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哈雷戴维森（HOG）与Reddit, Inc.（RDDT）财务数据对比。点击上方公司名可切换其他公司
Reddit, Inc.的季度营收约是哈雷戴维森的1.9倍（$725.6M vs $390.5M），Reddit, Inc.净利率更高（34.7% vs -72.3%，领先107.0%），Reddit, Inc.同比增速更快（69.7% vs -9.4%），Reddit, Inc.自由现金流更多（$263.6M vs $100.4M），过去两年Reddit, Inc.的营收复合增速更高（72.8% 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。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
HOG vs RDDT — 直观对比
营收规模更大
RDDT
是对方的1.9倍
$390.5M
营收增速更快
RDDT
高出79.0%
-9.4%
净利率更高
RDDT
高出107.0%
-72.3%
自由现金流更多
RDDT
多$163.2M
$100.4M
两年增速更快
RDDT
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $725.6M |
| 净利润 | $-282.6M | $251.6M |
| 毛利率 | -7.9% | 91.9% |
| 营业利润率 | -92.4% | 31.9% |
| 净利率 | -72.3% | 34.7% |
| 营收同比 | -9.4% | 69.7% |
| 净利润同比 | -138.6% | 254.2% |
| 每股收益（稀释后） | $-2.27 | $1.24 |
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HOGRDDT
| Q4 25 | $390.5M | $725.6M | ||
| Q3 25 | $1.1B | $584.9M | ||
| Q2 25 | $1.0B | $499.6M | ||
| Q1 25 | $1.1B | $392.4M | ||
| Q4 24 | $430.9M | $427.7M | ||
| Q3 24 | $881.2M | $348.4M | ||
| Q2 24 | $1.4B | $281.2M | ||
| Q1 24 | $1.5B | $243.0M |
净利润HOGRDDT
| Q4 25 | $-282.6M | $251.6M | ||
| Q3 25 | $377.4M | $162.7M | ||
| Q2 25 | $107.6M | $89.3M | ||
| Q1 25 | $133.1M | $26.2M | ||
| Q4 24 | $-118.4M | $71.0M | ||
| Q3 24 | $119.0M | $29.9M | ||
| Q2 24 | $218.3M | $-10.1M | ||
| Q1 24 | $234.9M | $-575.1M |
毛利率HOGRDDT
| Q4 25 | -7.9% | 91.9% | ||
| Q3 25 | 26.0% | 91.0% | ||
| Q2 25 | 28.5% | 90.8% | ||
| Q1 25 | 28.9% | 90.5% | ||
| Q4 24 | -2.0% | 92.6% | ||
| Q3 24 | 29.8% | 90.1% | ||
| Q2 24 | 31.8% | 89.5% | ||
| Q1 24 | 30.9% | 88.6% |
营业利润率HOGRDDT
| Q4 25 | -92.4% | 31.9% | ||
| Q3 25 | 44.0% | 23.7% | ||
| Q2 25 | 10.7% | 13.6% | ||
| Q1 25 | 14.8% | 1.0% | ||
| Q4 24 | -44.9% | 12.4% | ||
| Q3 24 | 12.0% | 2.0% | ||
| Q2 24 | 17.8% | -11.0% | ||
| Q1 24 | 17.8% | -242.5% |
净利率HOGRDDT
| Q4 25 | -72.3% | 34.7% | ||
| Q3 25 | 35.0% | 27.8% | ||
| Q2 25 | 10.2% | 17.9% | ||
| Q1 25 | 12.3% | 6.7% | ||
| Q4 24 | -27.5% | 16.6% | ||
| Q3 24 | 13.5% | 8.6% | ||
| Q2 24 | 16.1% | -3.6% | ||
| Q1 24 | 15.9% | -236.7% |
每股收益（稀释后）HOGRDDT
| Q4 25 | $-2.27 | $1.24 | ||
| Q3 25 | $3.10 | $0.80 | ||
| Q2 25 | $0.88 | $0.45 | ||
| Q1 25 | $1.07 | $0.13 | ||
| Q4 24 | $-0.82 | $4.76 | ||
| Q3 24 | $0.91 | $0.16 | ||
| Q2 24 | $1.63 | $-0.06 | ||
| Q1 24 | $1.72 | $-8.19 |
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 | $953.6M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $2.9B |
| 总资产 | $8.0B | $3.2B |
| 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HOGRDDT
| Q4 25 | $3.1B | $953.6M | ||
| Q3 25 | $1.8B | $911.7M | ||
| Q2 25 | $1.6B | $734.1M | ||
| Q1 25 | $1.9B | $635.7M | ||
| Q4 24 | $1.6B | $562.1M | ||
| Q3 24 | $2.2B | $515.9M | ||
| Q2 24 | $1.8B | $468.0M | ||
| Q1 24 | $1.5B | $968.5M |
总债务HOGRDDT
| 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HOGRDDT
| Q4 25 | $3.1B | $2.9B | ||
| Q3 25 | $3.6B | $2.6B | ||
| Q2 25 | $3.3B | $2.4B | ||
| Q1 25 | $3.2B | $2.2B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $3.4B | $2.0B | ||
| Q2 24 | $3.4B | $1.9B | ||
| Q1 24 | $3.3B | $1.8B |
总资产HOGRDDT
| Q4 25 | $8.0B | $3.2B | ||
| Q3 25 | $10.6B | $2.9B | ||
| Q2 25 | $12.1B | $2.6B | ||
| Q1 25 | $12.4B | $2.4B | ||
| Q4 24 | $11.9B | $2.3B | ||
| Q3 24 | $13.0B | $2.2B | ||
| Q2 24 | $12.8B | $2.1B | ||
| Q1 24 | $12.3B | $2.0B |
负债/权益比HOGRDDT
| 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 | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $263.6M |
| 自由现金流率自由现金流/营收 | 25.7% | 36.3% |
| 资本支出强度资本支出/营收 | 13.2% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.06× |
| 过去12个月自由现金流最近4个季度 | $415.2M | $684.2M |
8季度趋势，按日历期对齐
经营现金流HOGRDDT
| Q4 25 | $152.0M | $266.8M | ||
| Q3 25 | $-92.6M | $185.2M | ||
| Q2 25 | $368.0M | $111.3M | ||
| Q1 25 | $141.5M | $127.6M | ||
| Q4 24 | $133.2M | $90.0M | ||
| Q3 24 | $353.0M | $71.6M | ||
| Q2 24 | $473.6M | $28.4M | ||
| Q1 24 | $104.0M | $32.1M |
自由现金流HOGRDDT
| Q4 25 | $100.4M | $263.6M | ||
| Q3 25 | $-129.1M | $183.1M | ||
| Q2 25 | $332.4M | $110.8M | ||
| Q1 25 | $111.6M | $126.6M | ||
| Q4 24 | $77.0M | $89.2M | ||
| Q3 24 | $300.4M | $70.3M | ||
| Q2 24 | $432.2M | $27.2M | ||
| Q1 24 | $57.6M | $29.2M |
自由现金流率HOGRDDT
| Q4 25 | 25.7% | 36.3% | ||
| Q3 25 | -12.0% | 31.3% | ||
| Q2 25 | 31.7% | 22.2% | ||
| Q1 25 | 10.3% | 32.3% | ||
| Q4 24 | 17.9% | 20.8% | ||
| Q3 24 | 34.1% | 20.2% | ||
| Q2 24 | 31.9% | 9.7% | ||
| Q1 24 | 3.9% | 12.0% |
资本支出强度HOGRDDT
| Q4 25 | 13.2% | 0.4% | ||
| Q3 25 | 3.4% | 0.4% | ||
| Q2 25 | 3.4% | 0.1% | ||
| Q1 25 | 2.8% | 0.2% | ||
| Q4 24 | 13.0% | 0.2% | ||
| Q3 24 | 6.0% | 0.4% | ||
| Q2 24 | 3.1% | 0.4% | ||
| Q1 24 | 3.1% | 1.2% |
现金转化率HOGRDDT
| Q4 25 | — | 1.06× | ||
| Q3 25 | -0.25× | 1.14× | ||
| Q2 25 | 3.42× | 1.25× | ||
| Q1 25 | 1.06× | 4.88× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 2.97× | 2.40× | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | — |
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% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
