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BrightView Holdings, Inc.（BV）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
BrightView Holdings, Inc.的季度营收约是美世的1.4倍（$614.7M vs $449.5M），BrightView Holdings, Inc.净利率更高（-2.5% vs -68.7%，领先66.2%），BrightView Holdings, Inc.同比增速更快（2.6% vs -8.0%），美世自由现金流更多（$32.0M vs $-18.6M），过去两年BrightView Holdings, Inc.的营收复合增速更高（-4.4% vs -9.9%）
BrightView Holdings是美国领先的商业景观服务提供商，业务涵盖景观设计、施工、日常养护、灌溉系统管理、除雪除冰等，服务客户覆盖企业园区、商业中心、住宅社区及公共部门等场景。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
BV vs MERC — 直观对比
营收规模更大
BV
是对方的1.4倍
$449.5M
营收增速更快
BV
高出10.6%
-8.0%
净利率更高
BV
高出66.2%
-68.7%
自由现金流更多
MERC
多$50.6M
$-18.6M
两年增速更快
BV
近两年复合增速
-9.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.7M | $449.5M |
| 净利润 | $-15.2M | $-308.7M |
| 毛利率 | 18.6% | — |
| 营业利润率 | -1.2% | -62.0% |
| 净利率 | -2.5% | -68.7% |
| 营收同比 | 2.6% | -8.0% |
| 净利润同比 | -46.2% | -1947.7% |
| 每股收益（稀释后） | $-0.26 | $-4.61 |
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BVMERC
| Q4 25 | $614.7M | $449.5M | ||
| Q3 25 | $702.7M | $458.1M | ||
| Q2 25 | $708.3M | $453.5M | ||
| Q1 25 | $662.6M | $507.0M | ||
| Q4 24 | $599.2M | $488.4M | ||
| Q3 24 | $728.7M | $502.1M | ||
| Q2 24 | $738.8M | $499.4M | ||
| Q1 24 | $672.9M | $553.4M |
净利润BVMERC
| Q4 25 | $-15.2M | $-308.7M | ||
| Q3 25 | $27.7M | $-80.8M | ||
| Q2 25 | $32.3M | $-86.1M | ||
| Q1 25 | $6.4M | $-22.3M | ||
| Q4 24 | $-10.4M | $16.7M | ||
| Q3 24 | $25.6M | $-17.6M | ||
| Q2 24 | $23.5M | $-67.6M | ||
| Q1 24 | $33.7M | $-16.7M |
毛利率BVMERC
| Q4 25 | 18.6% | — | ||
| Q3 25 | 25.1% | — | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 21.2% | — | ||
| Q3 24 | 25.0% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | 22.6% | — |
营业利润率BVMERC
| Q4 25 | -1.2% | -62.0% | ||
| Q3 25 | 7.9% | -14.8% | ||
| Q2 25 | 8.1% | -12.9% | ||
| Q1 25 | 3.4% | 1.3% | ||
| Q4 24 | -0.1% | 10.3% | ||
| Q3 24 | 7.1% | 1.8% | ||
| Q2 24 | 6.6% | -8.8% | ||
| Q1 24 | 9.2% | -0.1% |
净利率BVMERC
| Q4 25 | -2.5% | -68.7% | ||
| Q3 25 | 3.9% | -17.6% | ||
| Q2 25 | 4.6% | -19.0% | ||
| Q1 25 | 1.0% | -4.4% | ||
| Q4 24 | -1.7% | 3.4% | ||
| Q3 24 | 3.5% | -3.5% | ||
| Q2 24 | 3.2% | -13.5% | ||
| Q1 24 | 5.0% | -3.0% |
每股收益（稀释后）BVMERC
| Q4 25 | $-0.26 | $-4.61 | ||
| Q3 25 | $0.21 | $-1.21 | ||
| Q2 25 | $0.15 | $-1.29 | ||
| Q1 25 | $-0.03 | $-0.33 | ||
| Q4 24 | $-0.20 | $0.25 | ||
| Q3 24 | $0.20 | $-0.26 | ||
| Q2 24 | $0.10 | $-1.01 | ||
| Q1 24 | $0.17 | $-0.25 |
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 | $37.0M | $186.8M |
| 总债务越低越好 | $801.1M | $1.6B |
| 股东权益账面价值 | $1.3B | $68.1M |
| 总资产 | $3.3B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.64× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资BVMERC
| Q4 25 | $37.0M | $186.8M | ||
| Q3 25 | $74.5M | $98.1M | ||
| Q2 25 | $79.1M | $146.5M | ||
| Q1 25 | $141.3M | $181.5M | ||
| Q4 24 | $98.3M | $184.9M | ||
| Q3 24 | $140.4M | $239.0M | ||
| Q2 24 | $115.9M | $263.2M | ||
| Q1 24 | $177.3M | $274.3M |
总债务BVMERC
| Q4 25 | $801.1M | $1.6B | ||
| Q3 25 | $790.2M | $1.5B | ||
| Q2 25 | $790.7M | $1.5B | ||
| Q1 25 | $798.9M | $1.5B | ||
| Q4 24 | $796.5M | $1.5B | ||
| Q3 24 | $802.5M | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益BVMERC
| Q4 25 | $1.3B | $68.1M | ||
| Q3 25 | $1.3B | $359.5M | ||
| Q2 25 | $1.3B | $446.5M | ||
| Q1 25 | $1.3B | $437.4M | ||
| Q4 24 | $1.3B | $429.8M | ||
| Q3 24 | $1.3B | $516.8M | ||
| Q2 24 | $1.3B | $487.7M | ||
| Q1 24 | $1.2B | $573.6M |
总资产BVMERC
| Q4 25 | $3.3B | $2.0B | ||
| Q3 25 | $3.4B | $2.3B | ||
| Q2 25 | $3.4B | $2.4B | ||
| Q1 25 | $3.3B | $2.3B | ||
| Q4 24 | $3.3B | $2.3B | ||
| Q3 24 | $3.4B | $2.5B | ||
| Q2 24 | $3.4B | $2.5B | ||
| Q1 24 | $3.4B | $2.6B |
负债/权益比BVMERC
| Q4 25 | 0.64× | 23.58× | ||
| Q3 25 | 0.61× | 4.30× | ||
| Q2 25 | 0.62× | 3.42× | ||
| Q1 25 | 0.63× | 3.44× | ||
| Q4 24 | 0.63× | 3.43× | ||
| Q3 24 | 0.63× | 3.09× | ||
| Q2 24 | — | 3.22× | ||
| Q1 24 | — | 2.82× |
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 | $36.1M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $-18.6M | $32.0M |
| 自由现金流率自由现金流/营收 | -3.0% | 7.1% |
| 资本支出强度资本支出/营收 | 8.9% | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $17.2M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流BVMERC
| Q4 25 | $36.1M | $46.2M | ||
| Q3 25 | $84.4M | $-30.1M | ||
| Q2 25 | $55.7M | $-4.5M | ||
| Q1 25 | $91.2M | $-3.0M | ||
| Q4 24 | $60.5M | $71.2M | ||
| Q3 24 | $53.5M | $-13.9M | ||
| Q2 24 | $42.6M | $62.2M | ||
| Q1 24 | $83.3M | $-29.2M |
自由现金流BVMERC
| Q4 25 | $-18.6M | $32.0M | ||
| Q3 25 | $26.0M | $-60.1M | ||
| Q2 25 | $-47.8M | $-28.9M | ||
| Q1 25 | $57.6M | $-23.1M | ||
| Q4 24 | $1.8M | $50.4M | ||
| Q3 24 | $21.1M | $-41.2M | ||
| Q2 24 | $19.3M | $44.3M | ||
| Q1 24 | $70.7M | $-47.7M |
自由现金流率BVMERC
| Q4 25 | -3.0% | 7.1% | ||
| Q3 25 | 3.7% | -13.1% | ||
| Q2 25 | -6.7% | -6.4% | ||
| Q1 25 | 8.7% | -4.6% | ||
| Q4 24 | 0.3% | 10.3% | ||
| Q3 24 | 2.9% | -8.2% | ||
| Q2 24 | 2.6% | 8.9% | ||
| Q1 24 | 10.5% | -8.6% |
资本支出强度BVMERC
| Q4 25 | 8.9% | 3.1% | ||
| Q3 25 | 8.3% | 6.6% | ||
| Q2 25 | 14.6% | 5.4% | ||
| Q1 25 | 5.1% | 4.0% | ||
| Q4 24 | 9.8% | 4.2% | ||
| Q3 24 | 4.4% | 5.4% | ||
| Q2 24 | 3.2% | 3.6% | ||
| Q1 24 | 1.9% | 3.3% |
现金转化率BVMERC
| Q4 25 | — | — | ||
| Q3 25 | 3.05× | — | ||
| Q2 25 | 1.72× | — | ||
| Q1 25 | 14.25× | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 2.09× | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 2.47× | — |
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
BV
| Landscape Maintenance | $368.0M | 60% |
| Development Services Segment | $179.2M | 29% |
| Snow Removal | $68.4M | 11% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
