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Freedom Holding Corp.（FRHC）与PIPER SANDLER COMPANIES（PIPR）财务数据对比。点击上方公司名可切换其他公司
PIPER SANDLER COMPANIES的季度营收约是Freedom Holding Corp.的1.1倍（$667.0M vs $628.6M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 12.1%，领先5.0%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -4.1%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 16.3%）
Freedom Holding Corp.是在美国内华达州注册的投资集团，业务覆盖零售证券经纪交易、资产管理、资本市场服务、投研咨询、投行承销、抵押贷款、保险、银行及其他消费金融服务，核心布局美股、欧洲及以哈萨克斯坦为核心的中亚市场。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
FRHC vs PIPR — 直观对比
营收规模更大
PIPR
是对方的1.1倍
$628.6M
营收增速更快
PIPR
高出41.5%
-4.1%
净利率更高
PIPR
高出5.0%
12.1%
两年增速更快
PIPR
近两年复合增速
16.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $628.6M | $667.0M |
| 净利润 | $76.2M | $114.0M |
| 毛利率 | 96.0% | — |
| 营业利润率 | 14.9% | 28.3% |
| 净利率 | 12.1% | 17.1% |
| 营收同比 | -4.1% | 37.4% |
| 净利润同比 | -2.6% | 65.0% |
| 每股收益（稀释后） | $1.25 | $6.41 |
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FRHCPIPR
| Q4 25 | $628.6M | $667.0M | ||
| Q3 25 | $526.1M | $480.1M | ||
| Q2 25 | $533.4M | $398.6M | ||
| Q1 25 | $363.7M | $358.6M | ||
| Q4 24 | $655.2M | $485.4M | ||
| Q3 24 | $580.9M | $360.9M | ||
| Q2 24 | $450.7M | $340.8M | ||
| Q1 24 | $464.7M | $344.4M |
净利润FRHCPIPR
| Q4 25 | $76.2M | $114.0M | ||
| Q3 25 | $38.7M | $60.3M | ||
| Q2 25 | $30.4M | $42.2M | ||
| Q1 25 | $-142.7M | $64.9M | ||
| Q4 24 | $78.3M | $69.1M | ||
| Q3 24 | $114.7M | $34.8M | ||
| Q2 24 | $34.4M | $34.8M | ||
| Q1 24 | $95.2M | $42.5M |
毛利率FRHCPIPR
| Q4 25 | 96.0% | — | ||
| Q3 25 | 97.1% | — | ||
| Q2 25 | 97.4% | — | ||
| Q1 25 | 96.6% | — | ||
| Q4 24 | 98.6% | — | ||
| Q3 24 | 99.1% | — | ||
| Q2 24 | 99.0% | — | ||
| Q1 24 | — | — |
营业利润率FRHCPIPR
| Q4 25 | 14.9% | 28.3% | ||
| Q3 25 | 11.5% | 22.4% | ||
| Q2 25 | 7.6% | 12.3% | ||
| Q1 25 | -42.7% | 8.2% | ||
| Q4 24 | 15.0% | 16.9% | ||
| Q3 24 | 22.1% | 15.4% | ||
| Q2 24 | 9.2% | 8.3% | ||
| Q1 24 | 22.5% | 15.2% |
净利率FRHCPIPR
| Q4 25 | 12.1% | 17.1% | ||
| Q3 25 | 7.4% | 12.6% | ||
| Q2 25 | 5.7% | 10.6% | ||
| Q1 25 | -39.2% | 18.1% | ||
| Q4 24 | 11.9% | 14.2% | ||
| Q3 24 | 19.7% | 9.6% | ||
| Q2 24 | 7.6% | 10.2% | ||
| Q1 24 | 20.5% | 12.3% |
每股收益（稀释后）FRHCPIPR
| Q4 25 | $1.25 | $6.41 | ||
| Q3 25 | $0.63 | $3.38 | ||
| Q2 25 | $0.50 | $2.38 | ||
| Q1 25 | $-2.35 | $3.65 | ||
| Q4 24 | $1.29 | $3.88 | ||
| Q3 24 | $1.89 | $1.96 | ||
| Q2 24 | $0.57 | $1.97 | ||
| Q1 24 | $1.60 | $2.43 |
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 | $869.2M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $1.4B |
| 总资产 | $12.4B | $2.6B |
| 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FRHCPIPR
| Q4 25 | $869.2M | — | ||
| Q3 25 | $636.0M | — | ||
| Q2 25 | $567.9M | — | ||
| Q1 25 | $837.3M | — | ||
| Q4 24 | $577.9M | — | ||
| Q3 24 | $569.2M | — | ||
| Q2 24 | $718.7M | — | ||
| Q1 24 | $545.1M | — |
股东权益FRHCPIPR
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
总资产FRHCPIPR
| Q4 25 | $12.4B | $2.6B | ||
| Q3 25 | $10.3B | $2.2B | ||
| Q2 25 | $9.7B | $2.0B | ||
| Q1 25 | $9.9B | $1.8B | ||
| Q4 24 | $9.1B | $2.3B | ||
| Q3 24 | $8.8B | $2.0B | ||
| Q2 24 | $8.5B | $1.9B | ||
| Q1 24 | $8.3B | $1.8B |
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 | $717.8M | $729.8M |
| 自由现金流经营现金流 - 资本支出 | $651.7M | — |
| 自由现金流率自由现金流/营收 | 103.7% | — |
| 资本支出强度资本支出/营收 | 10.5% | — |
| 现金转化率经营现金流/净利润 | 9.42× | 6.40× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FRHCPIPR
| Q4 25 | $717.8M | $729.8M | ||
| Q3 25 | $535.3M | $31.9M | ||
| Q2 25 | $480.8M | $32.1M | ||
| Q1 25 | $1.3B | $-207.2M | ||
| Q4 24 | $-72.8M | $163.8M | ||
| Q3 24 | $-438.0M | $80.1M | ||
| Q2 24 | $854.1M | $266.5M | ||
| Q1 24 | $309.0M | $-197.2M |
自由现金流FRHCPIPR
| Q4 25 | $651.7M | — | ||
| Q3 25 | $456.4M | — | ||
| Q2 25 | $450.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-92.7M | — | ||
| Q3 24 | $-447.5M | — | ||
| Q2 24 | $829.9M | — | ||
| Q1 24 | — | — |
自由现金流率FRHCPIPR
| Q4 25 | 103.7% | — | ||
| Q3 25 | 86.7% | — | ||
| Q2 25 | 84.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -77.0% | — | ||
| Q2 24 | 184.1% | — | ||
| Q1 24 | — | — |
资本支出强度FRHCPIPR
| Q4 25 | 10.5% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | — | — |
现金转化率FRHCPIPR
| Q4 25 | 9.42× | 6.40× | ||
| Q3 25 | 13.82× | 0.53× | ||
| Q2 25 | 15.82× | 0.76× | ||
| Q1 25 | — | -3.19× | ||
| Q4 24 | -0.93× | 2.37× | ||
| Q3 24 | -3.82× | 2.30× | ||
| Q2 24 | 24.83× | 7.66× | ||
| Q1 24 | 3.24× | -4.64× |
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
FRHC
暂无分部数据
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
