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伯克希尔·哈撒韦（HEI）与StandardAero, Inc.（SARO）财务数据对比。点击上方公司名可切换其他公司
StandardAero, Inc.的季度营收约是伯克希尔·哈撒韦的1.3倍（$1.6B vs $1.2B）。伯克希尔·哈撒韦净利率更高（15.6% vs 4.9%，领先10.7%）。伯克希尔·哈撒韦同比增速更快（19.3% vs 13.5%）。StandardAero, Inc.自由现金流更多（$307.3M 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 13.8%）
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。
StandardAero Inc.是总部位于美国亚利桑那州斯科茨代尔的专业维护、维修及大修（MRO）服务提供商，深耕相关领域多年，服务覆盖航空等多个行业，可为客户提供高效可靠的定制化运维解决方案。
HEI vs SARO — 直观对比
营收规模更大
SARO
是对方的1.3倍
$1.2B
营收增速更快
HEI
高出5.8%
13.5%
净利率更高
HEI
高出10.7%
4.9%
自由现金流更多
SARO
多$38.9M
$268.5M
两年增速更快
HEI
近两年复合增速
13.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $188.3M | $78.6M |
| 毛利率 | 40.2% | 13.8% |
| 营业利润率 | 23.1% | 9.3% |
| 净利率 | 15.6% | 4.9% |
| 营收同比 | 19.3% | 13.5% |
| 净利润同比 | 34.8% | 659.6% |
| 每股收益（稀释后） | $1.32 | $0.24 |
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HEISARO
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $992.2M | $1.2B | ||
| Q2 24 | $955.4M | $1.3B | ||
| Q1 24 | $896.4M | $1.2B |
净利润HEISARO
| Q4 25 | $188.3M | $78.6M | ||
| Q3 25 | $177.3M | $68.1M | ||
| Q2 25 | $156.8M | $67.7M | ||
| Q1 25 | $168.0M | $62.9M | ||
| Q4 24 | $139.7M | $-14.1M | ||
| Q3 24 | $136.6M | $16.4M | ||
| Q2 24 | $123.1M | $5.4M | ||
| Q1 24 | $114.7M | $3.2M |
毛利率HEISARO
| Q4 25 | 40.2% | 13.8% | ||
| Q3 25 | 39.8% | 14.9% | ||
| Q2 25 | 39.9% | 15.4% | ||
| Q1 25 | 39.4% | 15.2% | ||
| Q4 24 | 38.9% | 14.3% | ||
| Q3 24 | 39.2% | 15.0% | ||
| Q2 24 | 38.9% | 13.7% | ||
| Q1 24 | 38.7% | 14.7% |
营业利润率HEISARO
| Q4 25 | 23.1% | 9.3% | ||
| Q3 25 | 23.1% | 9.2% | ||
| Q2 25 | 22.6% | 8.9% | ||
| Q1 25 | 22.0% | 9.0% | ||
| Q4 24 | 21.6% | 6.7% | ||
| Q3 24 | 21.8% | 7.9% | ||
| Q2 24 | 21.9% | 7.8% | ||
| Q1 24 | 20.1% | 8.5% |
净利率HEISARO
| Q4 25 | 15.6% | 4.9% | ||
| Q3 25 | 15.5% | 4.5% | ||
| Q2 25 | 14.3% | 4.4% | ||
| Q1 25 | 16.3% | 4.4% | ||
| Q4 24 | 13.8% | -1.0% | ||
| Q3 24 | 13.8% | 1.3% | ||
| Q2 24 | 12.9% | 0.4% | ||
| Q1 24 | 12.8% | 0.3% |
每股收益（稀释后）HEISARO
| Q4 25 | $1.32 | $0.24 | ||
| Q3 25 | $1.26 | $0.20 | ||
| Q2 25 | $1.12 | $0.20 | ||
| Q1 25 | $1.20 | $0.19 | ||
| Q4 24 | $1.00 | $-0.05 | ||
| Q3 24 | $0.97 | $0.06 | ||
| Q2 24 | $0.88 | $0.02 | ||
| Q1 24 | $0.82 | $0.01 |
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 | $2.2B |
| 股东权益账面价值 | $4.3B | $2.7B |
| 总资产 | $8.5B | $6.6B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.83× |
8季度趋势，按日历期对齐
现金及短期投资HEISARO
| Q4 25 | $217.8M | — | ||
| Q3 25 | $261.9M | — | ||
| 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HEISARO
| Q4 25 | $2.2B | $2.2B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | $2.3B | $2.3B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.2B | $2.2B | ||
| Q3 24 | $2.3B | $3.4B | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.5B | — |
股东权益HEISARO
| Q4 25 | $4.3B | $2.7B | ||
| Q3 25 | $4.1B | $2.6B | ||
| Q2 25 | $4.0B | $2.5B | ||
| Q1 25 | $3.7B | $2.4B | ||
| Q4 24 | $3.6B | $2.4B | ||
| Q3 24 | $3.5B | $1.2B | ||
| Q2 24 | $3.4B | $1.2B | ||
| Q1 24 | $3.3B | $1.2B |
总资产HEISARO
| Q4 25 | $8.5B | $6.6B | ||
| Q3 25 | $8.5B | $6.6B | ||
| Q2 25 | $8.1B | $6.5B | ||
| Q1 25 | $7.9B | $6.5B | ||
| Q4 24 | $7.6B | $6.2B | ||
| Q3 24 | $7.4B | $6.1B | ||
| Q2 24 | $7.4B | — | ||
| Q1 24 | $7.3B | — |
负债/权益比HEISARO
| Q4 25 | 0.50× | 0.83× | ||
| Q3 25 | 0.59× | 0.90× | ||
| Q2 25 | 0.57× | 0.92× | ||
| Q1 25 | 0.63× | 0.96× | ||
| Q4 24 | 0.61× | 0.94× | ||
| Q3 24 | 0.64× | 2.94× | ||
| 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 | $323.0M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $307.3M |
| 自由现金流率自由现金流/营收 | 22.2% | 19.2% |
| 资本支出强度资本支出/营收 | 2.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.57× | 4.11× |
| 过去12个月自由现金流最近4个季度 | $861.4M | $234.3M |
8季度趋势，按日历期对齐
经营现金流HEISARO
| Q4 25 | $295.3M | $323.0M | ||
| Q3 25 | $231.2M | $14.8M | ||
| Q2 25 | $204.7M | $2.9M | ||
| Q1 25 | $203.0M | $-24.0M | ||
| Q4 24 | $205.6M | — | ||
| Q3 24 | $214.0M | $-13.9M | ||
| Q2 24 | $141.1M | — | ||
| Q1 24 | $111.7M | $-83.6M |
自由现金流HEISARO
| Q4 25 | $268.5M | $307.3M | ||
| Q3 25 | $218.5M | $-4.7M | ||
| Q2 25 | $188.7M | $-19.0M | ||
| Q1 25 | $185.7M | $-49.3M | ||
| Q4 24 | $189.5M | — | ||
| Q3 24 | $198.1M | $-39.2M | ||
| Q2 24 | $128.2M | — | ||
| Q1 24 | $98.3M | $-102.0M |
自由现金流率HEISARO
| Q4 25 | 22.2% | 19.2% | ||
| Q3 25 | 19.0% | -0.3% | ||
| Q2 25 | 17.2% | -1.2% | ||
| Q1 25 | 18.0% | -3.4% | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 20.0% | -3.1% | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | 11.0% | -8.3% |
资本支出强度HEISARO
| Q4 25 | 2.2% | 1.0% | ||
| Q3 25 | 1.1% | 1.3% | ||
| Q2 25 | 1.5% | 1.4% | ||
| Q1 25 | 1.7% | 1.8% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.5% | 1.5% |
现金转化率HEISARO
| Q4 25 | 1.57× | 4.11× | ||
| Q3 25 | 1.30× | 0.22× | ||
| Q2 25 | 1.31× | 0.04× | ||
| Q1 25 | 1.21× | -0.38× | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.57× | -0.84× | ||
| Q2 24 | 1.15× | — | ||
| Q1 24 | 0.97× | -26.22× |
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% |
SARO
| Commercial Aerospace | $1.0B | 63% |
| Business Aviation | $266.2M | 17% |
| Military And Helicopter | $262.0M | 16% |
| Other | $68.1M | 4% |
