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RH（RH）与Sally Beauty Holdings, Inc.（SBH）财务数据对比。点击上方公司名可切换其他公司
Sally Beauty Holdings, Inc.的季度营收约是RH的1.1倍（$943.2M vs $883.8M），Sally Beauty Holdings, Inc.净利率更高（4.8% vs 4.1%，领先0.7%），RH同比增速更快（8.9% vs 0.6%），RH自由现金流更多（$83.0M vs $57.5M），过去两年RH的营收复合增速更高（9.4% vs 1.9%）
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。
莎莉美容控股是美国的跨国专业美妆用品零售及分销商，主营专业级美容相关产品供应，年营收超39亿美元，业务覆盖全球多个市场，在专业美容供应链领域拥有较高的行业知名度。
RH vs SBH — 直观对比
营收规模更大
SBH
是对方的1.1倍
$883.8M
营收增速更快
RH
高出8.3%
0.6%
净利率更高
SBH
高出0.7%
4.1%
自由现金流更多
RH
多$25.6M
$57.5M
两年增速更快
RH
近两年复合增速
1.9%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $943.2M |
| 净利润 | $36.3M | $45.6M |
| 毛利率 | 44.1% | 51.2% |
| 营业利润率 | 12.0% | 8.1% |
| 净利率 | 4.1% | 4.8% |
| 营收同比 | 8.9% | 0.6% |
| 净利润同比 | 9.3% | -25.3% |
| 每股收益（稀释后） | $1.83 | $0.45 |
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RHSBH
| Q4 25 | $883.8M | $943.2M | ||
| Q3 25 | $899.2M | $947.1M | ||
| Q2 25 | $814.0M | $933.3M | ||
| Q1 25 | $812.4M | $883.1M | ||
| Q4 24 | $811.7M | $937.9M | ||
| Q3 24 | $829.7M | $935.0M | ||
| Q2 24 | $727.0M | $942.3M | ||
| Q1 24 | $738.3M | $908.4M |
净利润RHSBH
| Q4 25 | $36.3M | $45.6M | ||
| Q3 25 | $51.7M | $49.9M | ||
| Q2 25 | $8.0M | $45.7M | ||
| Q1 25 | $13.9M | $39.2M | ||
| Q4 24 | $33.2M | $61.0M | ||
| Q3 24 | $29.0M | $48.1M | ||
| Q2 24 | $-3.6M | $37.7M | ||
| Q1 24 | $11.4M | $29.2M |
毛利率RHSBH
| Q4 25 | 44.1% | 51.2% | ||
| Q3 25 | 45.5% | 52.2% | ||
| Q2 25 | 43.7% | 51.5% | ||
| Q1 25 | 44.7% | 52.0% | ||
| Q4 24 | 44.5% | 50.8% | ||
| Q3 24 | 45.2% | 51.2% | ||
| Q2 24 | 43.5% | 51.0% | ||
| Q1 24 | 43.5% | 51.0% |
营业利润率RHSBH
| Q4 25 | 12.0% | 8.1% | ||
| Q3 25 | 14.3% | 8.4% | ||
| Q2 25 | 6.9% | 8.4% | ||
| Q1 25 | 8.7% | 7.9% | ||
| Q4 24 | 12.5% | 10.7% | ||
| Q3 24 | 11.6% | 8.8% | ||
| Q2 24 | 7.5% | 7.6% | ||
| Q1 24 | 8.7% | 6.6% |
净利率RHSBH
| Q4 25 | 4.1% | 4.8% | ||
| Q3 25 | 5.8% | 5.3% | ||
| Q2 25 | 1.0% | 4.9% | ||
| Q1 25 | 1.7% | 4.4% | ||
| Q4 24 | 4.1% | 6.5% | ||
| Q3 24 | 3.5% | 5.1% | ||
| Q2 24 | -0.5% | 4.0% | ||
| Q1 24 | 1.5% | 3.2% |
每股收益（稀释后）RHSBH
| Q4 25 | $1.83 | $0.45 | ||
| Q3 25 | $2.62 | $0.49 | ||
| Q2 25 | $0.40 | $0.44 | ||
| Q1 25 | $0.71 | $0.38 | ||
| Q4 24 | $1.66 | $0.58 | ||
| Q3 24 | $1.45 | $0.45 | ||
| Q2 24 | $-0.20 | $0.36 | ||
| Q1 24 | $0.91 | $0.27 |
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 | $157.2M |
| 总债务越低越好 | — | $842.5M |
| 股东权益账面价值 | $3.3M | $823.6M |
| 总资产 | $4.8B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资RHSBH
| Q4 25 | $43.1M | $157.2M | ||
| Q3 25 | $34.6M | $149.2M | ||
| Q2 25 | $46.1M | $112.8M | ||
| Q1 25 | $30.4M | $92.2M | ||
| Q4 24 | $87.0M | $105.5M | ||
| Q3 24 | $78.3M | $108.0M | ||
| Q2 24 | $101.8M | $97.4M | ||
| Q1 24 | $123.7M | $97.2M |
总债务RHSBH
| Q4 25 | — | $842.5M | ||
| Q3 25 | — | $862.0M | ||
| Q2 25 | — | $882.4M | ||
| Q1 25 | — | $902.8M | ||
| Q4 24 | — | $938.1M | ||
| Q3 24 | — | $978.3M | ||
| Q2 24 | — | $978.9M | ||
| Q1 24 | — | $978.4M |
股东权益RHSBH
| Q4 25 | $3.3M | $823.6M | ||
| Q3 25 | $-40.9M | $794.2M | ||
| Q2 25 | $-110.8M | $762.9M | ||
| Q1 25 | $-163.6M | $699.8M | ||
| Q4 24 | $-183.0M | $656.5M | ||
| Q3 24 | $-234.7M | $628.5M | ||
| Q2 24 | $-289.9M | $577.7M | ||
| Q1 24 | $-297.4M | $550.9M |
总资产RHSBH
| Q4 25 | $4.8B | $2.9B | ||
| Q3 25 | $4.7B | $2.9B | ||
| Q2 25 | $4.7B | $2.7B | ||
| Q1 25 | $4.6B | $2.7B | ||
| Q4 24 | $4.5B | $2.7B | ||
| Q3 24 | $4.4B | $2.8B | ||
| Q2 24 | $4.2B | $2.7B | ||
| Q1 24 | $4.1B | $2.7B |
负债/权益比RHSBH
| Q4 25 | — | 1.02× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | — | 1.78× |
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 | $93.2M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $57.5M |
| 自由现金流率自由现金流/营收 | 9.4% | 6.1% |
| 资本支出强度资本支出/营收 | 5.5% | 3.8% |
| 现金转化率经营现金流/净利润 | 3.64× | 2.05× |
| 过去12个月自由现金流最近4个季度 | $128.1M | $216.8M |
8季度趋势，按日历期对齐
经营现金流RHSBH
| Q4 25 | $131.9M | $93.2M | ||
| Q3 25 | $137.7M | $120.9M | ||
| Q2 25 | $86.6M | $69.4M | ||
| Q1 25 | $-18.8M | $51.1M | ||
| Q4 24 | $-31.4M | $33.5M | ||
| Q3 24 | $11.2M | $110.7M | ||
| Q2 24 | $56.1M | $47.9M | ||
| Q1 24 | $-114.0M | $36.9M |
自由现金流RHSBH
| Q4 25 | $83.0M | $57.5M | ||
| Q3 25 | $80.7M | $78.0M | ||
| Q2 25 | $34.1M | $49.1M | ||
| Q1 25 | $-69.7M | $32.2M | ||
| Q4 24 | $-96.0M | $13.4M | ||
| Q3 24 | $-37.9M | $73.3M | ||
| Q2 24 | $-10.1M | $28.7M | ||
| Q1 24 | $-251.5M | $22.8M |
自由现金流率RHSBH
| Q4 25 | 9.4% | 6.1% | ||
| Q3 25 | 9.0% | 8.2% | ||
| Q2 25 | 4.2% | 5.3% | ||
| Q1 25 | -8.6% | 3.6% | ||
| Q4 24 | -11.8% | 1.4% | ||
| Q3 24 | -4.6% | 7.8% | ||
| Q2 24 | -1.4% | 3.1% | ||
| Q1 24 | -34.1% | 2.5% |
资本支出强度RHSBH
| Q4 25 | 5.5% | 3.8% | ||
| Q3 25 | 6.3% | 4.5% | ||
| Q2 25 | 6.5% | 2.2% | ||
| Q1 25 | 6.3% | 2.1% | ||
| Q4 24 | 8.0% | 2.1% | ||
| Q3 24 | 5.9% | 4.0% | ||
| Q2 24 | 9.1% | 2.0% | ||
| Q1 24 | 18.6% | 1.6% |
现金转化率RHSBH
| Q4 25 | 3.64× | 2.05× | ||
| Q3 25 | 2.66× | 2.42× | ||
| Q2 25 | 10.78× | 1.52× | ||
| Q1 25 | -1.35× | 1.30× | ||
| Q4 24 | -0.95× | 0.55× | ||
| Q3 24 | 0.39× | 2.30× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | -10.01× | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
