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Biglari Holdings Inc.（BH）与藏寿司（KRUS）财务数据对比。点击上方公司名可切换其他公司
Biglari Holdings Inc.的季度营收约是藏寿司的1.4倍（$99.9M vs $73.5M），藏寿司净利率更高（-4.2% vs -49.9%，领先45.8%），藏寿司同比增速更快（14.0% vs 9.6%），Biglari Holdings Inc.自由现金流更多（$6.4M vs $-13.3M），过去两年藏寿司的营收复合增速更高（13.2% 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。
藏寿司是日本知名回转寿司连锁品牌，为日本第二大寿司连锁企业，规模仅次于寿司郎，领先滨寿司。品牌总部设于大阪府堺市，目前在日本拥有543家门店，在中国台湾地区开设56家门店，另在美国布局有69家门店。
BH vs KRUS — 直观对比
营收规模更大
BH
是对方的1.4倍
$73.5M
营收增速更快
KRUS
高出4.4%
9.6%
净利率更高
KRUS
高出45.8%
-49.9%
自由现金流更多
BH
多$19.7M
$-13.3M
两年增速更快
KRUS
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $73.5M |
| 净利润 | $-49.9M | $-3.1M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | -5.0% |
| 净利率 | -49.9% | -4.2% |
| 营收同比 | 9.6% | 14.0% |
| 净利润同比 | -385.3% | -218.4% |
| 每股收益（稀释后） | — | $-0.25 |
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BHKRUS
| Q4 25 | $99.9M | $73.5M | ||
| Q3 25 | $99.7M | $79.4M | ||
| Q2 25 | $100.6M | $74.0M | ||
| Q1 25 | $95.0M | $64.9M | ||
| Q4 24 | $91.1M | $64.5M | ||
| Q3 24 | $90.4M | $66.0M | ||
| Q2 24 | $91.1M | $63.1M | ||
| Q1 24 | $89.5M | $57.3M |
净利润BHKRUS
| Q4 25 | $-49.9M | $-3.1M | ||
| Q3 25 | $-5.3M | $2.3M | ||
| Q2 25 | $50.9M | $565.0K | ||
| Q1 25 | $-33.3M | $-3.8M | ||
| Q4 24 | $-10.3M | $-961.0K | ||
| Q3 24 | $32.1M | $-5.2M | ||
| Q2 24 | $-48.2M | $-558.0K | ||
| Q1 24 | $22.6M | $-998.0K |
毛利率BHKRUS
| Q4 25 | 58.3% | — | ||
| Q3 25 | 58.1% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 60.3% | — | ||
| Q4 24 | 60.6% | — | ||
| Q3 24 | 59.9% | — | ||
| Q2 24 | 59.5% | — | ||
| Q1 24 | 61.5% | — |
营业利润率BHKRUS
| Q4 25 | -64.1% | -5.0% | ||
| Q3 25 | -7.6% | 1.8% | ||
| Q2 25 | 64.7% | -0.2% | ||
| Q1 25 | -43.3% | -7.1% | ||
| Q4 24 | -19.7% | -2.3% | ||
| Q3 24 | 47.9% | -8.8% | ||
| Q2 24 | -69.0% | -1.9% | ||
| Q1 24 | 32.9% | -2.9% |
净利率BHKRUS
| Q4 25 | -49.9% | -4.2% | ||
| Q3 25 | -5.3% | 2.9% | ||
| Q2 25 | 50.6% | 0.8% | ||
| Q1 25 | -35.0% | -5.8% | ||
| Q4 24 | -11.3% | -1.5% | ||
| Q3 24 | 35.5% | -7.9% | ||
| Q2 24 | -52.9% | -0.9% | ||
| Q1 24 | 25.2% | -1.7% |
每股收益（稀释后）BHKRUS
| Q4 25 | — | $-0.25 | ||
| Q3 25 | — | $0.18 | ||
| Q2 25 | — | $0.05 | ||
| Q1 25 | — | $-0.31 | ||
| Q4 24 | — | $-0.08 | ||
| Q3 24 | — | $-0.47 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $-0.09 |
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 | $50.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $229.2M |
| 总资产 | $1.0B | $443.5M |
| 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BHKRUS
| Q4 25 | $268.8M | $50.7M | ||
| Q3 25 | $272.5M | $62.5M | ||
| Q2 25 | $32.8M | $60.5M | ||
| Q1 25 | $28.7M | $85.2M | ||
| Q4 24 | $30.7M | $107.7M | ||
| Q3 24 | $29.9M | $51.0M | ||
| Q2 24 | $26.9M | $60.7M | ||
| Q1 24 | $34.5M | $62.8M |
股东权益BHKRUS
| Q4 25 | $523.4M | $229.2M | ||
| Q3 25 | $580.3M | $231.1M | ||
| Q2 25 | $589.3M | $227.0M | ||
| Q1 25 | $539.8M | $225.0M | ||
| Q4 24 | $573.0M | $227.6M | ||
| Q3 24 | $601.8M | $162.5M | ||
| Q2 24 | $569.2M | $166.4M | ||
| Q1 24 | $618.6M | $165.3M |
总资产BHKRUS
| Q4 25 | $1.0B | $443.5M | ||
| Q3 25 | $1.1B | $430.9M | ||
| Q2 25 | $863.6M | $419.4M | ||
| Q1 25 | $829.1M | $410.4M | ||
| Q4 24 | $866.1M | $403.8M | ||
| Q3 24 | $865.1M | $328.5M | ||
| Q2 24 | $809.1M | $324.7M | ||
| Q1 24 | $885.3M | $315.5M |
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 | $529.0K |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $-13.3M |
| 自由现金流率自由现金流/营收 | 6.4% | -18.1% |
| 资本支出强度资本支出/营收 | 11.4% | 18.8% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $76.6M | $-27.5M |
8季度趋势，按日历期对齐
经营现金流BHKRUS
| Q4 25 | $17.8M | $529.0K | ||
| Q3 25 | $31.2M | $9.4M | ||
| Q2 25 | $42.1M | $6.7M | ||
| Q1 25 | $15.8M | $4.3M | ||
| Q4 24 | $18.0M | $4.4M | ||
| Q3 24 | $10.8M | $669.0K | ||
| Q2 24 | $1.8M | $8.7M | ||
| Q1 24 | $19.1M | $3.8M |
自由现金流BHKRUS
| Q4 25 | $6.4M | $-13.3M | ||
| Q3 25 | $22.3M | $-79.0K | ||
| Q2 25 | $39.4M | $-6.9M | ||
| Q1 25 | $8.5M | $-7.3M | ||
| Q4 24 | $10.9M | $-7.2M | ||
| Q3 24 | $3.7M | $-9.6M | ||
| Q2 24 | $-10.0M | $-2.4M | ||
| Q1 24 | $14.5M | $-9.7M |
自由现金流率BHKRUS
| Q4 25 | 6.4% | -18.1% | ||
| Q3 25 | 22.4% | -0.1% | ||
| Q2 25 | 39.2% | -9.3% | ||
| Q1 25 | 8.9% | -11.2% | ||
| Q4 24 | 12.0% | -11.2% | ||
| Q3 24 | 4.1% | -14.6% | ||
| Q2 24 | -11.0% | -3.8% | ||
| Q1 24 | 16.2% | -16.9% |
资本支出强度BHKRUS
| Q4 25 | 11.4% | 18.8% | ||
| Q3 25 | 9.0% | 11.9% | ||
| Q2 25 | 2.7% | 18.4% | ||
| Q1 25 | 7.7% | 17.8% | ||
| Q4 24 | 7.8% | 17.9% | ||
| Q3 24 | 7.8% | 15.6% | ||
| Q2 24 | 13.0% | 17.6% | ||
| Q1 24 | 5.1% | 23.5% |
现金转化率BHKRUS
| Q4 25 | — | — | ||
| Q3 25 | — | 4.12× | ||
| Q2 25 | 0.83× | 11.88× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.85× | — |
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% |
KRUS
暂无分部数据
