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哈雷戴维森（HOG）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
哈雷戴维森的季度营收约是ROYAL GOLD INC的1.0倍（$390.5M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -72.3%，领先97.3%），ROYAL GOLD INC同比增速更快（85.3% vs -9.4%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
HOG vs RGLD — 直观对比
营收规模更大
HOG
是对方的1.0倍
$375.3M
营收增速更快
RGLD
高出94.7%
-9.4%
净利率更高
RGLD
高出97.3%
-72.3%
两年增速更快
RGLD
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $375.3M |
| 净利润 | $-282.6M | $93.6M |
| 毛利率 | -7.9% | 64.6% |
| 营业利润率 | -92.4% | 56.2% |
| 净利率 | -72.3% | 24.9% |
| 营收同比 | -9.4% | 85.3% |
| 净利润同比 | -138.6% | -12.8% |
| 每股收益（稀释后） | $-2.27 | $1.04 |
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HOGRGLD
| Q4 25 | $390.5M | $375.3M | ||
| Q3 25 | $1.1B | $252.1M | ||
| Q2 25 | $1.0B | $209.6M | ||
| Q1 25 | $1.1B | $193.4M | ||
| Q4 24 | $430.9M | $202.6M | ||
| Q3 24 | $881.2M | $193.8M | ||
| Q2 24 | $1.4B | $174.1M | ||
| Q1 24 | $1.5B | $148.9M |
净利润HOGRGLD
| Q4 25 | $-282.6M | $93.6M | ||
| Q3 25 | $377.4M | $126.8M | ||
| Q2 25 | $107.6M | $132.3M | ||
| Q1 25 | $133.1M | $113.5M | ||
| Q4 24 | $-118.4M | $107.4M | ||
| Q3 24 | $119.0M | $96.2M | ||
| Q2 24 | $218.3M | $81.2M | ||
| Q1 24 | $234.9M | $47.2M |
毛利率HOGRGLD
| Q4 25 | -7.9% | 64.6% | ||
| Q3 25 | 26.0% | 73.6% | ||
| Q2 25 | 28.5% | 72.6% | ||
| Q1 25 | 28.9% | 69.4% | ||
| Q4 24 | -2.0% | 70.3% | ||
| Q3 24 | 29.8% | 66.6% | ||
| Q2 24 | 31.8% | 64.7% | ||
| Q1 24 | 30.9% | 58.4% |
营业利润率HOGRGLD
| Q4 25 | -92.4% | 56.2% | ||
| Q3 25 | 44.0% | 64.4% | ||
| Q2 25 | 10.7% | 67.7% | ||
| Q1 25 | 14.8% | 63.6% | ||
| Q4 24 | -44.9% | 65.9% | ||
| Q3 24 | 12.0% | 61.3% | ||
| Q2 24 | 17.8% | 58.6% | ||
| Q1 24 | 17.8% | 50.7% |
净利率HOGRGLD
| Q4 25 | -72.3% | 24.9% | ||
| Q3 25 | 35.0% | 50.3% | ||
| Q2 25 | 10.2% | 63.1% | ||
| Q1 25 | 12.3% | 58.7% | ||
| Q4 24 | -27.5% | 53.0% | ||
| Q3 24 | 13.5% | 49.7% | ||
| Q2 24 | 16.1% | 46.6% | ||
| Q1 24 | 15.9% | 31.7% |
每股收益（稀释后）HOGRGLD
| Q4 25 | $-2.27 | $1.04 | ||
| Q3 25 | $3.10 | $1.92 | ||
| Q2 25 | $0.88 | $2.01 | ||
| Q1 25 | $1.07 | $1.72 | ||
| Q4 24 | $-0.82 | $1.63 | ||
| Q3 24 | $0.91 | $1.46 | ||
| Q2 24 | $1.63 | $1.23 | ||
| Q1 24 | $1.72 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $7.2B |
| 总资产 | $8.0B | $9.5B |
| 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HOGRGLD
| Q4 25 | $3.1B | $233.7M | ||
| Q3 25 | $1.8B | $172.8M | ||
| Q2 25 | $1.6B | $248.2M | ||
| Q1 25 | $1.9B | $240.8M | ||
| Q4 24 | $1.6B | $195.5M | ||
| Q3 24 | $2.2B | $127.9M | ||
| Q2 24 | $1.8B | $74.2M | ||
| Q1 24 | $1.5B | $137.9M |
总债务HOGRGLD
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | $0 | ||
| Q2 24 | $7.0B | $50.0M | ||
| Q1 24 | $6.3B | — |
股东权益HOGRGLD
| Q4 25 | $3.1B | $7.2B | ||
| Q3 25 | $3.6B | $3.4B | ||
| Q2 25 | $3.3B | $3.3B | ||
| Q1 25 | $3.2B | $3.2B | ||
| Q4 24 | $3.2B | $3.1B | ||
| Q3 24 | $3.4B | $3.0B | ||
| Q2 24 | $3.4B | $3.0B | ||
| Q1 24 | $3.3B | $2.9B |
总资产HOGRGLD
| Q4 25 | $8.0B | $9.5B | ||
| Q3 25 | $10.6B | $4.5B | ||
| Q2 25 | $12.1B | $3.6B | ||
| Q1 25 | $12.4B | $3.5B | ||
| Q4 24 | $11.9B | $3.4B | ||
| Q3 24 | $13.0B | $3.3B | ||
| Q2 24 | $12.8B | $3.3B | ||
| Q1 24 | $12.3B | $3.3B |
负债/权益比HOGRGLD
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | 0.00× | ||
| Q2 24 | 2.03× | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | — |
| 自由现金流率自由现金流/营收 | 25.7% | — |
| 资本支出强度资本支出/营收 | 13.2% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 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HOGRGLD
| Q4 25 | $152.0M | $241.7M | ||
| Q3 25 | $-92.6M | $174.0M | ||
| Q2 25 | $368.0M | $152.8M | ||
| Q1 25 | $141.5M | $136.4M | ||
| Q4 24 | $133.2M | $141.1M | ||
| Q3 24 | $353.0M | $136.7M | ||
| Q2 24 | $473.6M | $113.5M | ||
| Q1 24 | $104.0M | $138.3M |
自由现金流HOGRGLD
| Q4 25 | $100.4M | — | ||
| Q3 25 | $-129.1M | — | ||
| Q2 25 | $332.4M | — | ||
| Q1 25 | $111.6M | — | ||
| Q4 24 | $77.0M | — | ||
| Q3 24 | $300.4M | — | ||
| Q2 24 | $432.2M | — | ||
| Q1 24 | $57.6M | — |
自由现金流率HOGRGLD
| Q4 25 | 25.7% | — | ||
| Q3 25 | -12.0% | — | ||
| Q2 25 | 31.7% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 34.1% | — | ||
| Q2 24 | 31.9% | — | ||
| Q1 24 | 3.9% | — |
资本支出强度HOGRGLD
| Q4 25 | 13.2% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 13.0% | — | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 3.1% | — |
现金转化率HOGRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | -0.25× | 1.37× | ||
| Q2 25 | 3.42× | 1.15× | ||
| Q1 25 | 1.06× | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | 2.97× | 1.42× | ||
| Q2 24 | 2.17× | 1.40× | ||
| Q1 24 | 0.44× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
