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华利安（HLI）与PJT Partners Inc.（PJT）财务数据对比。点击上方公司名可切换其他公司
华利安的季度营收约是PJT Partners Inc.的1.3倍（$717.1M vs $531.4M），华利安净利率更高（16.3% vs 10.0%，领先6.2%），华利安同比增速更快（13.0% vs 12.9%），华利安自由现金流更多（$217.0M vs $138.6M），过去两年PJT Partners Inc.的营收复合增速更高（27.5% 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。
PJT Partners Inc.是一家专注于顾问业务的全球投资银行，于2015年10月从黑石集团旗下拆分成立，独立运营原黑石的金融与战略咨询服务业务，为全球各类客户提供专业的投行顾问相关服务。
HLI vs PJT — 直观对比
营收规模更大
HLI
是对方的1.3倍
$531.4M
营收增速更快
HLI
高出0.1%
12.9%
净利率更高
HLI
高出6.2%
10.0%
自由现金流更多
HLI
多$78.5M
$138.6M
两年增速更快
PJT
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $531.4M |
| 净利润 | $116.5M | $53.4M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 23.1% |
| 净利率 | 16.3% | 10.0% |
| 营收同比 | 13.0% | 12.9% |
| 净利润同比 | 22.3% | 4.0% |
| 每股收益（稀释后） | $1.70 | — |
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HLIPJT
| Q4 25 | $717.1M | $531.4M | ||
| Q3 25 | $659.5M | $442.3M | ||
| Q2 25 | $605.3M | $401.1M | ||
| Q1 25 | $666.4M | $321.9M | ||
| Q4 24 | $634.4M | $470.5M | ||
| Q3 24 | $575.0M | $320.3M | ||
| Q2 24 | $513.6M | $358.1M | ||
| Q1 24 | $520.5M | $327.1M |
净利润HLIPJT
| Q4 25 | $116.5M | $53.4M | ||
| Q3 25 | $111.8M | $39.8M | ||
| Q2 25 | $97.5M | $32.9M | ||
| Q1 25 | $121.9M | $54.0M | ||
| Q4 24 | $95.3M | $51.3M | ||
| Q3 24 | $93.5M | $22.1M | ||
| Q2 24 | $88.9M | $28.3M | ||
| Q1 24 | $81.1M | $32.6M |
毛利率HLIPJT
| 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HLIPJT
| Q4 25 | 22.4% | 23.1% | ||
| Q3 25 | 22.9% | 20.6% | ||
| Q2 25 | 14.8% | 19.1% | ||
| Q1 25 | 20.9% | 16.3% | ||
| Q4 24 | 21.5% | 21.9% | ||
| Q3 24 | 22.7% | 15.4% | ||
| Q2 24 | 18.6% | 18.0% | ||
| Q1 24 | 19.7% | 16.5% |
净利率HLIPJT
| Q4 25 | 16.3% | 10.0% | ||
| Q3 25 | 17.0% | 9.0% | ||
| Q2 25 | 16.1% | 8.2% | ||
| Q1 25 | 18.3% | 16.8% | ||
| Q4 24 | 15.0% | 10.9% | ||
| Q3 24 | 16.3% | 6.9% | ||
| Q2 24 | 17.3% | 7.9% | ||
| Q1 24 | 15.6% | 10.0% |
每股收益（稀释后）HLIPJT
| Q4 25 | $1.70 | — | ||
| Q3 25 | $1.63 | — | ||
| Q2 25 | $1.42 | — | ||
| Q1 25 | $1.76 | — | ||
| Q4 24 | $1.39 | — | ||
| Q3 24 | $1.37 | — | ||
| Q2 24 | $1.30 | — | ||
| Q1 24 | $1.18 | — |
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 | $538.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $308.2M |
| 总资产 | $3.9B | $1.8B |
| 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HLIPJT
| Q4 25 | $1.1B | $538.9M | ||
| Q3 25 | $923.6M | $400.5M | ||
| Q2 25 | $793.8M | $214.6M | ||
| Q1 25 | $971.0M | $194.3M | ||
| Q4 24 | $799.3M | $483.9M | ||
| Q3 24 | $691.4M | $148.8M | ||
| Q2 24 | $449.7M | $164.2M | ||
| Q1 24 | $721.2M | $215.5M |
股东权益HLIPJT
| Q4 25 | $2.3B | $308.2M | ||
| Q3 25 | $2.2B | $228.6M | ||
| Q2 25 | $2.2B | $167.4M | ||
| Q1 25 | $2.2B | $148.8M | ||
| Q4 24 | $2.1B | $187.0M | ||
| Q3 24 | $2.0B | $159.1M | ||
| Q2 24 | $1.8B | $133.8M | ||
| Q1 24 | $1.8B | $174.6M |
总资产HLIPJT
| Q4 25 | $3.9B | $1.8B | ||
| Q3 25 | $3.8B | $1.7B | ||
| Q2 25 | $3.5B | $1.5B | ||
| Q1 25 | $3.8B | $1.4B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $2.9B | $1.4B | ||
| Q1 24 | $3.2B | $1.3B |
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 | $155.7M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $138.6M |
| 自由现金流率自由现金流/营收 | 30.3% | 26.1% |
| 资本支出强度资本支出/营收 | 0.1% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.87× | 2.92× |
| 过去12个月自由现金流最近4个季度 | $738.9M | $480.4M |
8季度趋势，按日历期对齐
经营现金流HLIPJT
| Q4 25 | $217.7M | $155.7M | ||
| Q3 25 | $325.0M | $256.1M | ||
| Q2 25 | $-131.6M | $190.4M | ||
| Q1 25 | $358.4M | $-75.9M | ||
| Q4 24 | $265.5M | $195.7M | ||
| Q3 24 | $289.2M | $180.5M | ||
| Q2 24 | $-64.5M | $193.6M | ||
| Q1 24 | $225.3M | $-38.8M |
自由现金流HLIPJT
| Q4 25 | $217.0M | $138.6M | ||
| Q3 25 | $322.8M | $240.9M | ||
| Q2 25 | $-144.8M | $178.9M | ||
| Q1 25 | $343.9M | $-77.9M | ||
| Q4 24 | $261.7M | $195.3M | ||
| Q3 24 | $278.7M | $178.5M | ||
| Q2 24 | $-75.4M | $193.0M | ||
| Q1 24 | $213.1M | $-39.2M |
自由现金流率HLIPJT
| Q4 25 | 30.3% | 26.1% | ||
| Q3 25 | 49.0% | 54.5% | ||
| Q2 25 | -23.9% | 44.6% | ||
| Q1 25 | 51.6% | -24.2% | ||
| Q4 24 | 41.2% | 41.5% | ||
| Q3 24 | 48.5% | 55.7% | ||
| Q2 24 | -14.7% | 53.9% | ||
| Q1 24 | 40.9% | -12.0% |
资本支出强度HLIPJT
| Q4 25 | 0.1% | 3.2% | ||
| Q3 25 | 0.3% | 3.4% | ||
| Q2 25 | 2.2% | 2.9% | ||
| Q1 25 | 2.2% | 0.6% | ||
| Q4 24 | 0.6% | 0.1% | ||
| Q3 24 | 1.8% | 0.6% | ||
| Q2 24 | 2.1% | 0.1% | ||
| Q1 24 | 2.3% | 0.1% |
现金转化率HLIPJT
| Q4 25 | 1.87× | 2.92× | ||
| Q3 25 | 2.91× | 6.43× | ||
| Q2 25 | -1.35× | 5.79× | ||
| Q1 25 | 2.94× | -1.41× | ||
| Q4 24 | 2.79× | 3.81× | ||
| Q3 24 | 3.09× | 8.15× | ||
| Q2 24 | -0.73× | 6.84× | ||
| Q1 24 | 2.78× | -1.19× |
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% |
PJT
暂无分部数据
