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Graham Holdings Co（GHC）与罗致恒富（RHI）财务数据对比。点击上方公司名可切换其他公司
罗致恒富的季度营收约是Graham Holdings Co的1.0倍（$1.3B vs $1.3B），Graham Holdings Co同比增速更快（0.4% vs -5.8%），罗致恒富自由现金流更多（$170.8M vs $5.0M），过去两年Graham Holdings Co的营收复合增速更高（4.2% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
GHC vs RHI — 直观对比
营收规模更大
RHI
是对方的1.0倍
$1.3B
营收增速更快
GHC
高出6.2%
-5.8%
自由现金流更多
RHI
多$165.8M
$5.0M
两年增速更快
GHC
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.3B |
| 净利润 | $108.7M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 3.8% | 1.7% |
| 净利率 | 8.7% | — |
| 营收同比 | 0.4% | -5.8% |
| 净利润同比 | -80.2% | — |
| 每股收益（稀释后） | $24.76 | $0.32 |
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GHCRHI
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.2B | $1.5B |
净利润GHCRHI
| Q4 25 | $108.7M | — | ||
| Q3 25 | $122.9M | $42.9M | ||
| Q2 25 | $36.7M | $41.0M | ||
| Q1 25 | $23.9M | $17.4M | ||
| Q4 24 | $548.8M | — | ||
| Q3 24 | $72.5M | $65.5M | ||
| Q2 24 | $-21.0M | $68.2M | ||
| Q1 24 | $124.4M | $63.7M |
毛利率GHCRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率GHCRHI
| Q4 25 | 3.8% | 1.7% | ||
| Q3 25 | 5.2% | 1.0% | ||
| Q2 25 | 6.0% | 0.1% | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 5.8% | 4.7% | ||
| Q3 24 | 6.8% | 4.1% | ||
| Q2 24 | 2.2% | 5.1% | ||
| Q1 24 | 3.1% | 2.8% |
净利率GHCRHI
| Q4 25 | 8.7% | — | ||
| Q3 25 | 9.6% | 3.2% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 44.1% | — | ||
| Q3 24 | 6.0% | 4.5% | ||
| Q2 24 | -1.8% | 4.6% | ||
| Q1 24 | 10.8% | 4.3% |
每股收益（稀释后）GHCRHI
| Q4 25 | $24.76 | $0.32 | ||
| Q3 25 | $27.91 | $0.43 | ||
| Q2 25 | $8.35 | $0.41 | ||
| Q1 25 | $5.45 | $0.17 | ||
| Q4 24 | $124.05 | $0.53 | ||
| Q3 24 | $16.42 | $0.64 | ||
| Q2 24 | $-4.79 | $0.66 | ||
| Q1 24 | $27.72 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | $1.3B |
| 总资产 | $8.4B | $2.9B |
| 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GHCRHI
| Q4 25 | $267.0M | $464.4M | ||
| Q3 25 | $190.8M | $365.3M | ||
| Q2 25 | $176.2M | $380.5M | ||
| Q1 25 | $156.7M | $342.5M | ||
| Q4 24 | $260.9M | $537.6M | ||
| Q3 24 | $244.4M | $570.5M | ||
| Q2 24 | $140.7M | $547.4M | ||
| Q1 24 | $130.9M | $540.9M |
股东权益GHCRHI
| Q4 25 | $4.8B | $1.3B | ||
| Q3 25 | $4.5B | $1.3B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $4.3B | $1.3B | ||
| Q4 24 | $4.3B | $1.4B | ||
| Q3 24 | $4.0B | $1.5B | ||
| Q2 24 | $4.0B | $1.5B | ||
| Q1 24 | $4.0B | $1.5B |
总资产GHCRHI
| Q4 25 | $8.4B | $2.9B | ||
| Q3 25 | $7.9B | $2.8B | ||
| Q2 25 | $7.6B | $2.8B | ||
| Q1 25 | $7.6B | $2.7B | ||
| Q4 24 | $7.7B | $2.9B | ||
| Q3 24 | $7.4B | $3.0B | ||
| Q2 24 | $7.2B | $2.9B | ||
| Q1 24 | $7.3B | $2.9B |
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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $170.8M |
| 自由现金流率自由现金流/营收 | 0.4% | 13.1% |
| 资本支出强度资本支出/营收 | 1.9% | 0.9% |
| 现金转化率经营现金流/净利润 | 0.26× | — |
| 过去12个月自由现金流最近4个季度 | $275.3M | $266.8M |
8季度趋势，按日历期对齐
经营现金流GHCRHI
| Q4 25 | $28.3M | $182.5M | ||
| Q3 25 | $178.1M | $77.4M | ||
| Q2 25 | $94.8M | $119.4M | ||
| Q1 25 | $46.0M | $-59.3M | ||
| Q4 24 | $116.3M | $154.8M | ||
| Q3 24 | $237.6M | $129.6M | ||
| Q2 24 | $52.0M | $142.0M | ||
| Q1 24 | $1.1M | $-15.9M |
自由现金流GHCRHI
| Q4 25 | $5.0M | $170.8M | ||
| Q3 25 | $161.8M | $63.6M | ||
| Q2 25 | $78.0M | $104.2M | ||
| Q1 25 | $30.5M | $-71.7M | ||
| Q4 24 | $91.1M | $140.5M | ||
| Q3 24 | $219.4M | $111.8M | ||
| Q2 24 | $33.7M | $129.6M | ||
| Q1 24 | $-20.2M | $-27.7M |
自由现金流率GHCRHI
| Q4 25 | 0.4% | 13.1% | ||
| Q3 25 | 12.6% | 4.7% | ||
| Q2 25 | 6.4% | 7.6% | ||
| Q1 25 | 2.6% | -5.3% | ||
| Q4 24 | 7.3% | 10.2% | ||
| Q3 24 | 18.2% | 7.6% | ||
| Q2 24 | 2.8% | 8.8% | ||
| Q1 24 | -1.8% | -1.9% |
资本支出强度GHCRHI
| Q4 25 | 1.9% | 0.9% | ||
| Q3 25 | 1.3% | 1.0% | ||
| Q2 25 | 1.4% | 1.1% | ||
| Q1 25 | 1.3% | 0.9% | ||
| Q4 24 | 2.0% | 1.0% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.5% | 0.8% | ||
| Q1 24 | 1.8% | 0.8% |
现金转化率GHCRHI
| Q4 25 | 0.26× | — | ||
| Q3 25 | 1.45× | 1.80× | ||
| Q2 25 | 2.58× | 2.91× | ||
| Q1 25 | 1.93× | -3.42× | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 3.28× | 1.98× | ||
| Q2 24 | — | 2.08× | ||
| Q1 24 | 0.01× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
