vs
鲍德温（BWIN）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
RBC Bearings INC的季度营收约是鲍德温的1.3倍（$461.6M vs $347.3M），RBC Bearings INC净利率更高（14.6% vs -7.5%，领先22.1%），RBC Bearings INC同比增速更快（17.0% vs 5.3%），RBC Bearings INC自由现金流更多（$99.1M vs $-68.9M），过去两年RBC Bearings INC的营收复合增速更高（5.6% vs -4.4%）
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
BWIN vs RBC — 直观对比
营收规模更大
RBC
是对方的1.3倍
$347.3M
营收增速更快
RBC
高出11.8%
5.3%
净利率更高
RBC
高出22.1%
-7.5%
自由现金流更多
RBC
多$168.0M
$-68.9M
两年增速更快
RBC
近两年复合增速
-4.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $347.3M | $461.6M |
| 净利润 | $-25.9M | $67.4M |
| 毛利率 | — | 44.3% |
| 营业利润率 | -3.8% | 22.3% |
| 净利率 | -7.5% | 14.6% |
| 营收同比 | 5.3% | 17.0% |
| 净利润同比 | -28.3% | 16.4% |
| 每股收益（稀释后） | $-0.38 | $2.13 |
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BWINRBC
| Q4 25 | $347.3M | $461.6M | ||
| Q3 25 | $365.4M | $455.3M | ||
| Q2 25 | $378.8M | $436.0M | ||
| Q1 25 | $413.4M | $437.7M | ||
| Q4 24 | $329.9M | $394.4M | ||
| Q3 24 | $338.9M | $397.9M | ||
| Q2 24 | $339.8M | $406.3M | ||
| Q1 24 | $380.4M | $413.7M |
净利润BWINRBC
| Q4 25 | $-25.9M | $67.4M | ||
| Q3 25 | $-18.7M | $60.0M | ||
| Q2 25 | $-3.2M | $68.5M | ||
| Q1 25 | $13.9M | $72.7M | ||
| Q4 24 | $-20.2M | $57.9M | ||
| Q3 24 | $-8.4M | $54.2M | ||
| Q2 24 | $-17.6M | $61.4M | ||
| Q1 24 | $21.6M | — |
毛利率BWINRBC
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 44.1% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 44.3% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 45.3% | ||
| Q1 24 | — | 43.1% |
营业利润率BWINRBC
| Q4 25 | -3.8% | 22.3% | ||
| Q3 25 | 0.9% | 21.5% | ||
| Q2 25 | 7.4% | 23.2% | ||
| Q1 25 | 13.6% | 23.0% | ||
| Q4 24 | -1.7% | 21.7% | ||
| Q3 24 | 4.5% | 21.6% | ||
| Q2 24 | 4.8% | 24.0% | ||
| Q1 24 | 9.0% | 22.8% |
净利率BWINRBC
| Q4 25 | -7.5% | 14.6% | ||
| Q3 25 | -5.1% | 13.2% | ||
| Q2 25 | -0.8% | 15.7% | ||
| Q1 25 | 3.4% | 16.6% | ||
| Q4 24 | -6.2% | 14.7% | ||
| Q3 24 | -2.5% | 13.6% | ||
| Q2 24 | -5.2% | 15.1% | ||
| Q1 24 | 5.7% | — |
每股收益（稀释后）BWINRBC
| Q4 25 | $-0.38 | $2.13 | ||
| Q3 25 | $-0.27 | $1.90 | ||
| Q2 25 | $-0.05 | $2.17 | ||
| Q1 25 | $0.20 | $2.33 | ||
| Q4 24 | $-0.31 | $1.82 | ||
| Q3 24 | $-0.13 | $1.65 | ||
| Q2 24 | $-0.28 | $1.90 | ||
| Q1 24 | $0.33 | $1.92 |
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 | $123.7M | $107.6M |
| 总债务越低越好 | — | $990.2M |
| 股东权益账面价值 | $600.2M | $3.3B |
| 总资产 | $3.9B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资BWINRBC
| Q4 25 | $123.7M | $107.6M | ||
| Q3 25 | $89.7M | $91.2M | ||
| Q2 25 | $105.7M | $132.9M | ||
| Q1 25 | $81.8M | $36.8M | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $181.8M | — | ||
| Q2 24 | $208.3M | $76.8M | ||
| Q1 24 | $112.1M | $63.5M |
总债务BWINRBC
| Q4 25 | — | $990.2M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $915.6M | ||
| Q1 25 | — | $920.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.2B |
股东权益BWINRBC
| Q4 25 | $600.2M | $3.3B | ||
| Q3 25 | $619.7M | $3.2B | ||
| Q2 25 | $630.8M | $3.1B | ||
| Q1 25 | $619.6M | $3.0B | ||
| Q4 24 | $583.2M | $2.9B | ||
| Q3 24 | $595.4M | $2.9B | ||
| Q2 24 | $590.9M | $2.8B | ||
| Q1 24 | $597.9M | $2.8B |
总资产BWINRBC
| Q4 25 | $3.9B | $5.1B | ||
| Q3 25 | $3.8B | $5.1B | ||
| Q2 25 | $3.7B | $4.8B | ||
| Q1 25 | $3.5B | $4.7B | ||
| Q4 24 | $3.5B | $4.7B | ||
| Q3 24 | $3.5B | $4.7B | ||
| Q2 24 | $3.7B | $4.7B | ||
| Q1 24 | $3.5B | $4.7B |
负债/权益比BWINRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.43× |
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 | $-29.4M | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $-68.9M | $99.1M |
| 自由现金流率自由现金流/营收 | -19.9% | 21.5% |
| 资本支出强度资本支出/营收 | 11.4% | 5.0% |
| 现金转化率经营现金流/净利润 | — | 1.81× |
| 过去12个月自由现金流最近4个季度 | $-137.8M | — |
8季度趋势，按日历期对齐
经营现金流BWINRBC
| Q4 25 | $-29.4M | $122.1M | ||
| Q3 25 | $41.0M | $88.4M | ||
| Q2 25 | $-16.7M | $120.0M | ||
| Q1 25 | $-64.0M | — | ||
| Q4 24 | $51.5M | $84.0M | ||
| Q3 24 | $32.4M | — | ||
| Q2 24 | $18.3M | $97.4M | ||
| Q1 24 | $3.0M | — |
自由现金流BWINRBC
| Q4 25 | $-68.9M | $99.1M | ||
| Q3 25 | $32.2M | $71.7M | ||
| Q2 25 | $-28.1M | $104.3M | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | $73.6M | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | $88.4M | ||
| Q1 24 | $-5.1M | — |
自由现金流率BWINRBC
| Q4 25 | -19.9% | 21.5% | ||
| Q3 25 | 8.8% | 15.7% | ||
| Q2 25 | -7.4% | 23.9% | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | 18.7% | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | 21.8% | ||
| Q1 24 | -1.4% | — |
资本支出强度BWINRBC
| Q4 25 | 11.4% | 5.0% | ||
| Q3 25 | 2.4% | 3.7% | ||
| Q2 25 | 3.0% | 3.6% | ||
| Q1 25 | 2.2% | 3.2% | ||
| Q4 24 | 12.4% | 2.6% | ||
| Q3 24 | 3.0% | 4.1% | ||
| Q2 24 | 3.1% | 2.2% | ||
| Q1 24 | 2.1% | — |
现金转化率BWINRBC
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.59× | ||
| Q1 24 | 0.14× | — |
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
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
