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Biglari Holdings Inc.（BH）与NOODLES & Co（NDLS）财务数据对比。点击上方公司名可切换其他公司
NOODLES & Co的季度营收约是Biglari Holdings Inc.的1.2倍（$122.1M vs $99.9M），NOODLES & Co净利率更高（-7.5% vs -49.9%，领先42.4%），Biglari Holdings Inc.同比增速更快（9.6% vs -4.1%），Biglari Holdings Inc.自由现金流更多（$6.4M vs $-2.8M），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -1.2%）
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。
Noodles & Company是源自美国的休闲快餐连锁品牌，主打融合多国风味及美式特色的面条菜品，同时也供应汤品和沙拉。品牌由亚伦·肯尼迪创立于1995年，总部位于科罗拉多州布鲁姆菲尔德，截至2022年年中，品牌已在美国31个州开出了458家门店。
BH vs NDLS — 直观对比
营收规模更大
NDLS
是对方的1.2倍
$99.9M
营收增速更快
BH
高出13.7%
-4.1%
净利率更高
NDLS
高出42.4%
-49.9%
自由现金流更多
BH
多$9.2M
$-2.8M
两年增速更快
BH
近两年复合增速
-1.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $122.1M |
| 净利润 | $-49.9M | $-9.2M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | -5.2% |
| 净利率 | -49.9% | -7.5% |
| 营收同比 | 9.6% | -4.1% |
| 净利润同比 | -385.3% | 32.8% |
| 每股收益（稀释后） | — | $-0.20 |
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BHNDLS
| Q4 25 | $99.9M | — | ||
| Q3 25 | $99.7M | $122.1M | ||
| Q2 25 | $100.6M | $123.8M | ||
| Q1 25 | $95.0M | — | ||
| Q4 24 | $91.1M | $122.8M | ||
| Q3 24 | $90.4M | $127.4M | ||
| Q2 24 | $91.1M | $121.4M | ||
| Q1 24 | $89.5M | $124.3M |
净利润BHNDLS
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $-9.2M | ||
| Q2 25 | $50.9M | $-9.1M | ||
| Q1 25 | $-33.3M | — | ||
| Q4 24 | $-10.3M | $-6.8M | ||
| Q3 24 | $32.1M | $-13.6M | ||
| Q2 24 | $-48.2M | $-6.1M | ||
| Q1 24 | $22.6M | $-6.1M |
毛利率BHNDLS
| 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BHNDLS
| Q4 25 | -64.1% | — | ||
| Q3 25 | -7.6% | -5.2% | ||
| Q2 25 | 64.7% | -5.2% | ||
| Q1 25 | -43.3% | — | ||
| Q4 24 | -19.7% | -3.9% | ||
| Q3 24 | 47.9% | -9.0% | ||
| Q2 24 | -69.0% | -3.4% | ||
| Q1 24 | 32.9% | -3.7% |
净利率BHNDLS
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | -7.5% | ||
| Q2 25 | 50.6% | -7.3% | ||
| Q1 25 | -35.0% | — | ||
| Q4 24 | -11.3% | -5.5% | ||
| Q3 24 | 35.5% | -10.7% | ||
| Q2 24 | -52.9% | -5.1% | ||
| Q1 24 | 25.2% | -4.9% |
每股收益（稀释后）BHNDLS
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.20 | ||
| Q2 25 | — | $-0.20 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.15 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-1.64 |
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 | $4.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $-38.9M |
| 总资产 | $1.0B | $280.6M |
| 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BHNDLS
| Q4 25 | $268.8M | — | ||
| Q3 25 | $272.5M | $4.7M | ||
| Q2 25 | $32.8M | $1.4M | ||
| Q1 25 | $28.7M | — | ||
| Q4 24 | $30.7M | $3.3M | ||
| Q3 24 | $29.9M | $1.8M | ||
| Q2 24 | $26.9M | $1.3M | ||
| Q1 24 | $34.5M | $3.0M |
股东权益BHNDLS
| Q4 25 | $523.4M | — | ||
| Q3 25 | $580.3M | $-38.9M | ||
| Q2 25 | $589.3M | $-13.9M | ||
| Q1 25 | $539.8M | — | ||
| Q4 24 | $573.0M | $3.7M | ||
| Q3 24 | $601.8M | $9.6M | ||
| Q2 24 | $569.2M | $21.9M | ||
| Q1 24 | $618.6M | $27.2M |
总资产BHNDLS
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | $280.6M | ||
| Q2 25 | $863.6M | $319.4M | ||
| Q1 25 | $829.1M | — | ||
| Q4 24 | $866.1M | $340.5M | ||
| Q3 24 | $865.1M | $346.3M | ||
| Q2 24 | $809.1M | $360.4M | ||
| Q1 24 | $885.3M | $368.1M |
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 | $4.3M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $-2.8M |
| 自由现金流率自由现金流/营收 | 6.4% | -2.3% |
| 资本支出强度资本支出/营收 | 11.4% | 5.8% |
| 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 | $-7.5M |
8季度趋势，按日历期对齐
经营现金流BHNDLS
| Q4 25 | $17.8M | — | ||
| Q3 25 | $31.2M | $4.3M | ||
| Q2 25 | $42.1M | $4.0M | ||
| Q1 25 | $15.8M | — | ||
| Q4 24 | $18.0M | $5.8M | ||
| Q3 24 | $10.8M | $4.7M | ||
| Q2 24 | $1.8M | $7.0M | ||
| Q1 24 | $19.1M | $164.0K |
自由现金流BHNDLS
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | $-2.8M | ||
| Q2 25 | $39.4M | $1.1M | ||
| Q1 25 | $8.5M | — | ||
| Q4 24 | $10.9M | $-1.3M | ||
| Q3 24 | $3.7M | $-4.5M | ||
| Q2 24 | $-10.0M | $-1.6M | ||
| Q1 24 | $14.5M | $-15.2M |
自由现金流率BHNDLS
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | -2.3% | ||
| Q2 25 | 39.2% | 0.9% | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | 12.0% | -1.1% | ||
| Q3 24 | 4.1% | -3.5% | ||
| Q2 24 | -11.0% | -1.4% | ||
| Q1 24 | 16.2% | -12.2% |
资本支出强度BHNDLS
| Q4 25 | 11.4% | — | ||
| Q3 25 | 9.0% | 5.8% | ||
| Q2 25 | 2.7% | 2.4% | ||
| Q1 25 | 7.7% | — | ||
| Q4 24 | 7.8% | 5.8% | ||
| Q3 24 | 7.8% | 7.2% | ||
| Q2 24 | 13.0% | 7.1% | ||
| Q1 24 | 5.1% | 12.3% |
现金转化率BHNDLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| 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% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
