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Biglari Holdings Inc.（BH）与Doximity, Inc.（DOCS）财务数据对比。点击上方公司名可切换其他公司
Doximity, Inc.的季度营收约是Biglari Holdings Inc.的1.9倍（$185.1M vs $99.9M），Doximity, Inc.净利率更高（33.3% vs -49.9%，领先83.2%），Doximity, Inc.同比增速更快（9.8% vs 9.6%），过去两年Doximity, Inc.的营收复合增速更高（25.2% vs 5.7%）
Biglari控股是一家总部位于美国得克萨斯州圣安东尼奥的控股公司，由企业家萨达尔·比格拉里创立。旗下业务涵盖餐饮、出版、保险、石油能源多个领域，旗下子品牌包括Steak 'n Shake、《马克西姆》杂志、第一卫士保险、南先锋保险、南方石油、阿布拉克萨斯石油等。
Doximity Inc成立于2010年，是面向医疗专业人士的线上社交服务平台，为平台会员提供精选医疗资讯、远程医疗工具，以及病例协作相关功能，助力医疗从业者高效交流信息、开展诊疗相关工作。
BH vs DOCS — 直观对比
营收规模更大
DOCS
是对方的1.9倍
$99.9M
营收增速更快
DOCS
高出0.1%
9.6%
净利率更高
DOCS
高出83.2%
-49.9%
两年增速更快
DOCS
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $185.1M |
| 净利润 | $-49.9M | $61.6M |
| 毛利率 | 58.3% | 89.9% |
| 营业利润率 | -64.1% | 38.9% |
| 净利率 | -49.9% | 33.3% |
| 营收同比 | 9.6% | 9.8% |
| 净利润同比 | -385.3% | -18.1% |
| 每股收益（稀释后） | — | $0.31 |
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BHDOCS
| Q4 25 | $99.9M | $185.1M | ||
| Q3 25 | $99.7M | $168.5M | ||
| Q2 25 | $100.6M | $145.9M | ||
| Q1 25 | $95.0M | $138.3M | ||
| Q4 24 | $91.1M | $168.6M | ||
| Q3 24 | $90.4M | $136.8M | ||
| Q2 24 | $91.1M | $126.7M | ||
| Q1 24 | $89.5M | $118.1M |
净利润BHDOCS
| Q4 25 | $-49.9M | $61.6M | ||
| Q3 25 | $-5.3M | $62.1M | ||
| Q2 25 | $50.9M | $53.3M | ||
| Q1 25 | $-33.3M | $62.5M | ||
| Q4 24 | $-10.3M | $75.2M | ||
| Q3 24 | $32.1M | $44.2M | ||
| Q2 24 | $-48.2M | $41.4M | ||
| Q1 24 | $22.6M | $40.6M |
毛利率BHDOCS
| Q4 25 | 58.3% | 89.9% | ||
| Q3 25 | 58.1% | 90.3% | ||
| Q2 25 | 60.2% | 89.2% | ||
| Q1 25 | 60.3% | 89.5% | ||
| Q4 24 | 60.6% | 91.6% | ||
| Q3 24 | 59.9% | 90.0% | ||
| Q2 24 | 59.5% | 89.3% | ||
| Q1 24 | 61.5% | 89.4% |
营业利润率BHDOCS
| Q4 25 | -64.1% | 38.9% | ||
| Q3 25 | -7.6% | 37.8% | ||
| Q2 25 | 64.7% | 37.4% | ||
| Q1 25 | -43.3% | 35.2% | ||
| Q4 24 | -19.7% | 47.4% | ||
| Q3 24 | 47.9% | 38.8% | ||
| Q2 24 | -69.0% | 36.4% | ||
| Q1 24 | 32.9% | 35.5% |
净利率BHDOCS
| Q4 25 | -49.9% | 33.3% | ||
| Q3 25 | -5.3% | 36.8% | ||
| Q2 25 | 50.6% | 36.5% | ||
| Q1 25 | -35.0% | 45.2% | ||
| Q4 24 | -11.3% | 44.6% | ||
| Q3 24 | 35.5% | 32.3% | ||
| Q2 24 | -52.9% | 32.7% | ||
| Q1 24 | 25.2% | 34.4% |
每股收益（稀释后）BHDOCS
| Q4 25 | — | $0.31 | ||
| Q3 25 | — | $0.31 | ||
| Q2 25 | — | $0.27 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $0.37 | ||
| Q3 24 | — | $0.22 | ||
| Q2 24 | — | $0.21 | ||
| Q1 24 | — | $0.20 |
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 | $268.8M | $64.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $979.3M |
| 总资产 | $1.0B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BHDOCS
| Q4 25 | $268.8M | $64.8M | ||
| Q3 25 | $272.5M | $169.2M | ||
| Q2 25 | $32.8M | $137.3M | ||
| Q1 25 | $28.7M | $209.6M | ||
| Q4 24 | $30.7M | $165.3M | ||
| Q3 24 | $29.9M | $184.2M | ||
| Q2 24 | $26.9M | $111.4M | ||
| Q1 24 | $34.5M | $96.8M |
股东权益BHDOCS
| Q4 25 | $523.4M | $979.3M | ||
| Q3 25 | $580.3M | $1.1B | ||
| Q2 25 | $589.3M | $1.0B | ||
| Q1 25 | $539.8M | $1.1B | ||
| Q4 24 | $573.0M | $1.0B | ||
| Q3 24 | $601.8M | $961.2M | ||
| Q2 24 | $569.2M | $913.6M | ||
| Q1 24 | $618.6M | $901.4M |
总资产BHDOCS
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $863.6M | $1.2B | ||
| Q1 25 | $829.1M | $1.3B | ||
| Q4 24 | $866.1M | $1.2B | ||
| Q3 24 | $865.1M | $1.1B | ||
| Q2 24 | $809.1M | $1.1B | ||
| Q1 24 | $885.3M | $1.1B |
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 | $17.8M | $60.9M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | — |
| 自由现金流率自由现金流/营收 | 6.4% | — |
| 资本支出强度资本支出/营收 | 11.4% | — |
| 现金转化率经营现金流/净利润 | — | 0.99× |
| 过去12个月自由现金流最近4个季度 | $76.6M | — |
8季度趋势，按日历期对齐
经营现金流BHDOCS
| Q4 25 | $17.8M | $60.9M | ||
| Q3 25 | $31.2M | $93.9M | ||
| Q2 25 | $42.1M | $62.1M | ||
| Q1 25 | $15.8M | $98.5M | ||
| Q4 24 | $18.0M | $65.2M | ||
| Q3 24 | $10.8M | $68.3M | ||
| Q2 24 | $1.8M | $41.2M | ||
| Q1 24 | $19.1M | $63.9M |
自由现金流BHDOCS
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | — | ||
| Q2 25 | $39.4M | — | ||
| Q1 25 | $8.5M | — | ||
| Q4 24 | $10.9M | — | ||
| Q3 24 | $3.7M | — | ||
| Q2 24 | $-10.0M | — | ||
| Q1 24 | $14.5M | — |
自由现金流率BHDOCS
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | — | ||
| Q2 25 | 39.2% | — | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | -11.0% | — | ||
| Q1 24 | 16.2% | — |
资本支出强度BHDOCS
| Q4 25 | 11.4% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 7.7% | 0.0% | ||
| Q4 24 | 7.8% | 0.0% | ||
| Q3 24 | 7.8% | 0.0% | ||
| Q2 24 | 13.0% | 0.0% | ||
| Q1 24 | 5.1% | 0.0% |
现金转化率BHDOCS
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | 0.83× | 1.16× | ||
| Q1 25 | — | 1.58× | ||
| Q4 24 | — | 0.87× | ||
| Q3 24 | 0.33× | 1.55× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | 0.85× | 1.57× |
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
BH
| Products | $45.9M | 46% |
| Franchisor | $20.5M | 21% |
| Insurance Operations | $19.1M | 19% |
| Oil And Gas Segment | $5.4M | 5% |
| Royalty | $4.1M | 4% |
| Abraxas Petroleum | $2.7M | 3% |
| Other | $2.2M | 2% |
DOCS
| Subscription | $175.4M | 95% |
| Service Other | $9.7M | 5% |
