vs
RH（RH）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是BOSTON BEER CO INC的1.9倍（$883.8M vs $461.6M），RH同比增速更快（8.9% vs -4.1%），过去两年RH的营收复合增速更高（9.4% vs -10.7%）
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
RH vs SAM — 直观对比
营收规模更大
RH
是对方的1.9倍
$461.6M
营收增速更快
RH
高出13.0%
-4.1%
两年增速更快
RH
近两年复合增速
-10.7%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $461.6M |
| 净利润 | $36.3M | — |
| 毛利率 | 44.1% | 46.4% |
| 营业利润率 | 12.0% | 12.4% |
| 净利率 | 4.1% | — |
| 营收同比 | 8.9% | -4.1% |
| 净利润同比 | 9.3% | — |
| 每股收益（稀释后） | $1.83 | $2.16 |
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RHSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $883.8M | $385.7M | ||
| Q3 25 | $899.2M | $537.5M | ||
| Q2 25 | $814.0M | $587.9M | ||
| Q1 25 | $812.4M | $453.9M | ||
| Q4 24 | $811.7M | $402.3M | ||
| Q3 24 | $829.7M | $605.5M | ||
| Q2 24 | $727.0M | $579.1M |
净利润RHSAM
| Q1 26 | — | — | ||
| Q4 25 | $36.3M | $-22.5M | ||
| Q3 25 | $51.7M | $46.2M | ||
| Q2 25 | $8.0M | $60.4M | ||
| Q1 25 | $13.9M | $24.4M | ||
| Q4 24 | $33.2M | $-38.8M | ||
| Q3 24 | $29.0M | $33.5M | ||
| Q2 24 | $-3.6M | $52.3M |
毛利率RHSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | 44.1% | 43.5% | ||
| Q3 25 | 45.5% | 50.8% | ||
| Q2 25 | 43.7% | 49.8% | ||
| Q1 25 | 44.7% | 48.3% | ||
| Q4 24 | 44.5% | 39.9% | ||
| Q3 24 | 45.2% | 46.3% | ||
| Q2 24 | 43.5% | 46.0% |
营业利润率RHSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 12.0% | -8.6% | ||
| Q3 25 | 14.3% | 11.5% | ||
| Q2 25 | 6.9% | 14.0% | ||
| Q1 25 | 8.7% | 7.4% | ||
| Q4 24 | 12.5% | -13.9% | ||
| Q3 24 | 11.6% | 7.6% | ||
| Q2 24 | 7.5% | 12.2% |
净利率RHSAM
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | -5.8% | ||
| Q3 25 | 5.8% | 8.6% | ||
| Q2 25 | 1.0% | 10.3% | ||
| Q1 25 | 1.7% | 5.4% | ||
| Q4 24 | 4.1% | -9.6% | ||
| Q3 24 | 3.5% | 5.5% | ||
| Q2 24 | -0.5% | 9.0% |
每股收益（稀释后）RHSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $1.83 | $-1.97 | ||
| Q3 25 | $2.62 | $4.25 | ||
| Q2 25 | $0.40 | $5.45 | ||
| Q1 25 | $0.71 | $2.16 | ||
| Q4 24 | $1.66 | $-3.23 | ||
| Q3 24 | $1.45 | $2.86 | ||
| Q2 24 | $-0.20 | $4.39 |
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 | $43.1M | $164.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3M | $682.6M |
| 总资产 | $4.8B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资RHSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $43.1M | $223.4M | ||
| Q3 25 | $34.6M | $250.5M | ||
| Q2 25 | $46.1M | $212.4M | ||
| Q1 25 | $30.4M | $152.5M | ||
| Q4 24 | $87.0M | $211.8M | ||
| Q3 24 | $78.3M | $255.6M | ||
| Q2 24 | $101.8M | $219.3M |
股东权益RHSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $3.3M | $846.3M | ||
| Q3 25 | $-40.9M | $911.0M | ||
| Q2 25 | $-110.8M | $912.3M | ||
| Q1 25 | $-163.6M | $897.0M | ||
| Q4 24 | $-183.0M | $916.2M | ||
| Q3 24 | $-234.7M | $1.0B | ||
| Q2 24 | $-289.9M | $1.0B |
总资产RHSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $4.8B | $1.2B | ||
| Q3 25 | $4.7B | $1.2B | ||
| Q2 25 | $4.7B | $1.3B | ||
| Q1 25 | $4.6B | $1.2B | ||
| Q4 24 | $4.5B | $1.3B | ||
| Q3 24 | $4.4B | $1.4B | ||
| Q2 24 | $4.2B | $1.4B |
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 | $131.9M | — |
| 自由现金流经营现金流 - 资本支出 | $83.0M | — |
| 自由现金流率自由现金流/营收 | 9.4% | — |
| 资本支出强度资本支出/营收 | 5.5% | — |
| 现金转化率经营现金流/净利润 | 3.64× | — |
| 过去12个月自由现金流最近4个季度 | $128.1M | — |
8季度趋势，按日历期对齐
经营现金流RHSAM
| Q1 26 | — | — | ||
| Q4 25 | $131.9M | $39.9M | ||
| Q3 25 | $137.7M | $101.8M | ||
| Q2 25 | $86.6M | $126.5M | ||
| Q1 25 | $-18.8M | $1.9M | ||
| Q4 24 | $-31.4M | $41.9M | ||
| Q3 24 | $11.2M | $115.9M | ||
| Q2 24 | $56.1M | $96.0M |
自由现金流RHSAM
| Q1 26 | — | — | ||
| Q4 25 | $83.0M | $22.1M | ||
| Q3 25 | $80.7M | $89.2M | ||
| Q2 25 | $34.1M | $112.2M | ||
| Q1 25 | $-69.7M | $-8.0M | ||
| Q4 24 | $-96.0M | $18.4M | ||
| Q3 24 | $-37.9M | $99.2M | ||
| Q2 24 | $-10.1M | $75.6M |
自由现金流率RHSAM
| Q1 26 | — | — | ||
| Q4 25 | 9.4% | 5.7% | ||
| Q3 25 | 9.0% | 16.6% | ||
| Q2 25 | 4.2% | 19.1% | ||
| Q1 25 | -8.6% | -1.8% | ||
| Q4 24 | -11.8% | 4.6% | ||
| Q3 24 | -4.6% | 16.4% | ||
| Q2 24 | -1.4% | 13.1% |
资本支出强度RHSAM
| Q1 26 | — | — | ||
| Q4 25 | 5.5% | 4.6% | ||
| Q3 25 | 6.3% | 2.3% | ||
| Q2 25 | 6.5% | 2.4% | ||
| Q1 25 | 6.3% | 2.2% | ||
| Q4 24 | 8.0% | 5.8% | ||
| Q3 24 | 5.9% | 2.8% | ||
| Q2 24 | 9.1% | 3.5% |
现金转化率RHSAM
| Q1 26 | — | — | ||
| Q4 25 | 3.64× | — | ||
| Q3 25 | 2.66× | 2.21× | ||
| Q2 25 | 10.78× | 2.09× | ||
| Q1 25 | -1.35× | 0.08× | ||
| Q4 24 | -0.95× | — | ||
| Q3 24 | 0.39× | 3.46× | ||
| Q2 24 | — | 1.83× |
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
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
SAM
暂无分部数据
