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是德科技（KEYS）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
是德科技的季度营收约是利氏兄弟拍卖行的1.2倍（$1.4B vs $1.2B），是德科技净利率更高（16.4% vs 9.1%，领先7.3%），是德科技同比增速更快（10.3% vs 5.4%），是德科技自由现金流更多（$187.0M vs $186.5M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs 6.2%）
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
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。
KEYS vs RBA — 直观对比
营收规模更大
KEYS
是对方的1.2倍
$1.2B
营收增速更快
KEYS
高出4.8%
5.4%
净利率更高
KEYS
高出7.3%
9.1%
自由现金流更多
KEYS
多$500.0K
$186.5M
两年增速更快
RBA
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $233.0M | $109.7M |
| 毛利率 | 61.2% | — |
| 营业利润率 | 15.3% | 14.7% |
| 净利率 | 16.4% | 9.1% |
| 营收同比 | 10.3% | 5.4% |
| 净利润同比 | 419.2% | -7.4% |
| 每股收益（稀释后） | $1.35 | $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KEYSRBA
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润KEYSRBA
| Q4 25 | $233.0M | $109.7M | ||
| Q3 25 | $191.0M | $95.5M | ||
| Q2 25 | $257.0M | $109.8M | ||
| Q1 25 | $169.0M | $113.4M | ||
| Q4 24 | $-73.0M | $118.5M | ||
| Q3 24 | $389.0M | $76.1M | ||
| Q2 24 | $126.0M | $111.1M | ||
| Q1 24 | $172.0M | $107.4M |
毛利率KEYSRBA
| Q4 25 | 61.2% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.3% | — | ||
| Q1 25 | 63.2% | — | ||
| Q4 24 | 62.3% | — | ||
| Q3 24 | 62.0% | — | ||
| Q2 24 | 62.7% | — | ||
| Q1 24 | 64.6% | — |
营业利润率KEYSRBA
| Q4 25 | 15.3% | 14.7% | ||
| Q3 25 | 17.3% | 14.5% | ||
| Q2 25 | 15.8% | 15.9% | ||
| Q1 25 | 16.8% | 17.1% | ||
| Q4 24 | 17.9% | 18.1% | ||
| Q3 24 | 16.8% | 15.6% | ||
| Q2 24 | 14.6% | 18.4% | ||
| Q1 24 | 17.6% | 18.7% |
净利率KEYSRBA
| Q4 25 | 16.4% | 9.1% | ||
| Q3 25 | 14.1% | 8.7% | ||
| Q2 25 | 19.7% | 9.3% | ||
| Q1 25 | 13.0% | 10.2% | ||
| Q4 24 | -5.7% | 10.4% | ||
| Q3 24 | 32.0% | 7.8% | ||
| Q2 24 | 10.4% | 10.1% | ||
| Q1 24 | 13.7% | 10.1% |
每股收益（稀释后）KEYSRBA
| Q4 25 | $1.35 | $0.53 | ||
| Q3 25 | $1.10 | $0.43 | ||
| Q2 25 | $1.49 | $0.53 | ||
| Q1 25 | $0.97 | $0.55 | ||
| Q4 24 | $-0.41 | $0.58 | ||
| Q3 24 | $2.22 | $0.36 | ||
| Q2 24 | $0.72 | $0.54 | ||
| Q1 24 | $0.98 | $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 | $1.9B | $531.5M |
| 总债务越低越好 | $2.5B | $2.3B |
| 股东权益账面价值 | $5.9B | $5.6B |
| 总资产 | $11.3B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资KEYSRBA
| Q4 25 | $1.9B | $531.5M | ||
| Q3 25 | $2.6B | $674.7M | ||
| Q2 25 | $3.1B | $710.2M | ||
| Q1 25 | $2.1B | $578.1M | ||
| Q4 24 | $1.8B | $533.9M | ||
| Q3 24 | $1.6B | $650.7M | ||
| Q2 24 | $1.7B | $599.5M | ||
| Q1 24 | $1.7B | $462.8M |
总债务KEYSRBA
| Q4 25 | $2.5B | $2.3B | ||
| Q3 25 | $2.5B | $2.6B | ||
| Q2 25 | $2.5B | $2.6B | ||
| Q1 25 | $1.8B | $2.6B | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.8B | $2.7B | ||
| Q2 24 | $1.8B | $2.8B | ||
| Q1 24 | $1.8B | $2.9B |
股东权益KEYSRBA
| Q4 25 | $5.9B | $5.6B | ||
| Q3 25 | $5.7B | $5.5B | ||
| Q2 25 | $5.5B | $5.5B | ||
| Q1 25 | $5.2B | $5.3B | ||
| Q4 24 | $5.1B | $5.2B | ||
| Q3 24 | $5.2B | $5.2B | ||
| Q2 24 | $4.9B | $5.2B | ||
| Q1 24 | $4.8B | $5.1B |
总资产KEYSRBA
| Q4 25 | $11.3B | $12.1B | ||
| Q3 25 | $10.7B | $12.2B | ||
| Q2 25 | $10.5B | $12.2B | ||
| Q1 25 | $9.4B | $11.9B | ||
| Q4 24 | $9.3B | $11.8B | ||
| Q3 24 | $9.3B | $11.9B | ||
| Q2 24 | $9.0B | $12.1B | ||
| Q1 24 | $9.1B | $12.0B |
负债/权益比KEYSRBA
| Q4 25 | 0.43× | 0.42× | ||
| Q3 25 | 0.45× | 0.47× | ||
| Q2 25 | 0.46× | 0.47× | ||
| Q1 25 | 0.35× | 0.50× | ||
| Q4 24 | 0.35× | 0.50× | ||
| Q3 24 | 0.34× | 0.52× | ||
| Q2 24 | 0.37× | 0.55× | ||
| Q1 24 | 0.38× | 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 | $225.0M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $187.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 13.2% | 15.5% |
| 资本支出强度资本支出/营收 | 2.7% | 5.7% |
| 现金转化率经营现金流/净利润 | 0.97× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.3B | $719.2M |
8季度趋势，按日历期对齐
经营现金流KEYSRBA
| Q4 25 | $225.0M | $255.2M | ||
| Q3 25 | $322.0M | $239.7M | ||
| Q2 25 | $484.0M | $326.5M | ||
| Q1 25 | $378.0M | $156.8M | ||
| Q4 24 | $359.0M | $184.5M | ||
| Q3 24 | $255.0M | $285.4M | ||
| Q2 24 | $110.0M | $337.3M | ||
| Q1 24 | $328.0M | $124.8M |
自由现金流KEYSRBA
| Q4 25 | $187.0M | $186.5M | ||
| Q3 25 | $291.0M | $188.5M | ||
| Q2 25 | $457.0M | $241.7M | ||
| Q1 25 | $346.0M | $102.5M | ||
| Q4 24 | $321.0M | $127.9M | ||
| Q3 24 | $222.0M | $248.5M | ||
| Q2 24 | $74.0M | $308.6M | ||
| Q1 24 | $281.0M | $79.6M |
自由现金流率KEYSRBA
| Q4 25 | 13.2% | 15.5% | ||
| Q3 25 | 21.5% | 17.3% | ||
| Q2 25 | 35.0% | 20.4% | ||
| Q1 25 | 26.7% | 9.2% | ||
| Q4 24 | 24.9% | 11.2% | ||
| Q3 24 | 18.2% | 25.3% | ||
| Q2 24 | 6.1% | 28.2% | ||
| Q1 24 | 22.3% | 7.5% |
资本支出强度KEYSRBA
| Q4 25 | 2.7% | 5.7% | ||
| Q3 25 | 2.3% | 4.7% | ||
| Q2 25 | 2.1% | 7.2% | ||
| Q1 25 | 2.5% | 4.9% | ||
| Q4 24 | 3.0% | 5.0% | ||
| Q3 24 | 2.7% | 3.8% | ||
| Q2 24 | 3.0% | 2.6% | ||
| Q1 24 | 3.7% | 4.2% |
现金转化率KEYSRBA
| Q4 25 | 0.97× | 2.33× | ||
| Q3 25 | 1.69× | 2.51× | ||
| Q2 25 | 1.88× | 2.97× | ||
| Q1 25 | 2.24× | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 0.66× | 3.75× | ||
| Q2 24 | 0.87× | 3.04× | ||
| Q1 24 | 1.91× | 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
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
