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Biglari Holdings Inc.（BH）与PDF SOLUTIONS INC（PDFS）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PDF SOLUTIONS INC的1.6倍（$99.9M vs $62.4M），PDF SOLUTIONS INC净利率更高（-0.1% vs -49.9%，领先49.8%），PDF SOLUTIONS INC同比增速更快（24.6% vs 9.6%），PDF SOLUTIONS INC自由现金流更多（$7.5M vs $6.4M），过去两年PDF SOLUTIONS INC的营收复合增速更高（22.9% 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。
PDF Solutions Inc是一家总部位于美国加利福尼亚州圣克拉拉的跨国企业，主营软件业务与工程技术服务，目前在纳斯达克交易所挂牌上市，股票代码为PDFS。
BH vs PDFS — 直观对比
营收规模更大
BH
是对方的1.6倍
$62.4M
营收增速更快
PDFS
高出15.0%
9.6%
净利率更高
PDFS
高出49.8%
-49.9%
自由现金流更多
PDFS
多$1.2M
$6.4M
两年增速更快
PDFS
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $62.4M |
| 净利润 | $-49.9M | $-48.0K |
| 毛利率 | 58.3% | 72.9% |
| 营业利润率 | -64.1% | 5.5% |
| 净利率 | -49.9% | -0.1% |
| 营收同比 | 9.6% | 24.6% |
| 净利润同比 | -385.3% | -108.9% |
| 每股收益（稀释后） | — | $0.00 |
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BHPDFS
| Q4 25 | $99.9M | $62.4M | ||
| Q3 25 | $99.7M | $57.1M | ||
| Q2 25 | $100.6M | $51.7M | ||
| Q1 25 | $95.0M | $47.8M | ||
| Q4 24 | $91.1M | $50.1M | ||
| Q3 24 | $90.4M | $46.4M | ||
| Q2 24 | $91.1M | $41.7M | ||
| Q1 24 | $89.5M | $41.3M |
净利润BHPDFS
| Q4 25 | $-49.9M | $-48.0K | ||
| Q3 25 | $-5.3M | $1.3M | ||
| Q2 25 | $50.9M | $1.1M | ||
| Q1 25 | $-33.3M | $-3.0M | ||
| Q4 24 | $-10.3M | $539.0K | ||
| Q3 24 | $32.1M | $2.2M | ||
| Q2 24 | $-48.2M | $1.7M | ||
| Q1 24 | $22.6M | $-393.0K |
毛利率BHPDFS
| Q4 25 | 58.3% | 72.9% | ||
| Q3 25 | 58.1% | 72.3% | ||
| Q2 25 | 60.2% | 71.2% | ||
| Q1 25 | 60.3% | 72.9% | ||
| Q4 24 | 60.6% | 68.3% | ||
| Q3 24 | 59.9% | 73.1% | ||
| Q2 24 | 59.5% | 70.6% | ||
| Q1 24 | 61.5% | 67.3% |
营业利润率BHPDFS
| Q4 25 | -64.1% | 5.5% | ||
| Q3 25 | -7.6% | 8.5% | ||
| Q2 25 | 64.7% | 2.2% | ||
| Q1 25 | -43.3% | -7.4% | ||
| Q4 24 | -19.7% | 1.0% | ||
| Q3 24 | 47.9% | 4.6% | ||
| Q2 24 | -69.0% | 0.6% | ||
| Q1 24 | 32.9% | -4.7% |
净利率BHPDFS
| Q4 25 | -49.9% | -0.1% | ||
| Q3 25 | -5.3% | 2.3% | ||
| Q2 25 | 50.6% | 2.2% | ||
| Q1 25 | -35.0% | -6.3% | ||
| Q4 24 | -11.3% | 1.1% | ||
| Q3 24 | 35.5% | 4.8% | ||
| Q2 24 | -52.9% | 4.1% | ||
| Q1 24 | 25.2% | -1.0% |
每股收益（稀释后）BHPDFS
| Q4 25 | — | $0.00 | ||
| Q3 25 | — | $0.03 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $0.06 | ||
| Q2 24 | — | $0.04 | ||
| Q1 24 | — | $-0.01 |
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 | $42.2M |
| 总债务越低越好 | — | $67.0M |
| 股东权益账面价值 | $523.4M | $271.0M |
| 总资产 | $1.0B | $418.7M |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资BHPDFS
| Q4 25 | $268.8M | $42.2M | ||
| Q3 25 | $272.5M | $35.9M | ||
| Q2 25 | $32.8M | $40.4M | ||
| Q1 25 | $28.7M | $54.1M | ||
| Q4 24 | $30.7M | $114.9M | ||
| Q3 24 | $29.9M | $120.2M | ||
| Q2 24 | $26.9M | $117.9M | ||
| Q1 24 | $34.5M | $122.9M |
总债务BHPDFS
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $67.6M | ||
| Q2 25 | — | $68.1M | ||
| Q1 25 | — | $68.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BHPDFS
| Q4 25 | $523.4M | $271.0M | ||
| Q3 25 | $580.3M | $264.4M | ||
| Q2 25 | $589.3M | $257.5M | ||
| Q1 25 | $539.8M | $249.0M | ||
| Q4 24 | $573.0M | $246.0M | ||
| Q3 24 | $601.8M | $240.5M | ||
| Q2 24 | $569.2M | $232.2M | ||
| Q1 24 | $618.6M | $225.4M |
总资产BHPDFS
| Q4 25 | $1.0B | $418.7M | ||
| Q3 25 | $1.1B | $406.4M | ||
| Q2 25 | $863.6M | $391.1M | ||
| Q1 25 | $829.1M | $390.0M | ||
| Q4 24 | $866.1M | $315.3M | ||
| Q3 24 | $865.1M | $307.4M | ||
| Q2 24 | $809.1M | $298.0M | ||
| Q1 24 | $885.3M | $286.8M |
负债/权益比BHPDFS
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $17.3M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $7.5M |
| 自由现金流率自由现金流/营收 | 6.4% | 12.1% |
| 资本支出强度资本支出/营收 | 11.4% | 15.7% |
| 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 | $-8.6M |
8季度趋势，按日历期对齐
经营现金流BHPDFS
| Q4 25 | $17.8M | $17.3M | ||
| Q3 25 | $31.2M | $3.3M | ||
| Q2 25 | $42.1M | $-5.2M | ||
| Q1 25 | $15.8M | $8.6M | ||
| Q4 24 | $18.0M | $1.6M | ||
| Q3 24 | $10.8M | $9.3M | ||
| Q2 24 | $1.8M | $684.0K | ||
| Q1 24 | $19.1M | $-1.9M |
自由现金流BHPDFS
| Q4 25 | $6.4M | $7.5M | ||
| Q3 25 | $22.3M | $-2.9M | ||
| Q2 25 | $39.4M | $-13.8M | ||
| Q1 25 | $8.5M | $535.0K | ||
| Q4 24 | $10.9M | $-4.0M | ||
| Q3 24 | $3.7M | $5.1M | ||
| Q2 24 | $-10.0M | $-4.6M | ||
| Q1 24 | $14.5M | $-3.9M |
自由现金流率BHPDFS
| Q4 25 | 6.4% | 12.1% | ||
| Q3 25 | 22.4% | -5.1% | ||
| Q2 25 | 39.2% | -26.6% | ||
| Q1 25 | 8.9% | 1.1% | ||
| Q4 24 | 12.0% | -8.0% | ||
| Q3 24 | 4.1% | 11.0% | ||
| Q2 24 | -11.0% | -11.1% | ||
| Q1 24 | 16.2% | -9.4% |
资本支出强度BHPDFS
| Q4 25 | 11.4% | 15.7% | ||
| Q3 25 | 9.0% | 10.8% | ||
| Q2 25 | 2.7% | 16.5% | ||
| Q1 25 | 7.7% | 17.0% | ||
| Q4 24 | 7.8% | 11.3% | ||
| Q3 24 | 7.8% | 9.0% | ||
| Q2 24 | 13.0% | 12.8% | ||
| Q1 24 | 5.1% | 4.9% |
现金转化率BHPDFS
| Q4 25 | — | — | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | 0.83× | -4.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.98× | ||
| Q3 24 | 0.33× | 4.20× | ||
| Q2 24 | — | 0.40× | ||
| 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% |
PDFS
| Volumebased | $38.0M | 61% |
| Other | $24.4M | 39% |
