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高德纳（IT）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是利氏兄弟拍卖行的1.5倍（$1.8B vs $1.2B），高德纳净利率更高（13.8% vs 9.1%，领先4.7%），利氏兄弟拍卖行同比增速更快（5.4% vs 2.2%），高德纳自由现金流更多（$270.7M vs $186.5M），过去两年高德纳的营收复合增速更高（9.1% vs 6.3%）
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
IT vs RBA — 直观对比
营收规模更大
IT
是对方的1.5倍
$1.2B
营收增速更快
RBA
高出3.2%
2.2%
净利率更高
IT
高出4.7%
9.1%
自由现金流更多
IT
多$84.2M
$186.5M
两年增速更快
IT
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $242.2M | $109.7M |
| 毛利率 | 67.8% | — |
| 营业利润率 | 19.1% | 14.7% |
| 净利率 | 13.8% | 9.1% |
| 营收同比 | 2.2% | 5.4% |
| 净利润同比 | -39.2% | -7.4% |
| 每股收益（稀释后） | $3.36 | $0.53 |
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ITRBA
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $1.5B | $981.8M | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.1B |
净利润ITRBA
| Q4 25 | $242.2M | $109.7M | ||
| Q3 25 | $35.4M | $95.5M | ||
| Q2 25 | $240.8M | $109.8M | ||
| Q1 25 | $210.9M | $113.4M | ||
| Q4 24 | $398.6M | $118.5M | ||
| Q3 24 | $415.0M | $76.1M | ||
| Q2 24 | $229.5M | $111.1M | ||
| Q1 24 | $210.5M | $107.4M |
毛利率ITRBA
| Q4 25 | 67.8% | — | ||
| Q3 25 | 69.3% | — | ||
| Q2 25 | 68.6% | — | ||
| Q1 25 | 69.4% | — | ||
| Q4 24 | 66.8% | — | ||
| Q3 24 | 68.4% | — | ||
| Q2 24 | 68.6% | — | ||
| Q1 24 | 69.4% | — |
营业利润率ITRBA
| Q4 25 | 19.1% | 14.7% | ||
| Q3 25 | 5.7% | 14.5% | ||
| Q2 25 | 19.4% | 15.9% | ||
| Q1 25 | 18.1% | 17.1% | ||
| Q4 24 | 18.5% | 18.1% | ||
| Q3 24 | 16.6% | 15.6% | ||
| Q2 24 | 20.0% | 18.4% | ||
| Q1 24 | 18.6% | 18.7% |
净利率ITRBA
| Q4 25 | 13.8% | 9.1% | ||
| Q3 25 | 2.3% | 8.7% | ||
| Q2 25 | 14.3% | 9.3% | ||
| Q1 25 | 13.7% | 10.2% | ||
| Q4 24 | 23.2% | 10.4% | ||
| Q3 24 | 28.0% | 7.8% | ||
| Q2 24 | 14.4% | 10.1% | ||
| Q1 24 | 14.3% | 10.1% |
每股收益（稀释后）ITRBA
| Q4 25 | $3.36 | $0.53 | ||
| Q3 25 | $0.47 | $0.43 | ||
| Q2 25 | $3.11 | $0.53 | ||
| Q1 25 | $2.71 | $0.55 | ||
| Q4 24 | $5.08 | $0.58 | ||
| Q3 24 | $5.32 | $0.36 | ||
| Q2 24 | $2.93 | $0.54 | ||
| Q1 24 | $2.67 | $0.53 |
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 | $1.7B | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $319.9M | $5.6B |
| 总资产 | $8.1B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ITRBA
| Q4 25 | $1.7B | $531.5M | ||
| Q3 25 | $1.4B | $674.7M | ||
| Q2 25 | $2.2B | $710.2M | ||
| Q1 25 | $2.1B | $578.1M | ||
| Q4 24 | $1.9B | $533.9M | ||
| Q3 24 | $1.8B | $650.7M | ||
| Q2 24 | $1.2B | $599.5M | ||
| Q1 24 | $1.2B | $462.8M |
总债务ITRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益ITRBA
| Q4 25 | $319.9M | $5.6B | ||
| Q3 25 | $556.6M | $5.5B | ||
| Q2 25 | $1.5B | $5.5B | ||
| Q1 25 | $1.5B | $5.3B | ||
| Q4 24 | $1.4B | $5.2B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $646.7M | $5.2B | ||
| Q1 24 | $718.2M | $5.1B |
总资产ITRBA
| Q4 25 | $8.1B | $12.1B | ||
| Q3 25 | $7.2B | $12.2B | ||
| Q2 25 | $8.3B | $12.2B | ||
| Q1 25 | $8.5B | $11.9B | ||
| Q4 24 | $8.5B | $11.8B | ||
| Q3 24 | $7.8B | $11.9B | ||
| Q2 24 | $7.4B | $12.1B | ||
| Q1 24 | $7.7B | $12.0B |
负债/权益比ITRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $294.5M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $270.7M | $186.5M |
| 自由现金流率自由现金流/营收 | 15.4% | 15.5% |
| 资本支出强度资本支出/营收 | 1.4% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.22× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $719.2M |
8季度趋势，按日历期对齐
经营现金流ITRBA
| Q4 25 | $294.5M | $255.2M | ||
| Q3 25 | $298.7M | $239.7M | ||
| Q2 25 | $383.6M | $326.5M | ||
| Q1 25 | $313.5M | $156.8M | ||
| Q4 24 | $335.4M | $184.5M | ||
| Q3 24 | $590.8M | $285.4M | ||
| Q2 24 | $370.0M | $337.3M | ||
| Q1 24 | $188.8M | $124.8M |
自由现金流ITRBA
| Q4 25 | $270.7M | $186.5M | ||
| Q3 25 | $269.3M | $188.5M | ||
| Q2 25 | $347.3M | $241.7M | ||
| Q1 25 | $287.9M | $102.5M | ||
| Q4 24 | $311.4M | $127.9M | ||
| Q3 24 | $565.0M | $248.5M | ||
| Q2 24 | $340.6M | $308.6M | ||
| Q1 24 | $166.2M | $79.6M |
自由现金流率ITRBA
| Q4 25 | 15.4% | 15.5% | ||
| Q3 25 | 17.7% | 17.3% | ||
| Q2 25 | 20.6% | 20.4% | ||
| Q1 25 | 18.8% | 9.2% | ||
| Q4 24 | 18.2% | 11.2% | ||
| Q3 24 | 38.1% | 25.3% | ||
| Q2 24 | 21.4% | 28.2% | ||
| Q1 24 | 11.3% | 7.5% |
资本支出强度ITRBA
| Q4 25 | 1.4% | 5.7% | ||
| Q3 25 | 1.9% | 4.7% | ||
| Q2 25 | 2.1% | 7.2% | ||
| Q1 25 | 1.7% | 4.9% | ||
| Q4 24 | 1.4% | 5.0% | ||
| Q3 24 | 1.7% | 3.8% | ||
| Q2 24 | 1.8% | 2.6% | ||
| Q1 24 | 1.5% | 4.2% |
现金转化率ITRBA
| Q4 25 | 1.22× | 2.33× | ||
| Q3 25 | 8.45× | 2.51× | ||
| Q2 25 | 1.59× | 2.97× | ||
| Q1 25 | 1.49× | 1.38× | ||
| Q4 24 | 0.84× | 1.56× | ||
| Q3 24 | 1.42× | 3.75× | ||
| Q2 24 | 1.61× | 3.04× | ||
| Q1 24 | 0.90× | 1.16× |
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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
