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哈雷戴维森（HOG）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是哈雷戴维森的1.2倍（$461.6M vs $390.5M），BOSTON BEER CO INC同比增速更快（-4.1% vs -9.4%），过去两年BOSTON BEER CO INC的营收复合增速更高（-10.7% 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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
HOG vs SAM — 直观对比
营收规模更大
SAM
是对方的1.2倍
$390.5M
营收增速更快
SAM
高出5.3%
-9.4%
两年增速更快
SAM
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $461.6M |
| 净利润 | $-282.6M | — |
| 毛利率 | -7.9% | 46.4% |
| 营业利润率 | -92.4% | 12.4% |
| 净利率 | -72.3% | — |
| 营收同比 | -9.4% | -4.1% |
| 净利润同比 | -138.6% | — |
| 每股收益（稀释后） | $-2.27 | $2.16 |
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HOGSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $390.5M | $385.7M | ||
| Q3 25 | $1.1B | $537.5M | ||
| Q2 25 | $1.0B | $587.9M | ||
| Q1 25 | $1.1B | $453.9M | ||
| Q4 24 | $430.9M | $402.3M | ||
| Q3 24 | $881.2M | $605.5M | ||
| Q2 24 | $1.4B | $579.1M |
净利润HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | $-282.6M | $-22.5M | ||
| Q3 25 | $377.4M | $46.2M | ||
| Q2 25 | $107.6M | $60.4M | ||
| Q1 25 | $133.1M | $24.4M | ||
| Q4 24 | $-118.4M | $-38.8M | ||
| Q3 24 | $119.0M | $33.5M | ||
| Q2 24 | $218.3M | $52.3M |
毛利率HOGSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | -7.9% | 43.5% | ||
| Q3 25 | 26.0% | 50.8% | ||
| Q2 25 | 28.5% | 49.8% | ||
| Q1 25 | 28.9% | 48.3% | ||
| Q4 24 | -2.0% | 39.9% | ||
| Q3 24 | 29.8% | 46.3% | ||
| Q2 24 | 31.8% | 46.0% |
营业利润率HOGSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | -92.4% | -8.6% | ||
| Q3 25 | 44.0% | 11.5% | ||
| Q2 25 | 10.7% | 14.0% | ||
| Q1 25 | 14.8% | 7.4% | ||
| Q4 24 | -44.9% | -13.9% | ||
| Q3 24 | 12.0% | 7.6% | ||
| Q2 24 | 17.8% | 12.2% |
净利率HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | -72.3% | -5.8% | ||
| Q3 25 | 35.0% | 8.6% | ||
| Q2 25 | 10.2% | 10.3% | ||
| Q1 25 | 12.3% | 5.4% | ||
| Q4 24 | -27.5% | -9.6% | ||
| Q3 24 | 13.5% | 5.5% | ||
| Q2 24 | 16.1% | 9.0% |
每股收益（稀释后）HOGSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $-2.27 | $-1.97 | ||
| Q3 25 | $3.10 | $4.25 | ||
| Q2 25 | $0.88 | $5.45 | ||
| Q1 25 | $1.07 | $2.16 | ||
| Q4 24 | $-0.82 | $-3.23 | ||
| Q3 24 | $0.91 | $2.86 | ||
| Q2 24 | $1.63 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $682.6M |
| 总资产 | $8.0B | $1.2B |
| 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HOGSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $3.1B | $223.4M | ||
| Q3 25 | $1.8B | $250.5M | ||
| Q2 25 | $1.6B | $212.4M | ||
| Q1 25 | $1.9B | $152.5M | ||
| Q4 24 | $1.6B | $211.8M | ||
| Q3 24 | $2.2B | $255.6M | ||
| Q2 24 | $1.8B | $219.3M |
总债务HOGSAM
| Q1 26 | — | — | ||
| 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 | — |
股东权益HOGSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $3.1B | $846.3M | ||
| Q3 25 | $3.6B | $911.0M | ||
| Q2 25 | $3.3B | $912.3M | ||
| Q1 25 | $3.2B | $897.0M | ||
| Q4 24 | $3.2B | $916.2M | ||
| Q3 24 | $3.4B | $1.0B | ||
| Q2 24 | $3.4B | $1.0B |
总资产HOGSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $8.0B | $1.2B | ||
| Q3 25 | $10.6B | $1.2B | ||
| Q2 25 | $12.1B | $1.3B | ||
| Q1 25 | $12.4B | $1.2B | ||
| Q4 24 | $11.9B | $1.3B | ||
| Q3 24 | $13.0B | $1.4B | ||
| Q2 24 | $12.8B | $1.4B |
负债/权益比HOGSAM
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 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 | — | — |
| 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HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | $152.0M | $39.9M | ||
| Q3 25 | $-92.6M | $101.8M | ||
| Q2 25 | $368.0M | $126.5M | ||
| Q1 25 | $141.5M | $1.9M | ||
| Q4 24 | $133.2M | $41.9M | ||
| Q3 24 | $353.0M | $115.9M | ||
| Q2 24 | $473.6M | $96.0M |
自由现金流HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | $100.4M | $22.1M | ||
| Q3 25 | $-129.1M | $89.2M | ||
| Q2 25 | $332.4M | $112.2M | ||
| Q1 25 | $111.6M | $-8.0M | ||
| Q4 24 | $77.0M | $18.4M | ||
| Q3 24 | $300.4M | $99.2M | ||
| Q2 24 | $432.2M | $75.6M |
自由现金流率HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 5.7% | ||
| Q3 25 | -12.0% | 16.6% | ||
| Q2 25 | 31.7% | 19.1% | ||
| Q1 25 | 10.3% | -1.8% | ||
| Q4 24 | 17.9% | 4.6% | ||
| Q3 24 | 34.1% | 16.4% | ||
| Q2 24 | 31.9% | 13.1% |
资本支出强度HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | 4.6% | ||
| Q3 25 | 3.4% | 2.3% | ||
| Q2 25 | 3.4% | 2.4% | ||
| Q1 25 | 2.8% | 2.2% | ||
| Q4 24 | 13.0% | 5.8% | ||
| Q3 24 | 6.0% | 2.8% | ||
| Q2 24 | 3.1% | 3.5% |
现金转化率HOGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -0.25× | 2.21× | ||
| Q2 25 | 3.42× | 2.09× | ||
| Q1 25 | 1.06× | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.97× | 3.46× | ||
| Q2 24 | 2.17× | 1.83× |
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% |
SAM
暂无分部数据
