vs
Biglari Holdings Inc.（BH）与STURM RUGER & CO INC（RGR）财务数据对比。点击上方公司名可切换其他公司
STURM RUGER & CO INC的季度营收约是Biglari Holdings Inc.的1.5倍（$151.1M vs $99.9M），Biglari Holdings Inc.同比增速更快（9.6% vs 3.6%），STURM RUGER & CO INC自由现金流更多（$12.3M vs $6.4M），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs 5.1%）
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。
鲁格公司（Ruger）是总部位于美国康涅狄格州绍斯波特的枪械制造企业，除总部外，还在新罕布什尔州纽波特、北卡罗来纳州梅约丹以及亚利桑那州普雷斯科特设有生产工厂。公司由亚历山大·麦考密克·斯特姆与威廉·B·鲁格于1949年共同创立，自1969年起公开上市交易。
BH vs RGR — 直观对比
营收规模更大
RGR
是对方的1.5倍
$99.9M
营收增速更快
BH
高出6.0%
3.6%
自由现金流更多
RGR
多$6.0M
$6.4M
两年增速更快
BH
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $151.1M |
| 净利润 | $-49.9M | — |
| 毛利率 | 58.3% | 17.8% |
| 营业利润率 | -64.1% | 2.3% |
| 净利率 | -49.9% | — |
| 营收同比 | 9.6% | 3.6% |
| 净利润同比 | -385.3% | — |
| 每股收益（稀释后） | — | $0.22 |
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BHRGR
| Q4 25 | $99.9M | $151.1M | ||
| Q3 25 | $99.7M | $126.8M | ||
| Q2 25 | $100.6M | $132.5M | ||
| Q1 25 | $95.0M | $135.7M | ||
| Q4 24 | $91.1M | $145.8M | ||
| Q3 24 | $90.4M | $122.3M | ||
| Q2 24 | $91.1M | $130.8M | ||
| Q1 24 | $89.5M | $136.8M |
净利润BHRGR
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $1.6M | ||
| Q2 25 | $50.9M | $-17.2M | ||
| Q1 25 | $-33.3M | $7.8M | ||
| Q4 24 | $-10.3M | — | ||
| Q3 24 | $32.1M | $4.7M | ||
| Q2 24 | $-48.2M | $8.3M | ||
| Q1 24 | $22.6M | $7.1M |
毛利率BHRGR
| Q4 25 | 58.3% | 17.8% | ||
| Q3 25 | 58.1% | 15.1% | ||
| Q2 25 | 60.2% | 3.9% | ||
| Q1 25 | 60.3% | 22.0% | ||
| Q4 24 | 60.6% | 22.8% | ||
| Q3 24 | 59.9% | 18.5% | ||
| Q2 24 | 59.5% | 22.3% | ||
| Q1 24 | 61.5% | 21.5% |
营业利润率BHRGR
| Q4 25 | -64.1% | 2.3% | ||
| Q3 25 | -7.6% | -2.7% | ||
| Q2 25 | 64.7% | -15.6% | ||
| Q1 25 | -43.3% | 6.2% | ||
| Q4 24 | -19.7% | 7.8% | ||
| Q3 24 | 47.9% | 3.1% | ||
| Q2 24 | -69.0% | 6.9% | ||
| Q1 24 | 32.9% | 5.5% |
净利率BHRGR
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | 1.2% | ||
| Q2 25 | 50.6% | -13.0% | ||
| Q1 25 | -35.0% | 5.7% | ||
| Q4 24 | -11.3% | — | ||
| Q3 24 | 35.5% | 3.9% | ||
| Q2 24 | -52.9% | 6.3% | ||
| Q1 24 | 25.2% | 5.2% |
每股收益（稀释后）BHRGR
| Q4 25 | — | $0.22 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-1.05 | ||
| Q1 25 | — | $0.46 | ||
| Q4 24 | — | $0.62 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.47 | ||
| Q1 24 | — | $0.40 |
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 | $92.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $283.8M |
| 总资产 | $1.0B | $342.0M |
| 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BHRGR
| Q4 25 | $268.8M | $92.5M | ||
| Q3 25 | $272.5M | $80.8M | ||
| Q2 25 | $32.8M | $101.4M | ||
| Q1 25 | $28.7M | $108.3M | ||
| Q4 24 | $30.7M | $105.5M | ||
| Q3 24 | $29.9M | $96.0M | ||
| Q2 24 | $26.9M | $105.6M | ||
| Q1 24 | $34.5M | $115.3M |
股东权益BHRGR
| Q4 25 | $523.4M | $283.8M | ||
| Q3 25 | $580.3M | $279.6M | ||
| Q2 25 | $589.3M | $289.3M | ||
| Q1 25 | $539.8M | $321.5M | ||
| Q4 24 | $573.0M | $319.6M | ||
| Q3 24 | $601.8M | $314.9M | ||
| Q2 24 | $569.2M | $321.5M | ||
| Q1 24 | $618.6M | $332.0M |
总资产BHRGR
| Q4 25 | $1.0B | $342.0M | ||
| Q3 25 | $1.1B | $342.3M | ||
| Q2 25 | $863.6M | $349.5M | ||
| Q1 25 | $829.1M | $379.0M | ||
| Q4 24 | $866.1M | $384.0M | ||
| Q3 24 | $865.1M | $373.5M | ||
| Q2 24 | $809.1M | $376.7M | ||
| Q1 24 | $885.3M | $385.0M |
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 | $15.5M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $12.3M |
| 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% | 2.1% |
| 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 | $38.5M |
8季度趋势，按日历期对齐
经营现金流BHRGR
| Q4 25 | $17.8M | $15.5M | ||
| Q3 25 | $31.2M | $12.9M | ||
| Q2 25 | $42.1M | $14.7M | ||
| Q1 25 | $15.8M | $11.1M | ||
| Q4 24 | $18.0M | $20.0M | ||
| Q3 24 | $10.8M | $9.4M | ||
| Q2 24 | $1.8M | $18.7M | ||
| Q1 24 | $19.1M | $7.3M |
自由现金流BHRGR
| Q4 25 | $6.4M | $12.3M | ||
| Q3 25 | $22.3M | $7.0M | ||
| Q2 25 | $39.4M | $9.1M | ||
| Q1 25 | $8.5M | $10.0M | ||
| Q4 24 | $10.9M | $16.4M | ||
| Q3 24 | $3.7M | $2.6M | ||
| Q2 24 | $-10.0M | $10.1M | ||
| Q1 24 | $14.5M | $5.6M |
自由现金流率BHRGR
| Q4 25 | 6.4% | 8.2% | ||
| Q3 25 | 22.4% | 5.5% | ||
| Q2 25 | 39.2% | 6.9% | ||
| Q1 25 | 8.9% | 7.4% | ||
| Q4 24 | 12.0% | 11.2% | ||
| Q3 24 | 4.1% | 2.1% | ||
| Q2 24 | -11.0% | 7.7% | ||
| Q1 24 | 16.2% | 4.1% |
资本支出强度BHRGR
| Q4 25 | 11.4% | 2.1% | ||
| Q3 25 | 9.0% | 4.6% | ||
| Q2 25 | 2.7% | 4.2% | ||
| Q1 25 | 7.7% | 0.8% | ||
| Q4 24 | 7.8% | 2.5% | ||
| Q3 24 | 7.8% | 5.5% | ||
| Q2 24 | 13.0% | 6.6% | ||
| Q1 24 | 5.1% | 1.3% |
现金转化率BHRGR
| Q4 25 | — | — | ||
| Q3 25 | — | 8.15× | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | 1.98× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | 0.85× | 1.04× |
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% |
RGR
| Firearms | $150.6M | 100% |
| Castings | $7.3M | 5% |
