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伯克希尔·哈撒韦（HEI）与IAC Inc.（IAC）财务数据对比。点击上方公司名可切换其他公司
伯克希尔·哈撒韦的季度营收约是IAC Inc.的1.9倍（$1.2B vs $646.0M），伯克希尔·哈撒韦净利率更高（15.6% vs -11.9%，领先27.5%），伯克希尔·哈撒韦同比增速更快（19.3% vs -10.5%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $31.4M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs 1.7%）
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
IAC Inc.是一家美国控股企业，业务覆盖媒体与互联网领域，在全球拥有多个知名品牌。公司前身是1996年成立的HSN Inc.，当时作为家庭购物频道Home Shopping Network和USA电视台的控股主体运营，1999年更名为USA Networks Inc.，2002年将旗下电视业务资产出售给威望迪集团。
HEI vs IAC — 直观对比
营收规模更大
HEI
是对方的1.9倍
$646.0M
营收增速更快
HEI
高出29.8%
-10.5%
净利率更高
HEI
高出27.5%
-11.9%
自由现金流更多
HEI
多$237.1M
$31.4M
两年增速更快
HEI
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $646.0M |
| 净利润 | $188.3M | $-76.8M |
| 毛利率 | 40.2% | 69.8% |
| 营业利润率 | 23.1% | -17.5% |
| 净利率 | 15.6% | -11.9% |
| 营收同比 | 19.3% | -10.5% |
| 净利润同比 | 34.8% | 61.4% |
| 每股收益（稀释后） | $1.32 | $-0.96 |
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HEIIAC
| Q4 25 | $1.2B | $646.0M | ||
| Q3 25 | $1.1B | $589.8M | ||
| Q2 25 | $1.1B | $586.9M | ||
| Q1 25 | $1.0B | $570.5M | ||
| Q4 24 | $1.0B | $721.4M | ||
| Q3 24 | $992.2M | $642.0M | ||
| Q2 24 | $955.4M | $634.4M | ||
| Q1 24 | $896.4M | $624.3M |
净利润HEIIAC
| Q4 25 | $188.3M | $-76.8M | ||
| Q3 25 | $177.3M | $-21.9M | ||
| Q2 25 | $156.8M | $211.5M | ||
| Q1 25 | $168.0M | $-216.8M | ||
| Q4 24 | $139.7M | $-199.0M | ||
| Q3 24 | $136.6M | $-243.7M | ||
| Q2 24 | $123.1M | $-142.2M | ||
| Q1 24 | $114.7M | $45.0M |
毛利率HEIIAC
| Q4 25 | 40.2% | 69.8% | ||
| Q3 25 | 39.8% | 64.8% | ||
| Q2 25 | 39.9% | 65.6% | ||
| Q1 25 | 39.4% | 64.0% | ||
| Q4 24 | 38.9% | 65.8% | ||
| Q3 24 | 39.2% | 62.1% | ||
| Q2 24 | 38.9% | 60.1% | ||
| Q1 24 | 38.7% | 58.4% |
营业利润率HEIIAC
| Q4 25 | 23.1% | -17.5% | ||
| Q3 25 | 23.1% | -3.5% | ||
| Q2 25 | 22.6% | 0.1% | ||
| Q1 25 | 22.0% | 6.3% | ||
| Q4 24 | 21.6% | 6.7% | ||
| Q3 24 | 21.8% | 1.3% | ||
| Q2 24 | 21.9% | -3.4% | ||
| Q1 24 | 20.1% | -10.2% |
净利率HEIIAC
| Q4 25 | 15.6% | -11.9% | ||
| Q3 25 | 15.5% | -3.7% | ||
| Q2 25 | 14.3% | 36.0% | ||
| Q1 25 | 16.3% | -38.0% | ||
| Q4 24 | 13.8% | -27.6% | ||
| Q3 24 | 13.8% | -38.0% | ||
| Q2 24 | 12.9% | -22.4% | ||
| Q1 24 | 12.8% | 7.2% |
每股收益（稀释后）HEIIAC
| Q4 25 | $1.32 | $-0.96 | ||
| Q3 25 | $1.26 | $-0.27 | ||
| Q2 25 | $1.12 | $2.57 | ||
| Q1 25 | $1.20 | $-2.64 | ||
| Q4 24 | $1.00 | $-2.36 | ||
| Q3 24 | $0.97 | $-2.93 | ||
| Q2 24 | $0.88 | $-1.71 | ||
| Q1 24 | $0.82 | $0.51 |
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 | $217.8M | $960.2M |
| 总债务越低越好 | $2.2B | $1.4B |
| 股东权益账面价值 | $4.3B | $4.7B |
| 总资产 | $8.5B | $7.1B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资HEIIAC
| Q4 25 | $217.8M | $960.2M | ||
| Q3 25 | $261.9M | $1.0B | ||
| Q2 25 | $242.3M | $1.1B | ||
| Q1 25 | $165.5M | $1.2B | ||
| Q4 24 | $162.1M | $1.4B | ||
| Q3 24 | $202.9M | $1.3B | ||
| Q2 24 | $204.2M | $1.3B | ||
| Q1 24 | $196.3M | $1.3B |
总债务HEIIAC
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.5B | — |
股东权益HEIIAC
| Q4 25 | $4.3B | $4.7B | ||
| Q3 25 | $4.1B | $4.8B | ||
| Q2 25 | $4.0B | $4.9B | ||
| Q1 25 | $3.7B | $4.7B | ||
| Q4 24 | $3.6B | $5.6B | ||
| Q3 24 | $3.5B | $5.8B | ||
| Q2 24 | $3.4B | $6.0B | ||
| Q1 24 | $3.3B | $6.1B |
总资产HEIIAC
| Q4 25 | $8.5B | $7.1B | ||
| Q3 25 | $8.5B | $7.2B | ||
| Q2 25 | $8.1B | $7.4B | ||
| Q1 25 | $7.9B | $7.2B | ||
| Q4 24 | $7.6B | $9.7B | ||
| Q3 24 | $7.4B | $9.8B | ||
| Q2 24 | $7.4B | $10.2B | ||
| Q1 24 | $7.3B | $10.4B |
负债/权益比HEIIAC
| Q4 25 | 0.50× | 0.30× | ||
| Q3 25 | 0.59× | 0.30× | ||
| Q2 25 | 0.57× | 0.30× | ||
| Q1 25 | 0.63× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.70× | — | ||
| Q1 24 | 0.76× | — |
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 | $295.3M | $36.6M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $31.4M |
| 自由现金流率自由现金流/营收 | 22.2% | 4.9% |
| 资本支出强度资本支出/营收 | 2.2% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $861.4M | $44.8M |
8季度趋势，按日历期对齐
经营现金流HEIIAC
| Q4 25 | $295.3M | $36.6M | ||
| Q3 25 | $231.2M | $30.1M | ||
| Q2 25 | $204.7M | $-2.8M | ||
| Q1 25 | $203.0M | $63.0K | ||
| Q4 24 | $205.6M | $110.1M | ||
| Q3 24 | $214.0M | $95.3M | ||
| Q2 24 | $141.1M | $85.0M | ||
| Q1 24 | $111.7M | $64.1M |
自由现金流HEIIAC
| Q4 25 | $268.5M | $31.4M | ||
| Q3 25 | $218.5M | $25.3M | ||
| Q2 25 | $188.7M | $-7.2M | ||
| Q1 25 | $185.7M | $-4.6M | ||
| Q4 24 | $189.5M | $104.8M | ||
| Q3 24 | $198.1M | $92.0M | ||
| Q2 24 | $128.2M | $81.6M | ||
| Q1 24 | $98.3M | $61.1M |
自由现金流率HEIIAC
| Q4 25 | 22.2% | 4.9% | ||
| Q3 25 | 19.0% | 4.3% | ||
| Q2 25 | 17.2% | -1.2% | ||
| Q1 25 | 18.0% | -0.8% | ||
| Q4 24 | 18.7% | 14.5% | ||
| Q3 24 | 20.0% | 14.3% | ||
| Q2 24 | 13.4% | 12.9% | ||
| Q1 24 | 11.0% | 9.8% |
资本支出强度HEIIAC
| Q4 25 | 2.2% | 0.8% | ||
| Q3 25 | 1.1% | 0.8% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 1.7% | 0.8% | ||
| Q4 24 | 1.6% | 0.7% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 1.4% | 0.5% | ||
| Q1 24 | 1.5% | 0.5% |
现金转化率HEIIAC
| Q4 25 | 1.57× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.31× | -0.01× | ||
| Q1 25 | 1.21× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 1.15× | — | ||
| Q1 24 | 0.97× | 1.42× |
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
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
IAC
| $168.5M | 26% | |
| Performance Marketing | $101.2M | 16% |
| Care.com | $85.7M | 13% |
| Subscription | $69.5M | 11% |
| Licensing And Other | $43.8M | 7% |
| Consumer Revenue | $43.2M | 7% |
| Advertising | $35.9M | 6% |
| Project And Other Print | $33.6M | 5% |
| Advertising Google | $28.9M | 4% |
| Newsstand | $22.4M | 3% |
| Emerging Other | $19.6M | 3% |
