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Brighthouse Financial, Inc.（BHF）与佳明（GRMN）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是Brighthouse Financial, Inc.的1.3倍（$2.1B vs $1.7B），佳明净利率更高（24.9% vs 8.1%，领先16.8%），Brighthouse Financial, Inc.同比增速更快（40.2% vs 16.6%），过去两年佳明的营收复合增速更高（24.0% vs 9.8%）
Brighthouse Financial是总部位于美国北卡罗来纳州夏洛特的保险公司，核心业务为销售年金和人寿保险产品。截至2018年3月，该公司是美国规模领先的年金和人寿保险提供商之一，总资产达2190亿美元，有效保单及年金合约数量约260万份。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
BHF vs GRMN — 直观对比
营收规模更大
GRMN
是对方的1.3倍
$1.7B
营收增速更快
BHF
高出23.6%
16.6%
净利率更高
GRMN
高出16.8%
8.1%
两年增速更快
GRMN
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.1B |
| 净利润 | $137.0M | $528.7M |
| 毛利率 | — | 59.2% |
| 营业利润率 | 8.9% | 28.9% |
| 净利率 | 8.1% | 24.9% |
| 营收同比 | 40.2% | 16.6% |
| 净利润同比 | -79.6% | 21.3% |
| 每股收益（稀释后） | $1.84 | $2.72 |
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BHFGRMN
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $871.0M | $1.8B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | — | $1.4B |
净利润BHFGRMN
| Q4 25 | $137.0M | $528.7M | ||
| Q3 25 | $479.0M | $401.6M | ||
| Q2 25 | $85.0M | $400.8M | ||
| Q1 25 | $-268.0M | $332.8M | ||
| Q4 24 | $671.0M | $435.7M | ||
| Q3 24 | $176.0M | $399.1M | ||
| Q2 24 | $34.0M | $300.6M | ||
| Q1 24 | — | $276.0M |
毛利率BHFGRMN
| Q4 25 | — | 59.2% | ||
| Q3 25 | — | 59.1% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 57.6% | ||
| Q4 24 | — | 59.3% | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 58.1% |
营业利润率BHFGRMN
| Q4 25 | 8.9% | 28.9% | ||
| Q3 25 | 32.2% | 25.8% | ||
| Q2 25 | 10.7% | 26.0% | ||
| Q1 25 | -14.8% | 21.7% | ||
| Q4 24 | 69.2% | 28.3% | ||
| Q3 24 | 9.3% | 27.6% | ||
| Q2 24 | 1.0% | 22.7% | ||
| Q1 24 | — | 21.6% |
净利率BHFGRMN
| Q4 25 | 8.1% | 24.9% | ||
| Q3 25 | 26.4% | 22.7% | ||
| Q2 25 | 9.8% | 22.1% | ||
| Q1 25 | -11.2% | 21.7% | ||
| Q4 24 | 55.7% | 23.9% | ||
| Q3 24 | 8.7% | 25.2% | ||
| Q2 24 | 2.4% | 20.0% | ||
| Q1 24 | — | 20.0% |
每股收益（稀释后）BHFGRMN
| Q4 25 | $1.84 | $2.72 | ||
| Q3 25 | $7.89 | $2.08 | ||
| Q2 25 | $1.02 | $2.07 | ||
| Q1 25 | $-5.04 | $1.72 | ||
| Q4 24 | $10.27 | $2.24 | ||
| Q3 24 | $2.47 | $2.07 | ||
| Q2 24 | $0.12 | $1.56 | ||
| Q1 24 | — | $1.43 |
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 | — | $2.3B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $6.8B | $9.0B |
| 总资产 | $241.8B | $11.0B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资BHFGRMN
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.8B | $2.0B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | — | $1.9B |
总债务BHFGRMN
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | — | — |
股东权益BHFGRMN
| Q4 25 | $6.8B | $9.0B | ||
| Q3 25 | $6.4B | $8.5B | ||
| Q2 25 | $5.7B | $8.1B | ||
| Q1 25 | $5.2B | $8.2B | ||
| Q4 24 | $5.0B | $7.8B | ||
| Q3 24 | $5.5B | $7.5B | ||
| Q2 24 | $4.1B | $7.0B | ||
| Q1 24 | — | $7.2B |
总资产BHFGRMN
| Q4 25 | $241.8B | $11.0B | ||
| Q3 25 | $244.7B | $10.5B | ||
| Q2 25 | $242.6B | $10.3B | ||
| Q1 25 | $234.7B | $9.8B | ||
| Q4 24 | $238.5B | $9.6B | ||
| Q3 24 | $245.2B | $9.3B | ||
| Q2 24 | $237.4B | $8.9B | ||
| Q1 24 | — | $8.6B |
负债/权益比BHFGRMN
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | — | — |
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 | $-3.0M | $553.8M |
| 自由现金流经营现金流 - 资本支出 | — | $429.6M |
| 自由现金流率自由现金流/营收 | — | 20.2% |
| 资本支出强度资本支出/营收 | — | 5.8% |
| 现金转化率经营现金流/净利润 | -0.02× | 1.05× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流BHFGRMN
| Q4 25 | $-3.0M | $553.8M | ||
| Q3 25 | $117.0M | $485.6M | ||
| Q2 25 | $-1.0M | $173.2M | ||
| Q1 25 | $146.0M | $420.8M | ||
| Q4 24 | $-118.0M | $483.9M | ||
| Q3 24 | $24.0M | $258.0M | ||
| Q2 24 | $334.0M | $255.3M | ||
| Q1 24 | — | $435.3M |
自由现金流BHFGRMN
| Q4 25 | — | $429.6M | ||
| Q3 25 | — | $425.1M | ||
| Q2 25 | — | $127.5M | ||
| Q1 25 | — | $380.7M | ||
| Q4 24 | — | $399.2M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $218.2M | ||
| Q1 24 | — | $402.1M |
自由现金流率BHFGRMN
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 21.9% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 29.1% |
资本支出强度BHFGRMN
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.4% |
现金转化率BHFGRMN
| Q4 25 | -0.02× | 1.05× | ||
| Q3 25 | 0.24× | 1.21× | ||
| Q2 25 | -0.01× | 0.43× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | -0.18× | 1.11× | ||
| Q3 24 | 0.14× | 0.65× | ||
| Q2 24 | 9.82× | 0.85× | ||
| Q1 24 | — | 1.58× |
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
BHF
| Annuities | $926.0M | 55% |
| Runoff | $319.0M | 19% |
| Life | $298.0M | 18% |
| Other | $78.0M | 5% |
| Distribution Service | $66.0M | 4% |
| Accident And Health Insurance Segment | $2.0M | 0% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
