vs
华利安（HLI）与拉扎德（LAZ）财务数据对比。点击上方公司名可切换其他公司
拉扎德的季度营收约是华利安的1.3倍（$929.4M vs $717.1M），华利安净利率更高（16.3% vs 5.4%，领先10.9%），华利安同比增速更快（13.0% vs 10.8%），拉扎德自由现金流更多（$396.1M vs $217.0M），过去两年华利安的营收复合增速更高（17.4% vs 8.8%）
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。
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
HLI vs LAZ — 直观对比
营收规模更大
LAZ
是对方的1.3倍
$717.1M
营收增速更快
HLI
高出2.3%
10.8%
净利率更高
HLI
高出10.9%
5.4%
自由现金流更多
LAZ
多$179.1M
$217.0M
两年增速更快
HLI
近两年复合增速
8.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $929.4M |
| 净利润 | $116.5M | $49.9M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 9.1% |
| 净利率 | 16.3% | 5.4% |
| 营收同比 | 13.0% | 10.8% |
| 净利润同比 | 22.3% | -42.2% |
| 每股收益（稀释后） | $1.70 | $0.44 |
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HLILAZ
| Q4 25 | $717.1M | $929.4M | ||
| Q3 25 | $659.5M | $770.8M | ||
| Q2 25 | $605.3M | $817.2M | ||
| Q1 25 | $666.4M | $669.2M | ||
| Q4 24 | $634.4M | $839.0M | ||
| Q3 24 | $575.0M | $807.4M | ||
| Q2 24 | $513.6M | $708.0M | ||
| Q1 24 | $520.5M | $785.5M |
净利润HLILAZ
| Q4 25 | $116.5M | $49.9M | ||
| Q3 25 | $111.8M | $71.2M | ||
| Q2 25 | $97.5M | $55.3M | ||
| Q1 25 | $121.9M | $60.4M | ||
| Q4 24 | $95.3M | $86.3M | ||
| Q3 24 | $93.5M | $107.9M | ||
| Q2 24 | $88.9M | $49.9M | ||
| Q1 24 | $81.1M | $35.8M |
毛利率HLILAZ
| 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HLILAZ
| Q4 25 | 22.4% | 9.1% | ||
| Q3 25 | 22.9% | 12.3% | ||
| Q2 25 | 14.8% | 11.4% | ||
| Q1 25 | 20.9% | 8.2% | ||
| Q4 24 | 21.5% | 12.8% | ||
| Q3 24 | 22.7% | 20.0% | ||
| Q2 24 | 18.6% | 9.0% | ||
| Q1 24 | 19.7% | 6.9% |
净利率HLILAZ
| Q4 25 | 16.3% | 5.4% | ||
| Q3 25 | 17.0% | 9.2% | ||
| Q2 25 | 16.1% | 6.8% | ||
| Q1 25 | 18.3% | 9.0% | ||
| Q4 24 | 15.0% | 10.3% | ||
| Q3 24 | 16.3% | 13.4% | ||
| Q2 24 | 17.3% | 7.0% | ||
| Q1 24 | 15.6% | 4.6% |
每股收益（稀释后）HLILAZ
| Q4 25 | $1.70 | $0.44 | ||
| Q3 25 | $1.63 | $0.65 | ||
| Q2 25 | $1.42 | $0.52 | ||
| Q1 25 | $1.76 | $0.56 | ||
| Q4 24 | $1.39 | $0.82 | ||
| Q3 24 | $1.37 | $1.02 | ||
| Q2 24 | $1.30 | $0.49 | ||
| Q1 24 | $1.18 | $0.35 |
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 | $1.5B |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $2.3B | $873.7M |
| 总资产 | $3.9B | $4.9B |
| 负债/权益比越低杠杆越低 | — | 1.93× |
8季度趋势，按日历期对齐
现金及短期投资HLILAZ
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $923.6M | $1.2B | ||
| Q2 25 | $793.8M | $978.3M | ||
| Q1 25 | $971.0M | $908.6M | ||
| Q4 24 | $799.3M | $1.3B | ||
| Q3 24 | $691.4M | $1.2B | ||
| Q2 24 | $449.7M | $847.6M | ||
| Q1 24 | $721.2M | $923.2M |
总债务HLILAZ
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.9B |
股东权益HLILAZ
| Q4 25 | $2.3B | $873.7M | ||
| Q3 25 | $2.2B | $841.5M | ||
| Q2 25 | $2.2B | $741.6M | ||
| Q1 25 | $2.2B | $603.0M | ||
| Q4 24 | $2.1B | $636.2M | ||
| Q3 24 | $2.0B | $624.3M | ||
| Q2 24 | $1.8B | $458.7M | ||
| Q1 24 | $1.8B | $392.7M |
总资产HLILAZ
| Q4 25 | $3.9B | $4.9B | ||
| Q3 25 | $3.8B | $4.6B | ||
| Q2 25 | $3.5B | $4.5B | ||
| Q1 25 | $3.8B | $4.2B | ||
| Q4 24 | $3.5B | $4.8B | ||
| Q3 24 | $3.2B | $4.8B | ||
| Q2 24 | $2.9B | $4.5B | ||
| Q1 24 | $3.2B | $4.6B |
负债/权益比HLILAZ
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 2.28× | ||
| Q1 25 | — | 2.80× | ||
| Q4 24 | — | 2.65× | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 4.04× | ||
| Q1 24 | — | 4.71× |
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 | $399.7M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $396.1M |
| 自由现金流率自由现金流/营收 | 30.3% | 42.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.4% |
| 现金转化率经营现金流/净利润 | 1.87× | 8.02× |
| 过去12个月自由现金流最近4个季度 | $738.9M | $487.4M |
8季度趋势，按日历期对齐
经营现金流HLILAZ
| Q4 25 | $217.7M | $399.7M | ||
| Q3 25 | $325.0M | $287.5M | ||
| Q2 25 | $-131.6M | $49.7M | ||
| Q1 25 | $358.4M | $-217.5M | ||
| Q4 24 | $265.5M | $362.9M | ||
| Q3 24 | $289.2M | $293.7M | ||
| Q2 24 | $-64.5M | $176.2M | ||
| Q1 24 | $225.3M | $-90.0M |
自由现金流HLILAZ
| Q4 25 | $217.0M | $396.1M | ||
| Q3 25 | $322.8M | $284.6M | ||
| Q2 25 | $-144.8M | $38.0M | ||
| Q1 25 | $343.9M | $-231.3M | ||
| Q4 24 | $261.7M | $348.0M | ||
| Q3 24 | $278.7M | $276.2M | ||
| Q2 24 | $-75.4M | $169.8M | ||
| Q1 24 | $213.1M | $-96.6M |
自由现金流率HLILAZ
| Q4 25 | 30.3% | 42.6% | ||
| Q3 25 | 49.0% | 36.9% | ||
| Q2 25 | -23.9% | 4.6% | ||
| Q1 25 | 51.6% | -34.6% | ||
| Q4 24 | 41.2% | 41.5% | ||
| Q3 24 | 48.5% | 34.2% | ||
| Q2 24 | -14.7% | 24.0% | ||
| Q1 24 | 40.9% | -12.3% |
资本支出强度HLILAZ
| Q4 25 | 0.1% | 0.4% | ||
| Q3 25 | 0.3% | 0.4% | ||
| Q2 25 | 2.2% | 1.4% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | 0.6% | 1.8% | ||
| Q3 24 | 1.8% | 2.2% | ||
| Q2 24 | 2.1% | 0.9% | ||
| Q1 24 | 2.3% | 0.8% |
现金转化率HLILAZ
| Q4 25 | 1.87× | 8.02× | ||
| Q3 25 | 2.91× | 4.03× | ||
| Q2 25 | -1.35× | 0.90× | ||
| Q1 25 | 2.94× | -3.60× | ||
| Q4 24 | 2.79× | 4.20× | ||
| Q3 24 | 3.09× | 2.72× | ||
| Q2 24 | -0.73× | 3.53× | ||
| Q1 24 | 2.78× | -2.52× |
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% |
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
