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哈雷戴维森（HOG）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
UiPath, Inc.的季度营收约是哈雷戴维森的1.1倍（$411.1M vs $390.5M），UiPath, Inc.净利率更高（48.4% vs -72.3%，领先120.7%），UiPath, Inc.同比增速更快（15.9% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $25.1M），过去两年UiPath, Inc.的营收复合增速更高（0.7% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
HOG vs PATH — 直观对比
营收规模更大
PATH
是对方的1.1倍
$390.5M
营收增速更快
PATH
高出25.3%
-9.4%
净利率更高
PATH
高出120.7%
-72.3%
自由现金流更多
HOG
多$75.3M
$25.1M
两年增速更快
PATH
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $411.1M |
| 净利润 | $-282.6M | $198.8M |
| 毛利率 | -7.9% | 83.3% |
| 营业利润率 | -92.4% | 3.2% |
| 净利率 | -72.3% | 48.4% |
| 营收同比 | -9.4% | 15.9% |
| 净利润同比 | -138.6% | 1966.2% |
| 每股收益（稀释后） | $-2.27 | $0.37 |
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HOGPATH
| Q4 25 | $390.5M | $411.1M | ||
| Q3 25 | $1.1B | $361.7M | ||
| Q2 25 | $1.0B | $356.6M | ||
| Q1 25 | $1.1B | $423.6M | ||
| Q4 24 | $430.9M | $354.7M | ||
| Q3 24 | $881.2M | $316.3M | ||
| Q2 24 | $1.4B | $335.1M | ||
| Q1 24 | $1.5B | $405.3M |
净利润HOGPATH
| Q4 25 | $-282.6M | $198.8M | ||
| Q3 25 | $377.4M | $1.6M | ||
| Q2 25 | $107.6M | $-22.6M | ||
| Q1 25 | $133.1M | $51.8M | ||
| Q4 24 | $-118.4M | $-10.7M | ||
| Q3 24 | $119.0M | $-86.1M | ||
| Q2 24 | $218.3M | $-28.7M | ||
| Q1 24 | $234.9M | $33.9M |
毛利率HOGPATH
| Q4 25 | -7.9% | 83.3% | ||
| Q3 25 | 26.0% | 82.2% | ||
| Q2 25 | 28.5% | 82.1% | ||
| Q1 25 | 28.9% | 84.8% | ||
| Q4 24 | -2.0% | 82.0% | ||
| Q3 24 | 29.8% | 80.0% | ||
| Q2 24 | 31.8% | 83.5% | ||
| Q1 24 | 30.9% | 86.8% |
营业利润率HOGPATH
| Q4 25 | -92.4% | 3.2% | ||
| Q3 25 | 44.0% | -5.6% | ||
| Q2 25 | 10.7% | -4.6% | ||
| Q1 25 | 14.8% | 7.9% | ||
| Q4 24 | -44.9% | -12.2% | ||
| Q3 24 | 12.0% | -32.7% | ||
| Q2 24 | 17.8% | -14.8% | ||
| Q1 24 | 17.8% | 3.7% |
净利率HOGPATH
| Q4 25 | -72.3% | 48.4% | ||
| Q3 25 | 35.0% | 0.4% | ||
| Q2 25 | 10.2% | -6.3% | ||
| Q1 25 | 12.3% | 12.2% | ||
| Q4 24 | -27.5% | -3.0% | ||
| Q3 24 | 13.5% | -27.2% | ||
| Q2 24 | 16.1% | -8.6% | ||
| Q1 24 | 15.9% | 8.4% |
每股收益（稀释后）HOGPATH
| Q4 25 | $-2.27 | $0.37 | ||
| Q3 25 | $3.10 | $0.00 | ||
| Q2 25 | $0.88 | $-0.04 | ||
| Q1 25 | $1.07 | $0.09 | ||
| Q4 24 | $-0.82 | $-0.02 | ||
| Q3 24 | $0.91 | $-0.15 | ||
| Q2 24 | $1.63 | $-0.05 | ||
| Q1 24 | $1.72 | $0.07 |
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 | $3.1B | $1.4B |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $1.9B |
| 总资产 | $8.0B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGPATH
| Q4 25 | $3.1B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $2.2B | $1.7B | ||
| Q2 24 | $1.8B | $1.9B | ||
| Q1 24 | $1.5B | $1.9B |
总债务HOGPATH
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | — |
股东权益HOGPATH
| Q4 25 | $3.1B | $1.9B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | $3.3B | $1.7B | ||
| Q1 25 | $3.2B | $1.8B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.4B | $1.8B | ||
| Q2 24 | $3.4B | $2.0B | ||
| Q1 24 | $3.3B | $2.0B |
总资产HOGPATH
| Q4 25 | $8.0B | $2.9B | ||
| Q3 25 | $10.6B | $2.6B | ||
| Q2 25 | $12.1B | $2.6B | ||
| Q1 25 | $12.4B | $2.9B | ||
| Q4 24 | $11.9B | $2.7B | ||
| Q3 24 | $13.0B | $2.7B | ||
| Q2 24 | $12.8B | $2.8B | ||
| Q1 24 | $12.3B | $3.0B |
负债/权益比HOGPATH
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | 1.88× | — |
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 | $152.0M | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $25.1M |
| 自由现金流率自由现金流/营收 | 25.7% | 6.1% |
| 资本支出强度资本支出/营收 | 13.2% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.14× |
| 过去12个月自由现金流最近4个季度 | $415.2M | — |
8季度趋势，按日历期对齐
经营现金流HOGPATH
| Q4 25 | $152.0M | $28.3M | ||
| Q3 25 | $-92.6M | $41.6M | ||
| Q2 25 | $368.0M | $119.0M | ||
| Q1 25 | $141.5M | $146.1M | ||
| Q4 24 | $133.2M | $28.1M | ||
| Q3 24 | $353.0M | $46.4M | ||
| Q2 24 | $473.6M | $100.0M | ||
| Q1 24 | $104.0M | $145.6M |
自由现金流HOGPATH
| Q4 25 | $100.4M | $25.1M | ||
| Q3 25 | $-129.1M | — | ||
| Q2 25 | $332.4M | $106.2M | ||
| Q1 25 | $111.6M | $138.7M | ||
| Q4 24 | $77.0M | $23.2M | ||
| Q3 24 | $300.4M | $45.0M | ||
| Q2 24 | $432.2M | $98.8M | ||
| Q1 24 | $57.6M | $141.8M |
自由现金流率HOGPATH
| Q4 25 | 25.7% | 6.1% | ||
| Q3 25 | -12.0% | — | ||
| Q2 25 | 31.7% | 29.8% | ||
| Q1 25 | 10.3% | 32.7% | ||
| Q4 24 | 17.9% | 6.5% | ||
| Q3 24 | 34.1% | 14.2% | ||
| Q2 24 | 31.9% | 29.5% | ||
| Q1 24 | 3.9% | 35.0% |
资本支出强度HOGPATH
| Q4 25 | 13.2% | 0.8% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 3.4% | 3.6% | ||
| Q1 25 | 2.8% | 1.7% | ||
| Q4 24 | 13.0% | 1.4% | ||
| Q3 24 | 6.0% | 0.4% | ||
| Q2 24 | 3.1% | 0.4% | ||
| Q1 24 | 3.1% | 0.9% |
现金转化率HOGPATH
| Q4 25 | — | 0.14× | ||
| Q3 25 | -0.25× | 26.25× | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.06× | 2.82× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | 4.29× |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
