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华利安（HLI）与ROKU, INC（ROKU）财务数据对比。点击上方公司名可切换其他公司
ROKU, INC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 -2.2%，领先18.4%），华利安同比增速更快（13.0% vs -18.3%），ROKU, INC自由现金流更多（$298.4M vs $217.0M），过去两年华利安的营收复合增速更高（17.4% vs 13.6%）
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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
HLI vs ROKU — 直观对比
营收规模更大
ROKU
是对方的1.7倍
$717.1M
营收增速更快
HLI
高出31.3%
-18.3%
净利率更高
HLI
高出18.4%
-2.2%
自由现金流更多
ROKU
多$81.4M
$217.0M
两年增速更快
HLI
近两年复合增速
13.6%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $1.2B |
| 净利润 | $116.5M | $-27.4M |
| 毛利率 | 32.2% | 35.6% |
| 营业利润率 | 22.4% | 59.7% |
| 净利率 | 16.3% | -2.2% |
| 营收同比 | 13.0% | -18.3% |
| 净利润同比 | 22.3% | -361.0% |
| 每股收益（稀释后） | $1.70 | $0.57 |
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HLIROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $717.1M | $1.4B | ||
| Q3 25 | $659.5M | $1.2B | ||
| Q2 25 | $605.3M | $1.1B | ||
| Q1 25 | $666.4M | $1.0B | ||
| Q4 24 | $634.4M | $1.2B | ||
| Q3 24 | $575.0M | $1.1B | ||
| Q2 24 | $513.6M | $968.2M |
净利润HLIROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $116.5M | $80.5M | ||
| Q3 25 | $111.8M | $24.8M | ||
| Q2 25 | $97.5M | $10.5M | ||
| Q1 25 | $121.9M | $-27.4M | ||
| Q4 24 | $95.3M | $-35.5M | ||
| Q3 24 | $93.5M | $-9.0M | ||
| Q2 24 | $88.9M | $-34.0M |
毛利率HLIROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 32.2% | 43.5% | ||
| Q3 25 | 33.8% | 43.4% | ||
| Q2 25 | 31.0% | 44.8% | ||
| Q1 25 | 33.9% | 43.6% | ||
| Q4 24 | 31.4% | 42.7% | ||
| Q3 24 | 33.0% | 45.2% | ||
| Q2 24 | 30.6% | 43.9% |
营业利润率HLIROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 22.4% | 4.7% | ||
| Q3 25 | 22.9% | 0.8% | ||
| Q2 25 | 14.8% | -2.1% | ||
| Q1 25 | 20.9% | -5.7% | ||
| Q4 24 | 21.5% | -3.3% | ||
| Q3 24 | 22.7% | -3.4% | ||
| Q2 24 | 18.6% | -7.4% |
净利率HLIROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | 16.3% | 5.8% | ||
| Q3 25 | 17.0% | 2.0% | ||
| Q2 25 | 16.1% | 0.9% | ||
| Q1 25 | 18.3% | -2.7% | ||
| Q4 24 | 15.0% | -3.0% | ||
| Q3 24 | 16.3% | -0.9% | ||
| Q2 24 | 17.3% | -3.5% |
每股收益（稀释后）HLIROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $1.70 | $0.55 | ||
| Q3 25 | $1.63 | $0.16 | ||
| Q2 25 | $1.42 | $0.07 | ||
| Q1 25 | $1.76 | $-0.19 | ||
| Q4 24 | $1.39 | $-0.24 | ||
| Q3 24 | $1.37 | $-0.06 | ||
| Q2 24 | $1.30 | $-0.24 |
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 | $2.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $2.7B |
| 总资产 | $3.9B | $4.4B |
| 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HLIROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $923.6M | $2.3B | ||
| Q2 25 | $793.8M | $2.3B | ||
| Q1 25 | $971.0M | $2.3B | ||
| Q4 24 | $799.3M | $2.2B | ||
| Q3 24 | $691.4M | $2.1B | ||
| Q2 24 | $449.7M | $2.1B |
股东权益HLIROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.3B | $2.7B | ||
| Q3 25 | $2.2B | $2.6B | ||
| Q2 25 | $2.2B | $2.6B | ||
| Q1 25 | $2.2B | $2.5B | ||
| Q4 24 | $2.1B | $2.5B | ||
| Q3 24 | $2.0B | $2.5B | ||
| Q2 24 | $1.8B | $2.4B |
总资产HLIROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $3.9B | $4.4B | ||
| Q3 25 | $3.8B | $4.4B | ||
| Q2 25 | $3.5B | $4.3B | ||
| Q1 25 | $3.8B | $4.2B | ||
| Q4 24 | $3.5B | $4.3B | ||
| Q3 24 | $3.2B | $4.3B | ||
| Q2 24 | $2.9B | $4.1B |
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 | $199.1M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $298.4M |
| 自由现金流率自由现金流/营收 | 30.3% | 23.9% |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | $738.9M | $640.0M |
8季度趋势，按日历期对齐
经营现金流HLIROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $217.7M | $107.7M | ||
| Q3 25 | $325.0M | $127.6M | ||
| Q2 25 | $-131.6M | $109.7M | ||
| Q1 25 | $358.4M | $138.7M | ||
| Q4 24 | $265.5M | $79.3M | ||
| Q3 24 | $289.2M | $68.7M | ||
| Q2 24 | $-64.5M | $23.4M |
自由现金流HLIROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | $217.0M | $106.6M | ||
| Q3 25 | $322.8M | $126.5M | ||
| Q2 25 | $-144.8M | $108.6M | ||
| Q1 25 | $343.9M | $136.8M | ||
| Q4 24 | $261.7M | $76.8M | ||
| Q3 24 | $278.7M | $67.6M | ||
| Q2 24 | $-75.4M | $22.5M |
自由现金流率HLIROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | 30.3% | 7.6% | ||
| Q3 25 | 49.0% | 10.4% | ||
| Q2 25 | -23.9% | 9.8% | ||
| Q1 25 | 51.6% | 13.4% | ||
| Q4 24 | 41.2% | 6.4% | ||
| Q3 24 | 48.5% | 6.4% | ||
| Q2 24 | -14.7% | 2.3% |
资本支出强度HLIROKU
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 2.2% | 0.1% | ||
| Q1 25 | 2.2% | 0.2% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 1.8% | 0.1% | ||
| Q2 24 | 2.1% | 0.1% |
现金转化率HLIROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.87× | 1.34× | ||
| Q3 25 | 2.91× | 5.14× | ||
| Q2 25 | -1.35× | 10.45× | ||
| Q1 25 | 2.94× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | -0.73× | — |
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% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
