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TopBuild Corp（BLD）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
TopBuild Corp的季度营收约是RH的1.7倍（$1.5B vs $883.8M），TopBuild Corp净利率更高（7.0% vs 4.1%，领先2.9%），TopBuild Corp同比增速更快（13.2% vs 8.9%），TopBuild Corp自由现金流更多（$159.4M vs $83.0M），过去两年RH的营收复合增速更高（9.4% vs 7.8%）
HashiCorp是总部位于美国加利福尼亚州旧金山的软件企业，2012年由米切尔·桥本与阿蒙·达德加创立，采用免费增值商业模式，为开发、运维及安全从业人员提供云基础设施配置、防护、运行与连接相关的工具及产品。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
BLD vs RH — 直观对比
营收规模更大
BLD
是对方的1.7倍
$883.8M
营收增速更快
BLD
高出4.3%
8.9%
净利率更高
BLD
高出2.9%
4.1%
自由现金流更多
BLD
多$76.3M
$83.0M
两年增速更快
RH
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $883.8M |
| 净利润 | $104.5M | $36.3M |
| 毛利率 | 27.2% | 44.1% |
| 营业利润率 | 12.1% | 12.0% |
| 净利率 | 7.0% | 4.1% |
| 营收同比 | 13.2% | 8.9% |
| 净利润同比 | -30.6% | 9.3% |
| 每股收益（稀释后） | $3.69 | $1.83 |
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BLDRH
| Q4 25 | $1.5B | $883.8M | ||
| Q3 25 | $1.4B | $899.2M | ||
| Q2 25 | $1.3B | $814.0M | ||
| Q1 25 | $1.2B | $812.4M | ||
| Q4 24 | $1.3B | $811.7M | ||
| Q3 24 | $1.4B | $829.7M | ||
| Q2 24 | $1.4B | $727.0M | ||
| Q1 24 | $1.3B | $738.3M |
净利润BLDRH
| Q4 25 | $104.5M | $36.3M | ||
| Q3 25 | $142.2M | $51.7M | ||
| Q2 25 | $151.6M | $8.0M | ||
| Q1 25 | $123.4M | $13.9M | ||
| Q4 24 | $150.5M | $33.2M | ||
| Q3 24 | $169.0M | $29.0M | ||
| Q2 24 | $150.7M | $-3.6M | ||
| Q1 24 | $152.4M | $11.4M |
毛利率BLDRH
| Q4 25 | 27.2% | 44.1% | ||
| Q3 25 | 30.1% | 45.5% | ||
| Q2 25 | 30.4% | 43.7% | ||
| Q1 25 | 28.5% | 44.7% | ||
| Q4 24 | 29.9% | 44.5% | ||
| Q3 24 | 30.7% | 45.2% | ||
| Q2 24 | 31.0% | 43.5% | ||
| Q1 24 | 30.3% | 43.5% |
营业利润率BLDRH
| Q4 25 | 12.1% | 12.0% | ||
| Q3 25 | 15.4% | 14.3% | ||
| Q2 25 | 16.9% | 6.9% | ||
| Q1 25 | 14.4% | 8.7% | ||
| Q4 24 | 16.6% | 12.5% | ||
| Q3 24 | 17.8% | 11.6% | ||
| Q2 24 | 15.4% | 7.5% | ||
| Q1 24 | 16.8% | 8.7% |
净利率BLDRH
| Q4 25 | 7.0% | 4.1% | ||
| Q3 25 | 10.2% | 5.8% | ||
| Q2 25 | 11.7% | 1.0% | ||
| Q1 25 | 10.0% | 1.7% | ||
| Q4 24 | 11.5% | 4.1% | ||
| Q3 24 | 12.3% | 3.5% | ||
| Q2 24 | 11.0% | -0.5% | ||
| Q1 24 | 11.9% | 1.5% |
每股收益（稀释后）BLDRH
| Q4 25 | $3.69 | $1.83 | ||
| Q3 25 | $5.04 | $2.62 | ||
| Q2 25 | $5.32 | $0.40 | ||
| Q1 25 | $4.23 | $0.71 | ||
| Q4 24 | $5.07 | $1.66 | ||
| Q3 24 | $5.65 | $1.45 | ||
| Q2 24 | $4.78 | $-0.20 | ||
| Q1 24 | $4.79 | $0.91 |
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 | $184.7M | $43.1M |
| 总债务越低越好 | $2.8B | — |
| 股东权益账面价值 | $2.3B | $3.3M |
| 总资产 | $6.6B | $4.8B |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资BLDRH
| Q4 25 | $184.7M | $43.1M | ||
| Q3 25 | $1.1B | $34.6M | ||
| Q2 25 | $842.5M | $46.1M | ||
| Q1 25 | $308.8M | $30.4M | ||
| Q4 24 | $400.3M | $87.0M | ||
| Q3 24 | $257.3M | $78.3M | ||
| Q2 24 | $463.2M | $101.8M | ||
| Q1 24 | $968.8M | $123.7M |
总债务BLDRH
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益BLDRH
| Q4 25 | $2.3B | $3.3M | ||
| Q3 25 | $2.2B | $-40.9M | ||
| Q2 25 | $2.1B | $-110.8M | ||
| Q1 25 | $2.1B | $-163.6M | ||
| Q4 24 | $2.2B | $-183.0M | ||
| Q3 24 | $2.1B | $-234.7M | ||
| Q2 24 | $2.4B | $-289.9M | ||
| Q1 24 | $2.7B | $-297.4M |
总资产BLDRH
| Q4 25 | $6.6B | $4.8B | ||
| Q3 25 | $6.4B | $4.7B | ||
| Q2 25 | $5.1B | $4.7B | ||
| Q1 25 | $4.6B | $4.6B | ||
| Q4 24 | $4.7B | $4.5B | ||
| Q3 24 | $4.7B | $4.4B | ||
| Q2 24 | $4.9B | $4.2B | ||
| Q1 24 | $5.3B | $4.1B |
负债/权益比BLDRH
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.52× | — |
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 | $176.7M | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $159.4M | $83.0M |
| 自由现金流率自由现金流/营收 | 10.7% | 9.4% |
| 资本支出强度资本支出/营收 | 1.2% | 5.5% |
| 现金转化率经营现金流/净利润 | 1.69× | 3.64× |
| 过去12个月自由现金流最近4个季度 | $696.9M | $128.1M |
8季度趋势，按日历期对齐
经营现金流BLDRH
| Q4 25 | $176.7M | $131.9M | ||
| Q3 25 | $233.3M | $137.7M | ||
| Q2 25 | $193.7M | $86.6M | ||
| Q1 25 | $152.6M | $-18.8M | ||
| Q4 24 | $266.2M | $-31.4M | ||
| Q3 24 | $240.7M | $11.2M | ||
| Q2 24 | $90.4M | $56.1M | ||
| Q1 24 | $178.8M | $-114.0M |
自由现金流BLDRH
| Q4 25 | $159.4M | $83.0M | ||
| Q3 25 | $216.2M | $80.7M | ||
| Q2 25 | $182.2M | $34.1M | ||
| Q1 25 | $139.2M | $-69.7M | ||
| Q4 24 | $253.7M | $-96.0M | ||
| Q3 24 | $219.8M | $-37.9M | ||
| Q2 24 | $74.3M | $-10.1M | ||
| Q1 24 | $158.9M | $-251.5M |
自由现金流率BLDRH
| Q4 25 | 10.7% | 9.4% | ||
| Q3 25 | 15.5% | 9.0% | ||
| Q2 25 | 14.0% | 4.2% | ||
| Q1 25 | 11.3% | -8.6% | ||
| Q4 24 | 19.3% | -11.8% | ||
| Q3 24 | 16.0% | -4.6% | ||
| Q2 24 | 5.4% | -1.4% | ||
| Q1 24 | 12.4% | -34.1% |
资本支出强度BLDRH
| Q4 25 | 1.2% | 5.5% | ||
| Q3 25 | 1.2% | 6.3% | ||
| Q2 25 | 0.9% | 6.5% | ||
| Q1 25 | 1.1% | 6.3% | ||
| Q4 24 | 1.0% | 8.0% | ||
| Q3 24 | 1.5% | 5.9% | ||
| Q2 24 | 1.2% | 9.1% | ||
| Q1 24 | 1.6% | 18.6% |
现金转化率BLDRH
| Q4 25 | 1.69× | 3.64× | ||
| Q3 25 | 1.64× | 2.66× | ||
| Q2 25 | 1.28× | 10.78× | ||
| Q1 25 | 1.24× | -1.35× | ||
| Q4 24 | 1.77× | -0.95× | ||
| Q3 24 | 1.42× | 0.39× | ||
| Q2 24 | 0.60× | — | ||
| Q1 24 | 1.17× | -10.01× |
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
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
