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Graham Holdings Co（GHC）与ROKU, INC（ROKU）财务数据对比。点击上方公司名可切换其他公司
ROKU, INC的季度营收约是Graham Holdings Co的1.1倍（$1.4B vs $1.3B），Graham Holdings Co净利率更高（8.7% vs 5.8%，领先2.9%），ROKU, INC同比增速更快（16.1% vs 0.4%），ROKU, INC自由现金流更多（$106.6M vs $5.0M），过去两年ROKU, INC的营收复合增速更高（25.8% 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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
GHC vs ROKU — 直观对比
营收规模更大
ROKU
是对方的1.1倍
$1.3B
营收增速更快
ROKU
高出15.7%
0.4%
净利率更高
GHC
高出2.9%
5.8%
自由现金流更多
ROKU
多$101.5M
$5.0M
两年增速更快
ROKU
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $108.7M | $80.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | 3.8% | 4.7% |
| 净利率 | 8.7% | 5.8% |
| 营收同比 | 0.4% | 16.1% |
| 净利润同比 | -80.2% | 326.4% |
| 每股收益（稀释后） | $24.76 | $0.55 |
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GHCROKU
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.2B | $968.2M | ||
| Q1 24 | $1.2B | $881.5M |
净利润GHCROKU
| Q4 25 | $108.7M | $80.5M | ||
| Q3 25 | $122.9M | $24.8M | ||
| Q2 25 | $36.7M | $10.5M | ||
| Q1 25 | $23.9M | $-27.4M | ||
| Q4 24 | $548.8M | $-35.5M | ||
| Q3 24 | $72.5M | $-9.0M | ||
| Q2 24 | $-21.0M | $-34.0M | ||
| Q1 24 | $124.4M | $-50.9M |
毛利率GHCROKU
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.9% | ||
| Q1 24 | — | 44.1% |
营业利润率GHCROKU
| Q4 25 | 3.8% | 4.7% | ||
| Q3 25 | 5.2% | 0.8% | ||
| Q2 25 | 6.0% | -2.1% | ||
| Q1 25 | 4.1% | -5.7% | ||
| Q4 24 | 5.8% | -3.3% | ||
| Q3 24 | 6.8% | -3.4% | ||
| Q2 24 | 2.2% | -7.4% | ||
| Q1 24 | 3.1% | -8.2% |
净利率GHCROKU
| Q4 25 | 8.7% | 5.8% | ||
| Q3 25 | 9.6% | 2.0% | ||
| Q2 25 | 3.0% | 0.9% | ||
| Q1 25 | 2.0% | -2.7% | ||
| Q4 24 | 44.1% | -3.0% | ||
| Q3 24 | 6.0% | -0.9% | ||
| Q2 24 | -1.8% | -3.5% | ||
| Q1 24 | 10.8% | -5.8% |
每股收益（稀释后）GHCROKU
| Q4 25 | $24.76 | $0.55 | ||
| Q3 25 | $27.91 | $0.16 | ||
| Q2 25 | $8.35 | $0.07 | ||
| Q1 25 | $5.45 | $-0.19 | ||
| Q4 24 | $124.05 | $-0.24 | ||
| Q3 24 | $16.42 | $-0.06 | ||
| Q2 24 | $-4.79 | $-0.24 | ||
| Q1 24 | $27.72 | $-0.35 |
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 | $2.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | $2.7B |
| 总资产 | $8.4B | $4.4B |
| 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GHCROKU
| Q4 25 | $267.0M | $2.3B | ||
| Q3 25 | $190.8M | $2.3B | ||
| Q2 25 | $176.2M | $2.3B | ||
| Q1 25 | $156.7M | $2.3B | ||
| Q4 24 | $260.9M | $2.2B | ||
| Q3 24 | $244.4M | $2.1B | ||
| Q2 24 | $140.7M | $2.1B | ||
| Q1 24 | $130.9M | $2.1B |
股东权益GHCROKU
| Q4 25 | $4.8B | $2.7B | ||
| Q3 25 | $4.5B | $2.6B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.3B | $2.5B | ||
| Q4 24 | $4.3B | $2.5B | ||
| Q3 24 | $4.0B | $2.5B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $4.0B | $2.4B |
总资产GHCROKU
| Q4 25 | $8.4B | $4.4B | ||
| Q3 25 | $7.9B | $4.4B | ||
| Q2 25 | $7.6B | $4.3B | ||
| Q1 25 | $7.6B | $4.2B | ||
| Q4 24 | $7.7B | $4.3B | ||
| Q3 24 | $7.4B | $4.3B | ||
| Q2 24 | $7.2B | $4.1B | ||
| Q1 24 | $7.3B | $4.2B |
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 | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $106.6M |
| 自由现金流率自由现金流/营收 | 0.4% | 7.6% |
| 资本支出强度资本支出/营收 | 1.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.26× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $478.4M |
8季度趋势，按日历期对齐
经营现金流GHCROKU
| Q4 25 | $28.3M | $107.7M | ||
| Q3 25 | $178.1M | $127.6M | ||
| Q2 25 | $94.8M | $109.7M | ||
| Q1 25 | $46.0M | $138.7M | ||
| Q4 24 | $116.3M | $79.3M | ||
| Q3 24 | $237.6M | $68.7M | ||
| Q2 24 | $52.0M | $23.4M | ||
| Q1 24 | $1.1M | $46.7M |
自由现金流GHCROKU
| Q4 25 | $5.0M | $106.6M | ||
| Q3 25 | $161.8M | $126.5M | ||
| Q2 25 | $78.0M | $108.6M | ||
| Q1 25 | $30.5M | $136.8M | ||
| Q4 24 | $91.1M | $76.8M | ||
| Q3 24 | $219.4M | $67.6M | ||
| Q2 24 | $33.7M | $22.5M | ||
| Q1 24 | $-20.2M | $46.0M |
自由现金流率GHCROKU
| Q4 25 | 0.4% | 7.6% | ||
| Q3 25 | 12.6% | 10.4% | ||
| Q2 25 | 6.4% | 9.8% | ||
| Q1 25 | 2.6% | 13.4% | ||
| Q4 24 | 7.3% | 6.4% | ||
| Q3 24 | 18.2% | 6.4% | ||
| Q2 24 | 2.8% | 2.3% | ||
| Q1 24 | -1.8% | 5.2% |
资本支出强度GHCROKU
| Q4 25 | 1.9% | 0.1% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 1.4% | 0.1% | ||
| Q1 25 | 1.3% | 0.2% | ||
| Q4 24 | 2.0% | 0.2% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.5% | 0.1% | ||
| Q1 24 | 1.8% | 0.1% |
现金转化率GHCROKU
| Q4 25 | 0.26× | 1.34× | ||
| Q3 25 | 1.45× | 5.14× | ||
| Q2 25 | 2.58× | 10.45× | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 3.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.01× | — |
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% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
