 股东权益账面价值 | $1.6B | $565.5M |
| 总资产 | $5.3B | $5.6B |
| 负债/权益比越低杠杆越低 | 1.30× | — |
8季度趋势，按日历期对齐
现金及短期投资BCHAS
| Q4 25 | $256.8M | — | ||
| Q3 25 | $297.7M | — | ||
| Q2 25 | $315.7M | — | ||
| Q1 25 | $286.7M | — | ||
| Q4 24 | $269.0M | — | ||
| Q3 24 | $284.1M | — | ||
| Q2 24 | $494.5M | — | ||
| Q1 24 | $548.4M | — |
总债务BCHAS
| Q4 25 | $2.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BCHAS
| Q4 25 | $1.6B | $565.5M | ||
| Q3 25 | $1.6B | $433.8M | ||
| Q2 25 | $1.9B | $269.7M | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $2.0B | $1.0B |
总资产BCHAS
| Q4 25 | $5.3B | $5.6B | ||
| Q3 25 | $5.4B | $5.5B | ||
| Q2 25 | $5.8B | $5.2B | ||
| Q1 25 | $5.9B | $6.0B | ||
| Q4 24 | $5.7B | $6.3B | ||
| Q3 24 | $6.0B | $7.2B | ||
| Q2 24 | $6.4B | $6.9B | ||
| Q1 24 | $6.5B | $6.2B |
负债/权益比BCHAS
| Q4 25 | 1.30× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.25× | — | ||
| 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 | $132.9M | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $83.6M | $389.5M |
| 自由现金流率自由现金流/营收 | 6.3% | 26.9% |
| 资本支出强度资本支出/营收 | 3.7% | 0.9% |
| 现金转化率经营现金流/净利润 | 7.11× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $396.3M | $829.9M |
8季度趋势，按日历期对齐
经营现金流BCHAS
| Q4 25 | $132.9M | $403.2M | ||
| Q3 25 | $140.4M | $280.6M | ||
| Q2 25 | $316.2M | $71.3M | ||
| Q1 25 | $-27.4M | $138.1M | ||
| Q4 24 | $306.4M | $259.8M | ||
| Q3 24 | $67.4M | $222.5M | ||
| Q2 24 | $211.0M | $187.3M | ||
| Q1 24 | $-153.4M | $177.8M |
自由现金流BCHAS
| Q4 25 | $83.6M | $389.5M | ||
| Q3 25 | $106.5M | $260.9M | ||
| Q2 25 | $271.3M | $55.2M | ||
| Q1 25 | $-65.1M | $124.3M | ||
| Q4 24 | $276.1M | $200.8M | ||
| Q3 24 | $31.4M | $174.0M | ||
| Q2 24 | $163.9M | $135.4M | ||
| Q1 24 | $-207.4M | $132.0M |
自由现金流率BCHAS
| Q4 25 | 6.3% | 26.9% | ||
| Q3 25 | 7.8% | 18.8% | ||
| Q2 25 | 18.7% | 5.6% | ||
| Q1 25 | -5.3% | 14.0% | ||
| Q4 24 | 23.9% | 18.2% | ||
| Q3 24 | 2.5% | 13.6% | ||
| Q2 24 | 11.4% | 13.6% | ||
| Q1 24 | -15.2% | 17.4% |
资本支出强度BCHAS
| Q4 25 | 3.7% | 0.9% | ||
| Q3 25 | 2.5% | 1.4% | ||
| Q2 25 | 3.1% | 1.6% | ||
| Q1 25 | 3.1% | 1.6% | ||
| Q4 24 | 2.6% | 5.4% | ||
| Q3 24 | 2.8% | 3.8% | ||
| Q2 24 | 3.3% | 5.2% | ||
| Q1 24 | 4.0% | 6.0% |
现金转化率BCHAS
| Q4 25 | 7.11× | 2.00× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | 5.33× | — | ||
| Q1 25 | -1.36× | 1.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.51× | 1.00× | ||
| Q2 24 | 2.11× | 1.35× | ||
| Q1 24 | -2.26× | 3.05× |
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
BC
| Engine Partsand Accessories | $532.4M | 40% |
| Navico Group | $452.9M | 34% |
| Recreational Fiberglass Boats | $111.6M | 8% |
| Saltwater Fishing Boats | $85.7M | 6% |
| Controls Riggingand Propellers | $78.3M | 6% |
| Business Acceleration | $48.1M | 4% |
| Sterndrive Engine | $32.6M | 2% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
