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伯克希尔·哈撒韦（HEI）与洛克希德·马丁（LMT）财务数据对比。点击上方公司名可切换其他公司
洛克希德·马丁的季度营收约是伯克希尔·哈撒韦的14.9倍（$18.0B vs $1.2B），伯克希尔·哈撒韦净利率更高（15.6% vs 8.3%，领先7.3%），伯克希尔·哈撒韦同比增速更快（19.3% vs 0.3%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $-291.0M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs -0.3%）
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。
洛克希德·马丁是美国知名国防与航空航天制造企业，总部位于美国马里兰州北贝塞斯达。该公司由洛克希德公司与马丁·玛丽埃塔公司于1995年3月15日合并组建，在全球防务、航天科技等领域拥有深厚技术积累，是全球顶尖的军工及航天设备供应商。
HEI vs LMT — 直观对比
营收规模更大
LMT
是对方的14.9倍
$1.2B
营收增速更快
HEI
高出19.0%
0.3%
净利率更高
HEI
高出7.3%
8.3%
自由现金流更多
HEI
多$559.5M
$-291.0M
两年增速更快
HEI
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $18.0B |
| 净利润 | $188.3M | $1.5B |
| 毛利率 | 40.2% | 11.5% |
| 营业利润率 | 23.1% | 3.4% |
| 净利率 | 15.6% | 8.3% |
| 营收同比 | 19.3% | 0.3% |
| 净利润同比 | 34.8% | -13.1% |
| 每股收益（稀释后） | $1.32 | $6.44 |
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HEILMT
| Q1 26 | — | $18.0B | ||
| Q4 25 | $1.2B | $20.3B | ||
| Q3 25 | $1.1B | $18.6B | ||
| Q2 25 | $1.1B | $18.2B | ||
| Q1 25 | $1.0B | $18.0B | ||
| Q4 24 | $1.0B | $18.6B | ||
| Q3 24 | $992.2M | $17.1B | ||
| Q2 24 | $955.4M | $18.1B |
净利润HEILMT
| Q1 26 | — | $1.5B | ||
| Q4 25 | $188.3M | $1.3B | ||
| Q3 25 | $177.3M | $1.6B | ||
| Q2 25 | $156.8M | $342.0M | ||
| Q1 25 | $168.0M | $1.7B | ||
| Q4 24 | $139.7M | $527.0M | ||
| Q3 24 | $136.6M | $1.6B | ||
| Q2 24 | $123.1M | $1.6B |
毛利率HEILMT
| Q1 26 | — | 11.5% | ||
| Q4 25 | 40.2% | 11.4% | ||
| Q3 25 | 39.8% | 12.0% | ||
| Q2 25 | 39.9% | 4.0% | ||
| Q1 25 | 39.4% | 12.9% | ||
| Q4 24 | 38.9% | 3.7% | ||
| Q3 24 | 39.2% | 12.4% | ||
| Q2 24 | 38.9% | 11.8% |
营业利润率HEILMT
| Q1 26 | — | 3.4% | ||
| Q4 25 | 23.1% | 11.5% | ||
| Q3 25 | 23.1% | 12.3% | ||
| Q2 25 | 22.6% | 4.1% | ||
| Q1 25 | 22.0% | 13.2% | ||
| Q4 24 | 21.6% | 3.7% | ||
| Q3 24 | 21.8% | 12.5% | ||
| Q2 24 | 21.9% | 11.9% |
净利率HEILMT
| Q1 26 | — | 8.3% | ||
| Q4 25 | 15.6% | 6.6% | ||
| Q3 25 | 15.5% | 8.7% | ||
| Q2 25 | 14.3% | 1.9% | ||
| Q1 25 | 16.3% | 9.5% | ||
| Q4 24 | 13.8% | 2.8% | ||
| Q3 24 | 13.8% | 9.5% | ||
| Q2 24 | 12.9% | 9.1% |
每股收益（稀释后）HEILMT
| Q1 26 | — | $6.44 | ||
| Q4 25 | $1.32 | $5.80 | ||
| Q3 25 | $1.26 | $6.95 | ||
| Q2 25 | $1.12 | $1.46 | ||
| Q1 25 | $1.20 | $7.28 | ||
| Q4 24 | $1.00 | $2.27 | ||
| Q3 24 | $0.97 | $6.80 | ||
| Q2 24 | $0.88 | $6.85 |
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 | $1.9B |
| 总债务越低越好 | $2.2B | $168.0M |
| 股东权益账面价值 | $4.3B | $7.5B |
| 总资产 | $8.5B | $59.2B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资HEILMT
| Q1 26 | — | $1.9B | ||
| Q4 25 | $217.8M | $4.1B | ||
| Q3 25 | $261.9M | $3.5B | ||
| Q2 25 | $242.3M | $1.3B | ||
| Q1 25 | $165.5M | $1.8B | ||
| Q4 24 | $162.1M | $2.5B | ||
| Q3 24 | $202.9M | $3.2B | ||
| Q2 24 | $204.2M | $2.5B |
总债务HEILMT
| Q1 26 | — | $168.0M | ||
| Q4 25 | $2.2B | $21.7B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.2B | $20.3B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — |
股东权益HEILMT
| Q1 26 | — | $7.5B | ||
| Q4 25 | $4.3B | $6.7B | ||
| Q3 25 | $4.1B | $6.2B | ||
| Q2 25 | $4.0B | $5.3B | ||
| Q1 25 | $3.7B | $6.7B | ||
| Q4 24 | $3.6B | $6.3B | ||
| Q3 24 | $3.5B | $7.2B | ||
| Q2 24 | $3.4B | $6.2B |
总资产HEILMT
| Q1 26 | — | $59.2B | ||
| Q4 25 | $8.5B | $59.8B | ||
| Q3 25 | $8.5B | $60.3B | ||
| Q2 25 | $8.1B | $58.9B | ||
| Q1 25 | $7.9B | $56.7B | ||
| Q4 24 | $7.6B | $55.6B | ||
| Q3 24 | $7.4B | $55.5B | ||
| Q2 24 | $7.4B | $55.1B |
负债/权益比HEILMT
| Q1 26 | — | 0.02× | ||
| Q4 25 | 0.50× | 3.23× | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.63× | — | ||
| Q4 24 | 0.61× | 3.20× | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.70× | — |
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 | $220.0M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $-291.0M |
| 自由现金流率自由现金流/营收 | 22.2% | -1.6% |
| 资本支出强度资本支出/营收 | 2.2% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.57× | 0.15× |
| 过去12个月自由现金流最近4个季度 | $861.4M | $5.7B |
8季度趋势，按日历期对齐
经营现金流HEILMT
| Q1 26 | — | $220.0M | ||
| Q4 25 | $295.3M | $3.2B | ||
| Q3 25 | $231.2M | $3.7B | ||
| Q2 25 | $204.7M | $201.0M | ||
| Q1 25 | $203.0M | $1.4B | ||
| Q4 24 | $205.6M | $1.0B | ||
| Q3 24 | $214.0M | $2.4B | ||
| Q2 24 | $141.1M | $1.9B |
自由现金流HEILMT
| Q1 26 | — | $-291.0M | ||
| Q4 25 | $268.5M | $2.8B | ||
| Q3 25 | $218.5M | $3.3B | ||
| Q2 25 | $188.7M | $-150.0M | ||
| Q1 25 | $185.7M | $955.0M | ||
| Q4 24 | $189.5M | $441.0M | ||
| Q3 24 | $198.1M | $2.1B | ||
| Q2 24 | $128.2M | $1.5B |
自由现金流率HEILMT
| Q1 26 | — | -1.6% | ||
| Q4 25 | 22.2% | 13.6% | ||
| Q3 25 | 19.0% | 18.0% | ||
| Q2 25 | 17.2% | -0.8% | ||
| Q1 25 | 18.0% | 5.3% | ||
| Q4 24 | 18.7% | 2.4% | ||
| Q3 24 | 20.0% | 12.2% | ||
| Q2 24 | 13.4% | 8.3% |
资本支出强度HEILMT
| Q1 26 | — | 2.8% | ||
| Q4 25 | 2.2% | 2.3% | ||
| Q3 25 | 1.1% | 2.0% | ||
| Q2 25 | 1.5% | 1.9% | ||
| Q1 25 | 1.7% | 2.5% | ||
| Q4 24 | 1.6% | 3.1% | ||
| Q3 24 | 1.6% | 2.1% | ||
| Q2 24 | 1.4% | 2.0% |
现金转化率HEILMT
| Q1 26 | — | 0.15× | ||
| Q4 25 | 1.57× | 2.40× | ||
| Q3 25 | 1.30× | 2.30× | ||
| Q2 25 | 1.31× | 0.59× | ||
| Q1 25 | 1.21× | 0.82× | ||
| Q4 24 | 1.47× | 1.94× | ||
| Q3 24 | 1.57× | 1.50× | ||
| Q2 24 | 1.15× | 1.14× |
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% |
LMT
| Aeronautics | $7.0B | 39% |
| Rotary and Mission Systems | $4.3B | 24% |
| Missiles and Fire Control | $3.4B | 19% |
| Space | $3.2B | 18% |
