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Biglari Holdings Inc.（BH）与Wingstop Inc.（WING）财务数据对比。点击上方公司名可切换其他公司
Wingstop Inc.的季度营收约是Biglari Holdings Inc.的1.8倍（$175.7M vs $99.9M）。Wingstop Inc.净利率更高（15.2% vs -49.9%，领先65.1%）。Biglari Holdings Inc.同比增速更快（9.6% vs 8.6%）。Wingstop Inc.自由现金流更多（$34.5M vs $6.4M）。过去两年Wingstop Inc.的营收复合增速更高（9.8% 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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
BH vs WING — 直观对比
营收规模更大
WING
是对方的1.8倍
$99.9M
营收增速更快
BH
高出1.0%
8.6%
净利率更高
WING
高出65.1%
-49.9%
自由现金流更多
WING
多$28.1M
$6.4M
两年增速更快
WING
近两年复合增速
5.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $175.7M |
| 净利润 | $-49.9M | $26.8M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | 26.7% |
| 净利率 | -49.9% | 15.2% |
| 营收同比 | 9.6% | 8.6% |
| 净利润同比 | -385.3% | 0.0% |
| 每股收益（稀释后） | — | $0.99 |
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BHWING
| Q4 25 | $99.9M | $175.7M | ||
| Q3 25 | $99.7M | $175.7M | ||
| Q2 25 | $100.6M | $174.3M | ||
| Q1 25 | $95.0M | $171.1M | ||
| Q4 24 | $91.1M | $161.8M | ||
| Q3 24 | $90.4M | $162.5M | ||
| Q2 24 | $91.1M | $155.7M | ||
| Q1 24 | $89.5M | $145.8M |
净利润BHWING
| Q4 25 | $-49.9M | $26.8M | ||
| Q3 25 | $-5.3M | $28.5M | ||
| Q2 25 | $50.9M | $26.8M | ||
| Q1 25 | $-33.3M | $92.3M | ||
| Q4 24 | $-10.3M | $26.8M | ||
| Q3 24 | $32.1M | $25.7M | ||
| Q2 24 | $-48.2M | $27.5M | ||
| Q1 24 | $22.6M | $28.7M |
毛利率BHWING
| Q4 25 | 58.3% | — | ||
| Q3 25 | 58.1% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 60.3% | — | ||
| Q4 24 | 60.6% | 85.6% | ||
| Q3 24 | 59.9% | 85.0% | ||
| Q2 24 | 59.5% | 85.4% | ||
| Q1 24 | 61.5% | 85.4% |
营业利润率BHWING
| Q4 25 | -64.1% | 26.7% | ||
| Q3 25 | -7.6% | 27.9% | ||
| Q2 25 | 64.7% | 25.9% | ||
| Q1 25 | -43.3% | 22.4% | ||
| Q4 24 | -19.7% | 25.9% | ||
| Q3 24 | 47.9% | 24.5% | ||
| Q2 24 | -69.0% | 26.5% | ||
| Q1 24 | 32.9% | 29.3% |
净利率BHWING
| Q4 25 | -49.9% | 15.2% | ||
| Q3 25 | -5.3% | 16.2% | ||
| Q2 25 | 50.6% | 15.4% | ||
| Q1 25 | -35.0% | 53.9% | ||
| Q4 24 | -11.3% | 16.5% | ||
| Q3 24 | 35.5% | 15.8% | ||
| Q2 24 | -52.9% | 17.7% | ||
| Q1 24 | 25.2% | 19.7% |
每股收益（稀释后）BHWING
| Q4 25 | — | $0.99 | ||
| Q3 25 | — | $1.02 | ||
| Q2 25 | — | $0.96 | ||
| Q1 25 | — | $3.24 | ||
| Q4 24 | — | $0.91 | ||
| Q3 24 | — | $0.88 | ||
| Q2 24 | — | $0.93 | ||
| Q1 24 | — | $0.98 |
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 | $196.6M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $523.4M | $-736.8M |
| 总资产 | $1.0B | $693.4M |
| 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BHWING
| Q4 25 | $268.8M | $196.6M | ||
| Q3 25 | $272.5M | $237.6M | ||
| Q2 25 | $32.8M | $227.9M | ||
| Q1 25 | $28.7M | $251.4M | ||
| Q4 24 | $30.7M | $315.9M | ||
| Q3 24 | $29.9M | $84.0M | ||
| Q2 24 | $26.9M | $96.7M | ||
| Q1 24 | $34.5M | $108.3M |
总债务BHWING
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BHWING
| Q4 25 | $523.4M | $-736.8M | ||
| Q3 25 | $580.3M | $-702.6M | ||
| Q2 25 | $589.3M | $-686.0M | ||
| Q1 25 | $539.8M | $-715.0M | ||
| Q4 24 | $573.0M | $-675.6M | ||
| Q3 24 | $601.8M | $-447.5M | ||
| Q2 24 | $569.2M | $-437.5M | ||
| Q1 24 | $618.6M | $-434.4M |
总资产BHWING
| Q4 25 | $1.0B | $693.4M | ||
| Q3 25 | $1.1B | $721.0M | ||
| Q2 25 | $863.6M | $708.3M | ||
| Q1 25 | $829.1M | $696.8M | ||
| Q4 24 | $866.1M | $716.2M | ||
| Q3 24 | $865.1M | $484.8M | ||
| Q2 24 | $809.1M | $451.8M | ||
| Q1 24 | $885.3M | $412.3M |
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 | $57.3M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $34.5M |
| 自由现金流率自由现金流/营收 | 6.4% | 19.6% |
| 资本支出强度资本支出/营收 | 11.4% | 13.0% |
| 现金转化率经营现金流/净利润 | — | 2.14× |
| 过去12个月自由现金流最近4个季度 | $76.6M | $105.6M |
8季度趋势，按日历期对齐
经营现金流BHWING
| Q4 25 | $17.8M | $57.3M | ||
| Q3 25 | $31.2M | $63.9M | ||
| Q2 25 | $42.1M | $6.6M | ||
| Q1 25 | $15.8M | $25.3M | ||
| Q4 24 | $18.0M | $7.7M | ||
| Q3 24 | $10.8M | $69.0M | ||
| Q2 24 | $1.8M | $36.2M | ||
| Q1 24 | $19.1M | $44.7M |
自由现金流BHWING
| Q4 25 | $6.4M | $34.5M | ||
| Q3 25 | $22.3M | $61.7M | ||
| Q2 25 | $39.4M | $-7.8M | ||
| Q1 25 | $8.5M | $17.3M | ||
| Q4 24 | $10.9M | $-8.6M | ||
| Q3 24 | $3.7M | $54.9M | ||
| Q2 24 | $-10.0M | $25.9M | ||
| Q1 24 | $14.5M | $33.5M |
自由现金流率BHWING
| Q4 25 | 6.4% | 19.6% | ||
| Q3 25 | 22.4% | 35.1% | ||
| Q2 25 | 39.2% | -4.5% | ||
| Q1 25 | 8.9% | 10.1% | ||
| Q4 24 | 12.0% | -5.3% | ||
| Q3 24 | 4.1% | 33.8% | ||
| Q2 24 | -11.0% | 16.6% | ||
| Q1 24 | 16.2% | 23.0% |
资本支出强度BHWING
| Q4 25 | 11.4% | 13.0% | ||
| Q3 25 | 9.0% | 1.3% | ||
| Q2 25 | 2.7% | 8.2% | ||
| Q1 25 | 7.7% | 4.7% | ||
| Q4 24 | 7.8% | 10.1% | ||
| Q3 24 | 7.8% | 8.7% | ||
| Q2 24 | 13.0% | 6.6% | ||
| Q1 24 | 5.1% | 7.7% |
现金转化率BHWING
| Q4 25 | — | 2.14× | ||
| Q3 25 | — | 2.24× | ||
| Q2 25 | 0.83× | 0.25× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | 0.33× | 2.68× | ||
| Q2 24 | — | 1.32× | ||
| Q1 24 | 0.85× | 1.55× |
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% |
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
