vs
拉扎德（LAZ）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拉扎德的1.3倍（$1.2B vs $929.4M），利氏兄弟拍卖行净利率更高（9.1% vs 5.4%，领先3.8%），拉扎德同比增速更快（10.8% vs 5.4%），拉扎德自由现金流更多（$396.1M vs $186.5M），过去两年拉扎德的营收复合增速更高（8.8% vs 6.3%）
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。
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。
LAZ vs RBA — 直观对比
营收规模更大
RBA
是对方的1.3倍
$929.4M
营收增速更快
LAZ
高出5.4%
5.4%
净利率更高
RBA
高出3.8%
5.4%
自由现金流更多
LAZ
多$209.6M
$186.5M
两年增速更快
LAZ
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $1.2B |
| 净利润 | $49.9M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 9.1% | 14.7% |
| 净利率 | 5.4% | 9.1% |
| 营收同比 | 10.8% | 5.4% |
| 净利润同比 | -42.2% | -7.4% |
| 每股收益（稀释后） | $0.44 | $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LAZRBA
| Q4 25 | $929.4M | $1.2B | ||
| Q3 25 | $770.8M | $1.1B | ||
| Q2 25 | $817.2M | $1.2B | ||
| Q1 25 | $669.2M | $1.1B | ||
| Q4 24 | $839.0M | $1.1B | ||
| Q3 24 | $807.4M | $981.8M | ||
| Q2 24 | $708.0M | $1.1B | ||
| Q1 24 | $785.5M | $1.1B |
净利润LAZRBA
| Q4 25 | $49.9M | $109.7M | ||
| Q3 25 | $71.2M | $95.5M | ||
| Q2 25 | $55.3M | $109.8M | ||
| Q1 25 | $60.4M | $113.4M | ||
| Q4 24 | $86.3M | $118.5M | ||
| Q3 24 | $107.9M | $76.1M | ||
| Q2 24 | $49.9M | $111.1M | ||
| Q1 24 | $35.8M | $107.4M |
营业利润率LAZRBA
| Q4 25 | 9.1% | 14.7% | ||
| Q3 25 | 12.3% | 14.5% | ||
| Q2 25 | 11.4% | 15.9% | ||
| Q1 25 | 8.2% | 17.1% | ||
| Q4 24 | 12.8% | 18.1% | ||
| Q3 24 | 20.0% | 15.6% | ||
| Q2 24 | 9.0% | 18.4% | ||
| Q1 24 | 6.9% | 18.7% |
净利率LAZRBA
| Q4 25 | 5.4% | 9.1% | ||
| Q3 25 | 9.2% | 8.7% | ||
| Q2 25 | 6.8% | 9.3% | ||
| Q1 25 | 9.0% | 10.2% | ||
| Q4 24 | 10.3% | 10.4% | ||
| Q3 24 | 13.4% | 7.8% | ||
| Q2 24 | 7.0% | 10.1% | ||
| Q1 24 | 4.6% | 10.1% |
每股收益（稀释后）LAZRBA
| Q4 25 | $0.44 | $0.53 | ||
| Q3 25 | $0.65 | $0.43 | ||
| Q2 25 | $0.52 | $0.53 | ||
| Q1 25 | $0.56 | $0.55 | ||
| Q4 24 | $0.82 | $0.58 | ||
| Q3 24 | $1.02 | $0.36 | ||
| Q2 24 | $0.49 | $0.54 | ||
| Q1 24 | $0.35 | $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 | $1.5B | $531.5M |
| 总债务越低越好 | $1.7B | $2.3B |
| 股东权益账面价值 | $873.7M | $5.6B |
| 总资产 | $4.9B | $12.1B |
| 负债/权益比越低杠杆越低 | 1.93× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资LAZRBA
| Q4 25 | $1.5B | $531.5M | ||
| Q3 25 | $1.2B | $674.7M | ||
| Q2 25 | $978.3M | $710.2M | ||
| Q1 25 | $908.6M | $578.1M | ||
| Q4 24 | $1.3B | $533.9M | ||
| Q3 24 | $1.2B | $650.7M | ||
| Q2 24 | $847.6M | $599.5M | ||
| Q1 24 | $923.2M | $462.8M |
总债务LAZRBA
| Q4 25 | $1.7B | $2.3B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.7B | $2.6B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $1.9B | $2.8B | ||
| Q1 24 | $1.9B | $2.9B |
股东权益LAZRBA
| Q4 25 | $873.7M | $5.6B | ||
| Q3 25 | $841.5M | $5.5B | ||
| Q2 25 | $741.6M | $5.5B | ||
| Q1 25 | $603.0M | $5.3B | ||
| Q4 24 | $636.2M | $5.2B | ||
| Q3 24 | $624.3M | $5.2B | ||
| Q2 24 | $458.7M | $5.2B | ||
| Q1 24 | $392.7M | $5.1B |
总资产LAZRBA
| Q4 25 | $4.9B | $12.1B | ||
| Q3 25 | $4.6B | $12.2B | ||
| Q2 25 | $4.5B | $12.2B | ||
| Q1 25 | $4.2B | $11.9B | ||
| Q4 24 | $4.8B | $11.8B | ||
| Q3 24 | $4.8B | $11.9B | ||
| Q2 24 | $4.5B | $12.1B | ||
| Q1 24 | $4.6B | $12.0B |
负债/权益比LAZRBA
| Q4 25 | 1.93× | 0.42× | ||
| Q3 25 | 2.01× | 0.47× | ||
| Q2 25 | 2.28× | 0.47× | ||
| Q1 25 | 2.80× | 0.50× | ||
| Q4 24 | 2.65× | 0.50× | ||
| Q3 24 | 2.97× | 0.52× | ||
| Q2 24 | 4.04× | 0.55× | ||
| Q1 24 | 4.71× | 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 | $399.7M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $186.5M |
| 自由现金流率自由现金流/营收 | 42.6% | 15.5% |
| 资本支出强度资本支出/营收 | 0.4% | 5.7% |
| 现金转化率经营现金流/净利润 | 8.02× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $487.4M | $719.2M |
8季度趋势，按日历期对齐
经营现金流LAZRBA
| Q4 25 | $399.7M | $255.2M | ||
| Q3 25 | $287.5M | $239.7M | ||
| Q2 25 | $49.7M | $326.5M | ||
| Q1 25 | $-217.5M | $156.8M | ||
| Q4 24 | $362.9M | $184.5M | ||
| Q3 24 | $293.7M | $285.4M | ||
| Q2 24 | $176.2M | $337.3M | ||
| Q1 24 | $-90.0M | $124.8M |
自由现金流LAZRBA
| Q4 25 | $396.1M | $186.5M | ||
| Q3 25 | $284.6M | $188.5M | ||
| Q2 25 | $38.0M | $241.7M | ||
| Q1 25 | $-231.3M | $102.5M | ||
| Q4 24 | $348.0M | $127.9M | ||
| Q3 24 | $276.2M | $248.5M | ||
| Q2 24 | $169.8M | $308.6M | ||
| Q1 24 | $-96.6M | $79.6M |
自由现金流率LAZRBA
| Q4 25 | 42.6% | 15.5% | ||
| Q3 25 | 36.9% | 17.3% | ||
| Q2 25 | 4.6% | 20.4% | ||
| Q1 25 | -34.6% | 9.2% | ||
| Q4 24 | 41.5% | 11.2% | ||
| Q3 24 | 34.2% | 25.3% | ||
| Q2 24 | 24.0% | 28.2% | ||
| Q1 24 | -12.3% | 7.5% |
资本支出强度LAZRBA
| Q4 25 | 0.4% | 5.7% | ||
| Q3 25 | 0.4% | 4.7% | ||
| Q2 25 | 1.4% | 7.2% | ||
| Q1 25 | 2.1% | 4.9% | ||
| Q4 24 | 1.8% | 5.0% | ||
| Q3 24 | 2.2% | 3.8% | ||
| Q2 24 | 0.9% | 2.6% | ||
| Q1 24 | 0.8% | 4.2% |
现金转化率LAZRBA
| Q4 25 | 8.02× | 2.33× | ||
| Q3 25 | 4.03× | 2.51× | ||
| Q2 25 | 0.90× | 2.97× | ||
| Q1 25 | -3.60× | 1.38× | ||
| Q4 24 | 4.20× | 1.56× | ||
| Q3 24 | 2.72× | 3.75× | ||
| Q2 24 | 3.53× | 3.04× | ||
| Q1 24 | -2.52× | 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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
