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Biglari Holdings Inc.（BH）与Repay Holdings Corp（RPAY）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Repay Holdings Corp的1.3倍（$99.9M vs $78.6M），Biglari Holdings Inc.净利率更高（-49.9% vs -178.3%，领先128.4%），Biglari Holdings Inc.同比增速更快（9.6% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $6.4M），过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
BH vs RPAY — 直观对比
营收规模更大
BH
是对方的1.3倍
$78.6M
营收增速更快
BH
高出9.2%
0.4%
净利率更高
BH
高出128.4%
-178.3%
自由现金流更多
RPAY
多$16.9M
$6.4M
两年增速更快
BH
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $78.6M |
| 净利润 | $-49.9M | $-140.1M |
| 毛利率 | 58.3% | 74.2% |
| 营业利润率 | -64.1% | -182.2% |
| 净利率 | -49.9% | -178.3% |
| 营收同比 | 9.6% | 0.4% |
| 净利润同比 | -385.3% | -3304.1% |
| 每股收益（稀释后） | — | $-1.68 |
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BHRPAY
| Q4 25 | $99.9M | $78.6M | ||
| Q3 25 | $99.7M | $77.7M | ||
| Q2 25 | $100.6M | $75.6M | ||
| Q1 25 | $95.0M | $77.3M | ||
| Q4 24 | $91.1M | $78.3M | ||
| Q3 24 | $90.4M | $79.1M | ||
| Q2 24 | $91.1M | $74.9M | ||
| Q1 24 | $89.5M | $80.7M |
净利润BHRPAY
| Q4 25 | $-49.9M | $-140.1M | ||
| Q3 25 | $-5.3M | $-6.4M | ||
| Q2 25 | $50.9M | $-102.3M | ||
| Q1 25 | $-33.3M | $-7.9M | ||
| Q4 24 | $-10.3M | $-4.1M | ||
| Q3 24 | $32.1M | $3.2M | ||
| Q2 24 | $-48.2M | $-4.1M | ||
| Q1 24 | $22.6M | $-5.2M |
毛利率BHRPAY
| Q4 25 | 58.3% | 74.2% | ||
| Q3 25 | 58.1% | 74.4% | ||
| Q2 25 | 60.2% | 75.7% | ||
| Q1 25 | 60.3% | 75.9% | ||
| Q4 24 | 60.6% | 76.3% | ||
| Q3 24 | 59.9% | 77.8% | ||
| Q2 24 | 59.5% | 78.2% | ||
| Q1 24 | 61.5% | 76.2% |
营业利润率BHRPAY
| Q4 25 | -64.1% | -182.2% | ||
| Q3 25 | -7.6% | -3.9% | ||
| Q2 25 | 64.7% | -138.7% | ||
| Q1 25 | -43.3% | -4.7% | ||
| Q4 24 | -19.7% | -1.5% | ||
| Q3 24 | 47.9% | -0.9% | ||
| Q2 24 | -69.0% | -4.6% | ||
| Q1 24 | 32.9% | -3.1% |
净利率BHRPAY
| Q4 25 | -49.9% | -178.3% | ||
| Q3 25 | -5.3% | -8.3% | ||
| Q2 25 | 50.6% | -135.2% | ||
| Q1 25 | -35.0% | -10.3% | ||
| Q4 24 | -11.3% | -5.3% | ||
| Q3 24 | 35.5% | 4.1% | ||
| Q2 24 | -52.9% | -5.4% | ||
| Q1 24 | 25.2% | -6.5% |
每股收益（稀释后）BHRPAY
| Q4 25 | — | $-1.68 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-1.15 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $523.4M | $484.4M |
| 总资产 | $1.0B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资BHRPAY
| Q4 25 | $268.8M | $115.7M | ||
| Q3 25 | $272.5M | $95.7M | ||
| Q2 25 | $32.8M | $162.6M | ||
| Q1 25 | $28.7M | $165.5M | ||
| Q4 24 | $30.7M | $189.5M | ||
| Q3 24 | $29.9M | $168.7M | ||
| Q2 24 | $26.9M | $147.1M | ||
| Q1 24 | $34.5M | $128.3M |
总债务BHRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益BHRPAY
| Q4 25 | $523.4M | $484.4M | ||
| Q3 25 | $580.3M | $616.9M | ||
| Q2 25 | $589.3M | $633.7M | ||
| Q1 25 | $539.8M | $755.7M | ||
| Q4 24 | $573.0M | $761.3M | ||
| Q3 24 | $601.8M | $754.7M | ||
| Q2 24 | $569.2M | $815.4M | ||
| Q1 24 | $618.6M | $813.8M |
总资产BHRPAY
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $863.6M | $1.4B | ||
| Q1 25 | $829.1M | $1.5B | ||
| Q4 24 | $866.1M | $1.6B | ||
| Q3 24 | $865.1M | $1.6B | ||
| Q2 24 | $809.1M | $1.5B | ||
| Q1 24 | $885.3M | $1.5B |
负债/权益比BHRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $23.2M |
| 自由现金流率自由现金流/营收 | 6.4% | 29.6% |
| 资本支出强度资本支出/营收 | 11.4% | 0.1% |
| 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 | $90.7M |
8季度趋势，按日历期对齐
经营现金流BHRPAY
| Q4 25 | $17.8M | $23.3M | ||
| Q3 25 | $31.2M | $32.2M | ||
| Q2 25 | $42.1M | $33.1M | ||
| Q1 25 | $15.8M | $2.5M | ||
| Q4 24 | $18.0M | $34.3M | ||
| Q3 24 | $10.8M | $60.1M | ||
| Q2 24 | $1.8M | $31.0M | ||
| Q1 24 | $19.1M | $24.8M |
自由现金流BHRPAY
| Q4 25 | $6.4M | $23.2M | ||
| Q3 25 | $22.3M | $32.1M | ||
| Q2 25 | $39.4M | $33.0M | ||
| Q1 25 | $8.5M | $2.4M | ||
| Q4 24 | $10.9M | $34.0M | ||
| Q3 24 | $3.7M | $59.8M | ||
| Q2 24 | $-10.0M | $30.5M | ||
| Q1 24 | $14.5M | $24.7M |
自由现金流率BHRPAY
| Q4 25 | 6.4% | 29.6% | ||
| Q3 25 | 22.4% | 41.3% | ||
| Q2 25 | 39.2% | 43.6% | ||
| Q1 25 | 8.9% | 3.0% | ||
| Q4 24 | 12.0% | 43.5% | ||
| Q3 24 | 4.1% | 75.6% | ||
| Q2 24 | -11.0% | 40.7% | ||
| Q1 24 | 16.2% | 30.6% |
资本支出强度BHRPAY
| Q4 25 | 11.4% | 0.1% | ||
| Q3 25 | 9.0% | 0.2% | ||
| Q2 25 | 2.7% | 0.1% | ||
| Q1 25 | 7.7% | 0.2% | ||
| Q4 24 | 7.8% | 0.3% | ||
| Q3 24 | 7.8% | 0.3% | ||
| Q2 24 | 13.0% | 0.6% | ||
| Q1 24 | 5.1% | 0.1% |
现金转化率BHRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.33× | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
