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Biglari Holdings Inc.（BH）与Texas Roadhouse, Inc.（TXRH）财务数据对比。点击上方公司名可切换其他公司
Texas Roadhouse, Inc.的季度营收约是Biglari Holdings Inc.的14.8倍（$1.5B vs $99.9M）。Texas Roadhouse, Inc.净利率更高（5.8% vs -49.9%，领先55.8%）。Biglari Holdings Inc.同比增速更快（9.6% vs 3.1%）。过去两年Texas Roadhouse, Inc.的营收复合增速更高（12.8% 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。
Texas Roadhouse是美国知名牛排连锁餐厅，主打德克萨斯及美国西南部风味餐食，核心产品为各类牛排。品牌总部位于肯塔基州路易斯维尔，旗下还运营另外两个餐饮品牌。截至2025年8月，品牌在美国49个州拥有约800家门店，同时在11个国家开设了70家海外门店。
BH vs TXRH — 直观对比
营收规模更大
TXRH
是对方的14.8倍
$99.9M
营收增速更快
BH
高出6.5%
3.1%
净利率更高
TXRH
高出55.8%
-49.9%
两年增速更快
TXRH
近两年复合增速
5.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $1.5B |
| 净利润 | $-49.9M | $86.7M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | 6.5% |
| 净利率 | -49.9% | 5.8% |
| 营收同比 | 9.6% | 3.1% |
| 净利润同比 | -385.3% | -26.9% |
| 每股收益（稀释后） | — | $1.29 |
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BHTXRH
| Q4 25 | $99.9M | $1.5B | ||
| Q3 25 | $99.7M | $1.4B | ||
| Q2 25 | $100.6M | $1.4B | ||
| Q1 25 | $95.0M | — | ||
| Q4 24 | $91.1M | $1.4B | ||
| Q3 24 | $90.4M | $1.3B | ||
| Q2 24 | $91.1M | $1.3B | ||
| Q1 24 | $89.5M | $1.3B |
净利润BHTXRH
| Q4 25 | $-49.9M | $86.7M | ||
| Q3 25 | $-5.3M | $84.9M | ||
| Q2 25 | $50.9M | $116.1M | ||
| Q1 25 | $-33.3M | — | ||
| Q4 24 | $-10.3M | $118.5M | ||
| Q3 24 | $32.1M | $86.8M | ||
| Q2 24 | $-48.2M | $123.1M | ||
| Q1 24 | $22.6M | $116.0M |
毛利率BHTXRH
| 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BHTXRH
| Q4 25 | -64.1% | 6.5% | ||
| Q3 25 | -7.6% | 6.7% | ||
| Q2 25 | 64.7% | 9.3% | ||
| Q1 25 | -43.3% | — | ||
| Q4 24 | -19.7% | 9.6% | ||
| Q3 24 | 47.9% | 8.0% | ||
| Q2 24 | -69.0% | 10.6% | ||
| Q1 24 | 32.9% | 10.1% |
净利率BHTXRH
| Q4 25 | -49.9% | 5.8% | ||
| Q3 25 | -5.3% | 5.9% | ||
| Q2 25 | 50.6% | 8.0% | ||
| Q1 25 | -35.0% | — | ||
| Q4 24 | -11.3% | 8.2% | ||
| Q3 24 | 35.5% | 6.8% | ||
| Q2 24 | -52.9% | 9.2% | ||
| Q1 24 | 25.2% | 8.8% |
每股收益（稀释后）BHTXRH
| Q4 25 | — | $1.29 | ||
| Q3 25 | — | $1.25 | ||
| Q2 25 | — | $1.70 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.73 | ||
| Q3 24 | — | $1.26 | ||
| Q2 24 | — | $1.79 | ||
| Q1 24 | — | $1.69 |
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 | $134.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $1.5B |
| 总资产 | $1.0B | $3.5B |
| 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BHTXRH
| Q4 25 | $268.8M | $134.7M | ||
| Q3 25 | $272.5M | $108.2M | ||
| Q2 25 | $32.8M | $221.1M | ||
| Q1 25 | $28.7M | — | ||
| Q4 24 | $30.7M | $245.2M | ||
| Q3 24 | $29.9M | $189.2M | ||
| Q2 24 | $26.9M | $197.5M | ||
| Q1 24 | $34.5M | $213.4M |
股东权益BHTXRH
| Q4 25 | $523.4M | $1.5B | ||
| Q3 25 | $580.3M | $1.5B | ||
| Q2 25 | $589.3M | $1.4B | ||
| Q1 25 | $539.8M | — | ||
| Q4 24 | $573.0M | $1.4B | ||
| Q3 24 | $601.8M | $1.3B | ||
| Q2 24 | $569.2M | $1.3B | ||
| Q1 24 | $618.6M | $1.2B |
总资产BHTXRH
| Q4 25 | $1.0B | $3.5B | ||
| Q3 25 | $1.1B | $3.3B | ||
| Q2 25 | $863.6M | $3.2B | ||
| Q1 25 | $829.1M | — | ||
| Q4 24 | $866.1M | $3.2B | ||
| Q3 24 | $865.1M | $2.9B | ||
| Q2 24 | $809.1M | $2.9B | ||
| Q1 24 | $885.3M | $2.8B |
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 | — |
| 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 | — | — |
| 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BHTXRH
| Q4 25 | $17.8M | — | ||
| Q3 25 | $31.2M | $143.6M | ||
| Q2 25 | $42.1M | $237.7M | ||
| Q1 25 | $15.8M | — | ||
| Q4 24 | $18.0M | $237.5M | ||
| Q3 24 | $10.8M | $138.7M | ||
| Q2 24 | $1.8M | $133.9M | ||
| Q1 24 | $19.1M | $243.4M |
自由现金流BHTXRH
| Q4 25 | $6.4M | — | ||
| Q3 25 | $22.3M | $14.7M | ||
| Q2 25 | $39.4M | $160.4M | ||
| Q1 25 | $8.5M | — | ||
| Q4 24 | $10.9M | $129.7M | ||
| Q3 24 | $3.7M | $47.7M | ||
| Q2 24 | $-10.0M | $56.1M | ||
| Q1 24 | $14.5M | $165.8M |
自由现金流率BHTXRH
| Q4 25 | 6.4% | — | ||
| Q3 25 | 22.4% | 1.0% | ||
| Q2 25 | 39.2% | 11.1% | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | 12.0% | 9.0% | ||
| Q3 24 | 4.1% | 3.7% | ||
| Q2 24 | -11.0% | 4.2% | ||
| Q1 24 | 16.2% | 12.5% |
资本支出强度BHTXRH
| Q4 25 | 11.4% | — | ||
| Q3 25 | 9.0% | 9.0% | ||
| Q2 25 | 2.7% | 5.3% | ||
| Q1 25 | 7.7% | — | ||
| Q4 24 | 7.8% | 7.5% | ||
| Q3 24 | 7.8% | 7.2% | ||
| Q2 24 | 13.0% | 5.8% | ||
| Q1 24 | 5.1% | 5.9% |
现金转化率BHTXRH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | 0.83× | 2.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 0.33× | 1.60× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | 0.85× | 2.10× |
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% |
TXRH
| Food And Beverage | $1.5B | 99% |
| Texas Roadhouse Segment | $21.2M | 1% |
| Franchise | $8.2M | 1% |
| Franchise Royalty | $7.4M | 0% |
| Bubba S33Segment | $2.3M | 0% |
