vs
美国艺电（EA）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
美国艺电的季度营收约是Graham Holdings Co的1.5倍（$1.9B vs $1.3B），Graham Holdings Co净利率更高（8.7% vs 4.6%，领先4.1%），美国艺电同比增速更快（1.0% vs 0.4%），过去两年Graham Holdings Co的营收复合增速更高（4.2% vs 3.4%）
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
EA vs GHC — 直观对比
营收规模更大
EA
是对方的1.5倍
$1.3B
营收增速更快
EA
高出0.5%
0.4%
净利率更高
GHC
高出4.1%
4.6%
两年增速更快
GHC
近两年复合增速
3.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $88.0M | $108.7M |
| 毛利率 | 73.8% | — |
| 营业利润率 | 6.7% | 3.8% |
| 净利率 | 4.6% | 8.7% |
| 营收同比 | 1.0% | 0.4% |
| 净利润同比 | -70.0% | -80.2% |
| 每股收益（稀释后） | $0.35 | $24.76 |
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EAGHC
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $2.0B | $1.2B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.8B | $1.2B |
净利润EAGHC
| Q4 25 | $88.0M | $108.7M | ||
| Q3 25 | $137.0M | $122.9M | ||
| Q2 25 | $201.0M | $36.7M | ||
| Q1 25 | $254.0M | $23.9M | ||
| Q4 24 | $293.0M | $548.8M | ||
| Q3 24 | $294.0M | $72.5M | ||
| Q2 24 | $280.0M | $-21.0M | ||
| Q1 24 | $182.0M | $124.4M |
毛利率EAGHC
| Q4 25 | 73.8% | — | ||
| Q3 25 | 75.9% | — | ||
| Q2 25 | 83.3% | — | ||
| Q1 25 | 80.6% | — | ||
| Q4 24 | 75.8% | — | ||
| Q3 24 | 77.5% | — | ||
| Q2 24 | 84.2% | — | ||
| Q1 24 | 79.9% | — |
营业利润率EAGHC
| Q4 25 | 6.7% | 3.8% | ||
| Q3 25 | 10.9% | 5.2% | ||
| Q2 25 | 16.2% | 6.0% | ||
| Q1 25 | 20.8% | 4.1% | ||
| Q4 24 | 20.0% | 5.8% | ||
| Q3 24 | 19.0% | 6.8% | ||
| Q2 24 | 21.9% | 2.2% | ||
| Q1 24 | 13.2% | 3.1% |
净利率EAGHC
| Q4 25 | 4.6% | 8.7% | ||
| Q3 25 | 7.4% | 9.6% | ||
| Q2 25 | 12.0% | 3.0% | ||
| Q1 25 | 13.4% | 2.0% | ||
| Q4 24 | 15.6% | 44.1% | ||
| Q3 24 | 14.5% | 6.0% | ||
| Q2 24 | 16.9% | -1.8% | ||
| Q1 24 | 10.2% | 10.8% |
每股收益（稀释后）EAGHC
| Q4 25 | $0.35 | $24.76 | ||
| Q3 25 | $0.54 | $27.91 | ||
| Q2 25 | $0.79 | $8.35 | ||
| Q1 25 | $0.99 | $5.45 | ||
| Q4 24 | $1.11 | $124.05 | ||
| Q3 24 | $1.11 | $16.42 | ||
| Q2 24 | $1.04 | $-4.79 | ||
| Q1 24 | $0.67 | $27.72 |
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 | $2.8B | $267.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.2B | $4.8B |
| 总资产 | $13.3B | $8.4B |
| 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EAGHC
| Q4 25 | $2.8B | $267.0M | ||
| Q3 25 | $1.1B | $190.8M | ||
| Q2 25 | $1.5B | $176.2M | ||
| Q1 25 | $2.1B | $156.7M | ||
| Q4 24 | $2.8B | $260.9M | ||
| Q3 24 | $2.2B | $244.4M | ||
| Q2 24 | $2.4B | $140.7M | ||
| Q1 24 | $2.9B | $130.9M |
股东权益EAGHC
| Q4 25 | $6.2B | $4.8B | ||
| Q3 25 | $6.0B | $4.5B | ||
| Q2 25 | $6.1B | $4.4B | ||
| Q1 25 | $6.4B | $4.3B | ||
| Q4 24 | $7.4B | $4.3B | ||
| Q3 24 | $7.4B | $4.0B | ||
| Q2 24 | $7.4B | $4.0B | ||
| Q1 24 | $7.5B | $4.0B |
总资产EAGHC
| Q4 25 | $13.3B | $8.4B | ||
| Q3 25 | $11.9B | $7.9B | ||
| Q2 25 | $11.7B | $7.6B | ||
| Q1 25 | $12.4B | $7.6B | ||
| Q4 24 | $13.5B | $7.7B | ||
| Q3 24 | $13.1B | $7.4B | ||
| Q2 24 | $12.7B | $7.2B | ||
| Q1 24 | $13.4B | $7.3B |
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 | $1.8B | $28.3M |
| 自由现金流经营现金流 - 资本支出 | — | $5.0M |
| 自由现金流率自由现金流/营收 | — | 0.4% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | 20.75× | 0.26× |
| 过去12个月自由现金流最近4个季度 | — | $275.3M |
8季度趋势，按日历期对齐
经营现金流EAGHC
| Q4 25 | $1.8B | $28.3M | ||
| Q3 25 | $130.0M | $178.1M | ||
| Q2 25 | $17.0M | $94.8M | ||
| Q1 25 | $549.0M | $46.0M | ||
| Q4 24 | $1.2B | $116.3M | ||
| Q3 24 | $234.0M | $237.6M | ||
| Q2 24 | $120.0M | $52.0M | ||
| Q1 24 | $580.0M | $1.1M |
自由现金流EAGHC
| Q4 25 | — | $5.0M | ||
| Q3 25 | — | $161.8M | ||
| Q2 25 | — | $78.0M | ||
| Q1 25 | — | $30.5M | ||
| Q4 24 | — | $91.1M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $33.7M | ||
| Q1 24 | — | $-20.2M |
自由现金流率EAGHC
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 12.6% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | -1.8% |
资本支出强度EAGHC
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 1.8% |
现金转化率EAGHC
| Q4 25 | 20.75× | 0.26× | ||
| Q3 25 | 0.95× | 1.45× | ||
| Q2 25 | 0.08× | 2.58× | ||
| Q1 25 | 2.16× | 1.93× | ||
| Q4 24 | 4.01× | 0.21× | ||
| Q3 24 | 0.80× | 3.28× | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 3.19× | 0.01× |
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
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
