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HNI CORP（HNI）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HNI CORP的1.8倍（$1.2B vs $683.8M），利氏兄弟拍卖行净利率更高（9.1% vs 6.0%，领先3.1%），利氏兄弟拍卖行同比增速更快（5.4% vs 1.7%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $135.6M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs 0.3%）
HNI公司是全球营收规模领先的办公家具制造商之一，同时也是全球壁炉产品行业的头部企业，生产销售燃气、电、燃木及生物质燃料壁炉、嵌入式炉具、取暖炉、饰面及相关配件。公司1944年由工程师C.麦克斯韦·斯坦利等三人联合创立，总部位于美国爱荷华州马斯卡廷。
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。
HNI vs RBA — 直观对比
营收规模更大
RBA
是对方的1.8倍
$683.8M
营收增速更快
RBA
高出3.7%
1.7%
净利率更高
RBA
高出3.1%
6.0%
自由现金流更多
RBA
多$50.9M
$135.6M
两年增速更快
RBA
近两年复合增速
0.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $683.8M | $1.2B |
| 净利润 | $41.2M | $109.7M |
| 毛利率 | 42.1% | — |
| 营业利润率 | 9.4% | 14.7% |
| 净利率 | 6.0% | 9.1% |
| 营收同比 | 1.7% | 5.4% |
| 净利润同比 | -13.3% | -7.4% |
| 每股收益（稀释后） | $0.88 | $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HNIRBA
| Q4 25 | — | $1.2B | ||
| Q3 25 | $683.8M | $1.1B | ||
| Q2 25 | $667.1M | $1.2B | ||
| Q1 25 | $599.8M | $1.1B | ||
| Q4 24 | $642.5M | $1.1B | ||
| Q3 24 | $672.2M | $981.8M | ||
| Q2 24 | $623.7M | $1.1B | ||
| Q1 24 | $588.0M | $1.1B |
净利润HNIRBA
| Q4 25 | — | $109.7M | ||
| Q3 25 | $41.2M | $95.5M | ||
| Q2 25 | $48.2M | $109.8M | ||
| Q1 25 | $13.9M | $113.4M | ||
| Q4 24 | $38.3M | $118.5M | ||
| Q3 24 | $47.5M | $76.1M | ||
| Q2 24 | $36.0M | $111.1M | ||
| Q1 24 | $17.7M | $107.4M |
毛利率HNIRBA
| Q4 25 | — | — | ||
| Q3 25 | 42.1% | — | ||
| Q2 25 | 42.9% | — | ||
| Q1 25 | 39.7% | — | ||
| Q4 24 | 40.5% | — | ||
| Q3 24 | 41.5% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 39.6% | — |
营业利润率HNIRBA
| Q4 25 | — | 14.7% | ||
| Q3 25 | 9.4% | 14.5% | ||
| Q2 25 | 10.2% | 15.9% | ||
| Q1 25 | 4.1% | 17.1% | ||
| Q4 24 | 8.5% | 18.1% | ||
| Q3 24 | 10.2% | 15.6% | ||
| Q2 24 | 8.6% | 18.4% | ||
| Q1 24 | 5.1% | 18.7% |
净利率HNIRBA
| Q4 25 | — | 9.1% | ||
| Q3 25 | 6.0% | 8.7% | ||
| Q2 25 | 7.2% | 9.3% | ||
| Q1 25 | 2.3% | 10.2% | ||
| Q4 24 | 6.0% | 10.4% | ||
| Q3 24 | 7.1% | 7.8% | ||
| Q2 24 | 5.8% | 10.1% | ||
| Q1 24 | 3.0% | 10.1% |
每股收益（稀释后）HNIRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | $0.88 | $0.43 | ||
| Q2 25 | $1.02 | $0.53 | ||
| Q1 25 | $0.29 | $0.55 | ||
| Q4 24 | $0.78 | $0.58 | ||
| Q3 24 | $0.98 | $0.36 | ||
| Q2 24 | $0.75 | $0.54 | ||
| Q1 24 | $0.37 | $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 | $28.1M | $531.5M |
| 总债务越低越好 | $324.2M | $2.3B |
| 股东权益账面价值 | $835.9M | $5.6B |
| 总资产 | $1.8B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.39× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资HNIRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | $28.1M | $674.7M | ||
| Q2 25 | $38.2M | $710.2M | ||
| Q1 25 | $27.5M | $578.1M | ||
| Q4 24 | $28.9M | $533.9M | ||
| Q3 24 | $40.2M | $650.7M | ||
| Q2 24 | $33.5M | $599.5M | ||
| Q1 24 | $32.5M | $462.8M |
总债务HNIRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | $324.2M | $2.6B | ||
| Q2 25 | $444.4M | $2.6B | ||
| Q1 25 | $404.7M | $2.6B | ||
| Q4 24 | $344.6M | $2.6B | ||
| Q3 24 | $345.4M | $2.7B | ||
| Q2 24 | $462.3M | $2.8B | ||
| Q1 24 | $473.0M | $2.9B |
股东权益HNIRBA
| Q4 25 | — | $5.6B | ||
| Q3 25 | $835.9M | $5.5B | ||
| Q2 25 | $811.0M | $5.5B | ||
| Q1 25 | $803.6M | $5.3B | ||
| Q4 24 | $840.1M | $5.2B | ||
| Q3 24 | $846.6M | $5.2B | ||
| Q2 24 | $787.8M | $5.2B | ||
| Q1 24 | $771.5M | $5.1B |
总资产HNIRBA
| Q4 25 | — | $12.1B | ||
| Q3 25 | $1.8B | $12.2B | ||
| Q2 25 | $1.9B | $12.2B | ||
| Q1 25 | $1.9B | $11.9B | ||
| Q4 24 | $1.9B | $11.8B | ||
| Q3 24 | $1.9B | $11.9B | ||
| Q2 24 | $1.9B | $12.1B | ||
| Q1 24 | $1.9B | $12.0B |
负债/权益比HNIRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | 0.39× | 0.47× | ||
| Q2 25 | 0.55× | 0.47× | ||
| Q1 25 | 0.50× | 0.50× | ||
| Q4 24 | 0.41× | 0.50× | ||
| Q3 24 | 0.41× | 0.52× | ||
| Q2 24 | 0.59× | 0.55× | ||
| Q1 24 | 0.61× | 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 | $155.2M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $186.5M |
| 自由现金流率自由现金流/营收 | 19.8% | 15.5% |
| 资本支出强度资本支出/营收 | 2.9% | 5.7% |
| 现金转化率经营现金流/净利润 | 3.77× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $189.5M | $719.2M |
8季度趋势，按日历期对齐
经营现金流HNIRBA
| Q4 25 | — | $255.2M | ||
| Q3 25 | $155.2M | $239.7M | ||
| Q2 25 | $31.1M | $326.5M | ||
| Q1 25 | $12.6M | $156.8M | ||
| Q4 24 | $51.2M | $184.5M | ||
| Q3 24 | $128.5M | $285.4M | ||
| Q2 24 | $51.3M | $337.3M | ||
| Q1 24 | $-4.3M | $124.8M |
自由现金流HNIRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | $135.6M | $188.5M | ||
| Q2 25 | $16.1M | $241.7M | ||
| Q1 25 | $-3.7M | $102.5M | ||
| Q4 24 | $41.5M | $127.9M | ||
| Q3 24 | $114.0M | $248.5M | ||
| Q2 24 | $33.8M | $308.6M | ||
| Q1 24 | $-15.5M | $79.6M |
自由现金流率HNIRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | 19.8% | 17.3% | ||
| Q2 25 | 2.4% | 20.4% | ||
| Q1 25 | -0.6% | 9.2% | ||
| Q4 24 | 6.5% | 11.2% | ||
| Q3 24 | 17.0% | 25.3% | ||
| Q2 24 | 5.4% | 28.2% | ||
| Q1 24 | -2.6% | 7.5% |
资本支出强度HNIRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | 2.9% | 4.7% | ||
| Q2 25 | 2.2% | 7.2% | ||
| Q1 25 | 2.7% | 4.9% | ||
| Q4 24 | 1.5% | 5.0% | ||
| Q3 24 | 2.2% | 3.8% | ||
| Q2 24 | 2.8% | 2.6% | ||
| Q1 24 | 1.9% | 4.2% |
现金转化率HNIRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | 3.77× | 2.51× | ||
| Q2 25 | 0.65× | 2.97× | ||
| Q1 25 | 0.91× | 1.38× | ||
| Q4 24 | 1.34× | 1.56× | ||
| Q3 24 | 2.71× | 3.75× | ||
| Q2 24 | 1.43× | 3.04× | ||
| Q1 24 | -0.24× | 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
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
