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骏利亨德森集团（JHG）与拉扎德（LAZ）财务数据对比。点击上方公司名可切换其他公司
骏利亨德森集团的季度营收约是拉扎德的1.2倍（$1.1B vs $929.4M），骏利亨德森集团净利率更高（35.3% vs 5.4%，领先29.9%），骏利亨德森集团同比增速更快（61.3% vs 10.8%），拉扎德自由现金流更多（$396.1M vs $320.4M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs 8.8%）
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
JHG vs LAZ — 直观对比
营收规模更大
JHG
是对方的1.2倍
$929.4M
营收增速更快
JHG
高出50.5%
10.8%
净利率更高
JHG
高出29.9%
5.4%
自由现金流更多
LAZ
多$75.7M
$320.4M
两年增速更快
JHG
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $929.4M |
| 净利润 | $403.2M | $49.9M |
| 毛利率 | — | — |
| 营业利润率 | 42.7% | 9.1% |
| 净利率 | 35.3% | 5.4% |
| 营收同比 | 61.3% | 10.8% |
| 净利润同比 | 231.0% | -42.2% |
| 每股收益（稀释后） | $2.59 | $0.44 |
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JHGLAZ
| Q4 25 | $1.1B | $929.4M | ||
| Q3 25 | $700.4M | $770.8M | ||
| Q2 25 | $633.2M | $817.2M | ||
| Q1 25 | $621.4M | $669.2M | ||
| Q4 24 | $708.3M | $839.0M | ||
| Q3 24 | $624.8M | $807.4M | ||
| Q2 24 | $588.4M | $708.0M | ||
| Q1 24 | $551.7M | $785.5M |
净利润JHGLAZ
| Q4 25 | $403.2M | $49.9M | ||
| Q3 25 | $142.1M | $71.2M | ||
| Q2 25 | $149.9M | $55.3M | ||
| Q1 25 | $120.7M | $60.4M | ||
| Q4 24 | $121.8M | $86.3M | ||
| Q3 24 | $27.3M | $107.9M | ||
| Q2 24 | $129.7M | $49.9M | ||
| Q1 24 | $130.1M | $35.8M |
营业利润率JHGLAZ
| Q4 25 | 42.7% | 9.1% | ||
| Q3 25 | 24.6% | 12.3% | ||
| Q2 25 | 25.9% | 11.4% | ||
| Q1 25 | 24.7% | 8.2% | ||
| Q4 24 | 27.9% | 12.8% | ||
| Q3 24 | 26.4% | 20.0% | ||
| Q2 24 | 27.9% | 9.0% | ||
| Q1 24 | 21.6% | 6.9% |
净利率JHGLAZ
| Q4 25 | 35.3% | 5.4% | ||
| Q3 25 | 20.3% | 9.2% | ||
| Q2 25 | 23.7% | 6.8% | ||
| Q1 25 | 19.4% | 9.0% | ||
| Q4 24 | 17.2% | 10.3% | ||
| Q3 24 | 4.4% | 13.4% | ||
| Q2 24 | 22.0% | 7.0% | ||
| Q1 24 | 23.6% | 4.6% |
每股收益（稀释后）JHGLAZ
| Q4 25 | $2.59 | $0.44 | ||
| Q3 25 | $0.92 | $0.65 | ||
| Q2 25 | $0.95 | $0.52 | ||
| Q1 25 | $0.77 | $0.56 | ||
| Q4 24 | $0.77 | $0.82 | ||
| Q3 24 | $0.17 | $1.02 | ||
| Q2 24 | $0.81 | $0.49 | ||
| Q1 24 | $0.81 | $0.35 |
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 | $1.6B | $1.5B |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $5.1B | $873.7M |
| 总资产 | $8.3B | $4.9B |
| 负债/权益比越低杠杆越低 | — | 1.93× |
8季度趋势，按日历期对齐
现金及短期投资JHGLAZ
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $978.3M | ||
| Q1 25 | $1.4B | $908.6M | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.3B | $847.6M | ||
| Q1 24 | $1.1B | $923.2M |
总债务JHGLAZ
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.9B |
股东权益JHGLAZ
| Q4 25 | $5.1B | $873.7M | ||
| Q3 25 | $4.8B | $841.5M | ||
| Q2 25 | $4.8B | $741.6M | ||
| Q1 25 | $4.7B | $603.0M | ||
| Q4 24 | $4.6B | $636.2M | ||
| Q3 24 | $4.6B | $624.3M | ||
| Q2 24 | $4.5B | $458.7M | ||
| Q1 24 | $4.4B | $392.7M |
总资产JHGLAZ
| Q4 25 | $8.3B | $4.9B | ||
| Q3 25 | $7.6B | $4.6B | ||
| Q2 25 | $7.5B | $4.5B | ||
| Q1 25 | $7.1B | $4.2B | ||
| Q4 24 | $7.0B | $4.8B | ||
| Q3 24 | $7.3B | $4.8B | ||
| Q2 24 | $6.4B | $4.5B | ||
| Q1 24 | $6.3B | $4.6B |
负债/权益比JHGLAZ
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 2.28× | ||
| Q1 25 | — | 2.80× | ||
| Q4 24 | — | 2.65× | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 4.04× | ||
| Q1 24 | — | 4.71× |
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 | $322.7M | $399.7M |
| 自由现金流经营现金流 - 资本支出 | $320.4M | $396.1M |
| 自由现金流率自由现金流/营收 | 28.0% | 42.6% |
| 资本支出强度资本支出/营收 | 0.2% | 0.4% |
| 现金转化率经营现金流/净利润 | 0.80× | 8.02× |
| 过去12个月自由现金流最近4个季度 | $710.9M | $487.4M |
8季度趋势，按日历期对齐
经营现金流JHGLAZ
| Q4 25 | $322.7M | $399.7M | ||
| Q3 25 | $258.8M | $287.5M | ||
| Q2 25 | $135.2M | $49.7M | ||
| Q1 25 | $2.8M | $-217.5M | ||
| Q4 24 | $247.3M | $362.9M | ||
| Q3 24 | $228.5M | $293.7M | ||
| Q2 24 | $223.8M | $176.2M | ||
| Q1 24 | $-5.0M | $-90.0M |
自由现金流JHGLAZ
| Q4 25 | $320.4M | $396.1M | ||
| Q3 25 | $256.4M | $284.6M | ||
| Q2 25 | $133.2M | $38.0M | ||
| Q1 25 | $900.0K | $-231.3M | ||
| Q4 24 | $243.5M | $348.0M | ||
| Q3 24 | $225.9M | $276.2M | ||
| Q2 24 | $221.9M | $169.8M | ||
| Q1 24 | $-6.8M | $-96.6M |
自由现金流率JHGLAZ
| Q4 25 | 28.0% | 42.6% | ||
| Q3 25 | 36.6% | 36.9% | ||
| Q2 25 | 21.0% | 4.6% | ||
| Q1 25 | 0.1% | -34.6% | ||
| Q4 24 | 34.4% | 41.5% | ||
| Q3 24 | 36.2% | 34.2% | ||
| Q2 24 | 37.7% | 24.0% | ||
| Q1 24 | -1.2% | -12.3% |
资本支出强度JHGLAZ
| Q4 25 | 0.2% | 0.4% | ||
| Q3 25 | 0.3% | 0.4% | ||
| Q2 25 | 0.3% | 1.4% | ||
| Q1 25 | 0.3% | 2.1% | ||
| Q4 24 | 0.5% | 1.8% | ||
| Q3 24 | 0.4% | 2.2% | ||
| Q2 24 | 0.3% | 0.9% | ||
| Q1 24 | 0.3% | 0.8% |
现金转化率JHGLAZ
| Q4 25 | 0.80× | 8.02× | ||
| Q3 25 | 1.82× | 4.03× | ||
| Q2 25 | 0.90× | 0.90× | ||
| Q1 25 | 0.02× | -3.60× | ||
| Q4 24 | 2.03× | 4.20× | ||
| Q3 24 | 8.37× | 2.72× | ||
| Q2 24 | 1.73× | 3.53× | ||
| Q1 24 | -0.04× | -2.52× |
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
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
