vs
骏利亨德森集团（JHG）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是骏利亨德森集团的1.5倍（$1.7B vs $1.1B），骏利亨德森集团净利率更高（35.3% vs 2.6%，领先32.7%），骏利亨德森集团同比增速更快（61.3% vs 10.2%），骏利亨德森集团自由现金流更多（$320.4M vs $205.6M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs 19.9%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
JHG vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.5倍
$1.1B
营收增速更快
JHG
高出51.1%
10.2%
净利率更高
JHG
高出32.7%
2.6%
自由现金流更多
JHG
多$114.8M
$205.6M
两年增速更快
JHG
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $403.2M | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | 42.7% | 2.9% |
| 净利率 | 35.3% | 2.6% |
| 营收同比 | 61.3% | 10.2% |
| 净利润同比 | 231.0% | 396.7% |
| 每股收益（稀释后） | $2.59 | $0.03 |
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JHGSNAP
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $700.4M | $1.5B | ||
| Q2 25 | $633.2M | $1.3B | ||
| Q1 25 | $621.4M | $1.4B | ||
| Q4 24 | $708.3M | $1.6B | ||
| Q3 24 | $624.8M | $1.4B | ||
| Q2 24 | $588.4M | $1.2B | ||
| Q1 24 | $551.7M | $1.2B |
净利润JHGSNAP
| Q4 25 | $403.2M | $45.2M | ||
| Q3 25 | $142.1M | $-103.5M | ||
| Q2 25 | $149.9M | $-262.6M | ||
| Q1 25 | $120.7M | $-139.6M | ||
| Q4 24 | $121.8M | $9.1M | ||
| Q3 24 | $27.3M | $-153.2M | ||
| Q2 24 | $129.7M | $-248.6M | ||
| Q1 24 | $130.1M | $-305.1M |
毛利率JHGSNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 51.4% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 52.4% | ||
| Q1 24 | — | 51.9% |
营业利润率JHGSNAP
| Q4 25 | 42.7% | 2.9% | ||
| Q3 25 | 24.6% | -8.5% | ||
| Q2 25 | 25.9% | -19.3% | ||
| Q1 25 | 24.7% | -14.2% | ||
| Q4 24 | 27.9% | -1.7% | ||
| Q3 24 | 26.4% | -12.6% | ||
| Q2 24 | 27.9% | -20.5% | ||
| Q1 24 | 21.6% | -27.9% |
净利率JHGSNAP
| Q4 25 | 35.3% | 2.6% | ||
| Q3 25 | 20.3% | -6.9% | ||
| Q2 25 | 23.7% | -19.5% | ||
| Q1 25 | 19.4% | -10.2% | ||
| Q4 24 | 17.2% | 0.6% | ||
| Q3 24 | 4.4% | -11.2% | ||
| Q2 24 | 22.0% | -20.1% | ||
| Q1 24 | 23.6% | -25.5% |
每股收益（稀释后）JHGSNAP
| Q4 25 | $2.59 | $0.03 | ||
| Q3 25 | $0.92 | $-0.06 | ||
| Q2 25 | $0.95 | $-0.16 | ||
| Q1 25 | $0.77 | $-0.08 | ||
| Q4 24 | $0.77 | $0.01 | ||
| Q3 24 | $0.17 | $-0.09 | ||
| Q2 24 | $0.81 | $-0.15 | ||
| Q1 24 | $0.81 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $5.1B | $2.3B |
| 总资产 | $8.3B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资JHGSNAP
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $1.3B | $2.9B | ||
| Q1 25 | $1.4B | $3.2B | ||
| Q4 24 | $1.6B | $3.4B | ||
| Q3 24 | $1.8B | $3.2B | ||
| Q2 24 | $1.3B | $3.1B | ||
| Q1 24 | $1.1B | $2.9B |
总债务JHGSNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益JHGSNAP
| Q4 25 | $5.1B | $2.3B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $4.8B | $2.1B | ||
| Q1 25 | $4.7B | $2.3B | ||
| Q4 24 | $4.6B | $2.5B | ||
| Q3 24 | $4.6B | $2.2B | ||
| Q2 24 | $4.5B | $2.1B | ||
| Q1 24 | $4.4B | $2.1B |
总资产JHGSNAP
| Q4 25 | $8.3B | $7.7B | ||
| Q3 25 | $7.6B | $7.6B | ||
| Q2 25 | $7.5B | $7.4B | ||
| Q1 25 | $7.1B | $7.6B | ||
| Q4 24 | $7.0B | $7.9B | ||
| Q3 24 | $7.3B | $7.6B | ||
| Q2 24 | $6.4B | $7.4B | ||
| Q1 24 | $6.3B | $7.2B |
负债/权益比JHGSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $320.4M | $205.6M |
| 自由现金流率自由现金流/营收 | 28.0% | 12.0% |
| 资本支出强度资本支出/营收 | 0.2% | 3.7% |
| 现金转化率经营现金流/净利润 | 0.80× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $710.9M | $437.2M |
8季度趋势，按日历期对齐
经营现金流JHGSNAP
| Q4 25 | $322.7M | $269.6M | ||
| Q3 25 | $258.8M | $146.5M | ||
| Q2 25 | $135.2M | $88.5M | ||
| Q1 25 | $2.8M | $151.6M | ||
| Q4 24 | $247.3M | $230.6M | ||
| Q3 24 | $228.5M | $115.9M | ||
| Q2 24 | $223.8M | $-21.4M | ||
| Q1 24 | $-5.0M | $88.4M |
自由现金流JHGSNAP
| Q4 25 | $320.4M | $205.6M | ||
| Q3 25 | $256.4M | $93.4M | ||
| Q2 25 | $133.2M | $23.8M | ||
| Q1 25 | $900.0K | $114.4M | ||
| Q4 24 | $243.5M | $182.4M | ||
| Q3 24 | $225.9M | $71.8M | ||
| Q2 24 | $221.9M | $-73.4M | ||
| Q1 24 | $-6.8M | $37.9M |
自由现金流率JHGSNAP
| Q4 25 | 28.0% | 12.0% | ||
| Q3 25 | 36.6% | 6.2% | ||
| Q2 25 | 21.0% | 1.8% | ||
| Q1 25 | 0.1% | 8.4% | ||
| Q4 24 | 34.4% | 11.7% | ||
| Q3 24 | 36.2% | 5.2% | ||
| Q2 24 | 37.7% | -5.9% | ||
| Q1 24 | -1.2% | 3.2% |
资本支出强度JHGSNAP
| Q4 25 | 0.2% | 3.7% | ||
| Q3 25 | 0.3% | 3.5% | ||
| Q2 25 | 0.3% | 4.8% | ||
| Q1 25 | 0.3% | 2.7% | ||
| Q4 24 | 0.5% | 3.1% | ||
| Q3 24 | 0.4% | 3.2% | ||
| Q2 24 | 0.3% | 4.2% | ||
| Q1 24 | 0.3% | 4.2% |
现金转化率JHGSNAP
| Q4 25 | 0.80× | 5.96× | ||
| Q3 25 | 1.82× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.02× | — | ||
| Q4 24 | 2.03× | 25.34× | ||
| Q3 24 | 8.37× | — | ||
| Q2 24 | 1.73× | — | ||
| Q1 24 | -0.04× | — |
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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
