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Biglari Holdings Inc.（BH）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是Biglari Holdings Inc.的24.7倍（$2.5B vs $99.9M）。Restaurant Brands International Inc.净利率更高（6.3% vs -49.9%，领先56.2%）。Biglari Holdings Inc.同比增速更快（9.6% vs 7.4%）。Restaurant Brands International Inc.自由现金流更多（$453.0M vs $6.4M）。过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% 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。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
BH vs QSR — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $2.5B |
| 净利润 | $-49.9M | $155.0M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | 25.2% |
| 净利率 | -49.9% | 6.3% |
| 营收同比 | 9.6% | 7.4% |
| 净利润同比 | -385.3% | -57.1% |
| 每股收益（稀释后） | — | $0.33 |
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
| Q4 25 | $99.9M | $2.5B | ||
| Q3 25 | $99.7M | $2.4B | ||
| Q2 25 | $100.6M | $2.4B | ||
| Q1 25 | $95.0M | $2.1B | ||
| Q4 24 | $91.1M | $2.3B | ||
| Q3 24 | $90.4M | $2.3B | ||
| Q2 24 | $91.1M | $2.1B | ||
| Q1 24 | $89.5M | $1.7B |
| Q4 25 | $-49.9M | $155.0M | ||
| Q3 25 | $-5.3M | $436.0M | ||
| Q2 25 | $50.9M | $263.0M | ||
| Q1 25 | $-33.3M | $221.0M | ||
| Q4 24 | $-10.3M | $361.0M | ||
| Q3 24 | $32.1M | $357.0M | ||
| Q2 24 | $-48.2M | $399.0M | ||
| Q1 24 | $22.6M | $328.0M |
| 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% | 65.2% |
| Q4 25 | -64.1% | 25.2% | ||
| Q3 25 | -7.6% | 27.1% | ||
| Q2 25 | 64.7% | 20.0% | ||
| Q1 25 | -43.3% | 20.6% | ||
| Q4 24 | -19.7% | 27.7% | ||
| Q3 24 | 47.9% | 25.2% | ||
| Q2 24 | -69.0% | 31.9% | ||
| Q1 24 | 32.9% | 31.3% |
| Q4 25 | -49.9% | 6.3% | ||
| Q3 25 | -5.3% | 17.8% | ||
| Q2 25 | 50.6% | 10.9% | ||
| Q1 25 | -35.0% | 10.5% | ||
| Q4 24 | -11.3% | 15.7% | ||
| Q3 24 | 35.5% | 15.6% | ||
| Q2 24 | -52.9% | 19.2% | ||
| Q1 24 | 25.2% | 18.9% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | — | $0.96 | ||
| Q2 25 | — | $0.57 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $0.79 | ||
| Q3 24 | — | $0.79 | ||
| Q2 24 | — | $0.88 | ||
| Q1 24 | — | $0.72 |
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 | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $523.4M | $3.6B |
| 总资产 | $1.0B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $268.8M | — | ||
| Q3 25 | $272.5M | — | ||
| Q2 25 | $32.8M | — | ||
| Q1 25 | $28.7M | — | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $29.9M | — | ||
| Q2 24 | $26.9M | — | ||
| Q1 24 | $34.5M | — |
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B | ||
| Q1 24 | — | $12.9B |
| Q4 25 | $523.4M | $3.6B | ||
| Q3 25 | $580.3M | $3.4B | ||
| Q2 25 | $589.3M | $3.3B | ||
| Q1 25 | $539.8M | $3.1B | ||
| Q4 24 | $573.0M | $3.1B | ||
| Q3 24 | $601.8M | $3.2B | ||
| Q2 24 | $569.2M | $3.1B | ||
| Q1 24 | $618.6M | $3.0B |
| Q4 25 | $1.0B | $25.6B | ||
| Q3 25 | $1.1B | $25.7B | ||
| Q2 25 | $863.6M | $25.7B | ||
| Q1 25 | $829.1M | $24.9B | ||
| Q4 24 | $866.1M | $24.6B | ||
| Q3 24 | $865.1M | $25.1B | ||
| Q2 24 | $809.1M | $24.8B | ||
| Q1 24 | $885.3M | $23.1B |
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | — | 4.35× |
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 | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $453.0M |
| 自由现金流率自由现金流/营收 | 6.4% | 18.4% |
| 资本支出强度资本支出/营收 | 11.4% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 3.58× |
| 过去12个月自由现金流最近4个季度 | $76.6M | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $17.8M | $555.0M | ||
| Q3 25 | $31.2M | $592.0M | ||
| Q2 25 | $42.1M | $449.0M | ||
| Q1 25 | $15.8M | $118.0M | ||
| Q4 24 | $18.0M | $481.0M | ||
| Q3 24 | $10.8M | $540.0M | ||
| Q2 24 | $1.8M | $334.0M | ||
| Q1 24 | $19.1M | $148.0M |
| Q4 25 | $6.4M | $453.0M | ||
| Q3 25 | $22.3M | $531.0M | ||
| Q2 25 | $39.4M | $411.0M | ||
| Q1 25 | $8.5M | $54.0M | ||
| Q4 24 | $10.9M | $404.0M | ||
| Q3 24 | $3.7M | $485.0M | ||
| Q2 24 | $-10.0M | $291.0M | ||
| Q1 24 | $14.5M | $122.0M |
| Q4 25 | 6.4% | 18.4% | ||
| Q3 25 | 22.4% | 21.7% | ||
| Q2 25 | 39.2% | 17.1% | ||
| Q1 25 | 8.9% | 2.6% | ||
| Q4 24 | 12.0% | 17.6% | ||
| Q3 24 | 4.1% | 21.2% | ||
| Q2 24 | -11.0% | 14.0% | ||
| Q1 24 | 16.2% | 7.0% |
| Q4 25 | 11.4% | 4.1% | ||
| Q3 25 | 9.0% | 2.5% | ||
| Q2 25 | 2.7% | 1.6% | ||
| Q1 25 | 7.7% | 3.0% | ||
| Q4 24 | 7.8% | 3.4% | ||
| Q3 24 | 7.8% | 2.4% | ||
| Q2 24 | 13.0% | 2.1% | ||
| Q1 24 | 5.1% | 1.5% |
| Q4 25 | — | 3.58× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | 0.83× | 1.71× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | 0.33× | 1.51× | ||
| Q2 24 | — | 0.84× | ||
| Q1 24 | 0.85× | 0.45× |
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% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
