vs
华利安（HLI）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是华利安的1.7倍（$1.2B vs $717.1M），华利安净利率更高（16.3% vs 9.1%，领先7.1%），华利安同比增速更快（13.0% vs 5.4%），华利安自由现金流更多（$217.0M vs $186.5M），过去两年华利安的营收复合增速更高（17.4% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
HLI vs RBA — 直观对比
营收规模更大
RBA
是对方的1.7倍
$717.1M
营收增速更快
HLI
高出7.6%
5.4%
净利率更高
HLI
高出7.1%
9.1%
自由现金流更多
HLI
多$30.5M
$186.5M
两年增速更快
HLI
近两年复合增速
6.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $1.2B |
| 净利润 | $116.5M | $109.7M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 14.7% |
| 净利率 | 16.3% | 9.1% |
| 营收同比 | 13.0% | 5.4% |
| 净利润同比 | 22.3% | -7.4% |
| 每股收益（稀释后） | $1.70 | $0.53 |
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HLIRBA
| Q4 25 | $717.1M | $1.2B | ||
| Q3 25 | $659.5M | $1.1B | ||
| Q2 25 | $605.3M | $1.2B | ||
| Q1 25 | $666.4M | $1.1B | ||
| Q4 24 | $634.4M | $1.1B | ||
| Q3 24 | $575.0M | $981.8M | ||
| Q2 24 | $513.6M | $1.1B | ||
| Q1 24 | $520.5M | $1.1B |
净利润HLIRBA
| Q4 25 | $116.5M | $109.7M | ||
| Q3 25 | $111.8M | $95.5M | ||
| Q2 25 | $97.5M | $109.8M | ||
| Q1 25 | $121.9M | $113.4M | ||
| Q4 24 | $95.3M | $118.5M | ||
| Q3 24 | $93.5M | $76.1M | ||
| Q2 24 | $88.9M | $111.1M | ||
| Q1 24 | $81.1M | $107.4M |
毛利率HLIRBA
| 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HLIRBA
| Q4 25 | 22.4% | 14.7% | ||
| Q3 25 | 22.9% | 14.5% | ||
| Q2 25 | 14.8% | 15.9% | ||
| Q1 25 | 20.9% | 17.1% | ||
| Q4 24 | 21.5% | 18.1% | ||
| Q3 24 | 22.7% | 15.6% | ||
| Q2 24 | 18.6% | 18.4% | ||
| Q1 24 | 19.7% | 18.7% |
净利率HLIRBA
| Q4 25 | 16.3% | 9.1% | ||
| Q3 25 | 17.0% | 8.7% | ||
| Q2 25 | 16.1% | 9.3% | ||
| Q1 25 | 18.3% | 10.2% | ||
| Q4 24 | 15.0% | 10.4% | ||
| Q3 24 | 16.3% | 7.8% | ||
| Q2 24 | 17.3% | 10.1% | ||
| Q1 24 | 15.6% | 10.1% |
每股收益（稀释后）HLIRBA
| Q4 25 | $1.70 | $0.53 | ||
| Q3 25 | $1.63 | $0.43 | ||
| Q2 25 | $1.42 | $0.53 | ||
| Q1 25 | $1.76 | $0.55 | ||
| Q4 24 | $1.39 | $0.58 | ||
| Q3 24 | $1.37 | $0.36 | ||
| Q2 24 | $1.30 | $0.54 | ||
| Q1 24 | $1.18 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $2.3B | $5.6B |
| 总资产 | $3.9B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资HLIRBA
| Q4 25 | $1.1B | $531.5M | ||
| Q3 25 | $923.6M | $674.7M | ||
| Q2 25 | $793.8M | $710.2M | ||
| Q1 25 | $971.0M | $578.1M | ||
| Q4 24 | $799.3M | $533.9M | ||
| Q3 24 | $691.4M | $650.7M | ||
| Q2 24 | $449.7M | $599.5M | ||
| Q1 24 | $721.2M | $462.8M |
总债务HLIRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益HLIRBA
| Q4 25 | $2.3B | $5.6B | ||
| Q3 25 | $2.2B | $5.5B | ||
| Q2 25 | $2.2B | $5.5B | ||
| Q1 25 | $2.2B | $5.3B | ||
| Q4 24 | $2.1B | $5.2B | ||
| Q3 24 | $2.0B | $5.2B | ||
| Q2 24 | $1.8B | $5.2B | ||
| Q1 24 | $1.8B | $5.1B |
总资产HLIRBA
| Q4 25 | $3.9B | $12.1B | ||
| Q3 25 | $3.8B | $12.2B | ||
| Q2 25 | $3.5B | $12.2B | ||
| Q1 25 | $3.8B | $11.9B | ||
| Q4 24 | $3.5B | $11.8B | ||
| Q3 24 | $3.2B | $11.9B | ||
| Q2 24 | $2.9B | $12.1B | ||
| Q1 24 | $3.2B | $12.0B |
负债/权益比HLIRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 30.3% | 15.5% |
| 资本支出强度资本支出/营收 | 0.1% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.87× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $738.9M | $719.2M |
8季度趋势，按日历期对齐
经营现金流HLIRBA
| Q4 25 | $217.7M | $255.2M | ||
| Q3 25 | $325.0M | $239.7M | ||
| Q2 25 | $-131.6M | $326.5M | ||
| Q1 25 | $358.4M | $156.8M | ||
| Q4 24 | $265.5M | $184.5M | ||
| Q3 24 | $289.2M | $285.4M | ||
| Q2 24 | $-64.5M | $337.3M | ||
| Q1 24 | $225.3M | $124.8M |
自由现金流HLIRBA
| Q4 25 | $217.0M | $186.5M | ||
| Q3 25 | $322.8M | $188.5M | ||
| Q2 25 | $-144.8M | $241.7M | ||
| Q1 25 | $343.9M | $102.5M | ||
| Q4 24 | $261.7M | $127.9M | ||
| Q3 24 | $278.7M | $248.5M | ||
| Q2 24 | $-75.4M | $308.6M | ||
| Q1 24 | $213.1M | $79.6M |
自由现金流率HLIRBA
| Q4 25 | 30.3% | 15.5% | ||
| Q3 25 | 49.0% | 17.3% | ||
| Q2 25 | -23.9% | 20.4% | ||
| Q1 25 | 51.6% | 9.2% | ||
| Q4 24 | 41.2% | 11.2% | ||
| Q3 24 | 48.5% | 25.3% | ||
| Q2 24 | -14.7% | 28.2% | ||
| Q1 24 | 40.9% | 7.5% |
资本支出强度HLIRBA
| Q4 25 | 0.1% | 5.7% | ||
| Q3 25 | 0.3% | 4.7% | ||
| Q2 25 | 2.2% | 7.2% | ||
| Q1 25 | 2.2% | 4.9% | ||
| Q4 24 | 0.6% | 5.0% | ||
| Q3 24 | 1.8% | 3.8% | ||
| Q2 24 | 2.1% | 2.6% | ||
| Q1 24 | 2.3% | 4.2% |
现金转化率HLIRBA
| Q4 25 | 1.87× | 2.33× | ||
| Q3 25 | 2.91× | 2.51× | ||
| Q2 25 | -1.35× | 2.97× | ||
| Q1 25 | 2.94× | 1.38× | ||
| Q4 24 | 2.79× | 1.56× | ||
| Q3 24 | 3.09× | 3.75× | ||
| Q2 24 | -0.73× | 3.04× | ||
| Q1 24 | 2.78× | 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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
