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Graham Holdings Co（GHC）与Stride, Inc.（LRN）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是Stride, Inc.的2.0倍（$1.3B vs $631.3M）。Stride, Inc.净利率更高（15.8% vs 8.7%，领先7.1%）。Stride, Inc.同比增速更快（7.5% vs 0.4%）。Stride, Inc.自由现金流更多（$91.6M vs $5.0M）。过去两年Stride, Inc.的营收复合增速更高（10.1% vs 4.2%）
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。
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
GHC vs LRN — 直观对比
营收规模更大
GHC
是对方的2.0倍
$631.3M
营收增速更快
LRN
高出7.1%
0.4%
净利率更高
LRN
高出7.1%
8.7%
自由现金流更多
LRN
多$86.6M
$5.0M
两年增速更快
LRN
近两年复合增速
4.2%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $631.3M |
| 净利润 | $108.7M | $99.5M |
| 毛利率 | — | 41.1% |
| 营业利润率 | 3.8% | 23.3% |
| 净利率 | 8.7% | 15.8% |
| 营收同比 | 0.4% | 7.5% |
| 净利润同比 | -80.2% | 3.2% |
| 每股收益（稀释后） | $24.76 | $2.12 |
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GHCLRN
| Q4 25 | $1.3B | $631.3M | ||
| Q3 25 | $1.3B | $620.9M | ||
| Q2 25 | $1.2B | $653.6M | ||
| Q1 25 | $1.2B | $613.4M | ||
| Q4 24 | $1.2B | $587.2M | ||
| Q3 24 | $1.2B | $551.1M | ||
| Q2 24 | $1.2B | $534.2M | ||
| Q1 24 | $1.2B | $520.8M |
净利润GHCLRN
| Q4 25 | $108.7M | $99.5M | ||
| Q3 25 | $122.9M | $68.8M | ||
| Q2 25 | $36.7M | $51.3M | ||
| Q1 25 | $23.9M | $99.3M | ||
| Q4 24 | $548.8M | $96.4M | ||
| Q3 24 | $72.5M | $40.9M | ||
| Q2 24 | $-21.0M | $62.8M | ||
| Q1 24 | $124.4M | $69.7M |
毛利率GHCLRN
| Q4 25 | — | 41.1% | ||
| Q3 25 | — | 39.0% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 40.6% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 35.2% | ||
| Q1 24 | — | 38.7% |
营业利润率GHCLRN
| Q4 25 | 3.8% | 23.3% | ||
| Q3 25 | 5.2% | 11.1% | ||
| Q2 25 | 6.0% | 8.7% | ||
| Q1 25 | 4.1% | 21.3% | ||
| Q4 24 | 5.8% | 21.3% | ||
| Q3 24 | 6.8% | 8.6% | ||
| Q2 24 | 2.2% | 13.8% | ||
| Q1 24 | 3.1% | 17.0% |
净利率GHCLRN
| Q4 25 | 8.7% | 15.8% | ||
| Q3 25 | 9.6% | 11.1% | ||
| Q2 25 | 3.0% | 7.9% | ||
| Q1 25 | 2.0% | 16.2% | ||
| Q4 24 | 44.1% | 16.4% | ||
| Q3 24 | 6.0% | 7.4% | ||
| Q2 24 | -1.8% | 11.8% | ||
| Q1 24 | 10.8% | 13.4% |
每股收益（稀释后）GHCLRN
| Q4 25 | $24.76 | $2.12 | ||
| Q3 25 | $27.91 | $1.40 | ||
| Q2 25 | $8.35 | $0.96 | ||
| Q1 25 | $5.45 | $2.02 | ||
| Q4 24 | $124.05 | $2.03 | ||
| Q3 24 | $16.42 | $0.94 | ||
| Q2 24 | $-4.79 | $1.44 | ||
| Q1 24 | $27.72 | $1.60 |
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 | $267.0M | $625.7M |
| 总债务越低越好 | — | $417.2M |
| 股东权益账面价值 | $4.8B | $1.5B |
| 总资产 | $8.4B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资GHCLRN
| Q4 25 | $267.0M | $625.7M | ||
| Q3 25 | $190.8M | $715.1M | ||
| Q2 25 | $176.2M | $985.3M | ||
| Q1 25 | $156.7M | $723.7M | ||
| Q4 24 | $260.9M | $717.5M | ||
| Q3 24 | $244.4M | $522.2M | ||
| Q2 24 | $140.7M | $692.3M | ||
| Q1 24 | $130.9M | $376.6M |
总债务GHCLRN
| Q4 25 | — | $417.2M | ||
| Q3 25 | — | $416.8M | ||
| Q2 25 | — | $416.3M | ||
| Q1 25 | — | $415.9M | ||
| Q4 24 | — | $415.5M | ||
| Q3 24 | — | $415.1M | ||
| Q2 24 | — | $414.7M | ||
| Q1 24 | — | $414.3M |
股东权益GHCLRN
| Q4 25 | $4.8B | $1.5B | ||
| Q3 25 | $4.5B | $1.5B | ||
| Q2 25 | $4.4B | $1.5B | ||
| Q1 25 | $4.3B | $1.4B | ||
| Q4 24 | $4.3B | $1.3B | ||
| Q3 24 | $4.0B | $1.2B | ||
| Q2 24 | $4.0B | $1.2B | ||
| Q1 24 | $4.0B | $1.1B |
总资产GHCLRN
| Q4 25 | $8.4B | $2.3B | ||
| Q3 25 | $7.9B | $2.3B | ||
| Q2 25 | $7.6B | $2.3B | ||
| Q1 25 | $7.6B | $2.2B | ||
| Q4 24 | $7.7B | $2.1B | ||
| Q3 24 | $7.4B | $2.0B | ||
| Q2 24 | $7.2B | $1.9B | ||
| Q1 24 | $7.3B | $1.9B |
负债/权益比GHCLRN
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.28× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.35× | ||
| Q1 24 | — | 0.38× |
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 | $28.3M | $91.8M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $91.6M |
| 自由现金流率自由现金流/营收 | 0.4% | 14.5% |
| 资本支出强度资本支出/营收 | 1.9% | 0.0% |
| 现金转化率经营现金流/净利润 | 0.26× | 0.92× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $246.3M |
8季度趋势，按日历期对齐
经营现金流GHCLRN
| Q4 25 | $28.3M | $91.8M | ||
| Q3 25 | $178.1M | $-195.8M | ||
| Q2 25 | $94.8M | $298.3M | ||
| Q1 25 | $46.0M | $53.1M | ||
| Q4 24 | $116.3M | $223.4M | ||
| Q3 24 | $237.6M | $-142.0M | ||
| Q2 24 | $52.0M | $172.2M | ||
| Q1 24 | $1.1M | $68.6M |
自由现金流GHCLRN
| Q4 25 | $5.0M | $91.6M | ||
| Q3 25 | $161.8M | $-196.1M | ||
| Q2 25 | $78.0M | $297.9M | ||
| Q1 25 | $30.5M | $52.9M | ||
| Q4 24 | $91.1M | $222.9M | ||
| Q3 24 | $219.4M | $-142.7M | ||
| Q2 24 | $33.7M | $171.4M | ||
| Q1 24 | $-20.2M | $68.4M |
自由现金流率GHCLRN
| Q4 25 | 0.4% | 14.5% | ||
| Q3 25 | 12.6% | -31.6% | ||
| Q2 25 | 6.4% | 45.6% | ||
| Q1 25 | 2.6% | 8.6% | ||
| Q4 24 | 7.3% | 38.0% | ||
| Q3 24 | 18.2% | -25.9% | ||
| Q2 24 | 2.8% | 32.1% | ||
| Q1 24 | -1.8% | 13.1% |
资本支出强度GHCLRN
| Q4 25 | 1.9% | 0.0% | ||
| Q3 25 | 1.3% | 0.0% | ||
| Q2 25 | 1.4% | 0.1% | ||
| Q1 25 | 1.3% | 0.0% | ||
| Q4 24 | 2.0% | 0.1% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.5% | 0.1% | ||
| Q1 24 | 1.8% | 0.0% |
现金转化率GHCLRN
| Q4 25 | 0.26× | 0.92× | ||
| Q3 25 | 1.45× | -2.85× | ||
| Q2 25 | 2.58× | 5.81× | ||
| Q1 25 | 1.93× | 0.53× | ||
| Q4 24 | 0.21× | 2.32× | ||
| Q3 24 | 3.28× | -3.47× | ||
| Q2 24 | — | 2.74× | ||
| Q1 24 | 0.01× | 0.98× |
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
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% |
LRN
| General Education | $341.4M | 54% |
| Middle High School | $275.6M | 44% |
| Adult | $14.3M | 2% |
