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骏利亨德森集团（JHG）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
利氏兄弟拍卖行的季度营收约是骏利亨德森集团的1.1倍（$1.2B vs $1.1B），骏利亨德森集团净利率更高（35.3% vs 9.1%，领先26.2%），骏利亨德森集团同比增速更快（61.3% vs 5.4%），骏利亨德森集团自由现金流更多（$320.4M vs $186.5M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs 6.3%）
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。
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。
JHG vs RBA — 直观对比
营收规模更大
RBA
是对方的1.1倍
$1.1B
营收增速更快
JHG
高出55.9%
5.4%
净利率更高
JHG
高出26.2%
9.1%
自由现金流更多
JHG
多$133.9M
$186.5M
两年增速更快
JHG
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $403.2M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 42.7% | 14.7% |
| 净利率 | 35.3% | 9.1% |
| 营收同比 | 61.3% | 5.4% |
| 净利润同比 | 231.0% | -7.4% |
| 每股收益（稀释后） | $2.59 | $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JHGRBA
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $700.4M | $1.1B | ||
| Q2 25 | $633.2M | $1.2B | ||
| Q1 25 | $621.4M | $1.1B | ||
| Q4 24 | $708.3M | $1.1B | ||
| Q3 24 | $624.8M | $981.8M | ||
| Q2 24 | $588.4M | $1.1B | ||
| Q1 24 | $551.7M | $1.1B |
净利润JHGRBA
| Q4 25 | $403.2M | $109.7M | ||
| Q3 25 | $142.1M | $95.5M | ||
| Q2 25 | $149.9M | $109.8M | ||
| Q1 25 | $120.7M | $113.4M | ||
| Q4 24 | $121.8M | $118.5M | ||
| Q3 24 | $27.3M | $76.1M | ||
| Q2 24 | $129.7M | $111.1M | ||
| Q1 24 | $130.1M | $107.4M |
营业利润率JHGRBA
| Q4 25 | 42.7% | 14.7% | ||
| Q3 25 | 24.6% | 14.5% | ||
| Q2 25 | 25.9% | 15.9% | ||
| Q1 25 | 24.7% | 17.1% | ||
| Q4 24 | 27.9% | 18.1% | ||
| Q3 24 | 26.4% | 15.6% | ||
| Q2 24 | 27.9% | 18.4% | ||
| Q1 24 | 21.6% | 18.7% |
净利率JHGRBA
| Q4 25 | 35.3% | 9.1% | ||
| Q3 25 | 20.3% | 8.7% | ||
| Q2 25 | 23.7% | 9.3% | ||
| Q1 25 | 19.4% | 10.2% | ||
| Q4 24 | 17.2% | 10.4% | ||
| Q3 24 | 4.4% | 7.8% | ||
| Q2 24 | 22.0% | 10.1% | ||
| Q1 24 | 23.6% | 10.1% |
每股收益（稀释后）JHGRBA
| Q4 25 | $2.59 | $0.53 | ||
| Q3 25 | $0.92 | $0.43 | ||
| Q2 25 | $0.95 | $0.53 | ||
| Q1 25 | $0.77 | $0.55 | ||
| Q4 24 | $0.77 | $0.58 | ||
| Q3 24 | $0.17 | $0.36 | ||
| Q2 24 | $0.81 | $0.54 | ||
| Q1 24 | $0.81 | $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 | $1.6B | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $5.1B | $5.6B |
| 总资产 | $8.3B | $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JHGRBA
| Q4 25 | $1.6B | $531.5M | ||
| Q3 25 | $1.4B | $674.7M | ||
| Q2 25 | $1.3B | $710.2M | ||
| Q1 25 | $1.4B | $578.1M | ||
| Q4 24 | $1.6B | $533.9M | ||
| Q3 24 | $1.8B | $650.7M | ||
| Q2 24 | $1.3B | $599.5M | ||
| Q1 24 | $1.1B | $462.8M |
总债务JHGRBA
| 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JHGRBA
| Q4 25 | $5.1B | $5.6B | ||
| Q3 25 | $4.8B | $5.5B | ||
| Q2 25 | $4.8B | $5.5B | ||
| Q1 25 | $4.7B | $5.3B | ||
| Q4 24 | $4.6B | $5.2B | ||
| Q3 24 | $4.6B | $5.2B | ||
| Q2 24 | $4.5B | $5.2B | ||
| Q1 24 | $4.4B | $5.1B |
总资产JHGRBA
| Q4 25 | $8.3B | $12.1B | ||
| Q3 25 | $7.6B | $12.2B | ||
| Q2 25 | $7.5B | $12.2B | ||
| Q1 25 | $7.1B | $11.9B | ||
| Q4 24 | $7.0B | $11.8B | ||
| Q3 24 | $7.3B | $11.9B | ||
| Q2 24 | $6.4B | $12.1B | ||
| Q1 24 | $6.3B | $12.0B |
负债/权益比JHGRBA
| 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 | $322.7M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $320.4M | $186.5M |
| 自由现金流率自由现金流/营收 | 28.0% | 15.5% |
| 资本支出强度资本支出/营收 | 0.2% | 5.7% |
| 现金转化率经营现金流/净利润 | 0.80× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $710.9M | $719.2M |
8季度趋势，按日历期对齐
经营现金流JHGRBA
| Q4 25 | $322.7M | $255.2M | ||
| Q3 25 | $258.8M | $239.7M | ||
| Q2 25 | $135.2M | $326.5M | ||
| Q1 25 | $2.8M | $156.8M | ||
| Q4 24 | $247.3M | $184.5M | ||
| Q3 24 | $228.5M | $285.4M | ||
| Q2 24 | $223.8M | $337.3M | ||
| Q1 24 | $-5.0M | $124.8M |
自由现金流JHGRBA
| Q4 25 | $320.4M | $186.5M | ||
| Q3 25 | $256.4M | $188.5M | ||
| Q2 25 | $133.2M | $241.7M | ||
| Q1 25 | $900.0K | $102.5M | ||
| Q4 24 | $243.5M | $127.9M | ||
| Q3 24 | $225.9M | $248.5M | ||
| Q2 24 | $221.9M | $308.6M | ||
| Q1 24 | $-6.8M | $79.6M |
自由现金流率JHGRBA
| Q4 25 | 28.0% | 15.5% | ||
| Q3 25 | 36.6% | 17.3% | ||
| Q2 25 | 21.0% | 20.4% | ||
| Q1 25 | 0.1% | 9.2% | ||
| Q4 24 | 34.4% | 11.2% | ||
| Q3 24 | 36.2% | 25.3% | ||
| Q2 24 | 37.7% | 28.2% | ||
| Q1 24 | -1.2% | 7.5% |
资本支出强度JHGRBA
| Q4 25 | 0.2% | 5.7% | ||
| Q3 25 | 0.3% | 4.7% | ||
| Q2 25 | 0.3% | 7.2% | ||
| Q1 25 | 0.3% | 4.9% | ||
| Q4 24 | 0.5% | 5.0% | ||
| Q3 24 | 0.4% | 3.8% | ||
| Q2 24 | 0.3% | 2.6% | ||
| Q1 24 | 0.3% | 4.2% |
现金转化率JHGRBA
| Q4 25 | 0.80× | 2.33× | ||
| Q3 25 | 1.82× | 2.51× | ||
| Q2 25 | 0.90× | 2.97× | ||
| Q1 25 | 0.02× | 1.38× | ||
| Q4 24 | 2.03× | 1.56× | ||
| Q3 24 | 8.37× | 3.75× | ||
| Q2 24 | 1.73× | 3.04× | ||
| Q1 24 | -0.04× | 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
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
