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Graham Holdings Co（GHC）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是越洋钻探的1.2倍（$1.3B vs $1.0B），Graham Holdings Co净利率更高（8.7% vs 2.4%，领先6.3%），越洋钻探同比增速更快（9.6% vs 0.4%），越洋钻探自由现金流更多（$321.0M vs $5.0M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
GHC vs RIG — 直观对比
营收规模更大
GHC
是对方的1.2倍
$1.0B
营收增速更快
RIG
高出9.1%
0.4%
净利率更高
GHC
高出6.3%
2.4%
自由现金流更多
RIG
多$316.0M
$5.0M
两年增速更快
RIG
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.0B |
| 净利润 | $108.7M | $25.0M |
| 毛利率 | — | 42.0% |
| 营业利润率 | 3.8% | 23.0% |
| 净利率 | 8.7% | 2.4% |
| 营收同比 | 0.4% | 9.6% |
| 净利润同比 | -80.2% | 257.1% |
| 每股收益（稀释后） | $24.76 | $0.13 |
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GHCRIG
| Q4 25 | $1.3B | $1.0B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.2B | $988.0M | ||
| Q1 25 | $1.2B | $906.0M | ||
| Q4 24 | $1.2B | $952.0M | ||
| Q3 24 | $1.2B | $948.0M | ||
| Q2 24 | $1.2B | $861.0M | ||
| Q1 24 | $1.2B | $763.0M |
净利润GHCRIG
| Q4 25 | $108.7M | $25.0M | ||
| Q3 25 | $122.9M | $-1.9B | ||
| Q2 25 | $36.7M | $-938.0M | ||
| Q1 25 | $23.9M | $-79.0M | ||
| Q4 24 | $548.8M | $7.0M | ||
| Q3 24 | $72.5M | $-494.0M | ||
| Q2 24 | $-21.0M | $-123.0M | ||
| Q1 24 | $124.4M | $98.0M |
毛利率GHCRIG
| Q4 25 | — | 42.0% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 39.4% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 31.5% |
营业利润率GHCRIG
| Q4 25 | 3.8% | 23.0% | ||
| Q3 25 | 5.2% | -163.1% | ||
| Q2 25 | 6.0% | -97.6% | ||
| Q1 25 | 4.1% | 7.1% | ||
| Q4 24 | 5.8% | 13.7% | ||
| Q3 24 | 6.8% | -51.2% | ||
| Q2 24 | 2.2% | -6.9% | ||
| Q1 24 | 3.1% | -0.4% |
净利率GHCRIG
| Q4 25 | 8.7% | 2.4% | ||
| Q3 25 | 9.6% | -187.1% | ||
| Q2 25 | 3.0% | -94.9% | ||
| Q1 25 | 2.0% | -8.7% | ||
| Q4 24 | 44.1% | 0.7% | ||
| Q3 24 | 6.0% | -52.1% | ||
| Q2 24 | -1.8% | -14.3% | ||
| Q1 24 | 10.8% | 12.8% |
每股收益（稀释后）GHCRIG
| Q4 25 | $24.76 | $0.13 | ||
| Q3 25 | $27.91 | $-2.00 | ||
| Q2 25 | $8.35 | $-1.06 | ||
| Q1 25 | $5.45 | $-0.11 | ||
| Q4 24 | $124.05 | $-0.14 | ||
| Q3 24 | $16.42 | $-0.58 | ||
| Q2 24 | $-4.79 | $-0.15 | ||
| Q1 24 | $27.72 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $4.8B | $8.1B |
| 总资产 | $8.4B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资GHCRIG
| Q4 25 | $267.0M | $620.0M | ||
| Q3 25 | $190.8M | $833.0M | ||
| Q2 25 | $176.2M | $377.0M | ||
| Q1 25 | $156.7M | $263.0M | ||
| Q4 24 | $260.9M | $560.0M | ||
| Q3 24 | $244.4M | $435.0M | ||
| Q2 24 | $140.7M | $475.0M | ||
| Q1 24 | $130.9M | $446.0M |
总债务GHCRIG
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.8B |
股东权益GHCRIG
| Q4 25 | $4.8B | $8.1B | ||
| Q3 25 | $4.5B | $8.1B | ||
| Q2 25 | $4.4B | $9.4B | ||
| Q1 25 | $4.3B | $10.2B | ||
| Q4 24 | $4.3B | $10.3B | ||
| Q3 24 | $4.0B | $10.2B | ||
| Q2 24 | $4.0B | $10.7B | ||
| Q1 24 | $4.0B | $10.5B |
总资产GHCRIG
| Q4 25 | $8.4B | $15.6B | ||
| Q3 25 | $7.9B | $16.2B | ||
| Q2 25 | $7.6B | $17.8B | ||
| Q1 25 | $7.6B | $19.0B | ||
| Q4 24 | $7.7B | $19.4B | ||
| Q3 24 | $7.4B | $19.5B | ||
| Q2 24 | $7.2B | $20.3B | ||
| Q1 24 | $7.3B | $19.9B |
负债/权益比GHCRIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $321.0M |
| 自由现金流率自由现金流/营收 | 0.4% | 30.8% |
| 资本支出强度资本支出/营收 | 1.9% | 2.7% |
| 现金转化率经营现金流/净利润 | 0.26× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $626.0M |
8季度趋势，按日历期对齐
经营现金流GHCRIG
| Q4 25 | $28.3M | $349.0M | ||
| Q3 25 | $178.1M | $246.0M | ||
| Q2 25 | $94.8M | $128.0M | ||
| Q1 25 | $46.0M | $26.0M | ||
| Q4 24 | $116.3M | $206.0M | ||
| Q3 24 | $237.6M | $194.0M | ||
| Q2 24 | $52.0M | $133.0M | ||
| Q1 24 | $1.1M | $-86.0M |
自由现金流GHCRIG
| Q4 25 | $5.0M | $321.0M | ||
| Q3 25 | $161.8M | $235.0M | ||
| Q2 25 | $78.0M | $104.0M | ||
| Q1 25 | $30.5M | $-34.0M | ||
| Q4 24 | $91.1M | $177.0M | ||
| Q3 24 | $219.4M | $136.0M | ||
| Q2 24 | $33.7M | $49.0M | ||
| Q1 24 | $-20.2M | $-169.0M |
自由现金流率GHCRIG
| Q4 25 | 0.4% | 30.8% | ||
| Q3 25 | 12.6% | 22.9% | ||
| Q2 25 | 6.4% | 10.5% | ||
| Q1 25 | 2.6% | -3.8% | ||
| Q4 24 | 7.3% | 18.6% | ||
| Q3 24 | 18.2% | 14.3% | ||
| Q2 24 | 2.8% | 5.7% | ||
| Q1 24 | -1.8% | -22.1% |
资本支出强度GHCRIG
| Q4 25 | 1.9% | 2.7% | ||
| Q3 25 | 1.3% | 1.1% | ||
| Q2 25 | 1.4% | 2.4% | ||
| Q1 25 | 1.3% | 6.6% | ||
| Q4 24 | 2.0% | 3.0% | ||
| Q3 24 | 1.5% | 6.1% | ||
| Q2 24 | 1.5% | 9.8% | ||
| Q1 24 | 1.8% | 10.9% |
现金转化率GHCRIG
| Q4 25 | 0.26× | 13.96× | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 2.58× | — | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 0.21× | 29.43× | ||
| Q3 24 | 3.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.01× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
