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Graham Holdings Co（GHC）与Ryman Hospitality Properties, Inc.（RHP）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Ryman Hospitality Properties, Inc.的1.7倍（$1.3B vs $737.8M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs 8.7%，领先1.4%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 0.4%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M vs $5.0M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
GHC vs RHP — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $737.8M |
| 净利润 | $108.7M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | 3.8% | 19.4% |
| 净利率 | 8.7% | 10.1% |
| 营收同比 | 0.4% | 13.9% |
| 净利润同比 | -80.2% | 3.0% |
| 每股收益（稀释后） | $24.76 | $1.12 |
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
| Q4 25 | $1.3B | $737.8M | ||
| Q3 25 | $1.3B | $592.5M | ||
| Q2 25 | $1.2B | $659.5M | ||
| Q1 25 | $1.2B | $587.3M | ||
| Q4 24 | $1.2B | $647.6M | ||
| Q3 24 | $1.2B | $550.0M | ||
| Q2 24 | $1.2B | $613.3M | ||
| Q1 24 | $1.2B | $528.3M |
| Q4 25 | $108.7M | $74.5M | ||
| Q3 25 | $122.9M | $34.9M | ||
| Q2 25 | $36.7M | $71.8M | ||
| Q1 25 | $23.9M | $63.0M | ||
| Q4 24 | $548.8M | $72.3M | ||
| Q3 24 | $72.5M | $59.0M | ||
| Q2 24 | $-21.0M | $100.8M | ||
| Q1 24 | $124.4M | $42.8M |
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 41.5% |
| Q4 25 | 3.8% | 19.4% | ||
| Q3 25 | 5.2% | 15.0% | ||
| Q2 25 | 6.0% | 21.1% | ||
| Q1 25 | 4.1% | 19.8% | ||
| Q4 24 | 5.8% | 18.6% | ||
| Q3 24 | 6.8% | 19.3% | ||
| Q2 24 | 2.2% | 27.4% | ||
| Q1 24 | 3.1% | 18.2% |
| Q4 25 | 8.7% | 10.1% | ||
| Q3 25 | 9.6% | 5.9% | ||
| Q2 25 | 3.0% | 10.9% | ||
| Q1 25 | 2.0% | 10.7% | ||
| Q4 24 | 44.1% | 11.2% | ||
| Q3 24 | 6.0% | 10.7% | ||
| Q2 24 | -1.8% | 16.4% | ||
| Q1 24 | 10.8% | 8.1% |
| Q4 25 | $24.76 | $1.12 | ||
| Q3 25 | $27.91 | $0.53 | ||
| Q2 25 | $8.35 | $1.12 | ||
| Q1 25 | $5.45 | $1.00 | ||
| Q4 24 | $124.05 | $1.12 | ||
| Q3 24 | $16.42 | $0.94 | ||
| Q2 24 | $-4.79 | $1.65 | ||
| Q1 24 | $27.72 | $0.67 |
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 | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | $750.2M |
| 总资产 | $8.4B | $6.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $267.0M | $471.4M | ||
| Q3 25 | $190.8M | $483.3M | ||
| Q2 25 | $176.2M | $420.6M | ||
| Q1 25 | $156.7M | $413.9M | ||
| Q4 24 | $260.9M | $477.7M | ||
| Q3 24 | $244.4M | $534.9M | ||
| Q2 24 | $140.7M | $498.4M | ||
| Q1 24 | $130.9M | $465.3M |
| Q4 25 | $4.8B | $750.2M | ||
| Q3 25 | $4.5B | $758.5M | ||
| Q2 25 | $4.4B | $800.4M | ||
| Q1 25 | $4.3B | $531.5M | ||
| Q4 24 | $4.3B | $549.0M | ||
| Q3 24 | $4.0B | $551.9M | ||
| Q2 24 | $4.0B | $562.6M | ||
| Q1 24 | $4.0B | $529.9M |
| Q4 25 | $8.4B | $6.2B | ||
| Q3 25 | $7.9B | $6.2B | ||
| Q2 25 | $7.6B | $6.1B | ||
| Q1 25 | $7.6B | $5.2B | ||
| Q4 24 | $7.7B | $5.2B | ||
| Q3 24 | $7.4B | $5.2B | ||
| Q2 24 | $7.2B | $5.1B | ||
| Q1 24 | $7.3B | $5.1B |
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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $58.5M |
| 自由现金流率自由现金流/营收 | 0.4% | 7.9% |
| 资本支出强度资本支出/营收 | 1.9% | 14.4% |
| 现金转化率经营现金流/净利润 | 0.26× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $232.4M |
8季度趋势，按日历期对齐
| Q4 25 | $28.3M | $164.7M | ||
| Q3 25 | $178.1M | $205.2M | ||
| Q2 25 | $94.8M | $122.5M | ||
| Q1 25 | $46.0M | $98.2M | ||
| Q4 24 | $116.3M | $166.6M | ||
| Q3 24 | $237.6M | $218.1M | ||
| Q2 24 | $52.0M | $184.3M | ||
| Q1 24 | $1.1M | $7.5M |
| Q4 25 | $5.0M | $58.5M | ||
| Q3 25 | $161.8M | $135.4M | ||
| Q2 25 | $78.0M | $53.0M | ||
| Q1 25 | $30.5M | $-14.5M | ||
| Q4 24 | $91.1M | $76.0M | ||
| Q3 24 | $219.4M | $85.7M | ||
| Q2 24 | $33.7M | $78.8M | ||
| Q1 24 | $-20.2M | $-72.0M |
| Q4 25 | 0.4% | 7.9% | ||
| Q3 25 | 12.6% | 22.9% | ||
| Q2 25 | 6.4% | 8.0% | ||
| Q1 25 | 2.6% | -2.5% | ||
| Q4 24 | 7.3% | 11.7% | ||
| Q3 24 | 18.2% | 15.6% | ||
| Q2 24 | 2.8% | 12.9% | ||
| Q1 24 | -1.8% | -13.6% |
| Q4 25 | 1.9% | 14.4% | ||
| Q3 25 | 1.3% | 11.8% | ||
| Q2 25 | 1.4% | 10.5% | ||
| Q1 25 | 1.3% | 19.2% | ||
| Q4 24 | 2.0% | 14.0% | ||
| Q3 24 | 1.5% | 24.1% | ||
| Q2 24 | 1.5% | 17.2% | ||
| Q1 24 | 1.8% | 15.0% |
| Q4 25 | 0.26× | 2.21× | ||
| Q3 25 | 1.45× | 5.88× | ||
| Q2 25 | 2.58× | 1.71× | ||
| Q1 25 | 1.93× | 1.56× | ||
| Q4 24 | 0.21× | 2.30× | ||
| Q3 24 | 3.28× | 3.70× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | 0.01× | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
