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BGC Group, Inc.（BGC）与LPL Financial Holdings Inc.（LPLA）财务数据对比。点击上方公司名可切换其他公司
LPL Financial Holdings Inc.的季度营收约是BGC Group, Inc.的7.7倍（$4.9B vs $638.6M）。LPL Financial Holdings Inc.净利率更高（6.1% vs 2.3%，领先3.8%）。LPL Financial Holdings Inc.同比增速更快（40.4% vs 34.4%）。LPL Financial Holdings Inc.自由现金流更多（$613.3M vs $175.1M）。过去两年LPL Financial Holdings Inc.的营收复合增速更高（32.0% vs 18.7%）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
LPL Financial Holdings Inc.成立于1989年，是美国规模最大的独立经纪自营商。截至2021年，公司拥有超17500名财务顾问，咨询及经纪类资产规模超1万亿美元，2023财年总营收约103亿美元，在波士顿、福特米尔、奥斯汀、圣迭戈设有核心办事处，是FINRA和SIPC成员。
BGC vs LPLA — 直观对比
营收规模更大
LPLA
是对方的7.7倍
$638.6M
营收增速更快
LPLA
高出6.0%
34.4%
净利率更高
LPLA
高出3.8%
2.3%
自由现金流更多
LPLA
多$438.2M
$175.1M
两年增速更快
LPLA
近两年复合增速
18.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $638.6M | $4.9B |
| 净利润 | $14.4M | $300.7M |
| 毛利率 | — | — |
| 营业利润率 | 3.9% | 8.1% |
| 净利率 | 2.3% | 6.1% |
| 营收同比 | 34.4% | 40.4% |
| 净利润同比 | -43.0% | 11.1% |
| 每股收益（稀释后） | $0.03 | $3.65 |
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BGCLPLA
| Q4 25 | $638.6M | $4.9B | ||
| Q3 25 | $620.8M | $4.6B | ||
| Q2 25 | $648.0M | $3.8B | ||
| Q1 25 | $534.6M | $3.7B | ||
| Q4 24 | $475.2M | $3.5B | ||
| Q3 24 | $448.9M | $3.1B | ||
| Q2 24 | $435.0M | $2.9B | ||
| Q1 24 | $453.6M | $2.8B |
净利润BGCLPLA
| Q4 25 | $14.4M | $300.7M | ||
| Q3 25 | $27.9M | $-29.5M | ||
| Q2 25 | $57.5M | $273.2M | ||
| Q1 25 | $55.2M | $318.6M | ||
| Q4 24 | $25.2M | $270.7M | ||
| Q3 24 | $14.7M | $255.3M | ||
| Q2 24 | $37.8M | $243.8M | ||
| Q1 24 | $49.2M | $288.8M |
营业利润率BGCLPLA
| Q4 25 | 3.9% | 8.1% | ||
| Q3 25 | 5.4% | -0.7% | ||
| Q2 25 | 11.6% | 9.6% | ||
| Q1 25 | 15.0% | 11.4% | ||
| Q4 24 | 5.7% | 9.7% | ||
| Q3 24 | 4.4% | 11.2% | ||
| Q2 24 | 12.7% | 11.3% | ||
| Q1 24 | 15.7% | 13.2% |
净利率BGCLPLA
| Q4 25 | 2.3% | 6.1% | ||
| Q3 25 | 4.5% | -0.6% | ||
| Q2 25 | 8.9% | 7.1% | ||
| Q1 25 | 10.3% | 8.7% | ||
| Q4 24 | 5.3% | 7.7% | ||
| Q3 24 | 3.3% | 8.2% | ||
| Q2 24 | 8.7% | 8.3% | ||
| Q1 24 | 10.8% | 10.2% |
每股收益（稀释后）BGCLPLA
| Q4 25 | $0.03 | $3.65 | ||
| Q3 25 | $0.06 | $-0.37 | ||
| Q2 25 | $0.11 | $3.40 | ||
| Q1 25 | $0.11 | $4.24 | ||
| Q4 24 | $0.04 | $3.58 | ||
| Q3 24 | $0.03 | $3.39 | ||
| Q2 24 | $0.08 | $3.23 | ||
| Q1 24 | $0.10 | $3.83 |
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 | $851.5M | $1.1B |
| 总债务越低越好 | $1.5B | $7.3B |
| 股东权益账面价值 | $972.5M | $5.3B |
| 总资产 | $4.4B | $18.5B |
| 负债/权益比越低杠杆越低 | 1.58× | 1.36× |
8季度趋势，按日历期对齐
现金及短期投资BGCLPLA
| Q4 25 | $851.5M | $1.1B | ||
| Q3 25 | $774.9M | $1.6B | ||
| Q2 25 | $827.8M | $4.3B | ||
| Q1 25 | $966.4M | $1.4B | ||
| Q4 24 | $711.6M | $1.0B | ||
| Q3 24 | $563.5M | $1.6B | ||
| Q2 24 | $571.7M | $1.4B | ||
| Q1 24 | $566.8M | $1.2B |
总债务BGCLPLA
| Q4 25 | $1.5B | $7.3B | ||
| Q3 25 | $1.8B | $7.5B | ||
| Q2 25 | $1.8B | $7.2B | ||
| Q1 25 | $1.1B | $5.7B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.4B | $4.4B | ||
| Q2 24 | $1.4B | $4.4B | ||
| Q1 24 | $945.0M | $3.9B |
股东权益BGCLPLA
| Q4 25 | $972.5M | $5.3B | ||
| Q3 25 | $965.3M | $5.0B | ||
| Q2 25 | $930.5M | $5.1B | ||
| Q1 25 | $963.8M | $3.1B | ||
| Q4 24 | $898.5M | $2.9B | ||
| Q3 24 | $860.1M | $2.8B | ||
| Q2 24 | $858.1M | $2.5B | ||
| Q1 24 | $912.1M | $2.3B |
总资产BGCLPLA
| Q4 25 | $4.4B | $18.5B | ||
| Q3 25 | $5.8B | $18.0B | ||
| Q2 25 | $4.9B | $17.5B | ||
| Q1 25 | $4.9B | $14.0B | ||
| Q4 24 | $3.6B | $13.3B | ||
| Q3 24 | $4.4B | $11.9B | ||
| Q2 24 | $4.3B | $11.5B | ||
| Q1 24 | $4.4B | $11.0B |
负债/权益比BGCLPLA
| Q4 25 | 1.58× | 1.36× | ||
| Q3 25 | 1.90× | 1.49× | ||
| Q2 25 | 1.97× | 1.41× | ||
| Q1 25 | 1.19× | 1.82× | ||
| Q4 24 | 1.27× | 1.87× | ||
| Q3 24 | 1.68× | 1.60× | ||
| Q2 24 | 1.68× | 1.77× | ||
| Q1 24 | 1.04× | 1.70× |
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 | $180.4M | $785.0M |
| 自由现金流经营现金流 - 资本支出 | $175.1M | $613.3M |
| 自由现金流率自由现金流/营收 | 27.4% | 12.4% |
| 资本支出强度资本支出/营收 | 0.8% | 3.5% |
| 现金转化率经营现金流/净利润 | 12.55× | 2.61× |
| 过去12个月自由现金流最近4个季度 | $372.9M | $-981.8M |
8季度趋势，按日历期对齐
经营现金流BGCLPLA
| Q4 25 | $180.4M | $785.0M | ||
| Q3 25 | $141.9M | $-1.7B | ||
| Q2 25 | $71.2M | $193.3M | ||
| Q1 25 | $839.0K | $339.8M | ||
| Q4 24 | $251.9M | $-178.8M | ||
| Q3 24 | $88.3M | $209.3M | ||
| Q2 24 | $-53.0M | $-178.9M | ||
| Q1 24 | $28.1M | $425.9M |
自由现金流BGCLPLA
| Q4 25 | $175.1M | $613.3M | ||
| Q3 25 | $137.2M | $-1.9B | ||
| Q2 25 | $65.0M | $56.3M | ||
| Q1 25 | $-4.4M | $220.3M | ||
| Q4 24 | $245.6M | $-344.3M | ||
| Q3 24 | $78.8M | $62.3M | ||
| Q2 24 | $-63.5M | $-307.8M | ||
| Q1 24 | $24.9M | $304.9M |
自由现金流率BGCLPLA
| Q4 25 | 27.4% | 12.4% | ||
| Q3 25 | 22.1% | -41.1% | ||
| Q2 25 | 10.0% | 1.5% | ||
| Q1 25 | -0.8% | 6.0% | ||
| Q4 24 | 51.7% | -9.8% | ||
| Q3 24 | 17.5% | 2.0% | ||
| Q2 24 | -14.6% | -10.5% | ||
| Q1 24 | 5.5% | 10.8% |
资本支出强度BGCLPLA
| Q4 25 | 0.8% | 3.5% | ||
| Q3 25 | 0.8% | 3.1% | ||
| Q2 25 | 1.0% | 3.6% | ||
| Q1 25 | 1.0% | 3.3% | ||
| Q4 24 | 1.3% | 4.7% | ||
| Q3 24 | 2.1% | 4.7% | ||
| Q2 24 | 2.4% | 4.4% | ||
| Q1 24 | 0.7% | 4.3% |
现金转化率BGCLPLA
| Q4 25 | 12.55× | 2.61× | ||
| Q3 25 | 5.09× | — | ||
| Q2 25 | 1.24× | 0.71× | ||
| Q1 25 | 0.02× | 1.07× | ||
| Q4 24 | 9.99× | -0.66× | ||
| Q3 24 | 5.99× | 0.82× | ||
| Q2 24 | -1.40× | -0.73× | ||
| Q1 24 | 0.57× | 1.47× |
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
BGC
| Commissions | $590.2M | 92% |
| Data Software And Post Trade | $36.7M | 6% |
| Fees From Related Parties | $4.6M | 1% |
LPLA
| Other | $2.6B | 53% |
| Transferred At Point In Time | $721.1M | 15% |
| Annuities | $720.5M | 15% |
| Transferred Over Time | $510.7M | 10% |
| Mutual Fund | $271.1M | 5% |
| Other Investment | $110.2M | 2% |
