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Biglari Holdings Inc.（BH）与百胜中国（YUMC）财务数据对比。点击上方公司名可切换其他公司
百胜中国的季度营收约是Biglari Holdings Inc.的28.3倍（$2.8B vs $99.9M）。百胜中国净利率更高（5.0% vs -49.9%，领先54.9%）。Biglari Holdings Inc.同比增速更快（9.6% vs 8.8%）。Biglari Holdings Inc.自由现金流更多（$6.4M vs $-116.0M）。过去两年Biglari Holdings Inc.的营收复合增速更高（5.7% vs -2.3%）
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。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
BH vs YUMC — 直观对比
营收规模更大
YUMC
是对方的28.3倍
$99.9M
营收增速更快
BH
高出0.8%
8.8%
净利率更高
YUMC
高出54.9%
-49.9%
自由现金流更多
BH
多$122.4M
$-116.0M
两年增速更快
BH
近两年复合增速
-2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $99.9M | $2.8B |
| 净利润 | $-49.9M | $140.0M |
| 毛利率 | 58.3% | — |
| 营业利润率 | -64.1% | 6.6% |
| 净利率 | -49.9% | 5.0% |
| 营收同比 | 9.6% | 8.8% |
| 净利润同比 | -385.3% | 21.7% |
| 每股收益（稀释后） | — | $0.40 |
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BHYUMC
| Q4 25 | $99.9M | $2.8B | ||
| Q3 25 | $99.7M | $3.2B | ||
| Q2 25 | $100.6M | $2.8B | ||
| Q1 25 | $95.0M | $3.0B | ||
| Q4 24 | $91.1M | $2.6B | ||
| Q3 24 | $90.4M | $3.1B | ||
| Q2 24 | $91.1M | $2.7B | ||
| Q1 24 | $89.5M | $3.0B |
净利润BHYUMC
| Q4 25 | $-49.9M | $140.0M | ||
| Q3 25 | $-5.3M | $282.0M | ||
| Q2 25 | $50.9M | $215.0M | ||
| Q1 25 | $-33.3M | $292.0M | ||
| Q4 24 | $-10.3M | $115.0M | ||
| Q3 24 | $32.1M | $297.0M | ||
| Q2 24 | $-48.2M | $212.0M | ||
| Q1 24 | $22.6M | $287.0M |
毛利率BHYUMC
| 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BHYUMC
| Q4 25 | -64.1% | 6.6% | ||
| Q3 25 | -7.6% | 12.5% | ||
| Q2 25 | 64.7% | 10.9% | ||
| Q1 25 | -43.3% | 13.4% | ||
| Q4 24 | -19.7% | 5.8% | ||
| Q3 24 | 47.9% | 12.1% | ||
| Q2 24 | -69.0% | 9.9% | ||
| Q1 24 | 32.9% | 12.6% |
净利率BHYUMC
| Q4 25 | -49.9% | 5.0% | ||
| Q3 25 | -5.3% | 8.8% | ||
| Q2 25 | 50.6% | 7.7% | ||
| Q1 25 | -35.0% | 9.8% | ||
| Q4 24 | -11.3% | 4.4% | ||
| Q3 24 | 35.5% | 9.7% | ||
| Q2 24 | -52.9% | 7.9% | ||
| Q1 24 | 25.2% | 9.7% |
每股收益（稀释后）BHYUMC
| Q4 25 | — | $0.40 | ||
| Q3 25 | — | $0.76 | ||
| Q2 25 | — | $0.58 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | — | $0.77 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $0.71 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $523.4M | $5.4B |
| 总资产 | $1.0B | $10.8B |
| 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BHYUMC
| Q4 25 | $268.8M | $1.4B | ||
| Q3 25 | $272.5M | $2.1B | ||
| Q2 25 | $32.8M | $2.2B | ||
| Q1 25 | $28.7M | $2.0B | ||
| Q4 24 | $30.7M | $1.8B | ||
| Q3 24 | $29.9M | $2.5B | ||
| Q2 24 | $26.9M | $2.5B | ||
| Q1 24 | $34.5M | $2.4B |
股东权益BHYUMC
| Q4 25 | $523.4M | $5.4B | ||
| Q3 25 | $580.3M | $5.7B | ||
| Q2 25 | $589.3M | $5.8B | ||
| Q1 25 | $539.8M | $5.8B | ||
| Q4 24 | $573.0M | $5.7B | ||
| Q3 24 | $601.8M | $6.0B | ||
| Q2 24 | $569.2M | $5.8B | ||
| Q1 24 | $618.6M | $5.9B |
总资产BHYUMC
| Q4 25 | $1.0B | $10.8B | ||
| Q3 25 | $1.1B | $11.0B | ||
| Q2 25 | $863.6M | $11.0B | ||
| Q1 25 | $829.1M | $11.0B | ||
| Q4 24 | $866.1M | $11.1B | ||
| Q3 24 | $865.1M | $11.8B | ||
| Q2 24 | $809.1M | $11.6B | ||
| Q1 24 | $885.3M | $11.3B |
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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $-116.0M |
| 自由现金流率自由现金流/营收 | 6.4% | -4.1% |
| 资本支出强度资本支出/营收 | 11.4% | 8.5% |
| 现金转化率经营现金流/净利润 | — | 0.89× |
| 过去12个月自由现金流最近4个季度 | $76.6M | $840.0M |
8季度趋势，按日历期对齐
经营现金流BHYUMC
| Q4 25 | $17.8M | $125.0M | ||
| Q3 25 | $31.2M | $477.0M | ||
| Q2 25 | $42.1M | $412.0M | ||
| Q1 25 | $15.8M | $452.0M | ||
| Q4 24 | $18.0M | $167.0M | ||
| Q3 24 | $10.8M | $409.0M | ||
| Q2 24 | $1.8M | $401.0M | ||
| Q1 24 | $19.1M | $442.0M |
自由现金流BHYUMC
| Q4 25 | $6.4M | $-116.0M | ||
| Q3 25 | $22.3M | $351.0M | ||
| Q2 25 | $39.4M | $290.0M | ||
| Q1 25 | $8.5M | $315.0M | ||
| Q4 24 | $10.9M | $-15.0M | ||
| Q3 24 | $3.7M | $244.0M | ||
| Q2 24 | $-10.0M | $232.0M | ||
| Q1 24 | $14.5M | $253.0M |
自由现金流率BHYUMC
| Q4 25 | 6.4% | -4.1% | ||
| Q3 25 | 22.4% | 10.9% | ||
| Q2 25 | 39.2% | 10.4% | ||
| Q1 25 | 8.9% | 10.6% | ||
| Q4 24 | 12.0% | -0.6% | ||
| Q3 24 | 4.1% | 7.9% | ||
| Q2 24 | -11.0% | 8.7% | ||
| Q1 24 | 16.2% | 8.6% |
资本支出强度BHYUMC
| Q4 25 | 11.4% | 8.5% | ||
| Q3 25 | 9.0% | 3.9% | ||
| Q2 25 | 2.7% | 4.4% | ||
| Q1 25 | 7.7% | 4.6% | ||
| Q4 24 | 7.8% | 7.0% | ||
| Q3 24 | 7.8% | 5.4% | ||
| Q2 24 | 13.0% | 6.3% | ||
| Q1 24 | 5.1% | 6.4% |
现金转化率BHYUMC
| Q4 25 | — | 0.89× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | 0.83× | 1.92× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | 0.33× | 1.38× | ||
| Q2 24 | — | 1.89× | ||
| Q1 24 | 0.85× | 1.54× |
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% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
