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百富门（BF.B）与怡安集团（RYAN）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怡安集团的1.4倍（$1.0B vs $738.0M），百富门净利率更高（21.6% vs 1.1%，领先20.5%），怡安集团同比增速更快（13.6% vs -5.4%），过去两年怡安集团的营收复合增速更高（17.1% 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。
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
BF.B vs RYAN — 直观对比
营收规模更大
BF.B
是对方的1.4倍
$738.0M
营收增速更快
RYAN
高出19.0%
-5.4%
净利率更高
BF.B
高出20.5%
1.1%
两年增速更快
RYAN
近两年复合增速
-1.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $738.0M |
| 净利润 | $224.0M | $8.0M |
| 毛利率 | 59.4% | — |
| 营业利润率 | 29.4% | 12.4% |
| 净利率 | 21.6% | 1.1% |
| 营收同比 | -5.4% | 13.6% |
| 净利润同比 | -13.2% | -42.0% |
| 每股收益（稀释后） | $0.47 | — |
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.BRYAN
| Q4 25 | $1.0B | $738.0M | ||
| Q3 25 | $924.0M | $739.6M | ||
| Q2 25 | $894.0M | $840.9M | ||
| Q1 25 | $1.0B | $676.1M | ||
| Q4 24 | $1.1B | $649.4M | ||
| Q3 24 | $951.0M | $588.1M | ||
| Q2 24 | $964.0M | $680.2M | ||
| Q1 24 | $1.1B | $537.9M |
净利润BF.BRYAN
| Q4 25 | $224.0M | $8.0M | ||
| Q3 25 | $170.0M | $31.1M | ||
| Q2 25 | $146.0M | $52.0M | ||
| Q1 25 | $270.0M | $-27.6M | ||
| Q4 24 | $258.0M | $13.8M | ||
| Q3 24 | $195.0M | $17.6M | ||
| Q2 24 | $266.0M | $46.8M | ||
| Q1 24 | $285.0M | $16.5M |
毛利率BF.BRYAN
| 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.BRYAN
| Q4 25 | 29.4% | 12.4% | ||
| Q3 25 | 28.1% | 15.0% | ||
| Q2 25 | 22.9% | 22.7% | ||
| Q1 25 | 27.1% | 14.8% | ||
| Q4 24 | 31.1% | 16.8% | ||
| Q3 24 | 29.5% | 13.9% | ||
| Q2 24 | 38.9% | 24.2% | ||
| Q1 24 | 34.9% | 13.5% |
净利率BF.BRYAN
| Q4 25 | 21.6% | 1.1% | ||
| Q3 25 | 18.4% | 4.2% | ||
| Q2 25 | 16.3% | 6.2% | ||
| Q1 25 | 26.1% | -4.1% | ||
| Q4 24 | 23.6% | 2.1% | ||
| Q3 24 | 20.5% | 3.0% | ||
| Q2 24 | 27.6% | 6.9% | ||
| Q1 24 | 26.7% | 3.1% |
每股收益（稀释后）BF.BRYAN
| Q4 25 | $0.47 | — | ||
| Q3 25 | $0.36 | — | ||
| Q2 25 | $0.31 | — | ||
| Q1 25 | $0.57 | — | ||
| Q4 24 | $0.55 | — | ||
| Q3 24 | $0.41 | — | ||
| Q2 24 | $0.56 | — | ||
| Q1 24 | $0.60 | — |
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 | $158.3M |
| 总债务越低越好 | $2.4B | $3.3B |
| 股东权益账面价值 | $4.1B | $648.1M |
| 总资产 | $8.2B | $10.6B |
| 负债/权益比越低杠杆越低 | 0.59× | 5.16× |
8季度趋势，按日历期对齐
现金及短期投资BF.BRYAN
| Q4 25 | $319.0M | $158.3M | ||
| Q3 25 | $471.0M | $153.5M | ||
| Q2 25 | $444.0M | $172.6M | ||
| Q1 25 | $599.0M | $203.5M | ||
| Q4 24 | $416.0M | $540.2M | ||
| Q3 24 | $416.0M | $235.2M | ||
| Q2 24 | $446.0M | $1.7B | ||
| Q1 24 | $589.0M | $1.6B |
总债务BF.BRYAN
| Q4 25 | $2.4B | $3.3B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.7B | $3.3B | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益BF.BRYAN
| Q4 25 | $4.1B | $648.1M | ||
| Q3 25 | $4.0B | $630.5M | ||
| Q2 25 | $4.0B | $610.1M | ||
| Q1 25 | $3.8B | $542.5M | ||
| Q4 24 | $3.7B | $627.7M | ||
| Q3 24 | $3.5B | $632.8M | ||
| Q2 24 | $3.5B | $605.9M | ||
| Q1 24 | $3.2B | $554.4M |
总资产BF.BRYAN
| Q4 25 | $8.2B | $10.6B | ||
| Q3 25 | $8.2B | $9.9B | ||
| Q2 25 | $8.1B | $10.6B | ||
| Q1 25 | $8.1B | $9.9B | ||
| Q4 24 | $8.3B | $9.6B | ||
| Q3 24 | $8.2B | $8.5B | ||
| Q2 24 | $8.2B | $8.3B | ||
| Q1 24 | $8.2B | $7.1B |
负债/权益比BF.BRYAN
| Q4 25 | 0.59× | 5.16× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.73× | 5.22× | ||
| 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 | $263.2M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | — |
| 自由现金流率自由现金流/营收 | 10.3% | — |
| 资本支出强度资本支出/营收 | 2.4% | 0.0% |
| 现金转化率经营现金流/净利润 | 0.59× | 32.99× |
| 过去12个月自由现金流最近4个季度 | $610.0M | — |
8季度趋势，按日历期对齐
经营现金流BF.BRYAN
| Q4 25 | $132.0M | $263.2M | ||
| Q3 25 | $160.0M | $169.7M | ||
| Q2 25 | $152.0M | $353.6M | ||
| Q1 25 | $317.0M | $-142.8M | ||
| Q4 24 | $112.0M | $259.6M | ||
| Q3 24 | $17.0M | $100.9M | ||
| Q2 24 | $285.0M | $270.8M | ||
| Q1 24 | $265.0M | $-116.5M |
自由现金流BF.BRYAN
| Q4 25 | $107.0M | — | ||
| Q3 25 | $129.0M | $167.3M | ||
| Q2 25 | $102.0M | — | ||
| Q1 25 | $272.0M | $-143.5M | ||
| Q4 24 | $81.0M | — | ||
| Q3 24 | $-24.0M | — | ||
| Q2 24 | $205.0M | — | ||
| Q1 24 | $196.0M | — |
自由现金流率BF.BRYAN
| Q4 25 | 10.3% | — | ||
| Q3 25 | 14.0% | 22.6% | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 26.3% | -21.2% | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -2.5% | — | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 18.3% | — |
资本支出强度BF.BRYAN
| Q4 25 | 2.4% | 0.0% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | 5.6% | 0.0% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | 2.8% | 0.0% | ||
| Q3 24 | 4.3% | 0.0% | ||
| Q2 24 | 8.3% | 0.0% | ||
| Q1 24 | 6.5% | 0.0% |
现金转化率BF.BRYAN
| Q4 25 | 0.59× | 32.99× | ||
| Q3 25 | 0.94× | 5.46× | ||
| Q2 25 | 1.04× | 6.80× | ||
| Q1 25 | 1.17× | — | ||
| Q4 24 | 0.43× | 18.88× | ||
| Q3 24 | 0.09× | 5.74× | ||
| Q2 24 | 1.07× | 5.79× | ||
| Q1 24 | 0.93× | -7.05× |
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
BF.B
| Whiskey | $771.0M | 74% |
| Ready To Drink | $138.0M | 13% |
| Tequila | $67.0M | 6% |
| Restofportfolio | $52.0M | 5% |
| Nonbrandedandbulk | $8.0M | 1% |
RYAN
| Wholesale Brokerage | $385.7M | 52% |
| Underwriting Management | $268.3M | 36% |
| Binding Authorities | $84.0M | 11% |
