vs
Graham Holdings Co（GHC）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.7倍（$1.3B vs $718.6M），Graham Holdings Co净利率更高（8.7% vs -2.8%，领先11.5%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
GHC vs VFS — 直观对比
营收规模更大
GHC
是对方的1.7倍
$718.6M
净利率更高
GHC
高出11.5%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $718.6M |
| 净利润 | $108.7M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.8% | -96.1% |
| 净利率 | 8.7% | -2.8% |
| 营收同比 | 0.4% | — |
| 净利润同比 | -80.2% | — |
| 每股收益（稀释后） | $24.76 | — |
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GHCVFS
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $718.6M | ||
| Q2 25 | $1.2B | $663.0M | ||
| Q1 25 | $1.2B | $656.5M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $511.6M | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | $302.6M |
净利润GHCVFS
| Q4 25 | $108.7M | — | ||
| Q3 25 | $122.9M | $-20.0M | ||
| Q2 25 | $36.7M | $-51.8M | ||
| Q1 25 | $23.9M | $-26.1M | ||
| Q4 24 | $548.8M | — | ||
| Q3 24 | $72.5M | $-10.4M | ||
| Q2 24 | $-21.0M | — | ||
| Q1 24 | $124.4M | $-618.3M |
营业利润率GHCVFS
| Q4 25 | 3.8% | — | ||
| Q3 25 | 5.2% | -96.1% | ||
| Q2 25 | 6.0% | -79.0% | ||
| Q1 25 | 4.1% | -74.0% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 6.8% | -65.9% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 3.1% | -139.4% |
净利率GHCVFS
| Q4 25 | 8.7% | — | ||
| Q3 25 | 9.6% | -2.8% | ||
| Q2 25 | 3.0% | -7.8% | ||
| Q1 25 | 2.0% | -4.0% | ||
| Q4 24 | 44.1% | — | ||
| Q3 24 | 6.0% | -2.0% | ||
| Q2 24 | -1.8% | — | ||
| Q1 24 | 10.8% | -204.3% |
每股收益（稀释后）GHCVFS
| Q4 25 | $24.76 | — | ||
| Q3 25 | $27.91 | — | ||
| Q2 25 | $8.35 | — | ||
| Q1 25 | $5.45 | — | ||
| Q4 24 | $124.05 | — | ||
| Q3 24 | $16.42 | — | ||
| Q2 24 | $-4.79 | — | ||
| Q1 24 | $27.72 | — |
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 | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | — |
| 总资产 | $8.4B | $183.2M |
| 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GHCVFS
| Q4 25 | $267.0M | — | ||
| Q3 25 | $190.8M | $8.8M | ||
| Q2 25 | $176.2M | $650.0M | ||
| Q1 25 | $156.7M | $2.4M | ||
| Q4 24 | $260.9M | — | ||
| Q3 24 | $244.4M | $1.9M | ||
| Q2 24 | $140.7M | — | ||
| Q1 24 | $130.9M | $3.0M |
股东权益GHCVFS
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | $-7.2B | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $4.0B | — |
总资产GHCVFS
| Q4 25 | $8.4B | — | ||
| Q3 25 | $7.9B | $183.2M | ||
| Q2 25 | $7.6B | $7.2B | ||
| Q1 25 | $7.6B | $158.2M | ||
| Q4 24 | $7.7B | — | ||
| Q3 24 | $7.4B | $151.8M | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $7.3B | $145.6M |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $5.0M | — |
| 自由现金流率自由现金流/营收 | 0.4% | — |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $275.3M | — |
8季度趋势，按日历期对齐
经营现金流GHCVFS
| Q4 25 | $28.3M | — | ||
| Q3 25 | $178.1M | — | ||
| Q2 25 | $94.8M | — | ||
| Q1 25 | $46.0M | — | ||
| Q4 24 | $116.3M | — | ||
| Q3 24 | $237.6M | — | ||
| Q2 24 | $52.0M | — | ||
| Q1 24 | $1.1M | — |
自由现金流GHCVFS
| Q4 25 | $5.0M | — | ||
| Q3 25 | $161.8M | — | ||
| Q2 25 | $78.0M | — | ||
| Q1 25 | $30.5M | — | ||
| Q4 24 | $91.1M | — | ||
| Q3 24 | $219.4M | — | ||
| Q2 24 | $33.7M | — | ||
| Q1 24 | $-20.2M | — |
自由现金流率GHCVFS
| Q4 25 | 0.4% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 18.2% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | -1.8% | — |
资本支出强度GHCVFS
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.8% | — |
现金转化率GHCVFS
| Q4 25 | 0.26× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 2.58× | — | ||
| 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
