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Biglari Holdings Inc.（BH）与BRC Group Holdings, Inc.（RILY）财务数据对比。点击上方公司名可切换其他公司
BRC Group Holdings, Inc.的季度营收约是Biglari Holdings Inc.的1.9倍（$188.3M vs $99.9M），BRC Group Holdings, Inc.净利率更高（47.9% vs -49.9%，领先97.9%），Biglari Holdings Inc.同比增速更快（9.6% vs -21.9%），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -15.4%）
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。
BH vs RILY — 直观对比
营收规模更大
RILY
是对方的1.9倍
$99.9M
营收增速更快
BH
高出31.5%
-21.9%
净利率更高
RILY
高出97.9%
-49.9%
两年增速更快
BH
近两年复合增速
-15.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $188.3M |
| 净利润 | $-49.9M | $90.3M |
| 毛利率 | 58.3% | 79.5% |
| 营业利润率 | -64.1% | 32.3% |
| 净利率 | -49.9% | 47.9% |
| 营收同比 | 9.6% | -21.9% |
| 净利润同比 | -385.3% | 1710.8% |
| 每股收益（稀释后） | — | $2.78 |
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BHRILY
| Q4 25 | $99.9M | $188.3M | ||
| Q3 25 | $99.7M | $215.3M | ||
| Q2 25 | $100.6M | $188.2M | ||
| Q1 25 | $95.0M | $197.2M | ||
| Q4 24 | $91.1M | $241.0M | ||
| Q3 24 | $90.4M | $225.5M | ||
| Q2 24 | $91.1M | $256.0M | ||
| Q1 24 | $89.5M | $263.4M |
净利润BHRILY
| Q4 25 | $-49.9M | $90.3M | ||
| Q3 25 | $-5.3M | $91.1M | ||
| Q2 25 | $50.9M | $139.5M | ||
| Q1 25 | $-33.3M | $-10.0M | ||
| Q4 24 | $-10.3M | $-5.6M | ||
| Q3 24 | $32.1M | $-284.4M | ||
| Q2 24 | $-48.2M | $-433.6M | ||
| Q1 24 | $22.6M | $-49.2M |
毛利率BHRILY
| Q4 25 | 58.3% | 79.5% | ||
| Q3 25 | 58.1% | 83.7% | ||
| Q2 25 | 60.2% | 81.3% | ||
| Q1 25 | 60.3% | 81.4% | ||
| Q4 24 | 60.6% | 79.8% | ||
| Q3 24 | 59.9% | 82.1% | ||
| Q2 24 | 59.5% | 84.5% | ||
| Q1 24 | 61.5% | 85.3% |
营业利润率BHRILY
| Q4 25 | -64.1% | 32.3% | ||
| Q3 25 | -7.6% | 30.4% | ||
| Q2 25 | 64.7% | 5.7% | ||
| Q1 25 | -43.3% | -31.2% | ||
| Q4 24 | -19.7% | -69.2% | ||
| Q3 24 | 47.9% | -36.4% | ||
| Q2 24 | -69.0% | -90.8% | ||
| Q1 24 | 32.9% | -6.1% |
净利率BHRILY
| Q4 25 | -49.9% | 47.9% | ||
| Q3 25 | -5.3% | 42.3% | ||
| Q2 25 | 50.6% | 74.1% | ||
| Q1 25 | -35.0% | -5.1% | ||
| Q4 24 | -11.3% | -2.3% | ||
| Q3 24 | 35.5% | -126.1% | ||
| Q2 24 | -52.9% | -169.4% | ||
| Q1 24 | 25.2% | -18.7% |
每股收益（稀释后）BHRILY
| Q4 25 | — | $2.78 | ||
| Q3 25 | — | $2.91 | ||
| Q2 25 | — | $4.50 | ||
| Q1 25 | — | $-0.39 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $-9.39 | ||
| Q2 24 | — | $-14.35 | ||
| Q1 24 | — | $-1.71 |
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 | $226.6M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $523.4M | $-171.5M |
| 总资产 | $1.0B | $1.7B |
| 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BHRILY
| Q4 25 | $268.8M | $226.6M | ||
| Q3 25 | $272.5M | $184.2M | ||
| Q2 25 | $32.8M | $267.4M | ||
| Q1 25 | $28.7M | $138.3M | ||
| Q4 24 | $30.7M | $146.9M | ||
| Q3 24 | $29.9M | $159.2M | ||
| Q2 24 | $26.9M | $236.9M | ||
| Q1 24 | $34.5M | $190.7M |
总债务BHRILY
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BHRILY
| Q4 25 | $523.4M | $-171.5M | ||
| Q3 25 | $580.3M | $-260.5M | ||
| Q2 25 | $589.3M | $-351.7M | ||
| Q1 25 | $539.8M | $-496.8M | ||
| Q4 24 | $573.0M | $-488.2M | ||
| Q3 24 | $601.8M | $-497.6M | ||
| Q2 24 | $569.2M | $-218.3M | ||
| Q1 24 | $618.6M | $228.4M |
总资产BHRILY
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $863.6M | $1.5B | ||
| Q1 25 | $829.1M | $1.5B | ||
| Q4 24 | $866.1M | $1.8B | ||
| Q3 24 | $865.1M | $2.2B | ||
| Q2 24 | $809.1M | $3.2B | ||
| Q1 24 | $885.3M | $5.0B |
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 | $26.2M |
| 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 | — | 0.29× |
| 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BHRILY
| Q4 25 | $17.8M | $26.2M | ||
| Q3 25 | $31.2M | $-60.6M | ||
| Q2 25 | $42.1M | $-25.6M | ||
| Q1 25 | $15.8M | $184.0K | ||
| Q4 24 | $18.0M | $-2.7M | ||
| Q3 24 | $10.8M | $19.5M | ||
| Q2 24 | $1.8M | $111.5M | ||
| Q1 24 | $19.1M | $135.4M |
自由现金流BHRILY
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | — | ||
| Q2 25 | $39.4M | — | ||
| Q1 25 | $8.5M | — | ||
| Q4 24 | $10.9M | — | ||
| Q3 24 | $3.7M | — | ||
| Q2 24 | $-10.0M | — | ||
| Q1 24 | $14.5M | — |
自由现金流率BHRILY
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | — | ||
| Q2 25 | 39.2% | — | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | -11.0% | — | ||
| Q1 24 | 16.2% | — |
资本支出强度BHRILY
| Q4 25 | 11.4% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 7.7% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | 13.0% | — | ||
| Q1 24 | 5.1% | — |
现金转化率BHRILY
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | 0.83× | -0.18× | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
