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华利安（HLI）与骏利亨德森集团（JHG）财务数据对比。点击上方公司名可切换其他公司
骏利亨德森集团的季度营收约是华利安的1.6倍（$1.1B vs $717.1M），骏利亨德森集团净利率更高（35.3% vs 16.3%，领先19.0%），骏利亨德森集团同比增速更快（61.3% vs 13.0%），骏利亨德森集团自由现金流更多（$320.4M vs $217.0M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs 17.4%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
HLI vs JHG — 直观对比
营收规模更大
JHG
是对方的1.6倍
$717.1M
营收增速更快
JHG
高出48.2%
13.0%
净利率更高
JHG
高出19.0%
16.3%
自由现金流更多
JHG
多$103.4M
$217.0M
两年增速更快
JHG
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $1.1B |
| 净利润 | $116.5M | $403.2M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 42.7% |
| 净利率 | 16.3% | 35.3% |
| 营收同比 | 13.0% | 61.3% |
| 净利润同比 | 22.3% | 231.0% |
| 每股收益（稀释后） | $1.70 | $2.59 |
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HLIJHG
| Q4 25 | $717.1M | $1.1B | ||
| Q3 25 | $659.5M | $700.4M | ||
| Q2 25 | $605.3M | $633.2M | ||
| Q1 25 | $666.4M | $621.4M | ||
| Q4 24 | $634.4M | $708.3M | ||
| Q3 24 | $575.0M | $624.8M | ||
| Q2 24 | $513.6M | $588.4M | ||
| Q1 24 | $520.5M | $551.7M |
净利润HLIJHG
| Q4 25 | $116.5M | $403.2M | ||
| Q3 25 | $111.8M | $142.1M | ||
| Q2 25 | $97.5M | $149.9M | ||
| Q1 25 | $121.9M | $120.7M | ||
| Q4 24 | $95.3M | $121.8M | ||
| Q3 24 | $93.5M | $27.3M | ||
| Q2 24 | $88.9M | $129.7M | ||
| Q1 24 | $81.1M | $130.1M |
毛利率HLIJHG
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 33.0% | — | ||
| Q2 24 | 30.6% | — | ||
| Q1 24 | 30.3% | — |
营业利润率HLIJHG
| Q4 25 | 22.4% | 42.7% | ||
| Q3 25 | 22.9% | 24.6% | ||
| Q2 25 | 14.8% | 25.9% | ||
| Q1 25 | 20.9% | 24.7% | ||
| Q4 24 | 21.5% | 27.9% | ||
| Q3 24 | 22.7% | 26.4% | ||
| Q2 24 | 18.6% | 27.9% | ||
| Q1 24 | 19.7% | 21.6% |
净利率HLIJHG
| Q4 25 | 16.3% | 35.3% | ||
| Q3 25 | 17.0% | 20.3% | ||
| Q2 25 | 16.1% | 23.7% | ||
| Q1 25 | 18.3% | 19.4% | ||
| Q4 24 | 15.0% | 17.2% | ||
| Q3 24 | 16.3% | 4.4% | ||
| Q2 24 | 17.3% | 22.0% | ||
| Q1 24 | 15.6% | 23.6% |
每股收益（稀释后）HLIJHG
| Q4 25 | $1.70 | $2.59 | ||
| Q3 25 | $1.63 | $0.92 | ||
| Q2 25 | $1.42 | $0.95 | ||
| Q1 25 | $1.76 | $0.77 | ||
| Q4 24 | $1.39 | $0.77 | ||
| Q3 24 | $1.37 | $0.17 | ||
| Q2 24 | $1.30 | $0.81 | ||
| Q1 24 | $1.18 | $0.81 |
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 | $1.1B | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $5.1B |
| 总资产 | $3.9B | $8.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLIJHG
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $923.6M | $1.4B | ||
| Q2 25 | $793.8M | $1.3B | ||
| Q1 25 | $971.0M | $1.4B | ||
| Q4 24 | $799.3M | $1.6B | ||
| Q3 24 | $691.4M | $1.8B | ||
| Q2 24 | $449.7M | $1.3B | ||
| Q1 24 | $721.2M | $1.1B |
股东权益HLIJHG
| Q4 25 | $2.3B | $5.1B | ||
| Q3 25 | $2.2B | $4.8B | ||
| Q2 25 | $2.2B | $4.8B | ||
| Q1 25 | $2.2B | $4.7B | ||
| Q4 24 | $2.1B | $4.6B | ||
| Q3 24 | $2.0B | $4.6B | ||
| Q2 24 | $1.8B | $4.5B | ||
| Q1 24 | $1.8B | $4.4B |
总资产HLIJHG
| Q4 25 | $3.9B | $8.3B | ||
| Q3 25 | $3.8B | $7.6B | ||
| Q2 25 | $3.5B | $7.5B | ||
| Q1 25 | $3.8B | $7.1B | ||
| Q4 24 | $3.5B | $7.0B | ||
| Q3 24 | $3.2B | $7.3B | ||
| Q2 24 | $2.9B | $6.4B | ||
| Q1 24 | $3.2B | $6.3B |
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 | $217.7M | $322.7M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $320.4M |
| 自由现金流率自由现金流/营收 | 30.3% | 28.0% |
| 资本支出强度资本支出/营收 | 0.1% | 0.2% |
| 现金转化率经营现金流/净利润 | 1.87× | 0.80× |
| 过去12个月自由现金流最近4个季度 | $738.9M | $710.9M |
8季度趋势，按日历期对齐
经营现金流HLIJHG
| Q4 25 | $217.7M | $322.7M | ||
| Q3 25 | $325.0M | $258.8M | ||
| Q2 25 | $-131.6M | $135.2M | ||
| Q1 25 | $358.4M | $2.8M | ||
| Q4 24 | $265.5M | $247.3M | ||
| Q3 24 | $289.2M | $228.5M | ||
| Q2 24 | $-64.5M | $223.8M | ||
| Q1 24 | $225.3M | $-5.0M |
自由现金流HLIJHG
| Q4 25 | $217.0M | $320.4M | ||
| Q3 25 | $322.8M | $256.4M | ||
| Q2 25 | $-144.8M | $133.2M | ||
| Q1 25 | $343.9M | $900.0K | ||
| Q4 24 | $261.7M | $243.5M | ||
| Q3 24 | $278.7M | $225.9M | ||
| Q2 24 | $-75.4M | $221.9M | ||
| Q1 24 | $213.1M | $-6.8M |
自由现金流率HLIJHG
| Q4 25 | 30.3% | 28.0% | ||
| Q3 25 | 49.0% | 36.6% | ||
| Q2 25 | -23.9% | 21.0% | ||
| Q1 25 | 51.6% | 0.1% | ||
| Q4 24 | 41.2% | 34.4% | ||
| Q3 24 | 48.5% | 36.2% | ||
| Q2 24 | -14.7% | 37.7% | ||
| Q1 24 | 40.9% | -1.2% |
资本支出强度HLIJHG
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 0.3% | 0.3% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 2.2% | 0.3% | ||
| Q4 24 | 0.6% | 0.5% | ||
| Q3 24 | 1.8% | 0.4% | ||
| Q2 24 | 2.1% | 0.3% | ||
| Q1 24 | 2.3% | 0.3% |
现金转化率HLIJHG
| Q4 25 | 1.87× | 0.80× | ||
| Q3 25 | 2.91× | 1.82× | ||
| Q2 25 | -1.35× | 0.90× | ||
| Q1 25 | 2.94× | 0.02× | ||
| Q4 24 | 2.79× | 2.03× | ||
| Q3 24 | 3.09× | 8.37× | ||
| Q2 24 | -0.73× | 1.73× | ||
| Q1 24 | 2.78× | -0.04× |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
