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伯克希尔·哈撒韦（HEI）与景顺（IVZ）财务数据对比。点击上方公司名可切换其他公司
景顺的季度营收约是伯克希尔·哈撒韦的1.4倍（$1.7B vs $1.2B），伯克希尔·哈撒韦净利率更高（15.6% vs -58.9%，领先74.4%），伯克希尔·哈撒韦同比增速更快（19.3% vs 6.2%），景顺自由现金流更多（$432.2M vs $268.5M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs 7.1%）
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。
景顺是总部位于美国佐治亚州亚特兰大的独立投资管理企业，在全球20个国家设有分支机构，旗下运营景顺、Invesco Perpetual、PowerShares等品牌，普通股为标普500指数成分股，于纽约证券交易所挂牌交易。
HEI vs IVZ — 直观对比
营收规模更大
IVZ
是对方的1.4倍
$1.2B
营收增速更快
HEI
高出13.1%
6.2%
净利率更高
HEI
高出74.4%
-58.9%
自由现金流更多
IVZ
多$163.7M
$268.5M
两年增速更快
HEI
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $188.3M | $-995.9M |
| 毛利率 | 40.2% | — |
| 营业利润率 | 23.1% | -86.2% |
| 净利率 | 15.6% | -58.9% |
| 营收同比 | 19.3% | 6.2% |
| 净利润同比 | 34.8% | -575.8% |
| 每股收益（稀释后） | $1.32 | $-2.61 |
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HEIIVZ
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $992.2M | $1.5B | ||
| Q2 24 | $955.4M | $1.5B | ||
| Q1 24 | $896.4M | $1.5B |
净利润HEIIVZ
| Q4 25 | $188.3M | $-995.9M | ||
| Q3 25 | $177.3M | $356.4M | ||
| Q2 25 | $156.8M | $197.4M | ||
| Q1 25 | $168.0M | $171.1M | ||
| Q4 24 | $139.7M | $209.3M | ||
| Q3 24 | $136.6M | $55.0M | ||
| Q2 24 | $123.1M | $132.2M | ||
| Q1 24 | $114.7M | $141.5M |
毛利率HEIIVZ
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.8% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.9% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 38.9% | — | ||
| Q1 24 | 38.7% | — |
营业利润率HEIIVZ
| Q4 25 | 23.1% | -86.2% | ||
| Q3 25 | 23.1% | 16.5% | ||
| Q2 25 | 22.6% | 14.1% | ||
| Q1 25 | 22.0% | 18.1% | ||
| Q4 24 | 21.6% | 19.6% | ||
| Q3 24 | 21.8% | 6.6% | ||
| Q2 24 | 21.9% | 13.9% | ||
| Q1 24 | 20.1% | 14.4% |
净利率HEIIVZ
| Q4 25 | 15.6% | -58.9% | ||
| Q3 25 | 15.5% | 21.7% | ||
| Q2 25 | 14.3% | 13.0% | ||
| Q1 25 | 16.3% | 11.2% | ||
| Q4 24 | 13.8% | 13.1% | ||
| Q3 24 | 13.8% | 3.6% | ||
| Q2 24 | 12.9% | 8.9% | ||
| Q1 24 | 12.8% | 9.6% |
每股收益（稀释后）HEIIVZ
| Q4 25 | $1.32 | $-2.61 | ||
| Q3 25 | $1.26 | $0.66 | ||
| Q2 25 | $1.12 | $-0.03 | ||
| Q1 25 | $1.20 | $0.38 | ||
| Q4 24 | $1.00 | $0.46 | ||
| Q3 24 | $0.97 | $0.12 | ||
| Q2 24 | $0.88 | $0.29 | ||
| Q1 24 | $0.82 | $0.31 |
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 | $1.0B |
| 总债务越低越好 | $2.2B | $1.8B |
| 股东权益账面价值 | $4.3B | $12.2B |
| 总资产 | $8.5B | $27.1B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资HEIIVZ
| Q4 25 | $217.8M | $1.0B | ||
| Q3 25 | $261.9M | $973.1M | ||
| Q2 25 | $242.3M | $922.7M | ||
| Q1 25 | $165.5M | $821.7M | ||
| Q4 24 | $162.1M | $986.5M | ||
| Q3 24 | $202.9M | $1.0B | ||
| Q2 24 | $204.2M | $878.5M | ||
| Q1 24 | $196.3M | $895.7M |
总债务HEIIVZ
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.3B | $1.9B | ||
| Q1 25 | $2.3B | $964.8M | ||
| Q4 24 | $2.2B | $890.6M | ||
| Q3 24 | $2.3B | $890.3M | ||
| Q2 24 | $2.4B | $890.1M | ||
| Q1 24 | $2.5B | $1.3B |
股东权益HEIIVZ
| Q4 25 | $4.3B | $12.2B | ||
| Q3 25 | $4.1B | $14.0B | ||
| Q2 25 | $4.0B | $13.9B | ||
| Q1 25 | $3.7B | $14.7B | ||
| Q4 24 | $3.6B | $14.6B | ||
| Q3 24 | $3.5B | $14.8B | ||
| Q2 24 | $3.4B | $14.6B | ||
| Q1 24 | $3.3B | $14.6B |
总资产HEIIVZ
| Q4 25 | $8.5B | $27.1B | ||
| Q3 25 | $8.5B | $28.4B | ||
| Q2 25 | $8.1B | $28.5B | ||
| Q1 25 | $7.9B | $28.1B | ||
| Q4 24 | $7.6B | $27.0B | ||
| Q3 24 | $7.4B | $27.5B | ||
| Q2 24 | $7.4B | $27.2B | ||
| Q1 24 | $7.3B | $28.1B |
负债/权益比HEIIVZ
| Q4 25 | 0.50× | 0.15× | ||
| Q3 25 | 0.59× | 0.12× | ||
| Q2 25 | 0.57× | 0.14× | ||
| Q1 25 | 0.63× | 0.07× | ||
| Q4 24 | 0.61× | 0.06× | ||
| Q3 24 | 0.64× | 0.06× | ||
| Q2 24 | 0.70× | 0.06× | ||
| Q1 24 | 0.76× | 0.09× |
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 | $455.8M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $432.2M |
| 自由现金流率自由现金流/营收 | 22.2% | 25.5% |
| 资本支出强度资本支出/营收 | 2.2% | 1.4% |
| 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 | $1.4B |
8季度趋势，按日历期对齐
经营现金流HEIIVZ
| Q4 25 | $295.3M | $455.8M | ||
| Q3 25 | $231.2M | $606.2M | ||
| Q2 25 | $204.7M | $547.9M | ||
| Q1 25 | $203.0M | $-84.6M | ||
| Q4 24 | $205.6M | $316.9M | ||
| Q3 24 | $214.0M | $438.4M | ||
| Q2 24 | $141.1M | $489.1M | ||
| Q1 24 | $111.7M | $-54.4M |
自由现金流HEIIVZ
| Q4 25 | $268.5M | $432.2M | ||
| Q3 25 | $218.5M | $586.4M | ||
| Q2 25 | $188.7M | $530.4M | ||
| Q1 25 | $185.7M | $-108.0M | ||
| Q4 24 | $189.5M | $309.9M | ||
| Q3 24 | $198.1M | $410.0M | ||
| Q2 24 | $128.2M | $462.4M | ||
| Q1 24 | $98.3M | $-75.4M |
自由现金流率HEIIVZ
| Q4 25 | 22.2% | 25.5% | ||
| Q3 25 | 19.0% | 35.7% | ||
| Q2 25 | 17.2% | 35.0% | ||
| Q1 25 | 18.0% | -7.1% | ||
| Q4 24 | 18.7% | 19.5% | ||
| Q3 24 | 20.0% | 27.1% | ||
| Q2 24 | 13.4% | 31.2% | ||
| Q1 24 | 11.0% | -5.1% |
资本支出强度HEIIVZ
| Q4 25 | 2.2% | 1.4% | ||
| Q3 25 | 1.1% | 1.2% | ||
| Q2 25 | 1.5% | 1.2% | ||
| Q1 25 | 1.7% | 1.5% | ||
| Q4 24 | 1.6% | 0.4% | ||
| Q3 24 | 1.6% | 1.9% | ||
| Q2 24 | 1.4% | 1.8% | ||
| Q1 24 | 1.5% | 1.4% |
现金转化率HEIIVZ
| Q4 25 | 1.57× | — | ||
| Q3 25 | 1.30× | 1.70× | ||
| Q2 25 | 1.31× | 2.78× | ||
| Q1 25 | 1.21× | -0.49× | ||
| Q4 24 | 1.47× | 1.51× | ||
| Q3 24 | 1.57× | 7.97× | ||
| Q2 24 | 1.15× | 3.70× | ||
| Q1 24 | 0.97× | -0.38× |
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% |
IVZ
| Investment Advice | $1.2B | 73% |
| Distribution And Shareholder Service | $382.7M | 23% |
| Financial Service Other | $51.0M | 3% |
| Investment Performance | $28.9M | 2% |
