vs
伯克希尔·哈撒韦（HEI）与RUSH ENTERPRISES INC \TX\（RUSHA）财务数据对比。点击上方公司名可切换其他公司
RUSH ENTERPRISES INC \TX\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 3.7%，领先11.9%），伯克希尔·哈撒韦同比增速更快（19.3% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M 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 -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
HEI vs RUSHA — 直观对比
营收规模更大
RUSHA
是对方的1.4倍
$1.2B
营收增速更快
HEI
高出28.3%
-9.0%
净利率更高
HEI
高出11.9%
3.7%
自由现金流更多
RUSHA
多$143.1M
$268.5M
两年增速更快
HEI
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $188.3M | $61.7M |
| 毛利率 | 40.2% | 20.4% |
| 营业利润率 | 23.1% | 4.9% |
| 净利率 | 15.6% | 3.7% |
| 营收同比 | 19.3% | -9.0% |
| 净利润同比 | 34.8% | 1.8% |
| 每股收益（稀释后） | $1.32 | $0.77 |
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HEIRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.0B | $1.8B | ||
| Q4 24 | $1.0B | $1.9B | ||
| Q3 24 | $992.2M | $1.8B | ||
| Q2 24 | $955.4M | $1.9B |
净利润HEIRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $188.3M | $64.3M | ||
| Q3 25 | $177.3M | $66.7M | ||
| Q2 25 | $156.8M | $72.4M | ||
| Q1 25 | $168.0M | $60.3M | ||
| Q4 24 | $139.7M | $74.8M | ||
| Q3 24 | $136.6M | $79.1M | ||
| Q2 24 | $123.1M | $78.7M |
毛利率HEIRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 40.2% | 20.8% | ||
| Q3 25 | 39.8% | 21.0% | ||
| Q2 25 | 39.9% | 20.7% | ||
| Q1 25 | 39.4% | 20.3% | ||
| Q4 24 | 38.9% | 19.3% | ||
| Q3 24 | 39.2% | 21.0% | ||
| Q2 24 | 38.9% | 20.2% |
营业利润率HEIRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 23.1% | 5.5% | ||
| Q3 25 | 23.1% | 5.6% | ||
| Q2 25 | 22.6% | 6.0% | ||
| Q1 25 | 22.0% | 5.2% | ||
| Q4 24 | 21.6% | 5.8% | ||
| Q3 24 | 21.8% | 6.7% | ||
| Q2 24 | 21.9% | 6.4% |
净利率HEIRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 15.6% | 3.8% | ||
| Q3 25 | 15.5% | 3.7% | ||
| Q2 25 | 14.3% | 3.9% | ||
| Q1 25 | 16.3% | 3.4% | ||
| Q4 24 | 13.8% | 3.9% | ||
| Q3 24 | 13.8% | 4.4% | ||
| Q2 24 | 12.9% | 4.1% |
每股收益（稀释后）HEIRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $1.32 | $0.81 | ||
| Q3 25 | $1.26 | $0.83 | ||
| Q2 25 | $1.12 | $0.90 | ||
| Q1 25 | $1.20 | $0.73 | ||
| Q4 24 | $1.00 | $-95.13 | ||
| Q3 24 | $0.97 | $0.97 | ||
| Q2 24 | $0.88 | $97.00 |
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 | — |
| 总债务越低越好 | $2.2B | $277.8M |
| 股东权益账面价值 | $4.3B | $2.3B |
| 总资产 | $8.5B | $4.5B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资HEIRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $217.8M | $212.6M | ||
| Q3 25 | $261.9M | $242.0M | ||
| Q2 25 | $242.3M | $211.1M | ||
| Q1 25 | $165.5M | $228.7M | ||
| Q4 24 | $162.1M | $228.1M | ||
| Q3 24 | $202.9M | $185.1M | ||
| Q2 24 | $204.2M | $167.3M |
总债务HEIRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | $2.2B | $274.8M | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.2B | $408.4M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — |
股东权益HEIRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $4.3B | $2.2B | ||
| Q3 25 | $4.1B | $2.2B | ||
| Q2 25 | $4.0B | $2.2B | ||
| Q1 25 | $3.7B | $2.2B | ||
| Q4 24 | $3.6B | $2.1B | ||
| Q3 24 | $3.5B | $2.1B | ||
| Q2 24 | $3.4B | $2.0B |
总资产HEIRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $8.5B | $4.4B | ||
| Q3 25 | $8.5B | $4.6B | ||
| Q2 25 | $8.1B | $4.7B | ||
| Q1 25 | $7.9B | $4.7B | ||
| Q4 24 | $7.6B | $4.6B | ||
| Q3 24 | $7.4B | $4.6B | ||
| Q2 24 | $7.4B | $4.5B |
负债/权益比HEIRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | 0.50× | 0.12× | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.63× | — | ||
| Q4 24 | 0.61× | 0.19× | ||
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $411.6M |
| 自由现金流率自由现金流/营收 | 22.2% | 24.4% |
| 资本支出强度资本支出/营收 | 2.2% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流HEIRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $295.3M | $112.9M | ||
| Q3 25 | $231.2M | $367.8M | ||
| Q2 25 | $204.7M | $227.6M | ||
| Q1 25 | $203.0M | $153.5M | ||
| Q4 24 | $205.6M | $392.3M | ||
| Q3 24 | $214.0M | $111.7M | ||
| Q2 24 | $141.1M | $270.6M |
自由现金流HEIRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $268.5M | $31.9M | ||
| Q3 25 | $218.5M | $271.2M | ||
| Q2 25 | $188.7M | $113.8M | ||
| Q1 25 | $185.7M | $45.1M | ||
| Q4 24 | $189.5M | $263.5M | ||
| Q3 24 | $198.1M | $-20.0M | ||
| Q2 24 | $128.2M | $177.2M |
自由现金流率HEIRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 22.2% | 1.9% | ||
| Q3 25 | 19.0% | 15.2% | ||
| Q2 25 | 17.2% | 6.2% | ||
| Q1 25 | 18.0% | 2.6% | ||
| Q4 24 | 18.7% | 13.7% | ||
| Q3 24 | 20.0% | -1.1% | ||
| Q2 24 | 13.4% | 9.1% |
资本支出强度HEIRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 2.2% | 4.8% | ||
| Q3 25 | 1.1% | 5.4% | ||
| Q2 25 | 1.5% | 6.2% | ||
| Q1 25 | 1.7% | 6.2% | ||
| Q4 24 | 1.6% | 6.7% | ||
| Q3 24 | 1.6% | 7.3% | ||
| Q2 24 | 1.4% | 4.8% |
现金转化率HEIRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.57× | 1.75× | ||
| Q3 25 | 1.30× | 5.51× | ||
| Q2 25 | 1.31× | 3.14× | ||
| Q1 25 | 1.21× | 2.55× | ||
| Q4 24 | 1.47× | 5.25× | ||
| Q3 24 | 1.57× | 1.41× | ||
| Q2 24 | 1.15× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
