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Biglari Holdings Inc.（BH）与Ribbon Communications Inc.（RBBN）财务数据对比。点击上方公司名可切换其他公司
Ribbon Communications Inc.的季度营收约是Biglari Holdings Inc.的1.6倍（$162.6M vs $99.9M），Ribbon Communications Inc.净利率更高（54.8% vs -49.9%，领先104.7%），Biglari Holdings Inc.同比增速更快（9.6% vs -10.3%），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
BH vs RBBN — 直观对比
营收规模更大
RBBN
是对方的1.6倍
$99.9M
营收增速更快
BH
高出19.9%
-10.3%
净利率更高
RBBN
高出104.7%
-49.9%
两年增速更快
BH
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $162.6M |
| 净利润 | $-49.9M | $89.1M |
| 毛利率 | 58.3% | 42.9% |
| 营业利润率 | -64.1% | 37.6% |
| 净利率 | -49.9% | 54.8% |
| 营收同比 | 9.6% | -10.3% |
| 净利润同比 | -385.3% | — |
| 每股收益（稀释后） | — | $0.50 |
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BHRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $99.9M | $227.3M | ||
| Q3 25 | $99.7M | $215.4M | ||
| Q2 25 | $100.6M | $220.6M | ||
| Q1 25 | $95.0M | $181.3M | ||
| Q4 24 | $91.1M | $251.4M | ||
| Q3 24 | $90.4M | $210.2M | ||
| Q2 24 | $91.1M | $192.6M |
净利润BHRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $-12.1M | ||
| Q2 25 | $50.9M | $-11.1M | ||
| Q1 25 | $-33.3M | $-26.2M | ||
| Q4 24 | $-10.3M | — | ||
| Q3 24 | $32.1M | $-13.4M | ||
| Q2 24 | $-48.2M | $-16.8M |
毛利率BHRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 58.3% | 53.3% | ||
| Q3 25 | 58.1% | 50.1% | ||
| Q2 25 | 60.2% | 49.6% | ||
| Q1 25 | 60.3% | 45.4% | ||
| Q4 24 | 60.6% | 55.7% | ||
| Q3 24 | 59.9% | 52.1% | ||
| Q2 24 | 59.5% | 50.8% |
营业利润率BHRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | -64.1% | 4.1% | ||
| Q3 25 | -7.6% | 1.3% | ||
| Q2 25 | 64.7% | 1.9% | ||
| Q1 25 | -43.3% | -10.8% | ||
| Q4 24 | -19.7% | 13.2% | ||
| Q3 24 | 47.9% | -0.4% | ||
| Q2 24 | -69.0% | -1.0% |
净利率BHRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | -5.6% | ||
| Q2 25 | 50.6% | -5.0% | ||
| Q1 25 | -35.0% | -14.5% | ||
| Q4 24 | -11.3% | — | ||
| Q3 24 | 35.5% | -6.4% | ||
| Q2 24 | -52.9% | -8.7% |
每股收益（稀释后）BHRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.50 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $-0.06 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.10 |
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 | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $419.1M |
| 总资产 | $1.0B | — |
| 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BHRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $268.8M | $96.4M | ||
| Q3 25 | $272.5M | $74.8M | ||
| Q2 25 | $32.8M | $60.5M | ||
| Q1 25 | $28.7M | $71.2M | ||
| Q4 24 | $30.7M | $87.8M | ||
| Q3 24 | $29.9M | $37.2M | ||
| Q2 24 | $26.9M | $64.6M |
总债务BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益BHRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $523.4M | $449.0M | ||
| Q3 25 | $580.3M | $360.1M | ||
| Q2 25 | $589.3M | $370.4M | ||
| Q1 25 | $539.8M | $381.8M | ||
| Q4 24 | $573.0M | $404.6M | ||
| Q3 24 | $601.8M | $395.5M | ||
| Q2 24 | $569.2M | $405.0M |
总资产BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $863.6M | $1.1B | ||
| Q1 25 | $829.1M | $1.1B | ||
| Q4 24 | $866.1M | $1.2B | ||
| Q3 24 | $865.1M | $1.1B | ||
| Q2 24 | $809.1M | $1.1B |
负债/权益比BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | — |
| 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 | — | — |
| 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BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | $17.8M | $29.2M | ||
| Q3 25 | $31.2M | $26.5M | ||
| Q2 25 | $42.1M | $-795.0K | ||
| Q1 25 | $15.8M | $-3.5M | ||
| Q4 24 | $18.0M | $61.8M | ||
| Q3 24 | $10.8M | $-14.8M | ||
| Q2 24 | $1.8M | $-9.8M |
自由现金流BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | $6.4M | $27.3M | ||
| Q3 25 | $22.3M | $21.0M | ||
| Q2 25 | $39.4M | $-6.5M | ||
| Q1 25 | $8.5M | $-15.7M | ||
| Q4 24 | $10.9M | $53.8M | ||
| Q3 24 | $3.7M | $-23.7M | ||
| Q2 24 | $-10.0M | $-12.9M |
自由现金流率BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | 12.0% | ||
| Q3 25 | 22.4% | 9.7% | ||
| Q2 25 | 39.2% | -2.9% | ||
| Q1 25 | 8.9% | -8.7% | ||
| Q4 24 | 12.0% | 21.4% | ||
| Q3 24 | 4.1% | -11.3% | ||
| Q2 24 | -11.0% | -6.7% |
资本支出强度BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 0.9% | ||
| Q3 25 | 9.0% | 2.6% | ||
| Q2 25 | 2.7% | 2.6% | ||
| Q1 25 | 7.7% | 6.7% | ||
| Q4 24 | 7.8% | 3.2% | ||
| Q3 24 | 7.8% | 4.2% | ||
| Q2 24 | 13.0% | 1.6% |
现金转化率BHRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | — | — |
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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
