vs
Biglari Holdings Inc.（BH）与READING INTERNATIONAL INC（RDI）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READING INTERNATIONAL INC的2.0倍（$99.9M vs $50.3M），READING INTERNATIONAL INC净利率更高（-5.1% vs -49.9%，领先44.8%），Biglari Holdings Inc.同比增速更快（9.6% vs -14.2%），Biglari Holdings Inc.自由现金流更多（$6.4M vs $4.1M），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs 5.6%）
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。
雷丁公司是总部位于美国费城的铁路企业，1924年起在宾夕法尼亚州东部及周边各州提供客运与货运运输服务，直至1976年被联合铁路公司收购。
BH vs RDI — 直观对比
营收规模更大
BH
是对方的2.0倍
$50.3M
营收增速更快
BH
高出23.8%
-14.2%
净利率更高
RDI
高出44.8%
-49.9%
自由现金流更多
BH
多$2.2M
$4.1M
两年增速更快
BH
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $50.3M |
| 净利润 | $-49.9M | $-2.6M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | -1.9% |
| 净利率 | -49.9% | -5.1% |
| 营收同比 | 9.6% | -14.2% |
| 净利润同比 | -385.3% | -14.5% |
| 每股收益（稀释后） | — | $-0.11 |
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BHRDI
| Q4 25 | $99.9M | $50.3M | ||
| Q3 25 | $99.7M | $52.2M | ||
| Q2 25 | $100.6M | $60.4M | ||
| Q1 25 | $95.0M | $40.2M | ||
| Q4 24 | $91.1M | $58.6M | ||
| Q3 24 | $90.4M | $60.1M | ||
| Q2 24 | $91.1M | $46.8M | ||
| Q1 24 | $89.5M | $45.1M |
净利润BHRDI
| Q4 25 | $-49.9M | $-2.6M | ||
| Q3 25 | $-5.3M | $-4.2M | ||
| Q2 25 | $50.9M | $-2.7M | ||
| Q1 25 | $-33.3M | $-4.8M | ||
| Q4 24 | $-10.3M | $-2.2M | ||
| Q3 24 | $32.1M | $-7.0M | ||
| Q2 24 | $-48.2M | $-12.8M | ||
| Q1 24 | $22.6M | $-13.2M |
毛利率BHRDI
| 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BHRDI
| Q4 25 | -64.1% | -1.9% | ||
| Q3 25 | -7.6% | -0.6% | ||
| Q2 25 | 64.7% | 4.8% | ||
| Q1 25 | -43.3% | -17.2% | ||
| Q4 24 | -19.7% | 2.6% | ||
| Q3 24 | 47.9% | -0.6% | ||
| Q2 24 | -69.0% | -16.4% | ||
| Q1 24 | 32.9% | -16.7% |
净利率BHRDI
| Q4 25 | -49.9% | -5.1% | ||
| Q3 25 | -5.3% | -8.0% | ||
| Q2 25 | 50.6% | -4.4% | ||
| Q1 25 | -35.0% | -11.8% | ||
| Q4 24 | -11.3% | -3.8% | ||
| Q3 24 | 35.5% | -11.7% | ||
| Q2 24 | -52.9% | -27.4% | ||
| Q1 24 | 25.2% | -29.4% |
每股收益（稀释后）BHRDI
| Q4 25 | — | $-0.11 | ||
| Q3 25 | — | $-0.18 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | — | $-0.31 | ||
| Q2 24 | — | $-0.57 | ||
| Q1 24 | — | $-0.59 |
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 | $10.5M |
| 总债务越低越好 | — | $185.1M |
| 股东权益账面价值 | $523.4M | $-18.2M |
| 总资产 | $1.0B | $434.9M |
| 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BHRDI
| Q4 25 | $268.8M | $10.5M | ||
| Q3 25 | $272.5M | $8.1M | ||
| Q2 25 | $32.8M | $9.1M | ||
| Q1 25 | $28.7M | $5.9M | ||
| Q4 24 | $30.7M | $12.4M | ||
| Q3 24 | $29.9M | $10.1M | ||
| Q2 24 | $26.9M | $9.3M | ||
| Q1 24 | $34.5M | $7.5M |
总债务BHRDI
| Q4 25 | — | $185.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $202.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BHRDI
| Q4 25 | $523.4M | $-18.2M | ||
| Q3 25 | $580.3M | $-12.1M | ||
| Q2 25 | $589.3M | $-7.7M | ||
| Q1 25 | $539.8M | $-8.1M | ||
| Q4 24 | $573.0M | $-4.4M | ||
| Q3 24 | $601.8M | $1.6M | ||
| Q2 24 | $569.2M | $6.5M | ||
| Q1 24 | $618.6M | $18.0M |
总资产BHRDI
| Q4 25 | $1.0B | $434.9M | ||
| Q3 25 | $1.1B | $435.2M | ||
| Q2 25 | $863.6M | $438.1M | ||
| Q1 25 | $829.1M | $441.0M | ||
| Q4 24 | $866.1M | $471.0M | ||
| Q3 24 | $865.1M | $495.7M | ||
| Q2 24 | $809.1M | $494.9M | ||
| Q1 24 | $885.3M | $494.9M |
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 | $4.1M |
| 自由现金流率自由现金流/营收 | 6.4% | 8.2% |
| 资本支出强度资本支出/营收 | 11.4% | 0.3% |
| 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 | $-2.9M |
8季度趋势，按日历期对齐
经营现金流BHRDI
| Q4 25 | $17.8M | $4.3M | ||
| Q3 25 | $31.2M | $295.0K | ||
| Q2 25 | $42.1M | $1.6M | ||
| Q1 25 | $15.8M | $-7.7M | ||
| Q4 24 | $18.0M | $8.0M | ||
| Q3 24 | $10.8M | $1.3M | ||
| Q2 24 | $1.8M | $-10.4M | ||
| Q1 24 | $19.1M | $-2.8M |
自由现金流BHRDI
| Q4 25 | $6.4M | $4.1M | ||
| Q3 25 | $22.3M | $-246.0K | ||
| Q2 25 | $39.4M | $1.2M | ||
| Q1 25 | $8.5M | $-8.0M | ||
| Q4 24 | $10.9M | $7.0M | ||
| Q3 24 | $3.7M | $-1.1M | ||
| Q2 24 | $-10.0M | $-10.6M | ||
| Q1 24 | $14.5M | $-4.7M |
自由现金流率BHRDI
| Q4 25 | 6.4% | 8.2% | ||
| Q3 25 | 22.4% | -0.5% | ||
| Q2 25 | 39.2% | 1.9% | ||
| Q1 25 | 8.9% | -19.8% | ||
| Q4 24 | 12.0% | 12.0% | ||
| Q3 24 | 4.1% | -1.8% | ||
| Q2 24 | -11.0% | -22.7% | ||
| Q1 24 | 16.2% | -10.4% |
资本支出强度BHRDI
| Q4 25 | 11.4% | 0.3% | ||
| Q3 25 | 9.0% | 1.0% | ||
| Q2 25 | 2.7% | 0.6% | ||
| Q1 25 | 7.7% | 0.6% | ||
| Q4 24 | 7.8% | 1.7% | ||
| Q3 24 | 7.8% | 4.0% | ||
| Q2 24 | 13.0% | 0.5% | ||
| Q1 24 | 5.1% | 4.3% |
现金转化率BHRDI
| 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% |
RDI
| Cinema Exhibition Segment | $46.9M | 93% |
| Real Estate Revenue | $3.4M | 7% |
