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Brighthouse Financial, Inc.（BHF）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是Brighthouse Financial, Inc.的1.1倍（$1.8B vs $1.7B），华纳音乐集团净利率更高（9.6% vs 8.1%，领先1.5%），Brighthouse Financial, Inc.同比增速更快（40.2% vs 10.4%），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
BHF vs WMG — 直观对比
营收规模更大
WMG
是对方的1.1倍
$1.7B
营收增速更快
BHF
高出29.7%
10.4%
净利率更高
WMG
高出1.5%
8.1%
两年增速更快
WMG
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.8B |
| 净利润 | $137.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 8.9% | 15.7% |
| 净利率 | 8.1% | 9.6% |
| 营收同比 | 40.2% | 10.4% |
| 净利润同比 | -79.6% | -25.4% |
| 每股收益（稀释后） | $1.84 | — |
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BHFWMG
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.8B | $1.9B | ||
| Q2 25 | $871.0M | $1.7B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | — | $1.5B |
净利润BHFWMG
| Q4 25 | $137.0M | $176.0M | ||
| Q3 25 | $479.0M | $109.0M | ||
| Q2 25 | $85.0M | $-16.0M | ||
| Q1 25 | $-268.0M | $36.0M | ||
| Q4 24 | $671.0M | $236.0M | ||
| Q3 24 | $176.0M | $41.0M | ||
| Q2 24 | $34.0M | $139.0M | ||
| Q1 24 | — | $96.0M |
毛利率BHFWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率BHFWMG
| Q4 25 | 8.9% | 15.7% | ||
| Q3 25 | 32.2% | 7.7% | ||
| Q2 25 | 10.7% | 10.0% | ||
| Q1 25 | -14.8% | 11.3% | ||
| Q4 24 | 69.2% | 12.8% | ||
| Q3 24 | 9.3% | 8.8% | ||
| Q2 24 | 1.0% | 13.3% | ||
| Q1 24 | — | 8.0% |
净利率BHFWMG
| Q4 25 | 8.1% | 9.6% | ||
| Q3 25 | 26.4% | 5.8% | ||
| Q2 25 | 9.8% | -0.9% | ||
| Q1 25 | -11.2% | 2.4% | ||
| Q4 24 | 55.7% | 14.2% | ||
| Q3 24 | 8.7% | 2.5% | ||
| Q2 24 | 2.4% | 8.9% | ||
| Q1 24 | — | 6.4% |
每股收益（稀释后）BHFWMG
| Q4 25 | $1.84 | — | ||
| Q3 25 | $7.89 | — | ||
| Q2 25 | $1.02 | — | ||
| Q1 25 | $-5.04 | — | ||
| Q4 24 | $10.27 | — | ||
| Q3 24 | $2.47 | — | ||
| Q2 24 | $0.12 | — | ||
| Q1 24 | — | — |
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 | — | $751.0M |
| 总债务越低越好 | $3.2B | $4.4B |
| 股东权益账面价值 | $6.8B | $720.0M |
| 总资产 | $241.8B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.47× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资BHFWMG
| Q4 25 | — | $751.0M | ||
| Q3 25 | — | $532.0M | ||
| Q2 25 | — | $527.0M | ||
| Q1 25 | — | $637.0M | ||
| Q4 24 | $1.9B | $802.0M | ||
| Q3 24 | $1.8B | $694.0M | ||
| Q2 24 | $1.4B | $607.0M | ||
| Q1 24 | — | $587.0M |
总债务BHFWMG
| Q4 25 | $3.2B | $4.4B | ||
| Q3 25 | $3.2B | $4.4B | ||
| Q2 25 | $3.2B | $4.4B | ||
| Q1 25 | $3.2B | $4.3B | ||
| Q4 24 | $3.2B | $4.0B | ||
| Q3 24 | $3.2B | $4.0B | ||
| Q2 24 | $3.2B | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益BHFWMG
| Q4 25 | $6.8B | $720.0M | ||
| Q3 25 | $6.4B | $647.0M | ||
| Q2 25 | $5.7B | $589.0M | ||
| Q1 25 | $5.2B | $567.0M | ||
| Q4 24 | $5.0B | $545.0M | ||
| Q3 24 | $5.5B | $518.0M | ||
| Q2 24 | $4.1B | $483.0M | ||
| Q1 24 | — | $433.0M |
总资产BHFWMG
| Q4 25 | $241.8B | $10.0B | ||
| Q3 25 | $244.7B | $9.8B | ||
| Q2 25 | $242.6B | $9.8B | ||
| Q1 25 | $234.7B | $9.6B | ||
| Q4 24 | $238.5B | $9.1B | ||
| Q3 24 | $245.2B | $9.2B | ||
| Q2 24 | $237.4B | $8.8B | ||
| Q1 24 | — | $8.7B |
负债/权益比BHFWMG
| Q4 25 | 0.47× | 6.07× | ||
| Q3 25 | 0.50× | 6.75× | ||
| Q2 25 | 0.56× | 7.41× | ||
| Q1 25 | 0.60× | 7.57× | ||
| Q4 24 | 0.64× | 7.26× | ||
| Q3 24 | 0.57× | 7.75× | ||
| Q2 24 | 0.76× | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | -0.02× | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流BHFWMG
| Q4 25 | $-3.0M | $440.0M | ||
| Q3 25 | $117.0M | $231.0M | ||
| Q2 25 | $-1.0M | $46.0M | ||
| Q1 25 | $146.0M | $69.0M | ||
| Q4 24 | $-118.0M | $332.0M | ||
| Q3 24 | $24.0M | $304.0M | ||
| Q2 24 | $334.0M | $188.0M | ||
| Q1 24 | — | $-31.0M |
自由现金流BHFWMG
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $271.0M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $-57.0M |
自由现金流率BHFWMG
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | -3.8% |
资本支出强度BHFWMG
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.7% |
现金转化率BHFWMG
| Q4 25 | -0.02× | 2.50× | ||
| Q3 25 | 0.24× | 2.12× | ||
| Q2 25 | -0.01× | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | -0.18× | 1.41× | ||
| Q3 24 | 0.14× | 7.41× | ||
| Q2 24 | 9.82× | 1.35× | ||
| Q1 24 | — | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
