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Graham Holdings Co（GHC）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
Graham Holdings Co的季度营收约是利氏兄弟拍卖行的1.0倍（$1.3B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 8.7%，领先0.4%），利氏兄弟拍卖行同比增速更快（5.4% vs 0.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $5.0M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
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。
GHC vs RBA — 直观对比
营收规模更大
GHC
是对方的1.0倍
$1.2B
营收增速更快
RBA
高出5.0%
0.4%
净利率更高
RBA
高出0.4%
8.7%
自由现金流更多
RBA
多$181.5M
$5.0M
两年增速更快
RBA
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $108.7M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 3.8% | 14.7% |
| 净利率 | 8.7% | 9.1% |
| 营收同比 | 0.4% | 5.4% |
| 净利润同比 | -80.2% | -7.4% |
| 每股收益（稀释后） | $24.76 | $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GHCRBA
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
净利润GHCRBA
| Q4 25 | $108.7M | $109.7M | ||
| Q3 25 | $122.9M | $95.5M | ||
| Q2 25 | $36.7M | $109.8M | ||
| Q1 25 | $23.9M | $113.4M | ||
| Q4 24 | $548.8M | $118.5M | ||
| Q3 24 | $72.5M | $76.1M | ||
| Q2 24 | $-21.0M | $111.1M | ||
| Q1 24 | $124.4M | $107.4M |
营业利润率GHCRBA
| Q4 25 | 3.8% | 14.7% | ||
| Q3 25 | 5.2% | 14.5% | ||
| Q2 25 | 6.0% | 15.9% | ||
| Q1 25 | 4.1% | 17.1% | ||
| Q4 24 | 5.8% | 18.1% | ||
| Q3 24 | 6.8% | 15.6% | ||
| Q2 24 | 2.2% | 18.4% | ||
| Q1 24 | 3.1% | 18.7% |
净利率GHCRBA
| Q4 25 | 8.7% | 9.1% | ||
| Q3 25 | 9.6% | 8.7% | ||
| Q2 25 | 3.0% | 9.3% | ||
| Q1 25 | 2.0% | 10.2% | ||
| Q4 24 | 44.1% | 10.4% | ||
| Q3 24 | 6.0% | 7.8% | ||
| Q2 24 | -1.8% | 10.1% | ||
| Q1 24 | 10.8% | 10.1% |
每股收益（稀释后）GHCRBA
| Q4 25 | $24.76 | $0.53 | ||
| Q3 25 | $27.91 | $0.43 | ||
| Q2 25 | $8.35 | $0.53 | ||
| Q1 25 | $5.45 | $0.55 | ||
| Q4 24 | $124.05 | $0.58 | ||
| Q3 24 | $16.42 | $0.36 | ||
| Q2 24 | $-4.79 | $0.54 | ||
| Q1 24 | $27.72 | $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 | $267.0M | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $4.8B | $5.6B |
| 总资产 | $8.4B | $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GHCRBA
| Q4 25 | $267.0M | $531.5M | ||
| Q3 25 | $190.8M | $674.7M | ||
| Q2 25 | $176.2M | $710.2M | ||
| Q1 25 | $156.7M | $578.1M | ||
| Q4 24 | $260.9M | $533.9M | ||
| Q3 24 | $244.4M | $650.7M | ||
| Q2 24 | $140.7M | $599.5M | ||
| Q1 24 | $130.9M | $462.8M |
总债务GHCRBA
| 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GHCRBA
| Q4 25 | $4.8B | $5.6B | ||
| Q3 25 | $4.5B | $5.5B | ||
| Q2 25 | $4.4B | $5.5B | ||
| Q1 25 | $4.3B | $5.3B | ||
| Q4 24 | $4.3B | $5.2B | ||
| Q3 24 | $4.0B | $5.2B | ||
| Q2 24 | $4.0B | $5.2B | ||
| Q1 24 | $4.0B | $5.1B |
总资产GHCRBA
| Q4 25 | $8.4B | $12.1B | ||
| Q3 25 | $7.9B | $12.2B | ||
| Q2 25 | $7.6B | $12.2B | ||
| Q1 25 | $7.6B | $11.9B | ||
| Q4 24 | $7.7B | $11.8B | ||
| Q3 24 | $7.4B | $11.9B | ||
| Q2 24 | $7.2B | $12.1B | ||
| Q1 24 | $7.3B | $12.0B |
负债/权益比GHCRBA
| 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 | $28.3M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 0.4% | 15.5% |
| 资本支出强度资本支出/营收 | 1.9% | 5.7% |
| 现金转化率经营现金流/净利润 | 0.26× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $719.2M |
8季度趋势，按日历期对齐
经营现金流GHCRBA
| Q4 25 | $28.3M | $255.2M | ||
| Q3 25 | $178.1M | $239.7M | ||
| Q2 25 | $94.8M | $326.5M | ||
| Q1 25 | $46.0M | $156.8M | ||
| Q4 24 | $116.3M | $184.5M | ||
| Q3 24 | $237.6M | $285.4M | ||
| Q2 24 | $52.0M | $337.3M | ||
| Q1 24 | $1.1M | $124.8M |
自由现金流GHCRBA
| Q4 25 | $5.0M | $186.5M | ||
| Q3 25 | $161.8M | $188.5M | ||
| Q2 25 | $78.0M | $241.7M | ||
| Q1 25 | $30.5M | $102.5M | ||
| Q4 24 | $91.1M | $127.9M | ||
| Q3 24 | $219.4M | $248.5M | ||
| Q2 24 | $33.7M | $308.6M | ||
| Q1 24 | $-20.2M | $79.6M |
自由现金流率GHCRBA
| Q4 25 | 0.4% | 15.5% | ||
| Q3 25 | 12.6% | 17.3% | ||
| Q2 25 | 6.4% | 20.4% | ||
| Q1 25 | 2.6% | 9.2% | ||
| Q4 24 | 7.3% | 11.2% | ||
| Q3 24 | 18.2% | 25.3% | ||
| Q2 24 | 2.8% | 28.2% | ||
| Q1 24 | -1.8% | 7.5% |
资本支出强度GHCRBA
| Q4 25 | 1.9% | 5.7% | ||
| Q3 25 | 1.3% | 4.7% | ||
| Q2 25 | 1.4% | 7.2% | ||
| Q1 25 | 1.3% | 4.9% | ||
| Q4 24 | 2.0% | 5.0% | ||
| Q3 24 | 1.5% | 3.8% | ||
| Q2 24 | 1.5% | 2.6% | ||
| Q1 24 | 1.8% | 4.2% |
现金转化率GHCRBA
| Q4 25 | 0.26× | 2.33× | ||
| Q3 25 | 1.45× | 2.51× | ||
| Q2 25 | 2.58× | 2.97× | ||
| Q1 25 | 1.93× | 1.38× | ||
| Q4 24 | 0.21× | 1.56× | ||
| Q3 24 | 3.28× | 3.75× | ||
| Q2 24 | — | 3.04× | ||
| Q1 24 | 0.01× | 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
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
