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拉扎德（LAZ）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是拉扎德的1.8倍（$1.7B vs $929.4M），拉扎德净利率更高（5.4% vs -2.8%，领先8.2%），拉扎德同比增速更快（10.8% vs 8.0%），拉扎德自由现金流更多（$396.1M vs $-342.5M），过去两年拉扎德的营收复合增速更高（8.8% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
LAZ vs PII — 直观对比
营收规模更大
PII
是对方的1.8倍
$929.4M
营收增速更快
LAZ
高出2.8%
8.0%
净利率更高
LAZ
高出8.2%
-2.8%
自由现金流更多
LAZ
多$738.6M
$-342.5M
两年增速更快
LAZ
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $1.7B |
| 净利润 | $49.9M | $-47.2M |
| 毛利率 | — | 20.2% |
| 营业利润率 | 9.1% | — |
| 净利率 | 5.4% | -2.8% |
| 营收同比 | 10.8% | 8.0% |
| 净利润同比 | -42.2% | 29.2% |
| 每股收益（稀释后） | $0.44 | $-0.83 |
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LAZPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $929.4M | $1.9B | ||
| Q3 25 | $770.8M | $1.8B | ||
| Q2 25 | $817.2M | $1.9B | ||
| Q1 25 | $669.2M | $1.5B | ||
| Q4 24 | $839.0M | $1.8B | ||
| Q3 24 | $807.4M | $1.7B | ||
| Q2 24 | $708.0M | $2.0B |
净利润LAZPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $49.9M | $-303.6M | ||
| Q3 25 | $71.2M | $-15.8M | ||
| Q2 25 | $55.3M | $-79.3M | ||
| Q1 25 | $60.4M | $-66.8M | ||
| Q4 24 | $86.3M | $10.6M | ||
| Q3 24 | $107.9M | $27.7M | ||
| Q2 24 | $49.9M | $68.7M |
毛利率LAZPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | 21.6% |
营业利润率LAZPII
| Q1 26 | — | — | ||
| Q4 25 | 9.1% | -16.7% | ||
| Q3 25 | 12.3% | 1.1% | ||
| Q2 25 | 11.4% | -0.7% | ||
| Q1 25 | 8.2% | -2.4% | ||
| Q4 24 | 12.8% | 3.7% | ||
| Q3 24 | 20.0% | 3.8% | ||
| Q2 24 | 9.0% | 6.1% |
净利率LAZPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 5.4% | -15.8% | ||
| Q3 25 | 9.2% | -0.9% | ||
| Q2 25 | 6.8% | -4.3% | ||
| Q1 25 | 9.0% | -4.3% | ||
| Q4 24 | 10.3% | 0.6% | ||
| Q3 24 | 13.4% | 1.6% | ||
| Q2 24 | 7.0% | 3.5% |
每股收益（稀释后）LAZPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $0.44 | $-5.34 | ||
| Q3 25 | $0.65 | $-0.28 | ||
| Q2 25 | $0.52 | $-1.39 | ||
| Q1 25 | $0.56 | $-1.17 | ||
| Q4 24 | $0.82 | $0.18 | ||
| Q3 24 | $1.02 | $0.49 | ||
| Q2 24 | $0.49 | $1.21 |
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 | $1.5B | $282.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $873.7M | $750.4M |
| 总资产 | $4.9B | $5.2B |
| 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LAZPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $1.5B | $138.0M | ||
| Q3 25 | $1.2B | $335.5M | ||
| Q2 25 | $978.3M | $324.3M | ||
| Q1 25 | $908.6M | $291.7M | ||
| Q4 24 | $1.3B | $287.8M | ||
| Q3 24 | $1.2B | $291.3M | ||
| Q2 24 | $847.6M | $322.7M |
总债务LAZPII
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $1.9B | $2.1B |
股东权益LAZPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $873.7M | $828.4M | ||
| Q3 25 | $841.5M | $1.1B | ||
| Q2 25 | $741.6M | $1.2B | ||
| Q1 25 | $603.0M | $1.2B | ||
| Q4 24 | $636.2M | $1.3B | ||
| Q3 24 | $624.3M | $1.3B | ||
| Q2 24 | $458.7M | $1.3B |
总资产LAZPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $4.9B | $4.9B | ||
| Q3 25 | $4.6B | $5.3B | ||
| Q2 25 | $4.5B | $5.4B | ||
| Q1 25 | $4.2B | $5.5B | ||
| Q4 24 | $4.8B | $5.5B | ||
| Q3 24 | $4.8B | $5.6B | ||
| Q2 24 | $4.5B | $5.7B |
负债/权益比LAZPII
| Q1 26 | — | — | ||
| Q4 25 | 1.93× | 1.82× | ||
| Q3 25 | 2.01× | 1.13× | ||
| Q2 25 | 2.28× | 1.17× | ||
| Q1 25 | 2.80× | 1.32× | ||
| Q4 24 | 2.65× | 1.27× | ||
| Q3 24 | 2.97× | 1.29× | ||
| Q2 24 | 4.04× | 1.56× |
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 | $399.7M | — |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $-342.5M |
| 自由现金流率自由现金流/营收 | 42.6% | -20.6% |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | 8.02× | — |
| 过去12个月自由现金流最近4个季度 | $487.4M | $168.0M |
8季度趋势，按日历期对齐
经营现金流LAZPII
| Q1 26 | — | — | ||
| Q4 25 | $399.7M | $178.7M | ||
| Q3 25 | $287.5M | $158.8M | ||
| Q2 25 | $49.7M | $320.3M | ||
| Q1 25 | $-217.5M | $83.2M | ||
| Q4 24 | $362.9M | $206.3M | ||
| Q3 24 | $293.7M | $21.0M | ||
| Q2 24 | $176.2M | $146.3M |
自由现金流LAZPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $396.1M | $114.0M | ||
| Q3 25 | $284.6M | $116.7M | ||
| Q2 25 | $38.0M | $279.8M | ||
| Q1 25 | $-231.3M | $47.6M | ||
| Q4 24 | $348.0M | $137.3M | ||
| Q3 24 | $276.2M | $-32.4M | ||
| Q2 24 | $169.8M | $79.1M |
自由现金流率LAZPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 42.6% | 5.9% | ||
| Q3 25 | 36.9% | 6.3% | ||
| Q2 25 | 4.6% | 15.1% | ||
| Q1 25 | -34.6% | 3.1% | ||
| Q4 24 | 41.5% | 7.8% | ||
| Q3 24 | 34.2% | -1.9% | ||
| Q2 24 | 24.0% | 4.0% |
资本支出强度LAZPII
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 3.4% | ||
| Q3 25 | 0.4% | 2.3% | ||
| Q2 25 | 1.4% | 2.2% | ||
| Q1 25 | 2.1% | 2.3% | ||
| Q4 24 | 1.8% | 3.9% | ||
| Q3 24 | 2.2% | 3.1% | ||
| Q2 24 | 0.9% | 3.4% |
现金转化率LAZPII
| Q1 26 | — | — | ||
| Q4 25 | 8.02× | — | ||
| Q3 25 | 4.03× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | -3.60× | — | ||
| Q4 24 | 4.20× | 19.46× | ||
| Q3 24 | 2.72× | 0.76× | ||
| Q2 24 | 3.53× | 2.13× |
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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
PII
暂无分部数据
