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百富门（BF.B）与BLACK HILLS CORP（BKH）财务数据对比。点击上方公司名可切换其他公司
百富门的季度营收约是BLACK HILLS CORP的1.7倍（$1.0B vs $622.7M），百富门净利率更高（21.6% vs 16.8%，领先4.8%），BLACK HILLS CORP同比增速更快（6.4% vs -5.4%），百富门自由现金流更多（$107.0M vs $-101.5M），过去两年百富门的营收复合增速更高（-1.6% vs -6.8%）
百富门（Brown-Forman）是美国家族控股上市企业，属全球规模最大的葡萄酒及烈酒经营集团之一，总部位于肯塔基州路易斯维尔。旗下拥有杰克丹尼、伍德福德珍藏、格兰多纳等多个国际知名酒类品牌，曾持有的南方安逸等品牌已于2016年出售。
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
BF.B vs BKH — 直观对比
营收规模更大
BF.B
是对方的1.7倍
$622.7M
营收增速更快
BKH
高出11.8%
-5.4%
净利率更高
BF.B
高出4.8%
16.8%
自由现金流更多
BF.B
多$208.5M
$-101.5M
两年增速更快
BF.B
近两年复合增速
-6.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $622.7M |
| 净利润 | $224.0M | $104.9M |
| 毛利率 | 59.4% | — |
| 营业利润率 | 29.4% | 27.5% |
| 净利率 | 21.6% | 16.8% |
| 营收同比 | -5.4% | 6.4% |
| 净利润同比 | -13.2% | 7.0% |
| 每股收益（稀释后） | $0.47 | $1.39 |
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BF.BBKH
| Q4 25 | $1.0B | $622.7M | ||
| Q3 25 | $924.0M | $427.4M | ||
| Q2 25 | $894.0M | $435.7M | ||
| Q1 25 | $1.0B | $800.4M | ||
| Q4 24 | $1.1B | $585.1M | ||
| Q3 24 | $951.0M | $398.6M | ||
| Q2 24 | $964.0M | $397.1M | ||
| Q1 24 | $1.1B | $717.2M |
净利润BF.BBKH
| Q4 25 | $224.0M | $104.9M | ||
| Q3 25 | $170.0M | $24.9M | ||
| Q2 25 | $146.0M | $27.5M | ||
| Q1 25 | $270.0M | $134.3M | ||
| Q4 24 | $258.0M | $98.0M | ||
| Q3 24 | $195.0M | $24.4M | ||
| Q2 24 | $266.0M | $22.8M | ||
| Q1 24 | $285.0M | $127.9M |
毛利率BF.BBKH
| Q4 25 | 59.4% | — | ||
| Q3 25 | 59.7% | — | ||
| Q2 25 | 57.4% | — | ||
| Q1 25 | 59.8% | — | ||
| Q4 24 | 59.0% | — | ||
| Q3 24 | 59.4% | — | ||
| Q2 24 | 59.0% | — | ||
| Q1 24 | 59.4% | — |
营业利润率BF.BBKH
| Q4 25 | 29.4% | 27.5% | ||
| Q3 25 | 28.1% | 18.4% | ||
| Q2 25 | 22.9% | 18.9% | ||
| Q1 25 | 27.1% | 25.6% | ||
| Q4 24 | 31.1% | 27.9% | ||
| Q3 24 | 29.5% | 19.0% | ||
| Q2 24 | 38.9% | 17.8% | ||
| Q1 24 | 34.9% | 27.0% |
净利率BF.BBKH
| Q4 25 | 21.6% | 16.8% | ||
| Q3 25 | 18.4% | 5.8% | ||
| Q2 25 | 16.3% | 6.3% | ||
| Q1 25 | 26.1% | 16.8% | ||
| Q4 24 | 23.6% | 16.7% | ||
| Q3 24 | 20.5% | 6.1% | ||
| Q2 24 | 27.6% | 5.7% | ||
| Q1 24 | 26.7% | 17.8% |
每股收益（稀释后）BF.BBKH
| Q4 25 | $0.47 | $1.39 | ||
| Q3 25 | $0.36 | $0.34 | ||
| Q2 25 | $0.31 | $0.38 | ||
| Q1 25 | $0.57 | $1.87 | ||
| Q4 24 | $0.55 | $1.36 | ||
| Q3 24 | $0.41 | $0.35 | ||
| Q2 24 | $0.56 | $0.33 | ||
| Q1 24 | $0.60 | $1.87 |
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 | $319.0M | $182.8M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.1B | $3.8B |
| 总资产 | $8.2B | $10.9B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资BF.BBKH
| Q4 25 | $319.0M | $182.8M | ||
| Q3 25 | $471.0M | $21.1M | ||
| Q2 25 | $444.0M | $8.1M | ||
| Q1 25 | $599.0M | $6.6M | ||
| Q4 24 | $416.0M | $16.1M | ||
| Q3 24 | $416.0M | $12.5M | ||
| Q2 24 | $446.0M | $624.8M | ||
| Q1 24 | $589.0M | $123.0M |
总债务BF.BBKH
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益BF.BBKH
| Q4 25 | $4.1B | $3.8B | ||
| Q3 25 | $4.0B | $3.8B | ||
| Q2 25 | $4.0B | $3.6B | ||
| Q1 25 | $3.8B | $3.6B | ||
| Q4 24 | $3.7B | $3.5B | ||
| Q3 24 | $3.5B | $3.4B | ||
| Q2 24 | $3.5B | $3.4B | ||
| Q1 24 | $3.2B | $3.3B |
总资产BF.BBKH
| Q4 25 | $8.2B | $10.9B | ||
| Q3 25 | $8.2B | $10.3B | ||
| Q2 25 | $8.1B | $10.1B | ||
| Q1 25 | $8.1B | $10.1B | ||
| Q4 24 | $8.3B | $10.0B | ||
| Q3 24 | $8.2B | $9.7B | ||
| Q2 24 | $8.2B | $10.2B | ||
| Q1 24 | $8.2B | $9.7B |
负债/权益比BF.BBKH
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.77× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.83× | — |
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 | $132.0M | $168.1M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | $-101.5M |
| 自由现金流率自由现金流/营收 | 10.3% | -16.3% |
| 资本支出强度资本支出/营收 | 2.4% | 43.3% |
| 现金转化率经营现金流/净利润 | 0.59× | 1.60× |
| 过去12个月自由现金流最近4个季度 | $610.0M | $-146.4M |
8季度趋势，按日历期对齐
经营现金流BF.BBKH
| Q4 25 | $132.0M | $168.1M | ||
| Q3 25 | $160.0M | $88.9M | ||
| Q2 25 | $152.0M | $188.6M | ||
| Q1 25 | $317.0M | $227.8M | ||
| Q4 24 | $112.0M | $153.2M | ||
| Q3 24 | $17.0M | $102.1M | ||
| Q2 24 | $285.0M | $230.6M | ||
| Q1 24 | $265.0M | $233.4M |
自由现金流BF.BBKH
| Q4 25 | $107.0M | $-101.5M | ||
| Q3 25 | $129.0M | $-89.5M | ||
| Q2 25 | $102.0M | $-30.3M | ||
| Q1 25 | $272.0M | $74.9M | ||
| Q4 24 | $81.0M | $-60.5M | ||
| Q3 24 | $-24.0M | $-86.0M | ||
| Q2 24 | $205.0M | $64.4M | ||
| Q1 24 | $196.0M | $57.2M |
自由现金流率BF.BBKH
| Q4 25 | 10.3% | -16.3% | ||
| Q3 25 | 14.0% | -20.9% | ||
| Q2 25 | 11.4% | -7.0% | ||
| Q1 25 | 26.3% | 9.4% | ||
| Q4 24 | 7.4% | -10.3% | ||
| Q3 24 | -2.5% | -21.6% | ||
| Q2 24 | 21.3% | 16.2% | ||
| Q1 24 | 18.3% | 8.0% |
资本支出强度BF.BBKH
| Q4 25 | 2.4% | 43.3% | ||
| Q3 25 | 3.4% | 41.7% | ||
| Q2 25 | 5.6% | 50.2% | ||
| Q1 25 | 4.3% | 19.1% | ||
| Q4 24 | 2.8% | 36.5% | ||
| Q3 24 | 4.3% | 47.2% | ||
| Q2 24 | 8.3% | 41.9% | ||
| Q1 24 | 6.5% | 24.6% |
现金转化率BF.BBKH
| Q4 25 | 0.59× | 1.60× | ||
| Q3 25 | 0.94× | 3.57× | ||
| Q2 25 | 1.04× | 6.86× | ||
| Q1 25 | 1.17× | 1.70× | ||
| Q4 24 | 0.43× | 1.56× | ||
| Q3 24 | 0.09× | 4.18× | ||
| Q2 24 | 1.07× | 10.11× | ||
| Q1 24 | 0.93× | 1.82× |
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
BF.B
| Whiskey | $771.0M | 74% |
| Ready To Drink | $138.0M | 13% |
| Tequila | $67.0M | 6% |
| Restofportfolio | $52.0M | 5% |
| Nonbrandedandbulk | $8.0M | 1% |
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
