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伯克希尔·哈撒韦（HEI）与PELOTON INTERACTIVE, INC.（PTON）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PELOTON INTERACTIVE, INC.的1.8倍（$1.2B vs $656.5M），伯克希尔·哈撒韦净利率更高（15.6% vs -5.9%，领先21.5%），伯克希尔·哈撒韦同比增速更快（19.3% vs -2.6%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $71.0M）
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。
派乐腾（Peloton Interactive）是总部位于美国纽约的健身设备与媒体服务商，主打搭载联网触控屏的动感单车、跑步机、室内划船器等产品，用户付费订阅即可观看直播和录播健身课程，设备内置传感器可追踪运动功率等数据，为用户提供实时运动表现反馈，还支持排行榜功能与其他用户互动比拼。
HEI vs PTON — 直观对比
营收规模更大
HEI
是对方的1.8倍
$656.5M
营收增速更快
HEI
高出21.9%
-2.6%
净利率更高
HEI
高出21.5%
-5.9%
自由现金流更多
HEI
多$197.5M
$71.0M
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $656.5M |
| 净利润 | $188.3M | $-38.8M |
| 毛利率 | 40.2% | 50.5% |
| 营业利润率 | 23.1% | -2.2% |
| 净利率 | 15.6% | -5.9% |
| 营收同比 | 19.3% | -2.6% |
| 净利润同比 | 34.8% | 57.8% |
| 每股收益（稀释后） | $1.32 | $-0.09 |
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HEIPTON
| Q4 25 | $1.2B | $656.5M | ||
| Q3 25 | $1.1B | $550.8M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $992.2M | — | ||
| Q2 24 | $955.4M | — | ||
| Q1 24 | $896.4M | — |
净利润HEIPTON
| Q4 25 | $188.3M | $-38.8M | ||
| Q3 25 | $177.3M | $13.9M | ||
| Q2 25 | $156.8M | — | ||
| Q1 25 | $168.0M | — | ||
| Q4 24 | $139.7M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $123.1M | — | ||
| Q1 24 | $114.7M | — |
毛利率HEIPTON
| Q4 25 | 40.2% | 50.5% | ||
| Q3 25 | 39.8% | 51.5% | ||
| 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HEIPTON
| Q4 25 | 23.1% | -2.2% | ||
| Q3 25 | 23.1% | 7.5% | ||
| Q2 25 | 22.6% | — | ||
| Q1 25 | 22.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.9% | — | ||
| Q1 24 | 20.1% | — |
净利率HEIPTON
| Q4 25 | 15.6% | -5.9% | ||
| Q3 25 | 15.5% | 2.5% | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 16.3% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 13.8% | — | ||
| Q2 24 | 12.9% | — | ||
| Q1 24 | 12.8% | — |
每股收益（稀释后）HEIPTON
| Q4 25 | $1.32 | $-0.09 | ||
| Q3 25 | $1.26 | $0.03 | ||
| Q2 25 | $1.12 | — | ||
| Q1 25 | $1.20 | — | ||
| Q4 24 | $1.00 | — | ||
| Q3 24 | $0.97 | — | ||
| Q2 24 | $0.88 | — | ||
| Q1 24 | $0.82 | — |
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 | $1.2B |
| 总债务越低越好 | $2.2B | $1.5B |
| 股东权益账面价值 | $4.3B | $-326.7M |
| 总资产 | $8.5B | $2.2B |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资HEIPTON
| Q4 25 | $217.8M | $1.2B | ||
| Q3 25 | $261.9M | $1.1B | ||
| Q2 25 | $242.3M | — | ||
| Q1 25 | $165.5M | — | ||
| Q4 24 | $162.1M | — | ||
| Q3 24 | $202.9M | — | ||
| Q2 24 | $204.2M | — | ||
| Q1 24 | $196.3M | — |
总债务HEIPTON
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.5B | — |
股东权益HEIPTON
| Q4 25 | $4.3B | $-326.7M | ||
| Q3 25 | $4.1B | $-347.0M | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.3B | — |
总资产HEIPTON
| Q4 25 | $8.5B | $2.2B | ||
| Q3 25 | $8.5B | $2.2B | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $7.6B | — | ||
| Q3 24 | $7.4B | — | ||
| Q2 24 | $7.4B | — | ||
| Q1 24 | $7.3B | — |
负债/权益比HEIPTON
| Q4 25 | 0.50× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.57× | — | ||
| 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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $71.0M |
| 自由现金流率自由现金流/营收 | 22.2% | 10.8% |
| 资本支出强度资本支出/营收 | 2.2% | 0.1% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流HEIPTON
| Q4 25 | $295.3M | $71.9M | ||
| Q3 25 | $231.2M | $71.9M | ||
| Q2 25 | $204.7M | — | ||
| Q1 25 | $203.0M | — | ||
| Q4 24 | $205.6M | — | ||
| Q3 24 | $214.0M | — | ||
| Q2 24 | $141.1M | — | ||
| Q1 24 | $111.7M | — |
自由现金流HEIPTON
| Q4 25 | $268.5M | $71.0M | ||
| Q3 25 | $218.5M | $67.4M | ||
| Q2 25 | $188.7M | — | ||
| Q1 25 | $185.7M | — | ||
| Q4 24 | $189.5M | — | ||
| Q3 24 | $198.1M | — | ||
| Q2 24 | $128.2M | — | ||
| Q1 24 | $98.3M | — |
自由现金流率HEIPTON
| Q4 25 | 22.2% | 10.8% | ||
| Q3 25 | 19.0% | 12.2% | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 18.0% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度HEIPTON
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 1.1% | 0.8% | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.5% | — |
现金转化率HEIPTON
| Q4 25 | 1.57× | — | ||
| Q3 25 | 1.30× | 5.17× | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 1.21× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 1.15× | — | ||
| Q1 24 | 0.97× | — |
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% |
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
