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HNI CORP（HNI）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
HNI CORP的季度营收约是RBC Bearings INC的1.5倍（$683.8M vs $461.6M），RBC Bearings INC净利率更高（14.6% vs 6.0%，领先8.6%），RBC Bearings INC同比增速更快（17.0% vs 1.7%），HNI CORP自由现金流更多（$135.6M vs $99.1M），过去两年RBC Bearings INC的营收复合增速更高（5.6% 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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
HNI vs RBC — 直观对比
营收规模更大
HNI
是对方的1.5倍
$461.6M
营收增速更快
RBC
高出15.3%
1.7%
净利率更高
RBC
高出8.6%
6.0%
自由现金流更多
HNI
多$36.5M
$99.1M
两年增速更快
RBC
近两年复合增速
0.3%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $683.8M | $461.6M |
| 净利润 | $41.2M | $67.4M |
| 毛利率 | 42.1% | 44.3% |
| 营业利润率 | 9.4% | 22.3% |
| 净利率 | 6.0% | 14.6% |
| 营收同比 | 1.7% | 17.0% |
| 净利润同比 | -13.3% | 16.4% |
| 每股收益（稀释后） | $0.88 | $2.13 |
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HNIRBC
| Q4 25 | — | $461.6M | ||
| Q3 25 | $683.8M | $455.3M | ||
| Q2 25 | $667.1M | $436.0M | ||
| Q1 25 | $599.8M | $437.7M | ||
| Q4 24 | $642.5M | $394.4M | ||
| Q3 24 | $672.2M | $397.9M | ||
| Q2 24 | $623.7M | $406.3M | ||
| Q1 24 | $588.0M | $413.7M |
净利润HNIRBC
| Q4 25 | — | $67.4M | ||
| Q3 25 | $41.2M | $60.0M | ||
| Q2 25 | $48.2M | $68.5M | ||
| Q1 25 | $13.9M | $72.7M | ||
| Q4 24 | $38.3M | $57.9M | ||
| Q3 24 | $47.5M | $54.2M | ||
| Q2 24 | $36.0M | $61.4M | ||
| Q1 24 | $17.7M | — |
毛利率HNIRBC
| Q4 25 | — | 44.3% | ||
| Q3 25 | 42.1% | 44.1% | ||
| Q2 25 | 42.9% | 44.8% | ||
| Q1 25 | 39.7% | 44.2% | ||
| Q4 24 | 40.5% | 44.3% | ||
| Q3 24 | 41.5% | 43.7% | ||
| Q2 24 | 41.9% | 45.3% | ||
| Q1 24 | 39.6% | 43.1% |
营业利润率HNIRBC
| Q4 25 | — | 22.3% | ||
| Q3 25 | 9.4% | 21.5% | ||
| Q2 25 | 10.2% | 23.2% | ||
| Q1 25 | 4.1% | 23.0% | ||
| Q4 24 | 8.5% | 21.7% | ||
| Q3 24 | 10.2% | 21.6% | ||
| Q2 24 | 8.6% | 24.0% | ||
| Q1 24 | 5.1% | 22.8% |
净利率HNIRBC
| Q4 25 | — | 14.6% | ||
| Q3 25 | 6.0% | 13.2% | ||
| Q2 25 | 7.2% | 15.7% | ||
| Q1 25 | 2.3% | 16.6% | ||
| Q4 24 | 6.0% | 14.7% | ||
| Q3 24 | 7.1% | 13.6% | ||
| Q2 24 | 5.8% | 15.1% | ||
| Q1 24 | 3.0% | — |
每股收益（稀释后）HNIRBC
| Q4 25 | — | $2.13 | ||
| Q3 25 | $0.88 | $1.90 | ||
| Q2 25 | $1.02 | $2.17 | ||
| Q1 25 | $0.29 | $2.33 | ||
| Q4 24 | $0.78 | $1.82 | ||
| Q3 24 | $0.98 | $1.65 | ||
| Q2 24 | $0.75 | $1.90 | ||
| Q1 24 | $0.37 | $1.92 |
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 | $107.6M |
| 总债务越低越好 | $324.2M | $990.2M |
| 股东权益账面价值 | $835.9M | $3.3B |
| 总资产 | $1.8B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.39× | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资HNIRBC
| Q4 25 | — | $107.6M | ||
| Q3 25 | $28.1M | $91.2M | ||
| Q2 25 | $38.2M | $132.9M | ||
| Q1 25 | $27.5M | $36.8M | ||
| Q4 24 | $28.9M | — | ||
| Q3 24 | $40.2M | — | ||
| Q2 24 | $33.5M | $76.8M | ||
| Q1 24 | $32.5M | $63.5M |
总债务HNIRBC
| Q4 25 | — | $990.2M | ||
| Q3 25 | $324.2M | $1.1B | ||
| Q2 25 | $444.4M | $915.6M | ||
| Q1 25 | $404.7M | $920.1M | ||
| Q4 24 | $344.6M | — | ||
| Q3 24 | $345.4M | — | ||
| Q2 24 | $462.3M | — | ||
| Q1 24 | $473.0M | $1.2B |
股东权益HNIRBC
| Q4 25 | — | $3.3B | ||
| Q3 25 | $835.9M | $3.2B | ||
| Q2 25 | $811.0M | $3.1B | ||
| Q1 25 | $803.6M | $3.0B | ||
| Q4 24 | $840.1M | $2.9B | ||
| Q3 24 | $846.6M | $2.9B | ||
| Q2 24 | $787.8M | $2.8B | ||
| Q1 24 | $771.5M | $2.8B |
总资产HNIRBC
| Q4 25 | — | $5.1B | ||
| Q3 25 | $1.8B | $5.1B | ||
| Q2 25 | $1.9B | $4.8B | ||
| Q1 25 | $1.9B | $4.7B | ||
| Q4 24 | $1.9B | $4.7B | ||
| Q3 24 | $1.9B | $4.7B | ||
| Q2 24 | $1.9B | $4.7B | ||
| Q1 24 | $1.9B | $4.7B |
负债/权益比HNIRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | 0.39× | 0.34× | ||
| Q2 25 | 0.55× | 0.29× | ||
| Q1 25 | 0.50× | 0.30× | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.61× | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $99.1M |
| 自由现金流率自由现金流/营收 | 19.8% | 21.5% |
| 资本支出强度资本支出/营收 | 2.9% | 5.0% |
| 现金转化率经营现金流/净利润 | 3.77× | 1.81× |
| 过去12个月自由现金流最近4个季度 | $189.5M | — |
8季度趋势，按日历期对齐
经营现金流HNIRBC
| Q4 25 | — | $122.1M | ||
| Q3 25 | $155.2M | $88.4M | ||
| Q2 25 | $31.1M | $120.0M | ||
| Q1 25 | $12.6M | — | ||
| Q4 24 | $51.2M | $84.0M | ||
| Q3 24 | $128.5M | — | ||
| Q2 24 | $51.3M | $97.4M | ||
| Q1 24 | $-4.3M | — |
自由现金流HNIRBC
| Q4 25 | — | $99.1M | ||
| Q3 25 | $135.6M | $71.7M | ||
| Q2 25 | $16.1M | $104.3M | ||
| Q1 25 | $-3.7M | — | ||
| Q4 24 | $41.5M | $73.6M | ||
| Q3 24 | $114.0M | — | ||
| Q2 24 | $33.8M | $88.4M | ||
| Q1 24 | $-15.5M | — |
自由现金流率HNIRBC
| Q4 25 | — | 21.5% | ||
| Q3 25 | 19.8% | 15.7% | ||
| Q2 25 | 2.4% | 23.9% | ||
| Q1 25 | -0.6% | — | ||
| Q4 24 | 6.5% | 18.7% | ||
| Q3 24 | 17.0% | — | ||
| Q2 24 | 5.4% | 21.8% | ||
| Q1 24 | -2.6% | — |
资本支出强度HNIRBC
| Q4 25 | — | 5.0% | ||
| Q3 25 | 2.9% | 3.7% | ||
| Q2 25 | 2.2% | 3.6% | ||
| Q1 25 | 2.7% | 3.2% | ||
| Q4 24 | 1.5% | 2.6% | ||
| Q3 24 | 2.2% | 4.1% | ||
| Q2 24 | 2.8% | 2.2% | ||
| Q1 24 | 1.9% | — |
现金转化率HNIRBC
| Q4 25 | — | 1.81× | ||
| Q3 25 | 3.77× | 1.47× | ||
| Q2 25 | 0.65× | 1.75× | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 1.34× | 1.45× | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | 1.43× | 1.59× | ||
| Q1 24 | -0.24× | — |
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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
