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Graham Holdings Co（GHC）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是Graham Holdings Co的1.1倍（$1.4B vs $1.3B），瑞思迈净利率更高（27.6% vs 8.7%，领先18.9%），瑞思迈同比增速更快（11.0% vs 0.4%），瑞思迈自由现金流更多（$311.2M vs $5.0M），过去两年瑞思迈的营收复合增速更高（9.0% 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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
GHC vs RMD — 直观对比
营收规模更大
RMD
是对方的1.1倍
$1.3B
营收增速更快
RMD
高出10.6%
0.4%
净利率更高
RMD
高出18.9%
8.7%
自由现金流更多
RMD
多$306.2M
$5.0M
两年增速更快
RMD
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $108.7M | $392.6M |
| 毛利率 | — | 61.8% |
| 营业利润率 | 3.8% | 34.6% |
| 净利率 | 8.7% | 27.6% |
| 营收同比 | 0.4% | 11.0% |
| 净利润同比 | -80.2% | 13.9% |
| 每股收益（稀释后） | $24.76 | $2.68 |
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GHCRMD
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.2B |
净利润GHCRMD
| Q4 25 | $108.7M | $392.6M | ||
| Q3 25 | $122.9M | $348.5M | ||
| Q2 25 | $36.7M | $379.7M | ||
| Q1 25 | $23.9M | $365.0M | ||
| Q4 24 | $548.8M | $344.6M | ||
| Q3 24 | $72.5M | $311.4M | ||
| Q2 24 | $-21.0M | $292.2M | ||
| Q1 24 | $124.4M | $300.5M |
毛利率GHCRMD
| Q4 25 | — | 61.8% | ||
| Q3 25 | — | 61.5% | ||
| Q2 25 | — | 60.8% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | 58.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 57.9% |
营业利润率GHCRMD
| Q4 25 | 3.8% | 34.6% | ||
| Q3 25 | 5.2% | 33.4% | ||
| Q2 25 | 6.0% | 33.7% | ||
| Q1 25 | 4.1% | 33.0% | ||
| Q4 24 | 5.8% | 32.5% | ||
| Q3 24 | 6.8% | 31.6% | ||
| Q2 24 | 2.2% | 31.2% | ||
| Q1 24 | 3.1% | 31.3% |
净利率GHCRMD
| Q4 25 | 8.7% | 27.6% | ||
| Q3 25 | 9.6% | 26.1% | ||
| Q2 25 | 3.0% | 28.2% | ||
| Q1 25 | 2.0% | 28.3% | ||
| Q4 24 | 44.1% | 26.9% | ||
| Q3 24 | 6.0% | 25.4% | ||
| Q2 24 | -1.8% | 23.9% | ||
| Q1 24 | 10.8% | 25.1% |
每股收益（稀释后）GHCRMD
| Q4 25 | $24.76 | $2.68 | ||
| Q3 25 | $27.91 | $2.37 | ||
| Q2 25 | $8.35 | $2.58 | ||
| Q1 25 | $5.45 | $2.48 | ||
| Q4 24 | $124.05 | $2.34 | ||
| Q3 24 | $16.42 | $2.11 | ||
| Q2 24 | $-4.79 | $1.97 | ||
| Q1 24 | $27.72 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | — | $403.9M |
| 股东权益账面价值 | $4.8B | $6.3B |
| 总资产 | $8.4B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资GHCRMD
| Q4 25 | $267.0M | $1.4B | ||
| Q3 25 | $190.8M | $1.4B | ||
| Q2 25 | $176.2M | $1.2B | ||
| Q1 25 | $156.7M | $932.7M | ||
| Q4 24 | $260.9M | $521.9M | ||
| Q3 24 | $244.4M | $426.4M | ||
| Q2 24 | $140.7M | $238.4M | ||
| Q1 24 | $130.9M | $237.9M |
总债务GHCRMD
| Q4 25 | — | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益GHCRMD
| Q4 25 | $4.8B | $6.3B | ||
| Q3 25 | $4.5B | $6.1B | ||
| Q2 25 | $4.4B | $6.0B | ||
| Q1 25 | $4.3B | $5.5B | ||
| Q4 24 | $4.3B | $5.3B | ||
| Q3 24 | $4.0B | $5.2B | ||
| Q2 24 | $4.0B | $4.9B | ||
| Q1 24 | $4.0B | $4.6B |
总资产GHCRMD
| Q4 25 | $8.4B | $8.5B | ||
| Q3 25 | $7.9B | $8.3B | ||
| Q2 25 | $7.6B | $8.2B | ||
| Q1 25 | $7.6B | $7.6B | ||
| Q4 24 | $7.7B | $7.1B | ||
| Q3 24 | $7.4B | $7.2B | ||
| Q2 24 | $7.2B | $6.9B | ||
| Q1 24 | $7.3B | $6.8B |
负债/权益比GHCRMD
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $311.2M |
| 自由现金流率自由现金流/营收 | 0.4% | 21.9% |
| 资本支出强度资本支出/营收 | 1.9% | 2.0% |
| 现金转化率经营现金流/净利润 | 0.26× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $1.8B |
8季度趋势，按日历期对齐
经营现金流GHCRMD
| Q4 25 | $28.3M | $339.7M | ||
| Q3 25 | $178.1M | $457.3M | ||
| Q2 25 | $94.8M | $538.8M | ||
| Q1 25 | $46.0M | $578.7M | ||
| Q4 24 | $116.3M | $308.6M | ||
| Q3 24 | $237.6M | $325.5M | ||
| Q2 24 | $52.0M | $440.1M | ||
| Q1 24 | $1.1M | $402.0M |
自由现金流GHCRMD
| Q4 25 | $5.0M | $311.2M | ||
| Q3 25 | $161.8M | $414.4M | ||
| Q2 25 | $78.0M | $508.2M | ||
| Q1 25 | $30.5M | $557.9M | ||
| Q4 24 | $91.1M | $288.0M | ||
| Q3 24 | $219.4M | $307.7M | ||
| Q2 24 | $33.7M | $415.2M | ||
| Q1 24 | $-20.2M | $380.8M |
自由现金流率GHCRMD
| Q4 25 | 0.4% | 21.9% | ||
| Q3 25 | 12.6% | 31.0% | ||
| Q2 25 | 6.4% | 37.7% | ||
| Q1 25 | 2.6% | 43.2% | ||
| Q4 24 | 7.3% | 22.5% | ||
| Q3 24 | 18.2% | 25.1% | ||
| Q2 24 | 2.8% | 33.9% | ||
| Q1 24 | -1.8% | 31.8% |
资本支出强度GHCRMD
| Q4 25 | 1.9% | 2.0% | ||
| Q3 25 | 1.3% | 3.2% | ||
| Q2 25 | 1.4% | 2.3% | ||
| Q1 25 | 1.3% | 1.6% | ||
| Q4 24 | 2.0% | 1.6% | ||
| Q3 24 | 1.5% | 1.5% | ||
| Q2 24 | 1.5% | 2.0% | ||
| Q1 24 | 1.8% | 1.8% |
现金转化率GHCRMD
| Q4 25 | 0.26× | 0.87× | ||
| Q3 25 | 1.45× | 1.31× | ||
| Q2 25 | 2.58× | 1.42× | ||
| Q1 25 | 1.93× | 1.59× | ||
| Q4 24 | 0.21× | 0.90× | ||
| Q3 24 | 3.28× | 1.05× | ||
| Q2 24 | — | 1.51× | ||
| Q1 24 | 0.01× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
