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Biglari Holdings Inc.（BH）与Rocket Lab Corp（RKLB）财务数据对比。点击上方公司名可切换其他公司
Rocket Lab Corp的季度营收约是Biglari Holdings Inc.的1.8倍（$179.7M vs $99.9M），Rocket Lab Corp净利率更高（-29.5% vs -49.9%，领先20.5%），Rocket Lab Corp同比增速更快（35.7% vs 9.6%），Biglari Holdings Inc.自由现金流更多（$6.4M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 5.7%）
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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
BH vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.8倍
$99.9M
营收增速更快
RKLB
高出26.1%
9.6%
净利率更高
RKLB
高出20.5%
-49.9%
自由现金流更多
BH
多$120.6M
$-114.2M
两年增速更快
RKLB
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $179.7M |
| 净利润 | $-49.9M | $-52.9M |
| 毛利率 | 58.3% | 38.0% |
| 营业利润率 | -64.1% | -28.4% |
| 净利率 | -49.9% | -29.5% |
| 营收同比 | 9.6% | 35.7% |
| 净利润同比 | -385.3% | -1.1% |
| 每股收益（稀释后） | — | $-0.09 |
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BHRKLB
| Q4 25 | $99.9M | $179.7M | ||
| Q3 25 | $99.7M | $155.1M | ||
| Q2 25 | $100.6M | $144.5M | ||
| Q1 25 | $95.0M | $122.6M | ||
| Q4 24 | $91.1M | $132.4M | ||
| Q3 24 | $90.4M | $104.8M | ||
| Q2 24 | $91.1M | $106.3M | ||
| Q1 24 | $89.5M | $92.8M |
净利润BHRKLB
| Q4 25 | $-49.9M | $-52.9M | ||
| Q3 25 | $-5.3M | $-18.3M | ||
| Q2 25 | $50.9M | $-66.4M | ||
| Q1 25 | $-33.3M | $-60.6M | ||
| Q4 24 | $-10.3M | $-52.3M | ||
| Q3 24 | $32.1M | $-51.9M | ||
| Q2 24 | $-48.2M | $-41.6M | ||
| Q1 24 | $22.6M | $-44.3M |
毛利率BHRKLB
| Q4 25 | 58.3% | 38.0% | ||
| Q3 25 | 58.1% | 37.0% | ||
| Q2 25 | 60.2% | 32.1% | ||
| Q1 25 | 60.3% | 28.8% | ||
| Q4 24 | 60.6% | 27.8% | ||
| Q3 24 | 59.9% | 26.7% | ||
| Q2 24 | 59.5% | 25.6% | ||
| Q1 24 | 61.5% | 26.1% |
营业利润率BHRKLB
| Q4 25 | -64.1% | -28.4% | ||
| Q3 25 | -7.6% | -38.0% | ||
| Q2 25 | 64.7% | -41.3% | ||
| Q1 25 | -43.3% | -48.3% | ||
| Q4 24 | -19.7% | -38.9% | ||
| Q3 24 | 47.9% | -49.5% | ||
| Q2 24 | -69.0% | -40.7% | ||
| Q1 24 | 32.9% | -46.4% |
净利率BHRKLB
| Q4 25 | -49.9% | -29.5% | ||
| Q3 25 | -5.3% | -11.8% | ||
| Q2 25 | 50.6% | -46.0% | ||
| Q1 25 | -35.0% | -49.5% | ||
| Q4 24 | -11.3% | -39.5% | ||
| Q3 24 | 35.5% | -49.6% | ||
| Q2 24 | -52.9% | -39.2% | ||
| Q1 24 | 25.2% | -47.7% |
每股收益（稀释后）BHRKLB
| Q4 25 | — | $-0.09 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | — | $-0.10 | ||
| Q2 24 | — | $-0.08 | ||
| Q1 24 | — | $-0.09 |
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 | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $523.4M | $1.7B |
| 总资产 | $1.0B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资BHRKLB
| Q4 25 | $268.8M | $1.0B | ||
| Q3 25 | $272.5M | $976.7M | ||
| Q2 25 | $32.8M | $688.1M | ||
| Q1 25 | $28.7M | $428.4M | ||
| Q4 24 | $30.7M | $419.0M | ||
| Q3 24 | $29.9M | $442.4M | ||
| Q2 24 | $26.9M | $496.8M | ||
| Q1 24 | $34.5M | $492.5M |
总债务BHRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益BHRKLB
| Q4 25 | $523.4M | $1.7B | ||
| Q3 25 | $580.3M | $1.3B | ||
| Q2 25 | $589.3M | $688.5M | ||
| Q1 25 | $539.8M | $431.3M | ||
| Q4 24 | $573.0M | $382.5M | ||
| Q3 24 | $601.8M | $419.8M | ||
| Q2 24 | $569.2M | $455.2M | ||
| Q1 24 | $618.6M | $478.9M |
总资产BHRKLB
| Q4 25 | $1.0B | $2.3B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $863.6M | $1.6B | ||
| Q1 25 | $829.1M | $1.3B | ||
| Q4 24 | $866.1M | $1.2B | ||
| Q3 24 | $865.1M | $1.2B | ||
| Q2 24 | $809.1M | $1.2B | ||
| Q1 24 | $885.3M | $1.2B |
负债/权益比BHRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $-114.2M |
| 自由现金流率自由现金流/营收 | 6.4% | -63.6% |
| 资本支出强度资本支出/营收 | 11.4% | 27.6% |
| 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 | $-321.8M |
8季度趋势，按日历期对齐
经营现金流BHRKLB
| Q4 25 | $17.8M | $-64.5M | ||
| Q3 25 | $31.2M | $-23.5M | ||
| Q2 25 | $42.1M | $-23.2M | ||
| Q1 25 | $15.8M | $-54.2M | ||
| Q4 24 | $18.0M | $-2.4M | ||
| Q3 24 | $10.8M | $-30.9M | ||
| Q2 24 | $1.8M | $-13.0M | ||
| Q1 24 | $19.1M | $-2.6M |
自由现金流BHRKLB
| Q4 25 | $6.4M | $-114.2M | ||
| Q3 25 | $22.3M | $-69.4M | ||
| Q2 25 | $39.4M | $-55.3M | ||
| Q1 25 | $8.5M | $-82.9M | ||
| Q4 24 | $10.9M | $-23.9M | ||
| Q3 24 | $3.7M | $-41.9M | ||
| Q2 24 | $-10.0M | $-28.3M | ||
| Q1 24 | $14.5M | $-21.8M |
自由现金流率BHRKLB
| Q4 25 | 6.4% | -63.6% | ||
| Q3 25 | 22.4% | -44.8% | ||
| Q2 25 | 39.2% | -38.3% | ||
| Q1 25 | 8.9% | -67.6% | ||
| Q4 24 | 12.0% | -18.1% | ||
| Q3 24 | 4.1% | -40.0% | ||
| Q2 24 | -11.0% | -26.7% | ||
| Q1 24 | 16.2% | -23.5% |
资本支出强度BHRKLB
| Q4 25 | 11.4% | 27.6% | ||
| Q3 25 | 9.0% | 29.6% | ||
| Q2 25 | 2.7% | 22.2% | ||
| Q1 25 | 7.7% | 23.4% | ||
| Q4 24 | 7.8% | 16.3% | ||
| Q3 24 | 7.8% | 10.5% | ||
| Q2 24 | 13.0% | 14.4% | ||
| Q1 24 | 5.1% | 20.7% |
现金转化率BHRKLB
| 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% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
