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芝商所（CME）与伯克希尔·哈撒韦（HEI）财务数据对比。点击上方公司名可切换其他公司
芝商所的季度营收约是伯克希尔·哈撒韦的1.6倍（$1.9B vs $1.2B），伯克希尔·哈撒韦净利率更高（15.6% vs 0.1%，领先15.5%），伯克希尔·哈撒韦同比增速更快（19.3% vs 14.5%），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs 10.8%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
CME vs HEI — 直观对比
营收规模更大
CME
是对方的1.6倍
$1.2B
营收增速更快
HEI
高出4.8%
14.5%
净利率更高
HEI
高出15.5%
0.1%
两年增速更快
HEI
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $1.2M | $188.3M |
| 毛利率 | — | 40.2% |
| 营业利润率 | 0.1% | 23.1% |
| 净利率 | 0.1% | 15.6% |
| 营收同比 | 14.5% | 19.3% |
| 净利润同比 | 20.7% | 34.8% |
| 每股收益（稀释后） | — | $1.32 |
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CMEHEI
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.6B | $992.2M | ||
| Q2 24 | $1.5B | $955.4M |
净利润CMEHEI
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $188.3M | ||
| Q3 25 | $908.0M | $177.3M | ||
| Q2 25 | $1.0B | $156.8M | ||
| Q1 25 | $956.2M | $168.0M | ||
| Q4 24 | $874.6M | $139.7M | ||
| Q3 24 | $912.8M | $136.6M | ||
| Q2 24 | $883.2M | $123.1M |
毛利率CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 39.8% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.9% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 38.9% |
营业利润率CMEHEI
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 23.1% | ||
| Q3 25 | 63.3% | 23.1% | ||
| Q2 25 | 66.7% | 22.6% | ||
| Q1 25 | 67.5% | 22.0% | ||
| Q4 24 | 62.1% | 21.6% | ||
| Q3 24 | 64.6% | 21.8% | ||
| Q2 24 | 65.3% | 21.9% |
净利率CMEHEI
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 15.6% | ||
| Q3 25 | 59.1% | 15.5% | ||
| Q2 25 | 60.6% | 14.3% | ||
| Q1 25 | 58.2% | 16.3% | ||
| Q4 24 | 57.3% | 13.8% | ||
| Q3 24 | 57.6% | 13.8% | ||
| Q2 24 | 57.6% | 12.9% |
每股收益（稀释后）CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $1.32 | ||
| Q3 25 | $2.49 | $1.26 | ||
| Q2 25 | $2.81 | $1.12 | ||
| Q1 25 | $2.62 | $1.20 | ||
| Q4 24 | $2.40 | $1.00 | ||
| Q3 24 | $2.50 | $0.97 | ||
| Q2 24 | $2.42 | $0.88 |
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 | $2.4B | $217.8M |
| 总债务越低越好 | $3.4B | $2.2B |
| 股东权益账面价值 | — | $4.3B |
| 总资产 | $202.0B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资CMEHEI
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $217.8M | ||
| Q3 25 | $2.6B | $261.9M | ||
| Q2 25 | $2.1B | $242.3M | ||
| Q1 25 | $1.5B | $165.5M | ||
| Q4 24 | $3.0B | $162.1M | ||
| Q3 24 | $2.4B | $202.9M | ||
| Q2 24 | $1.9B | $204.2M |
总债务CMEHEI
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B |
股东权益CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $4.3B | ||
| Q3 25 | $28.2B | $4.1B | ||
| Q2 25 | $27.7B | $4.0B | ||
| Q1 25 | $27.0B | $3.7B | ||
| Q4 24 | $26.5B | $3.6B | ||
| Q3 24 | $28.2B | $3.5B | ||
| Q2 24 | $27.6B | $3.4B |
总资产CMEHEI
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $8.5B | ||
| Q3 25 | $187.1B | $8.5B | ||
| Q2 25 | $179.9B | $8.1B | ||
| Q1 25 | $157.8B | $7.9B | ||
| Q4 24 | $137.4B | $7.6B | ||
| Q3 24 | $137.8B | $7.4B | ||
| Q2 24 | $123.4B | $7.4B |
负债/权益比CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.70× |
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 | — | $295.3M |
| 自由现金流经营现金流 - 资本支出 | — | $268.5M |
| 自由现金流率自由现金流/营收 | — | 22.2% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.57× |
| 过去12个月自由现金流最近4个季度 | — | $861.4M |
8季度趋势，按日历期对齐
经营现金流CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $295.3M | ||
| Q3 25 | $968.1M | $231.2M | ||
| Q2 25 | $1.1B | $204.7M | ||
| Q1 25 | $1.1B | $203.0M | ||
| Q4 24 | $1.0B | $205.6M | ||
| Q3 24 | $1.0B | $214.0M | ||
| Q2 24 | $776.9M | $141.1M |
自由现金流CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $268.5M | ||
| Q3 25 | $949.7M | $218.5M | ||
| Q2 25 | $1.0B | $188.7M | ||
| Q1 25 | $1.1B | $185.7M | ||
| Q4 24 | $991.7M | $189.5M | ||
| Q3 24 | $973.2M | $198.1M | ||
| Q2 24 | $758.7M | $128.2M |
自由现金流率CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 22.2% | ||
| Q3 25 | 61.8% | 19.0% | ||
| Q2 25 | 61.5% | 17.2% | ||
| Q1 25 | 67.1% | 18.0% | ||
| Q4 24 | 65.0% | 18.7% | ||
| Q3 24 | 61.4% | 20.0% | ||
| Q2 24 | 49.5% | 13.4% |
资本支出强度CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 2.2% | ||
| Q3 25 | 1.2% | 1.1% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 0.9% | 1.7% | ||
| Q4 24 | 1.7% | 1.6% | ||
| Q3 24 | 1.9% | 1.6% | ||
| Q2 24 | 1.2% | 1.4% |
现金转化率CMEHEI
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.57× | ||
| Q3 25 | 1.07× | 1.30× | ||
| Q2 25 | 1.03× | 1.31× | ||
| Q1 25 | 1.17× | 1.21× | ||
| Q4 24 | 1.16× | 1.47× | ||
| Q3 24 | 1.10× | 1.57× | ||
| Q2 24 | 0.88× | 1.15× |
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
CME
暂无分部数据
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
