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BLACK HILLS CORP（BKH）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是BLACK HILLS CORP的1.1倍（$664.6M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 10.4%，领先6.4%），Ryman Hospitality Properties, Inc.同比增速更快（13.2% vs 6.4%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（4.1% vs -6.8%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
BKH vs RHP — 直观对比
营收规模更大
RHP
是对方的1.1倍
$622.7M
营收增速更快
RHP
高出6.7%
6.4%
净利率更高
BKH
高出6.4%
10.4%
两年增速更快
RHP
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $664.6M |
| 净利润 | $104.9M | $69.4M |
| 毛利率 | — | — |
| 营业利润率 | 27.5% | 20.7% |
| 净利率 | 16.8% | 10.4% |
| 营收同比 | 6.4% | 13.2% |
| 净利润同比 | 7.0% | 10.1% |
| 每股收益（稀释后） | $1.39 | $1.03 |
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BKHRHP
| Q1 26 | — | $664.6M | ||
| Q4 25 | $622.7M | $737.8M | ||
| Q3 25 | $427.4M | $592.5M | ||
| Q2 25 | $435.7M | $659.5M | ||
| Q1 25 | $800.4M | $587.3M | ||
| Q4 24 | $585.1M | $647.6M | ||
| Q3 24 | $398.6M | $550.0M | ||
| Q2 24 | $397.1M | $613.3M |
净利润BKHRHP
| Q1 26 | — | $69.4M | ||
| Q4 25 | $104.9M | $74.5M | ||
| Q3 25 | $24.9M | $34.9M | ||
| Q2 25 | $27.5M | $71.8M | ||
| Q1 25 | $134.3M | $63.0M | ||
| Q4 24 | $98.0M | $72.3M | ||
| Q3 24 | $24.4M | $59.0M | ||
| Q2 24 | $22.8M | $100.8M |
毛利率BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% |
营业利润率BKHRHP
| Q1 26 | — | 20.7% | ||
| Q4 25 | 27.5% | 19.4% | ||
| Q3 25 | 18.4% | 15.0% | ||
| Q2 25 | 18.9% | 21.1% | ||
| Q1 25 | 25.6% | 19.8% | ||
| Q4 24 | 27.9% | 18.6% | ||
| Q3 24 | 19.0% | 19.3% | ||
| Q2 24 | 17.8% | 27.4% |
净利率BKHRHP
| Q1 26 | — | 10.4% | ||
| Q4 25 | 16.8% | 10.1% | ||
| Q3 25 | 5.8% | 5.9% | ||
| Q2 25 | 6.3% | 10.9% | ||
| Q1 25 | 16.8% | 10.7% | ||
| Q4 24 | 16.7% | 11.2% | ||
| Q3 24 | 6.1% | 10.7% | ||
| Q2 24 | 5.7% | 16.4% |
每股收益（稀释后）BKHRHP
| Q1 26 | — | $1.03 | ||
| Q4 25 | $1.39 | $1.12 | ||
| Q3 25 | $0.34 | $0.53 | ||
| Q2 25 | $0.38 | $1.12 | ||
| Q1 25 | $1.87 | $1.00 | ||
| Q4 24 | $1.36 | $1.12 | ||
| Q3 24 | $0.35 | $0.94 | ||
| Q2 24 | $0.33 | $1.65 |
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 | $182.8M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $770.8M |
| 总资产 | $10.9B | $6.2B |
| 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BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | $182.8M | $471.4M | ||
| Q3 25 | $21.1M | $483.3M | ||
| Q2 25 | $8.1M | $420.6M | ||
| Q1 25 | $6.6M | $413.9M | ||
| Q4 24 | $16.1M | $477.7M | ||
| Q3 24 | $12.5M | $534.9M | ||
| Q2 24 | $624.8M | $498.4M |
股东权益BKHRHP
| Q1 26 | — | $770.8M | ||
| Q4 25 | $3.8B | $750.2M | ||
| Q3 25 | $3.8B | $758.5M | ||
| Q2 25 | $3.6B | $800.4M | ||
| Q1 25 | $3.6B | $531.5M | ||
| Q4 24 | $3.5B | $549.0M | ||
| Q3 24 | $3.4B | $551.9M | ||
| Q2 24 | $3.4B | $562.6M |
总资产BKHRHP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $10.9B | $6.2B | ||
| Q3 25 | $10.3B | $6.2B | ||
| Q2 25 | $10.1B | $6.1B | ||
| Q1 25 | $10.1B | $5.2B | ||
| Q4 24 | $10.0B | $5.2B | ||
| Q3 24 | $9.7B | $5.2B | ||
| Q2 24 | $10.2B | $5.1B |
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 | $168.1M | — |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | — |
| 自由现金流率自由现金流/营收 | -16.3% | — |
| 资本支出强度资本支出/营收 | 43.3% | — |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $-146.4M | — |
8季度趋势，按日历期对齐
经营现金流BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | $168.1M | $164.7M | ||
| Q3 25 | $88.9M | $205.2M | ||
| Q2 25 | $188.6M | $122.5M | ||
| Q1 25 | $227.8M | $98.2M | ||
| Q4 24 | $153.2M | $166.6M | ||
| Q3 24 | $102.1M | $218.1M | ||
| Q2 24 | $230.6M | $184.3M |
自由现金流BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | $-101.5M | $58.5M | ||
| Q3 25 | $-89.5M | $135.4M | ||
| Q2 25 | $-30.3M | $53.0M | ||
| Q1 25 | $74.9M | $-14.5M | ||
| Q4 24 | $-60.5M | $76.0M | ||
| Q3 24 | $-86.0M | $85.7M | ||
| Q2 24 | $64.4M | $78.8M |
自由现金流率BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | -16.3% | 7.9% | ||
| Q3 25 | -20.9% | 22.9% | ||
| Q2 25 | -7.0% | 8.0% | ||
| Q1 25 | 9.4% | -2.5% | ||
| Q4 24 | -10.3% | 11.7% | ||
| Q3 24 | -21.6% | 15.6% | ||
| Q2 24 | 16.2% | 12.9% |
资本支出强度BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | 43.3% | 14.4% | ||
| Q3 25 | 41.7% | 11.8% | ||
| Q2 25 | 50.2% | 10.5% | ||
| Q1 25 | 19.1% | 19.2% | ||
| Q4 24 | 36.5% | 14.0% | ||
| Q3 24 | 47.2% | 24.1% | ||
| Q2 24 | 41.9% | 17.2% |
现金转化率BKHRHP
| Q1 26 | — | — | ||
| Q4 25 | 1.60× | 2.21× | ||
| Q3 25 | 3.57× | 5.88× | ||
| Q2 25 | 6.86× | 1.71× | ||
| Q1 25 | 1.70× | 1.56× | ||
| Q4 24 | 1.56× | 2.30× | ||
| Q3 24 | 4.18× | 3.70× | ||
| Q2 24 | 10.11× | 1.83× |
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
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
RHP
| Food and beverage | $289.3M | 44% |
| Rooms | $223.8M | 34% |
| Entertainment | $79.2M | 12% |
| Other | $72.3M | 11% |
