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FEDERATED HERMES, INC.（FHI）与Reddit, Inc.（RDDT）财务数据对比。点击上方公司名可切换其他公司
Reddit, Inc.的季度营收约是FEDERATED HERMES, INC.的1.5倍（$725.6M vs $482.8M），Reddit, Inc.净利率更高（34.7% vs 22.2%，领先12.5%），Reddit, Inc.同比增速更快（69.7% vs 13.7%），FEDERATED HERMES, INC.自由现金流更多（$294.6M vs $263.6M），过去两年Reddit, Inc.的营收复合增速更高（72.8% vs 10.4%）
方德贺明是总部位于美国宾夕法尼亚州匹兹堡的投资管理机构，成立于1955年，1957年10月18日正式注册。截至2025年12月，公司受托管理客户资产规模达9026亿美元，可为客户提供股票、固定收益、另类/私募市场、多资产及流动性管理等多元投资策略，产品覆盖共同基金、ETF、独立账户、封闭式基金和集合投资基金等品类。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
FHI vs RDDT — 直观对比
营收规模更大
RDDT
是对方的1.5倍
$482.8M
营收增速更快
RDDT
高出56.0%
13.7%
净利率更高
RDDT
高出12.5%
22.2%
自由现金流更多
FHI
多$30.9M
$263.6M
两年增速更快
RDDT
近两年复合增速
10.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $482.8M | $725.6M |
| 净利润 | $107.0M | $251.6M |
| 毛利率 | — | 91.9% |
| 营业利润率 | 28.1% | 31.9% |
| 净利率 | 22.2% | 34.7% |
| 营收同比 | 13.7% | 69.7% |
| 净利润同比 | 26.4% | 254.2% |
| 每股收益（稀释后） | $1.38 | $1.24 |
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FHIRDDT
| Q4 25 | $482.8M | $725.6M | ||
| Q3 25 | $469.4M | $584.9M | ||
| Q2 25 | $424.8M | $499.6M | ||
| Q1 25 | $423.5M | $392.4M | ||
| Q4 24 | $424.7M | $427.7M | ||
| Q3 24 | $408.5M | $348.4M | ||
| Q2 24 | $402.6M | $281.2M | ||
| Q1 24 | $396.4M | $243.0M |
净利润FHIRDDT
| Q4 25 | $107.0M | $251.6M | ||
| Q3 25 | $104.1M | $162.7M | ||
| Q2 25 | $91.0M | $89.3M | ||
| Q1 25 | $101.1M | $26.2M | ||
| Q4 24 | $84.7M | $71.0M | ||
| Q3 24 | $87.5M | $29.9M | ||
| Q2 24 | $21.0M | $-10.1M | ||
| Q1 24 | $75.0M | $-575.1M |
毛利率FHIRDDT
| Q4 25 | — | 91.9% | ||
| Q3 25 | — | 91.0% | ||
| Q2 25 | — | 90.8% | ||
| Q1 25 | — | 90.5% | ||
| Q4 24 | — | 92.6% | ||
| Q3 24 | — | 90.1% | ||
| Q2 24 | — | 89.5% | ||
| Q1 24 | — | 88.6% |
营业利润率FHIRDDT
| Q4 25 | 28.1% | 31.9% | ||
| Q3 25 | 27.6% | 23.7% | ||
| Q2 25 | 27.6% | 13.6% | ||
| Q1 25 | 31.1% | 1.0% | ||
| Q4 24 | 26.0% | 12.4% | ||
| Q3 24 | 27.4% | 2.0% | ||
| Q2 24 | 10.1% | -11.0% | ||
| Q1 24 | 24.9% | -242.5% |
净利率FHIRDDT
| Q4 25 | 22.2% | 34.7% | ||
| Q3 25 | 22.2% | 27.8% | ||
| Q2 25 | 21.4% | 17.9% | ||
| Q1 25 | 23.9% | 6.7% | ||
| Q4 24 | 19.9% | 16.6% | ||
| Q3 24 | 21.4% | 8.6% | ||
| Q2 24 | 5.2% | -3.6% | ||
| Q1 24 | 18.9% | -236.7% |
每股收益（稀释后）FHIRDDT
| Q4 25 | $1.38 | $1.24 | ||
| Q3 25 | $1.34 | $0.80 | ||
| Q2 25 | $1.16 | $0.45 | ||
| Q1 25 | $1.25 | $0.13 | ||
| Q4 24 | $1.08 | $4.76 | ||
| Q3 24 | $1.06 | $0.16 | ||
| Q2 24 | $0.20 | $-0.06 | ||
| Q1 24 | $0.89 | $-8.19 |
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 | $582.5M | $953.6M |
| 总债务越低越好 | $348.4M | — |
| 股东权益账面价值 | $1.2B | $2.9B |
| 总资产 | $2.2B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.29× | — |
8季度趋势，按日历期对齐
现金及短期投资FHIRDDT
| Q4 25 | $582.5M | $953.6M | ||
| Q3 25 | $506.3M | $911.7M | ||
| Q2 25 | $371.0M | $734.1M | ||
| Q1 25 | $387.6M | $635.7M | ||
| Q4 24 | $504.4M | $562.1M | ||
| Q3 24 | $375.0M | $515.9M | ||
| Q2 24 | $307.4M | $468.0M | ||
| Q1 24 | $359.8M | $968.5M |
总债务FHIRDDT
| Q4 25 | $348.4M | — | ||
| Q3 25 | $348.3M | — | ||
| Q2 25 | $348.2M | — | ||
| Q1 25 | $348.2M | — | ||
| Q4 24 | $348.1M | — | ||
| Q3 24 | $348.0M | — | ||
| Q2 24 | $348.0M | — | ||
| Q1 24 | $347.9M | — |
股东权益FHIRDDT
| Q4 25 | $1.2B | $2.9B | ||
| Q3 25 | $1.2B | $2.6B | ||
| Q2 25 | $1.1B | $2.4B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.0B | $1.9B | ||
| Q1 24 | $1.1B | $1.8B |
总资产FHIRDDT
| Q4 25 | $2.2B | $3.2B | ||
| Q3 25 | $2.2B | $2.9B | ||
| Q2 25 | $2.2B | $2.6B | ||
| Q1 25 | $2.0B | $2.4B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $1.9B | $2.1B | ||
| Q1 24 | $2.1B | $2.0B |
负债/权益比FHIRDDT
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.30× | — |
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 | $297.3M | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $294.6M | $263.6M |
| 自由现金流率自由现金流/营收 | 61.0% | 36.3% |
| 资本支出强度资本支出/营收 | 0.6% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.78× | 1.06× |
| 过去12个月自由现金流最近4个季度 | $427.5M | $684.2M |
8季度趋势，按日历期对齐
经营现金流FHIRDDT
| Q4 25 | $297.3M | $266.8M | ||
| Q3 25 | $103.1M | $185.2M | ||
| Q2 25 | $18.8M | $111.3M | ||
| Q1 25 | $14.3M | $127.6M | ||
| Q4 24 | $346.6M | $90.0M | ||
| Q3 24 | $117.1M | $71.6M | ||
| Q2 24 | $88.7M | $28.4M | ||
| Q1 24 | $14.0M | $32.1M |
自由现金流FHIRDDT
| Q4 25 | $294.6M | $263.6M | ||
| Q3 25 | $101.6M | $183.1M | ||
| Q2 25 | $18.0M | $110.8M | ||
| Q1 25 | $13.3M | $126.6M | ||
| Q4 24 | $342.5M | $89.2M | ||
| Q3 24 | $114.1M | $70.3M | ||
| Q2 24 | $82.7M | $27.2M | ||
| Q1 24 | $13.5M | $29.2M |
自由现金流率FHIRDDT
| Q4 25 | 61.0% | 36.3% | ||
| Q3 25 | 21.6% | 31.3% | ||
| Q2 25 | 4.2% | 22.2% | ||
| Q1 25 | 3.1% | 32.3% | ||
| Q4 24 | 80.7% | 20.8% | ||
| Q3 24 | 27.9% | 20.2% | ||
| Q2 24 | 20.5% | 9.7% | ||
| Q1 24 | 3.4% | 12.0% |
资本支出强度FHIRDDT
| Q4 25 | 0.6% | 0.4% | ||
| Q3 25 | 0.3% | 0.4% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.9% | 0.2% | ||
| Q3 24 | 0.7% | 0.4% | ||
| Q2 24 | 1.5% | 0.4% | ||
| Q1 24 | 0.1% | 1.2% |
现金转化率FHIRDDT
| Q4 25 | 2.78× | 1.06× | ||
| Q3 25 | 0.99× | 1.14× | ||
| Q2 25 | 0.21× | 1.25× | ||
| Q1 25 | 0.14× | 4.88× | ||
| Q4 24 | 4.09× | 1.27× | ||
| Q3 24 | 1.34× | 2.40× | ||
| Q2 24 | 4.22× | — | ||
| Q1 24 | 0.19× | — |
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
FHI
| Investment Advisory Management And Administrative Service | $314.0M | 65% |
| Separateaccounts | $63.9M | 13% |
| Other | $61.2M | 13% |
| Distribution Service | $43.7M | 9% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
