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FIRST HORIZON CORP（FHN）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是FIRST HORIZON CORP的1.4倍（$1.2B vs $888.0M），FIRST HORIZON CORP净利率更高（29.4% vs 9.1%，领先20.3%），FIRST HORIZON CORP同比增速更快（21.8% vs 5.4%），FIRST HORIZON CORP自由现金流更多（$389.0M vs $186.5M），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% vs 6.3%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
FHN vs RBA — 直观对比
营收规模更大
RBA
是对方的1.4倍
$888.0M
营收增速更快
FHN
高出16.4%
5.4%
净利率更高
FHN
高出20.3%
9.1%
自由现金流更多
FHN
多$202.5M
$186.5M
两年增速更快
FHN
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $1.2B |
| 净利润 | $261.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 38.5% | 14.7% |
| 净利率 | 29.4% | 9.1% |
| 营收同比 | 21.8% | 5.4% |
| 净利润同比 | 57.2% | -7.4% |
| 每股收益（稀释后） | $0.51 | $0.53 |
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FHNRBA
| Q4 25 | $888.0M | $1.2B | ||
| Q3 25 | $889.0M | $1.1B | ||
| Q2 25 | $830.0M | $1.2B | ||
| Q1 25 | $812.0M | $1.1B | ||
| Q4 24 | $729.0M | $1.1B | ||
| Q3 24 | $827.0M | $981.8M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $819.0M | $1.1B |
净利润FHNRBA
| Q4 25 | $261.0M | $109.7M | ||
| Q3 25 | $262.0M | $95.5M | ||
| Q2 25 | $241.0M | $109.8M | ||
| Q1 25 | $218.0M | $113.4M | ||
| Q4 24 | $166.0M | $118.5M | ||
| Q3 24 | $218.0M | $76.1M | ||
| Q2 24 | — | $111.1M | ||
| Q1 24 | $192.0M | $107.4M |
营业利润率FHNRBA
| Q4 25 | 38.5% | 14.7% | ||
| Q3 25 | 38.7% | 14.5% | ||
| Q2 25 | 37.2% | 15.9% | ||
| Q1 25 | 35.1% | 17.1% | ||
| Q4 24 | 28.8% | 18.1% | ||
| Q3 24 | 34.0% | 15.6% | ||
| Q2 24 | — | 18.4% | ||
| Q1 24 | 31.0% | 18.7% |
净利率FHNRBA
| Q4 25 | 29.4% | 9.1% | ||
| Q3 25 | 29.5% | 8.7% | ||
| Q2 25 | 29.0% | 9.3% | ||
| Q1 25 | 26.8% | 10.2% | ||
| Q4 24 | 22.8% | 10.4% | ||
| Q3 24 | 26.4% | 7.8% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | 23.4% | 10.1% |
每股收益（稀释后）FHNRBA
| Q4 25 | $0.51 | $0.53 | ||
| Q3 25 | $0.50 | $0.43 | ||
| Q2 25 | $0.45 | $0.53 | ||
| Q1 25 | $0.41 | $0.55 | ||
| Q4 24 | $0.29 | $0.58 | ||
| Q3 24 | $0.40 | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | $0.33 | $0.53 |
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 | — | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $8.8B | $5.6B |
| 总资产 | $83.9B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资FHNRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | — | $674.7M | ||
| Q2 25 | — | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务FHNRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益FHNRBA
| Q4 25 | $8.8B | $5.6B | ||
| Q3 25 | $8.9B | $5.5B | ||
| Q2 25 | $9.0B | $5.5B | ||
| Q1 25 | $8.7B | $5.3B | ||
| Q4 24 | $8.8B | $5.2B | ||
| Q3 24 | $9.0B | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | $8.9B | $5.1B |
总资产FHNRBA
| Q4 25 | $83.9B | $12.1B | ||
| Q3 25 | $83.2B | $12.2B | ||
| Q2 25 | $82.1B | $12.2B | ||
| Q1 25 | $81.5B | $11.9B | ||
| Q4 24 | $82.2B | $11.8B | ||
| Q3 24 | $82.6B | $11.9B | ||
| Q2 24 | — | $12.1B | ||
| Q1 24 | $81.8B | $12.0B |
负债/权益比FHNRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $396.0M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $389.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 43.8% | 15.5% |
| 资本支出强度资本支出/营收 | 0.8% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.52× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $595.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流FHNRBA
| Q4 25 | $396.0M | $255.2M | ||
| Q3 25 | $-200.0M | $239.7M | ||
| Q2 25 | $83.0M | $326.5M | ||
| Q1 25 | $349.0M | $156.8M | ||
| Q4 24 | $191.0M | $184.5M | ||
| Q3 24 | $389.0M | $285.4M | ||
| Q2 24 | — | $337.3M | ||
| Q1 24 | $838.0M | $124.8M |
自由现金流FHNRBA
| Q4 25 | $389.0M | $186.5M | ||
| Q3 25 | $-208.0M | $188.5M | ||
| Q2 25 | $74.0M | $241.7M | ||
| Q1 25 | $340.0M | $102.5M | ||
| Q4 24 | $174.0M | $127.9M | ||
| Q3 24 | $383.0M | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | $828.0M | $79.6M |
自由现金流率FHNRBA
| Q4 25 | 43.8% | 15.5% | ||
| Q3 25 | -23.4% | 17.3% | ||
| Q2 25 | 8.9% | 20.4% | ||
| Q1 25 | 41.9% | 9.2% | ||
| Q4 24 | 23.9% | 11.2% | ||
| Q3 24 | 46.3% | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | 101.1% | 7.5% |
资本支出强度FHNRBA
| Q4 25 | 0.8% | 5.7% | ||
| Q3 25 | 0.9% | 4.7% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | 1.1% | 4.9% | ||
| Q4 24 | 2.3% | 5.0% | ||
| Q3 24 | 0.7% | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | 1.2% | 4.2% |
现金转化率FHNRBA
| Q4 25 | 1.52× | 2.33× | ||
| Q3 25 | -0.76× | 2.51× | ||
| Q2 25 | 0.34× | 2.97× | ||
| Q1 25 | 1.60× | 1.38× | ||
| Q4 24 | 1.15× | 1.56× | ||
| Q3 24 | 1.78× | 3.75× | ||
| Q2 24 | — | 3.04× | ||
| Q1 24 | 4.36× | 1.16× |
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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
