vs
百富门（BF.B）与伯克希尔·哈撒韦（HEI）财务数据对比。点击上方公司名可切换其他公司
伯克希尔·哈撒韦的季度营收约是百富门的1.2倍（$1.2B vs $1.0B），百富门净利率更高（21.6% vs 15.6%，领先6.1%），伯克希尔·哈撒韦同比增速更快（19.3% vs -5.4%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $107.0M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs -1.6%）
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。
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
BF.B vs HEI — 直观对比
营收规模更大
HEI
是对方的1.2倍
$1.0B
营收增速更快
HEI
高出24.7%
-5.4%
净利率更高
BF.B
高出6.1%
15.6%
自由现金流更多
HEI
多$161.5M
$107.0M
两年增速更快
HEI
近两年复合增速
-1.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $224.0M | $188.3M |
| 毛利率 | 59.4% | 40.2% |
| 营业利润率 | 29.4% | 23.1% |
| 净利率 | 21.6% | 15.6% |
| 营收同比 | -5.4% | 19.3% |
| 净利润同比 | -13.2% | 34.8% |
| 每股收益（稀释后） | $0.47 | $1.32 |
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.BHEI
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $924.0M | $1.1B | ||
| Q2 25 | $894.0M | $1.1B | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $951.0M | $992.2M | ||
| Q2 24 | $964.0M | $955.4M | ||
| Q1 24 | $1.1B | $896.4M |
净利润BF.BHEI
| Q4 25 | $224.0M | $188.3M | ||
| Q3 25 | $170.0M | $177.3M | ||
| Q2 25 | $146.0M | $156.8M | ||
| Q1 25 | $270.0M | $168.0M | ||
| Q4 24 | $258.0M | $139.7M | ||
| Q3 24 | $195.0M | $136.6M | ||
| Q2 24 | $266.0M | $123.1M | ||
| Q1 24 | $285.0M | $114.7M |
毛利率BF.BHEI
| Q4 25 | 59.4% | 40.2% | ||
| Q3 25 | 59.7% | 39.8% | ||
| Q2 25 | 57.4% | 39.9% | ||
| Q1 25 | 59.8% | 39.4% | ||
| Q4 24 | 59.0% | 38.9% | ||
| Q3 24 | 59.4% | 39.2% | ||
| Q2 24 | 59.0% | 38.9% | ||
| Q1 24 | 59.4% | 38.7% |
营业利润率BF.BHEI
| Q4 25 | 29.4% | 23.1% | ||
| Q3 25 | 28.1% | 23.1% | ||
| Q2 25 | 22.9% | 22.6% | ||
| Q1 25 | 27.1% | 22.0% | ||
| Q4 24 | 31.1% | 21.6% | ||
| Q3 24 | 29.5% | 21.8% | ||
| Q2 24 | 38.9% | 21.9% | ||
| Q1 24 | 34.9% | 20.1% |
净利率BF.BHEI
| Q4 25 | 21.6% | 15.6% | ||
| Q3 25 | 18.4% | 15.5% | ||
| Q2 25 | 16.3% | 14.3% | ||
| Q1 25 | 26.1% | 16.3% | ||
| Q4 24 | 23.6% | 13.8% | ||
| Q3 24 | 20.5% | 13.8% | ||
| Q2 24 | 27.6% | 12.9% | ||
| Q1 24 | 26.7% | 12.8% |
每股收益（稀释后）BF.BHEI
| Q4 25 | $0.47 | $1.32 | ||
| Q3 25 | $0.36 | $1.26 | ||
| Q2 25 | $0.31 | $1.12 | ||
| Q1 25 | $0.57 | $1.20 | ||
| Q4 24 | $0.55 | $1.00 | ||
| Q3 24 | $0.41 | $0.97 | ||
| Q2 24 | $0.56 | $0.88 | ||
| Q1 24 | $0.60 | $0.82 |
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 | $217.8M |
| 总债务越低越好 | $2.4B | $2.2B |
| 股东权益账面价值 | $4.1B | $4.3B |
| 总资产 | $8.2B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.59× | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资BF.BHEI
| Q4 25 | $319.0M | $217.8M | ||
| Q3 25 | $471.0M | $261.9M | ||
| Q2 25 | $444.0M | $242.3M | ||
| Q1 25 | $599.0M | $165.5M | ||
| Q4 24 | $416.0M | $162.1M | ||
| Q3 24 | $416.0M | $202.9M | ||
| Q2 24 | $446.0M | $204.2M | ||
| Q1 24 | $589.0M | $196.3M |
总债务BF.BHEI
| Q4 25 | $2.4B | $2.2B | ||
| Q3 25 | $2.4B | $2.4B | ||
| Q2 25 | $2.4B | $2.3B | ||
| Q1 25 | $2.7B | $2.3B | ||
| Q4 24 | $2.7B | $2.2B | ||
| Q3 24 | $2.7B | $2.3B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $2.7B | $2.5B |
股东权益BF.BHEI
| Q4 25 | $4.1B | $4.3B | ||
| Q3 25 | $4.0B | $4.1B | ||
| Q2 25 | $4.0B | $4.0B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $3.7B | $3.6B | ||
| Q3 24 | $3.5B | $3.5B | ||
| Q2 24 | $3.5B | $3.4B | ||
| Q1 24 | $3.2B | $3.3B |
总资产BF.BHEI
| Q4 25 | $8.2B | $8.5B | ||
| Q3 25 | $8.2B | $8.5B | ||
| Q2 25 | $8.1B | $8.1B | ||
| Q1 25 | $8.1B | $7.9B | ||
| Q4 24 | $8.3B | $7.6B | ||
| Q3 24 | $8.2B | $7.4B | ||
| Q2 24 | $8.2B | $7.4B | ||
| Q1 24 | $8.2B | $7.3B |
负债/权益比BF.BHEI
| Q4 25 | 0.59× | 0.50× | ||
| Q3 25 | 0.61× | 0.59× | ||
| Q2 25 | 0.61× | 0.57× | ||
| Q1 25 | 0.70× | 0.63× | ||
| Q4 24 | 0.73× | 0.61× | ||
| Q3 24 | 0.77× | 0.64× | ||
| Q2 24 | 0.76× | 0.70× | ||
| Q1 24 | 0.83× | 0.76× |
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 | $295.3M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | $268.5M |
| 自由现金流率自由现金流/营收 | 10.3% | 22.2% |
| 资本支出强度资本支出/营收 | 2.4% | 2.2% |
| 现金转化率经营现金流/净利润 | 0.59× | 1.57× |
| 过去12个月自由现金流最近4个季度 | $610.0M | $861.4M |
8季度趋势，按日历期对齐
经营现金流BF.BHEI
| Q4 25 | $132.0M | $295.3M | ||
| Q3 25 | $160.0M | $231.2M | ||
| Q2 25 | $152.0M | $204.7M | ||
| Q1 25 | $317.0M | $203.0M | ||
| Q4 24 | $112.0M | $205.6M | ||
| Q3 24 | $17.0M | $214.0M | ||
| Q2 24 | $285.0M | $141.1M | ||
| Q1 24 | $265.0M | $111.7M |
自由现金流BF.BHEI
| Q4 25 | $107.0M | $268.5M | ||
| Q3 25 | $129.0M | $218.5M | ||
| Q2 25 | $102.0M | $188.7M | ||
| Q1 25 | $272.0M | $185.7M | ||
| Q4 24 | $81.0M | $189.5M | ||
| Q3 24 | $-24.0M | $198.1M | ||
| Q2 24 | $205.0M | $128.2M | ||
| Q1 24 | $196.0M | $98.3M |
自由现金流率BF.BHEI
| Q4 25 | 10.3% | 22.2% | ||
| Q3 25 | 14.0% | 19.0% | ||
| Q2 25 | 11.4% | 17.2% | ||
| Q1 25 | 26.3% | 18.0% | ||
| Q4 24 | 7.4% | 18.7% | ||
| Q3 24 | -2.5% | 20.0% | ||
| Q2 24 | 21.3% | 13.4% | ||
| Q1 24 | 18.3% | 11.0% |
资本支出强度BF.BHEI
| Q4 25 | 2.4% | 2.2% | ||
| Q3 25 | 3.4% | 1.1% | ||
| Q2 25 | 5.6% | 1.5% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 2.8% | 1.6% | ||
| Q3 24 | 4.3% | 1.6% | ||
| Q2 24 | 8.3% | 1.4% | ||
| Q1 24 | 6.5% | 1.5% |
现金转化率BF.BHEI
| Q4 25 | 0.59× | 1.57× | ||
| Q3 25 | 0.94× | 1.30× | ||
| Q2 25 | 1.04× | 1.31× | ||
| Q1 25 | 1.17× | 1.21× | ||
| Q4 24 | 0.43× | 1.47× | ||
| Q3 24 | 0.09× | 1.57× | ||
| Q2 24 | 1.07× | 1.15× | ||
| Q1 24 | 0.93× | 0.97× |
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% |
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
