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利氏兄弟拍卖行（RBA）与Ubiquiti Inc.（UI）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Ubiquiti Inc.的1.5倍（$1.2B vs $814.9M），Ubiquiti Inc.净利率更高（28.7% vs 9.1%，领先19.6%），Ubiquiti Inc.同比增速更快（35.8% vs 5.4%），Ubiquiti Inc.自由现金流更多（$260.3M vs $186.5M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% vs 6.3%）
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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
RBA vs UI — 直观对比
营收规模更大
RBA
是对方的1.5倍
$814.9M
营收增速更快
UI
高出30.4%
5.4%
净利率更高
UI
高出19.6%
9.1%
自由现金流更多
UI
多$73.8M
$186.5M
两年增速更快
UI
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $814.9M |
| 净利润 | $109.7M | $233.6M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 14.7% | 35.9% |
| 净利率 | 9.1% | 28.7% |
| 营收同比 | 5.4% | 35.8% |
| 净利润同比 | -7.4% | 70.8% |
| 每股收益（稀释后） | $0.53 | $3.86 |
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RBAUI
| Q4 25 | $1.2B | $814.9M | ||
| Q3 25 | $1.1B | $733.8M | ||
| Q2 25 | $1.2B | $759.2M | ||
| Q1 25 | $1.1B | $664.2M | ||
| Q4 24 | $1.1B | $599.9M | ||
| Q3 24 | $981.8M | $550.3M | ||
| Q2 24 | $1.1B | $507.5M | ||
| Q1 24 | $1.1B | $493.0M |
净利润RBAUI
| Q4 25 | $109.7M | $233.6M | ||
| Q3 25 | $95.5M | $207.9M | ||
| Q2 25 | $109.8M | $266.7M | ||
| Q1 25 | $113.4M | $180.4M | ||
| Q4 24 | $118.5M | $136.8M | ||
| Q3 24 | $76.1M | $128.0M | ||
| Q2 24 | $111.1M | $103.8M | ||
| Q1 24 | $107.4M | $76.3M |
毛利率RBAUI
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 44.5% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 35.3% |
营业利润率RBAUI
| Q4 25 | 14.7% | 35.9% | ||
| Q3 25 | 14.5% | 35.7% | ||
| Q2 25 | 15.9% | 34.4% | ||
| Q1 25 | 17.1% | 34.2% | ||
| Q4 24 | 18.1% | 29.8% | ||
| Q3 24 | 15.6% | 30.7% | ||
| Q2 24 | 18.4% | 27.3% | ||
| Q1 24 | 18.7% | 22.6% |
净利率RBAUI
| Q4 25 | 9.1% | 28.7% | ||
| Q3 25 | 8.7% | 28.3% | ||
| Q2 25 | 9.3% | 35.1% | ||
| Q1 25 | 10.2% | 27.2% | ||
| Q4 24 | 10.4% | 22.8% | ||
| Q3 24 | 7.8% | 23.3% | ||
| Q2 24 | 10.1% | 20.5% | ||
| Q1 24 | 10.1% | 15.5% |
每股收益（稀释后）RBAUI
| Q4 25 | $0.53 | $3.86 | ||
| Q3 25 | $0.43 | $3.43 | ||
| Q2 25 | $0.53 | $4.40 | ||
| Q1 25 | $0.55 | $2.98 | ||
| Q4 24 | $0.58 | $2.26 | ||
| Q3 24 | $0.36 | $2.12 | ||
| Q2 24 | $0.54 | $1.72 | ||
| Q1 24 | $0.53 | $1.26 |
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 | $531.5M | $302.8M |
| 总债务越低越好 | $2.3B | $47.5M |
| 股东权益账面价值 | $5.6B | $1.0B |
| 总资产 | $12.1B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.42× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资RBAUI
| Q4 25 | $531.5M | $302.8M | ||
| Q3 25 | $674.7M | $177.2M | ||
| Q2 25 | $710.2M | $149.7M | ||
| Q1 25 | $578.1M | $151.0M | ||
| Q4 24 | $533.9M | $133.1M | ||
| Q3 24 | $650.7M | $165.2M | ||
| Q2 24 | $599.5M | $126.3M | ||
| Q1 24 | $462.8M | $102.5M |
总债务RBAUI
| Q4 25 | $2.3B | $47.5M | ||
| Q3 25 | $2.6B | $133.8M | ||
| Q2 25 | $2.6B | $250.0M | ||
| Q1 25 | $2.6B | $340.0M | ||
| Q4 24 | $2.6B | $406.3M | ||
| Q3 24 | $2.7B | $552.5M | ||
| Q2 24 | $2.8B | $708.1M | ||
| Q1 24 | $2.9B | $877.5M |
股东权益RBAUI
| Q4 25 | $5.6B | $1.0B | ||
| Q3 25 | $5.5B | $828.4M | ||
| Q2 25 | $5.5B | $668.3M | ||
| Q1 25 | $5.3B | $436.1M | ||
| Q4 24 | $5.2B | $290.4M | ||
| Q3 24 | $5.2B | $188.1M | ||
| Q2 24 | $5.2B | $95.1M | ||
| Q1 24 | $5.1B | $25.9M |
总资产RBAUI
| Q4 25 | $12.1B | $1.6B | ||
| Q3 25 | $12.2B | $1.5B | ||
| Q2 25 | $12.2B | $1.5B | ||
| Q1 25 | $11.9B | $1.3B | ||
| Q4 24 | $11.8B | $1.2B | ||
| Q3 24 | $11.9B | $1.2B | ||
| Q2 24 | $12.1B | $1.2B | ||
| Q1 24 | $12.0B | $1.2B |
负债/权益比RBAUI
| Q4 25 | 0.42× | 0.05× | ||
| Q3 25 | 0.47× | 0.16× | ||
| Q2 25 | 0.47× | 0.37× | ||
| Q1 25 | 0.50× | 0.78× | ||
| Q4 24 | 0.50× | 1.40× | ||
| Q3 24 | 0.52× | 2.94× | ||
| Q2 24 | 0.55× | 7.45× | ||
| Q1 24 | 0.58× | 33.92× |
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 | $255.2M | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $186.5M | $260.3M |
| 自由现金流率自由现金流/营收 | 15.5% | 31.9% |
| 资本支出强度资本支出/营收 | 5.7% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.33× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $719.2M | $699.5M |
8季度趋势，按日历期对齐
经营现金流RBAUI
| Q4 25 | $255.2M | $263.9M | ||
| Q3 25 | $239.7M | $198.5M | ||
| Q2 25 | $326.5M | $130.4M | ||
| Q1 25 | $156.8M | $123.6M | ||
| Q4 24 | $184.5M | $152.4M | ||
| Q3 24 | $285.4M | $233.7M | ||
| Q2 24 | $337.3M | $231.4M | ||
| Q1 24 | $124.8M | $163.9M |
自由现金流RBAUI
| Q4 25 | $186.5M | $260.3M | ||
| Q3 25 | $188.5M | $193.3M | ||
| Q2 25 | $241.7M | $125.2M | ||
| Q1 25 | $102.5M | $120.7M | ||
| Q4 24 | $127.9M | $150.4M | ||
| Q3 24 | $248.5M | $231.1M | ||
| Q2 24 | $308.6M | $229.5M | ||
| Q1 24 | $79.6M | $160.6M |
自由现金流率RBAUI
| Q4 25 | 15.5% | 31.9% | ||
| Q3 25 | 17.3% | 26.3% | ||
| Q2 25 | 20.4% | 16.5% | ||
| Q1 25 | 9.2% | 18.2% | ||
| Q4 24 | 11.2% | 25.1% | ||
| Q3 24 | 25.3% | 42.0% | ||
| Q2 24 | 28.2% | 45.2% | ||
| Q1 24 | 7.5% | 32.6% |
资本支出强度RBAUI
| Q4 25 | 5.7% | 0.4% | ||
| Q3 25 | 4.7% | 0.7% | ||
| Q2 25 | 7.2% | 0.7% | ||
| Q1 25 | 4.9% | 0.4% | ||
| Q4 24 | 5.0% | 0.3% | ||
| Q3 24 | 3.8% | 0.5% | ||
| Q2 24 | 2.6% | 0.4% | ||
| Q1 24 | 4.2% | 0.7% |
现金转化率RBAUI
| Q4 25 | 2.33× | 1.13× | ||
| Q3 25 | 2.51× | 0.95× | ||
| Q2 25 | 2.97× | 0.49× | ||
| Q1 25 | 1.38× | 0.68× | ||
| Q4 24 | 1.56× | 1.11× | ||
| Q3 24 | 3.75× | 1.83× | ||
| Q2 24 | 3.04× | 2.23× | ||
| Q1 24 | 1.16× | 2.15× |
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
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
