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Graham Holdings Co（GHC）与Strategic Education, Inc.（STRA）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Strategic Education, Inc.的4.1倍（$1.3B vs $305.9M）。Strategic Education, Inc.净利率更高（9.7% vs 8.7%，领先1.0%）。Graham Holdings Co同比增速更快（0.4% vs -0.8%）。Strategic Education, Inc.自由现金流更多（$57.3M vs $5.0M）。过去两年Graham Holdings Co的营收复合增速更高（4.2% vs -1.0%）
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。
Strategic Education, Inc.（简称SEI）是一家教育服务控股企业，前身为斯特雷尔教育公司。旗下拥有营利性在线院校卡佩拉大学、斯特雷尔大学，还运营着DevMountain、Hackbright学院、Sophia Learning等提供非学位课程的教育机构。
GHC vs STRA — 直观对比
营收规模更大
GHC
是对方的4.1倍
$305.9M
营收增速更快
GHC
高出1.2%
-0.8%
净利率更高
STRA
高出1.0%
8.7%
自由现金流更多
STRA
多$52.3M
$5.0M
两年增速更快
GHC
近两年复合增速
-1.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $305.9M |
| 净利润 | $108.7M | $29.7M |
| 毛利率 | — | — |
| 营业利润率 | 3.8% | 13.0% |
| 净利率 | 8.7% | 9.7% |
| 营收同比 | 0.4% | -0.8% |
| 净利润同比 | -80.2% | -9.3% |
| 每股收益（稀释后） | $24.76 | $1.24 |
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GHCSTRA
| Q1 26 | — | $305.9M | ||
| Q4 25 | $1.3B | $323.2M | ||
| Q3 25 | $1.3B | $319.9M | ||
| Q2 25 | $1.2B | $321.5M | ||
| Q1 25 | $1.2B | $303.6M | ||
| Q4 24 | $1.2B | $311.5M | ||
| Q3 24 | $1.2B | $306.0M | ||
| Q2 24 | $1.2B | $312.3M |
净利润GHCSTRA
| Q1 26 | — | $29.7M | ||
| Q4 25 | $108.7M | $37.9M | ||
| Q3 25 | $122.9M | $26.6M | ||
| Q2 25 | $36.7M | $32.3M | ||
| Q1 25 | $23.9M | $29.7M | ||
| Q4 24 | $548.8M | $25.3M | ||
| Q3 24 | $72.5M | $27.7M | ||
| Q2 24 | $-21.0M | $29.9M |
营业利润率GHCSTRA
| Q1 26 | — | 13.0% | ||
| Q4 25 | 3.8% | 16.0% | ||
| Q3 25 | 5.2% | 11.6% | ||
| Q2 25 | 6.0% | 14.2% | ||
| Q1 25 | 4.1% | 13.1% | ||
| Q4 24 | 5.8% | 11.6% | ||
| Q3 24 | 6.8% | 11.9% | ||
| Q2 24 | 2.2% | 13.4% |
净利率GHCSTRA
| Q1 26 | — | 9.7% | ||
| Q4 25 | 8.7% | 11.7% | ||
| Q3 25 | 9.6% | 8.3% | ||
| Q2 25 | 3.0% | 10.1% | ||
| Q1 25 | 2.0% | 9.8% | ||
| Q4 24 | 44.1% | 8.1% | ||
| Q3 24 | 6.0% | 9.1% | ||
| Q2 24 | -1.8% | 9.6% |
每股收益（稀释后）GHCSTRA
| Q1 26 | — | $1.24 | ||
| Q4 25 | $24.76 | $1.65 | ||
| Q3 25 | $27.91 | $1.15 | ||
| Q2 25 | $8.35 | $1.37 | ||
| Q1 25 | $5.45 | $1.24 | ||
| Q4 24 | $124.05 | $1.05 | ||
| Q3 24 | $16.42 | $1.15 | ||
| Q2 24 | $-4.79 | $1.24 |
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 | $140.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | $1.6B |
| 总资产 | $8.4B | $2.0B |
| 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GHCSTRA
| Q1 26 | — | $140.8M | ||
| Q4 25 | $267.0M | $148.1M | ||
| Q3 25 | $190.8M | $172.6M | ||
| Q2 25 | $176.2M | $164.9M | ||
| Q1 25 | $156.7M | $182.6M | ||
| Q4 24 | $260.9M | $184.0M | ||
| Q3 24 | $244.4M | $222.1M | ||
| Q2 24 | $140.7M | $256.2M |
股东权益GHCSTRA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.8B | $1.6B | ||
| Q3 25 | $4.5B | $1.7B | ||
| Q2 25 | $4.4B | $1.7B | ||
| Q1 25 | $4.3B | $1.6B | ||
| Q4 24 | $4.3B | $1.7B | ||
| Q3 24 | $4.0B | $1.7B | ||
| Q2 24 | $4.0B | $1.7B |
总资产GHCSTRA
| Q1 26 | — | $2.0B | ||
| Q4 25 | $8.4B | $2.0B | ||
| Q3 25 | $7.9B | $2.1B | ||
| Q2 25 | $7.6B | $2.1B | ||
| Q1 25 | $7.6B | $2.1B | ||
| Q4 24 | $7.7B | $2.0B | ||
| Q3 24 | $7.4B | $2.2B | ||
| Q2 24 | $7.2B | $2.2B |
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 | $67.7M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $57.3M |
| 自由现金流率自由现金流/营收 | 0.4% | 18.7% |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 0.26× | 2.27× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $153.9M |
8季度趋势，按日历期对齐
经营现金流GHCSTRA
| Q1 26 | — | $67.7M | ||
| Q4 25 | $28.3M | $39.2M | ||
| Q3 25 | $178.1M | $60.1M | ||
| Q2 25 | $94.8M | $31.2M | ||
| Q1 25 | $46.0M | $67.7M | ||
| Q4 24 | $116.3M | $15.9M | ||
| Q3 24 | $237.6M | $51.5M | ||
| Q2 24 | $52.0M | $24.3M |
自由现金流GHCSTRA
| Q1 26 | — | $57.3M | ||
| Q4 25 | $5.0M | $27.0M | ||
| Q3 25 | $161.8M | $49.3M | ||
| Q2 25 | $78.0M | $20.4M | ||
| Q1 25 | $30.5M | $57.3M | ||
| Q4 24 | $91.1M | $4.7M | ||
| Q3 24 | $219.4M | $42.1M | ||
| Q2 24 | $33.7M | $13.6M |
自由现金流率GHCSTRA
| Q1 26 | — | 18.7% | ||
| Q4 25 | 0.4% | 8.3% | ||
| Q3 25 | 12.6% | 15.4% | ||
| Q2 25 | 6.4% | 6.3% | ||
| Q1 25 | 2.6% | 18.9% | ||
| Q4 24 | 7.3% | 1.5% | ||
| Q3 24 | 18.2% | 13.8% | ||
| Q2 24 | 2.8% | 4.3% |
资本支出强度GHCSTRA
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 3.8% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 1.4% | 3.4% | ||
| Q1 25 | 1.3% | 3.4% | ||
| Q4 24 | 2.0% | 3.6% | ||
| Q3 24 | 1.5% | 3.1% | ||
| Q2 24 | 1.5% | 3.4% |
现金转化率GHCSTRA
| Q1 26 | — | 2.27× | ||
| Q4 25 | 0.26× | 1.03× | ||
| Q3 25 | 1.45× | 2.26× | ||
| Q2 25 | 2.58× | 0.97× | ||
| Q1 25 | 1.93× | 2.27× | ||
| Q4 24 | 0.21× | 0.63× | ||
| Q3 24 | 3.28× | 1.86× | ||
| Q2 24 | — | 0.81× |
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% |
STRA
| U.S. Higher Education | $221.0M | 72% |
| Australia/New Zealand | $48.3M | 16% |
| Education Technology Services | $34.3M | 11% |
