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Biglari Holdings Inc.（BH）与RCI HOSPITALITY HOLDINGS, INC.（RICK）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RCI HOSPITALITY HOLDINGS, INC.的1.4倍（$99.9M vs $70.9M），RCI HOSPITALITY HOLDINGS, INC.净利率更高（-7.8% vs -49.9%，领先42.2%），Biglari Holdings Inc.同比增速更快（9.6% vs -3.1%），RCI HOSPITALITY HOLDINGS, INC.自由现金流更多（$11.5M vs $6.4M），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -2.0%）
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。
RCI Hospitality控股通过子公司经营脱衣舞俱乐部、夜总会、运动酒吧与餐厅，同时还运营一家为成人俱乐部行业提供服务的传媒会展企业。公司于1995年完成首次公开募股上市，目前在纳斯达克全球市场挂牌交易。
BH vs RICK — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $70.9M |
| 净利润 | $-49.9M | $-5.5M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | -0.7% |
| 净利率 | -49.9% | -7.8% |
| 营收同比 | 9.6% | -3.1% |
| 净利润同比 | -385.3% | -2354.9% |
| 每股收益（稀释后） | — | $-0.60 |
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 | — | ||
| Q3 25 | $99.7M | $70.9M | ||
| Q2 25 | $100.6M | $71.1M | ||
| Q1 25 | $95.0M | $65.9M | ||
| Q4 24 | $91.1M | $71.5M | ||
| Q3 24 | $90.4M | $73.2M | ||
| Q2 24 | $91.1M | $76.2M | ||
| Q1 24 | $89.5M | $72.3M |
| Q4 25 | $-49.9M | — | ||
| Q3 25 | $-5.3M | $-5.5M | ||
| Q2 25 | $50.9M | $4.1M | ||
| Q1 25 | $-33.3M | $3.2M | ||
| Q4 24 | $-10.3M | $9.0M | ||
| Q3 24 | $32.1M | $244.0K | ||
| Q2 24 | $-48.2M | $-5.2M | ||
| Q1 24 | $22.6M | $774.0K |
| 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% | — |
| Q4 25 | -64.1% | — | ||
| Q3 25 | -7.6% | -0.7% | ||
| Q2 25 | 64.7% | 12.2% | ||
| Q1 25 | -43.3% | 12.4% | ||
| Q4 24 | -19.7% | 19.5% | ||
| Q3 24 | 47.9% | 4.8% | ||
| Q2 24 | -69.0% | -3.3% | ||
| Q1 24 | 32.9% | 6.4% |
| Q4 25 | -49.9% | — | ||
| Q3 25 | -5.3% | -7.8% | ||
| Q2 25 | 50.6% | 5.7% | ||
| Q1 25 | -35.0% | 4.9% | ||
| Q4 24 | -11.3% | 12.6% | ||
| Q3 24 | 35.5% | 0.3% | ||
| Q2 24 | -52.9% | -6.9% | ||
| Q1 24 | 25.2% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.60 | ||
| Q2 25 | — | $0.46 | ||
| Q1 25 | — | $0.36 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $-0.56 | ||
| Q1 24 | — | $0.08 |
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 | $33.7M |
| 总债务越低越好 | — | $238.2M |
| 股东权益账面价值 | $523.4M | $261.1M |
| 总资产 | $1.0B | $596.9M |
| 负债/权益比越低杠杆越低 | — | 0.91× |
8季度趋势，按日历期对齐
| Q4 25 | $268.8M | — | ||
| Q3 25 | $272.5M | $33.7M | ||
| Q2 25 | $32.8M | $29.3M | ||
| Q1 25 | $28.7M | $32.7M | ||
| Q4 24 | $30.7M | $34.7M | ||
| Q3 24 | $29.9M | $32.4M | ||
| Q2 24 | $26.9M | $34.9M | ||
| Q1 24 | $34.5M | $20.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $238.2M | ||
| Q2 25 | — | $243.8M | ||
| Q1 25 | — | $244.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $241.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $523.4M | — | ||
| Q3 25 | $580.3M | $261.1M | ||
| Q2 25 | $589.3M | $269.5M | ||
| Q1 25 | $539.8M | $268.8M | ||
| Q4 24 | $573.0M | $269.0M | ||
| Q3 24 | $601.8M | $263.4M | ||
| Q2 24 | $569.2M | $271.2M | ||
| Q1 24 | $618.6M | $285.8M |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | $596.9M | ||
| Q2 25 | $863.6M | $597.4M | ||
| Q1 25 | $829.1M | $589.8M | ||
| Q4 24 | $866.1M | $586.2M | ||
| Q3 24 | $865.1M | $584.4M | ||
| Q2 24 | $809.1M | $601.0M | ||
| Q1 24 | $885.3M | $609.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.92× | ||
| 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 | $13.7M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $11.5M |
| 自由现金流率自由现金流/营收 | 6.4% | 16.2% |
| 资本支出强度资本支出/营收 | 11.4% | 3.2% |
| 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 | $34.9M |
8季度趋势，按日历期对齐
| Q4 25 | $17.8M | — | ||
| Q3 25 | $31.2M | $13.7M | ||
| Q2 25 | $42.1M | $13.8M | ||
| Q1 25 | $15.8M | $8.5M | ||
| Q4 24 | $18.0M | $13.3M | ||
| Q3 24 | $10.8M | $15.7M | ||
| Q2 24 | $1.8M | $15.8M | ||
| Q1 24 | $19.1M | $10.8M |
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | $11.5M | ||
| Q2 25 | $39.4M | $10.1M | ||
| Q1 25 | $8.5M | $5.7M | ||
| Q4 24 | $10.9M | $7.6M | ||
| Q3 24 | $3.7M | $10.3M | ||
| Q2 24 | $-10.0M | $9.3M | ||
| Q1 24 | $14.5M | $3.2M |
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | 16.2% | ||
| Q2 25 | 39.2% | 14.2% | ||
| Q1 25 | 8.9% | 8.6% | ||
| Q4 24 | 12.0% | 10.6% | ||
| Q3 24 | 4.1% | 14.0% | ||
| Q2 24 | -11.0% | 12.3% | ||
| Q1 24 | 16.2% | 4.4% |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 9.0% | 3.2% | ||
| Q2 25 | 2.7% | 5.2% | ||
| Q1 25 | 7.7% | 4.3% | ||
| Q4 24 | 7.8% | 8.0% | ||
| Q3 24 | 7.8% | 7.3% | ||
| Q2 24 | 13.0% | 8.4% | ||
| Q1 24 | 5.1% | 10.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | 3.40× | ||
| Q1 25 | — | 2.65× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | 0.33× | 64.14× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.85× | 14.00× |
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% |
RICK
| Transferred At Point In Time | $60.8M | 86% |
| Food And Merchandise | $10.4M | 15% |
