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Biglari Holdings Inc.（BH）与RE/MAX Holdings, Inc.（RMAX）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RE/MAX Holdings, Inc.的1.4倍（$99.9M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -49.9%，领先51.9%），Biglari Holdings Inc.同比增速更快（9.6% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $6.4M），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -4.7%）
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。
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
BH vs RMAX — 直观对比
营收规模更大
BH
是对方的1.4倍
$71.1M
营收增速更快
BH
高出11.4%
-1.8%
净利率更高
RMAX
高出51.9%
-49.9%
自由现金流更多
RMAX
多$27.1M
$6.4M
两年增速更快
BH
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $71.1M |
| 净利润 | $-49.9M | $1.4M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | 13.1% |
| 净利率 | -49.9% | 2.0% |
| 营收同比 | 9.6% | -1.8% |
| 净利润同比 | -385.3% | -75.2% |
| 每股收益（稀释后） | — | — |
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BHRMAX
| Q4 25 | $99.9M | $71.1M | ||
| Q3 25 | $99.7M | $73.2M | ||
| Q2 25 | $100.6M | $72.8M | ||
| Q1 25 | $95.0M | $74.5M | ||
| Q4 24 | $91.1M | $72.5M | ||
| Q3 24 | $90.4M | $78.5M | ||
| Q2 24 | $91.1M | $78.5M | ||
| Q1 24 | $89.5M | $78.3M |
净利润BHRMAX
| Q4 25 | $-49.9M | $1.4M | ||
| Q3 25 | $-5.3M | $4.0M | ||
| Q2 25 | $50.9M | $4.7M | ||
| Q1 25 | $-33.3M | $-2.0M | ||
| Q4 24 | $-10.3M | $5.8M | ||
| Q3 24 | $32.1M | $966.0K | ||
| Q2 24 | $-48.2M | $3.7M | ||
| Q1 24 | $22.6M | $-3.4M |
毛利率BHRMAX
| 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BHRMAX
| Q4 25 | -64.1% | 13.1% | ||
| Q3 25 | -7.6% | 25.0% | ||
| Q2 25 | 64.7% | 19.3% | ||
| Q1 25 | -43.3% | 7.2% | ||
| Q4 24 | -19.7% | 5.9% | ||
| Q3 24 | 47.9% | 19.4% | ||
| Q2 24 | -69.0% | 20.6% | ||
| Q1 24 | 32.9% | 5.8% |
净利率BHRMAX
| Q4 25 | -49.9% | 2.0% | ||
| Q3 25 | -5.3% | 5.4% | ||
| Q2 25 | 50.6% | 6.4% | ||
| Q1 25 | -35.0% | -2.6% | ||
| Q4 24 | -11.3% | 8.0% | ||
| Q3 24 | 35.5% | 1.2% | ||
| Q2 24 | -52.9% | 4.7% | ||
| Q1 24 | 25.2% | -4.3% |
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 | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $523.4M | $452.4M |
| 总资产 | $1.0B | $582.5M |
| 负债/权益比越低杠杆越低 | — | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资BHRMAX
| Q4 25 | $268.8M | $118.7M | ||
| Q3 25 | $272.5M | $107.5M | ||
| Q2 25 | $32.8M | $94.3M | ||
| Q1 25 | $28.7M | $89.1M | ||
| Q4 24 | $30.7M | $96.6M | ||
| Q3 24 | $29.9M | $83.8M | ||
| Q2 24 | $26.9M | $66.1M | ||
| Q1 24 | $34.5M | $82.1M |
总债务BHRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
股东权益BHRMAX
| Q4 25 | $523.4M | $452.4M | ||
| Q3 25 | $580.3M | $448.1M | ||
| Q2 25 | $589.3M | $442.4M | ||
| Q1 25 | $539.8M | $433.5M | ||
| Q4 24 | $573.0M | $429.5M | ||
| Q3 24 | $601.8M | $423.1M | ||
| Q2 24 | $569.2M | $418.4M | ||
| Q1 24 | $618.6M | $412.0M |
总资产BHRMAX
| Q4 25 | $1.0B | $582.5M | ||
| Q3 25 | $1.1B | $582.2M | ||
| Q2 25 | $863.6M | $574.8M | ||
| Q1 25 | $829.1M | $571.4M | ||
| Q4 24 | $866.1M | $581.6M | ||
| Q3 24 | $865.1M | $578.6M | ||
| Q2 24 | $809.1M | $571.4M | ||
| Q1 24 | $885.3M | $566.7M |
负债/权益比BHRMAX
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $33.5M |
| 自由现金流率自由现金流/营收 | 6.4% | 47.1% |
| 资本支出强度资本支出/营收 | 11.4% | 10.4% |
| 现金转化率经营现金流/净利润 | — | 28.39× |
| 过去12个月自由现金流最近4个季度 | $76.6M | $56.8M |
8季度趋势，按日历期对齐
经营现金流BHRMAX
| Q4 25 | $17.8M | $40.9M | ||
| Q3 25 | $31.2M | $17.7M | ||
| Q2 25 | $42.1M | $4.6M | ||
| Q1 25 | $15.8M | $5.7M | ||
| Q4 24 | $18.0M | $59.7M | ||
| Q3 24 | $10.8M | $17.6M | ||
| Q2 24 | $1.8M | $15.9M | ||
| Q1 24 | $19.1M | $9.4M |
自由现金流BHRMAX
| Q4 25 | $6.4M | $33.5M | ||
| Q3 25 | $22.3M | $16.4M | ||
| Q2 25 | $39.4M | $2.9M | ||
| Q1 25 | $8.5M | $4.0M | ||
| Q4 24 | $10.9M | $53.0M | ||
| Q3 24 | $3.7M | $16.3M | ||
| Q2 24 | $-10.0M | $14.0M | ||
| Q1 24 | $14.5M | $6.8M |
自由现金流率BHRMAX
| Q4 25 | 6.4% | 47.1% | ||
| Q3 25 | 22.4% | 22.4% | ||
| Q2 25 | 39.2% | 4.0% | ||
| Q1 25 | 8.9% | 5.3% | ||
| Q4 24 | 12.0% | 73.2% | ||
| Q3 24 | 4.1% | 20.8% | ||
| Q2 24 | -11.0% | 17.8% | ||
| Q1 24 | 16.2% | 8.6% |
资本支出强度BHRMAX
| Q4 25 | 11.4% | 10.4% | ||
| Q3 25 | 9.0% | 1.8% | ||
| Q2 25 | 2.7% | 2.2% | ||
| Q1 25 | 7.7% | 2.3% | ||
| Q4 24 | 7.8% | 9.1% | ||
| Q3 24 | 7.8% | 1.7% | ||
| Q2 24 | 13.0% | 2.4% | ||
| Q1 24 | 5.1% | 3.3% |
现金转化率BHRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | 0.83× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | 0.33× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
