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伯克希尔·哈撒韦（HEI）与SIRIUS XM HOLDINGS INC.（SIRI）财务数据对比。点击上方公司名可切换其他公司
SIRIUS XM HOLDINGS INC.的季度营收约是伯克希尔·哈撒韦的1.8倍（$2.2B vs $1.2B），伯克希尔·哈撒韦净利率更高（15.6% vs 4.5%，领先11.1%），伯克希尔·哈撒韦同比增速更快（19.3% vs 0.2%），SIRIUS XM HOLDINGS INC.自由现金流更多（$536.0M 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 0.7%）
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。
天狼星XM控股旗下的XM卫星广播是美国及加拿大三大卫星与在线广播服务商之一，采用类似付费有线电视的订阅制模式运营。平台拥有73个音乐频道、39个新闻、体育、访谈及娱乐频道，另设21个区域交通气象频道与23个体育赛事直播频道，服务覆盖北美大量付费用户。
HEI vs SIRI — 直观对比
营收规模更大
SIRI
是对方的1.8倍
$1.2B
营收增速更快
HEI
高出19.1%
0.2%
净利率更高
HEI
高出11.1%
4.5%
自由现金流更多
SIRI
多$267.5M
$268.5M
两年增速更快
HEI
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.2B |
| 净利润 | $188.3M | $99.0M |
| 毛利率 | 40.2% | 53.1% |
| 营业利润率 | 23.1% | 10.3% |
| 净利率 | 15.6% | 4.5% |
| 营收同比 | 19.3% | 0.2% |
| 净利润同比 | 34.8% | -55.4% |
| 每股收益（稀释后） | $1.32 | $0.23 |
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HEISIRI
| Q4 25 | $1.2B | $2.2B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.0B | $2.1B | ||
| Q4 24 | $1.0B | $2.2B | ||
| Q3 24 | $992.2M | $2.2B | ||
| Q2 24 | $955.4M | $2.2B | ||
| Q1 24 | $896.4M | $2.2B |
净利润HEISIRI
| Q4 25 | $188.3M | $99.0M | ||
| Q3 25 | $177.3M | $297.0M | ||
| Q2 25 | $156.8M | $205.0M | ||
| Q1 25 | $168.0M | $204.0M | ||
| Q4 24 | $139.7M | $222.0M | ||
| Q3 24 | $136.6M | $-2.5B | ||
| Q2 24 | $123.1M | $304.0M | ||
| Q1 24 | $114.7M | $265.0M |
毛利率HEISIRI
| Q4 25 | 40.2% | 53.1% | ||
| Q3 25 | 39.8% | 52.2% | ||
| Q2 25 | 39.9% | 52.4% | ||
| Q1 25 | 39.4% | 52.0% | ||
| Q4 24 | 38.9% | 52.9% | ||
| Q3 24 | 39.2% | 53.2% | ||
| Q2 24 | 38.9% | 53.5% | ||
| Q1 24 | 38.7% | 52.5% |
营业利润率HEISIRI
| Q4 25 | 23.1% | 10.3% | ||
| Q3 25 | 23.1% | 22.8% | ||
| Q2 25 | 22.6% | 17.1% | ||
| Q1 25 | 22.0% | 18.7% | ||
| Q4 24 | 21.6% | 20.2% | ||
| Q3 24 | 21.8% | -133.6% | ||
| Q2 24 | 21.9% | 23.2% | ||
| Q1 24 | 20.1% | 20.2% |
净利率HEISIRI
| Q4 25 | 15.6% | 4.5% | ||
| Q3 25 | 15.5% | 13.8% | ||
| Q2 25 | 14.3% | 9.6% | ||
| Q1 25 | 16.3% | 9.9% | ||
| Q4 24 | 13.8% | 10.1% | ||
| Q3 24 | 13.8% | -113.1% | ||
| Q2 24 | 12.9% | 14.0% | ||
| Q1 24 | 12.8% | 12.3% |
每股收益（稀释后）HEISIRI
| Q4 25 | $1.32 | $0.23 | ||
| Q3 25 | $1.26 | $0.84 | ||
| Q2 25 | $1.12 | $0.57 | ||
| Q1 25 | $1.20 | $0.59 | ||
| Q4 24 | $1.00 | $2.45 | ||
| Q3 24 | $0.97 | $-8.74 | ||
| Q2 24 | $0.88 | $0.08 | ||
| Q1 24 | $0.82 | $0.07 |
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 | $94.0M |
| 总债务越低越好 | $2.2B | $8.6B |
| 股东权益账面价值 | $4.3B | $11.6B |
| 总资产 | $8.5B | $27.2B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资HEISIRI
| Q4 25 | $217.8M | $94.0M | ||
| Q3 25 | $261.9M | $79.0M | ||
| Q2 25 | $242.3M | $92.0M | ||
| Q1 25 | $165.5M | $127.0M | ||
| Q4 24 | $162.1M | $162.0M | ||
| Q3 24 | $202.9M | $127.0M | ||
| Q2 24 | $204.2M | $100.0M | ||
| Q1 24 | $196.3M | $71.0M |
总债务HEISIRI
| Q4 25 | $2.2B | $8.6B | ||
| Q3 25 | $2.4B | $9.0B | ||
| Q2 25 | $2.3B | $10.1B | ||
| Q1 25 | $2.3B | $10.4B | ||
| Q4 24 | $2.2B | $10.3B | ||
| Q3 24 | $2.3B | $10.1B | ||
| Q2 24 | $2.4B | $9.0B | ||
| Q1 24 | $2.5B | $8.7B |
股东权益HEISIRI
| Q4 25 | $4.3B | $11.6B | ||
| Q3 25 | $4.1B | $11.6B | ||
| Q2 25 | $4.0B | $11.3B | ||
| Q1 25 | $3.7B | $11.2B | ||
| Q4 24 | $3.6B | $11.1B | ||
| Q3 24 | $3.5B | $10.9B | ||
| Q2 24 | $3.4B | $-2.1B | ||
| Q1 24 | $3.3B | $-2.4B |
总资产HEISIRI
| Q4 25 | $8.5B | $27.2B | ||
| Q3 25 | $8.5B | $27.4B | ||
| Q2 25 | $8.1B | $27.3B | ||
| Q1 25 | $7.9B | $27.4B | ||
| Q4 24 | $7.6B | $27.5B | ||
| Q3 24 | $7.4B | $27.5B | ||
| Q2 24 | $7.4B | $11.2B | ||
| Q1 24 | $7.3B | $11.2B |
负债/权益比HEISIRI
| Q4 25 | 0.50× | 0.75× | ||
| Q3 25 | 0.59× | 0.78× | ||
| Q2 25 | 0.57× | 0.89× | ||
| Q1 25 | 0.63× | 0.93× | ||
| Q4 24 | 0.61× | 0.93× | ||
| Q3 24 | 0.64× | 0.93× | ||
| 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 | $680.0M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $536.0M |
| 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% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.57× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $861.4M | $1.2B |
8季度趋势，按日历期对齐
经营现金流HEISIRI
| Q4 25 | $295.3M | $680.0M | ||
| Q3 25 | $231.2M | $430.0M | ||
| Q2 25 | $204.7M | $546.0M | ||
| Q1 25 | $203.0M | $242.0M | ||
| Q4 24 | $205.6M | $679.0M | ||
| Q3 24 | $214.0M | $240.0M | ||
| Q2 24 | $141.1M | $514.0M | ||
| Q1 24 | $111.7M | $308.0M |
自由现金流HEISIRI
| Q4 25 | $268.5M | $536.0M | ||
| Q3 25 | $218.5M | $255.0M | ||
| Q2 25 | $188.7M | $401.0M | ||
| Q1 25 | $185.7M | $53.0M | ||
| Q4 24 | $189.5M | $514.0M | ||
| Q3 24 | $198.1M | $24.0M | ||
| Q2 24 | $128.2M | $341.0M | ||
| Q1 24 | $98.3M | $134.0M |
自由现金流率HEISIRI
| Q4 25 | 22.2% | 24.4% | ||
| Q3 25 | 19.0% | 11.8% | ||
| Q2 25 | 17.2% | 18.8% | ||
| Q1 25 | 18.0% | 2.6% | ||
| Q4 24 | 18.7% | 23.5% | ||
| Q3 24 | 20.0% | 1.1% | ||
| Q2 24 | 13.4% | 15.7% | ||
| Q1 24 | 11.0% | 6.2% |
资本支出强度HEISIRI
| Q4 25 | 2.2% | 6.6% | ||
| Q3 25 | 1.1% | 8.1% | ||
| Q2 25 | 1.5% | 6.8% | ||
| Q1 25 | 1.7% | 9.1% | ||
| Q4 24 | 1.6% | 7.5% | ||
| Q3 24 | 1.6% | 9.9% | ||
| Q2 24 | 1.4% | 7.9% | ||
| Q1 24 | 1.5% | 8.0% |
现金转化率HEISIRI
| Q4 25 | 1.57× | 6.87× | ||
| Q3 25 | 1.30× | 1.45× | ||
| Q2 25 | 1.31× | 2.66× | ||
| Q1 25 | 1.21× | 1.19× | ||
| Q4 24 | 1.47× | 3.06× | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 1.15× | 1.69× | ||
| Q1 24 | 0.97× | 1.16× |
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% |
SIRI
| Subscription And Circulation | $1.6B | 74% |
| Advertising | $491.0M | 22% |
| Cost Of Sales Equipment Products And Services | $48.0M | 2% |
| Other Revenue | $28.0M | 1% |
