vs
RH（RH）与登士柏西诺德（XRAY）财务数据对比。点击上方公司名可切换其他公司
登士柏西诺德的季度营收约是RH的1.1倍（$961.0M vs $883.8M），RH净利率更高（4.1% vs -15.2%，领先19.3%），RH同比增速更快（8.9% vs 6.2%），RH自由现金流更多（$83.0M vs $60.0M），过去两年RH的营收复合增速更高（9.4% vs 0.4%）
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。
登士柏西诺德是美国牙科设备及耗材制造商，业务覆盖全球120多个国家，在21个国家设有生产工厂。该公司前身为1993年Gendex公司以5.9亿美元收购登士柏国际后整合组建的企业，是全球牙科领域的重要供应商。
RH vs XRAY — 直观对比
营收规模更大
XRAY
是对方的1.1倍
$883.8M
营收增速更快
RH
高出2.7%
6.2%
净利率更高
RH
高出19.3%
-15.2%
自由现金流更多
RH
多$23.0M
$60.0M
两年增速更快
RH
近两年复合增速
0.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $961.0M |
| 净利润 | $36.3M | $-146.0M |
| 毛利率 | 44.1% | 46.1% |
| 营业利润率 | 12.0% | -14.5% |
| 净利率 | 4.1% | -15.2% |
| 营收同比 | 8.9% | 6.2% |
| 净利润同比 | 9.3% | 66.0% |
| 每股收益（稀释后） | $1.83 | $-0.74 |
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RHXRAY
| Q4 25 | $883.8M | $961.0M | ||
| Q3 25 | $899.2M | $904.0M | ||
| Q2 25 | $814.0M | $936.0M | ||
| Q1 25 | $812.4M | $879.0M | ||
| Q4 24 | $811.7M | $905.0M | ||
| Q3 24 | $829.7M | $951.0M | ||
| Q2 24 | $727.0M | $984.0M | ||
| Q1 24 | $738.3M | $953.0M |
净利润RHXRAY
| Q4 25 | $36.3M | $-146.0M | ||
| Q3 25 | $51.7M | $-427.0M | ||
| Q2 25 | $8.0M | $-45.0M | ||
| Q1 25 | $13.9M | $20.0M | ||
| Q4 24 | $33.2M | $-430.0M | ||
| Q3 24 | $29.0M | $-494.0M | ||
| Q2 24 | $-3.6M | $-4.0M | ||
| Q1 24 | $11.4M | $18.0M |
毛利率RHXRAY
| Q4 25 | 44.1% | 46.1% | ||
| Q3 25 | 45.5% | 48.8% | ||
| Q2 25 | 43.7% | 52.4% | ||
| Q1 25 | 44.7% | 53.0% | ||
| Q4 24 | 44.5% | 49.3% | ||
| Q3 24 | 45.2% | 52.1% | ||
| Q2 24 | 43.5% | 51.9% | ||
| Q1 24 | 43.5% | 53.1% |
营业利润率RHXRAY
| Q4 25 | 12.0% | -14.5% | ||
| Q3 25 | 14.3% | -24.1% | ||
| Q2 25 | 6.9% | -13.7% | ||
| Q1 25 | 8.7% | 7.2% | ||
| Q4 24 | 12.5% | -56.2% | ||
| Q3 24 | 11.6% | -48.6% | ||
| Q2 24 | 7.5% | 5.1% | ||
| Q1 24 | 8.7% | 4.4% |
净利率RHXRAY
| Q4 25 | 4.1% | -15.2% | ||
| Q3 25 | 5.8% | -47.2% | ||
| Q2 25 | 1.0% | -4.8% | ||
| Q1 25 | 1.7% | 2.3% | ||
| Q4 24 | 4.1% | -47.5% | ||
| Q3 24 | 3.5% | -51.9% | ||
| Q2 24 | -0.5% | -0.4% | ||
| Q1 24 | 1.5% | 1.9% |
每股收益（稀释后）RHXRAY
| Q4 25 | $1.83 | $-0.74 | ||
| Q3 25 | $2.62 | $-2.14 | ||
| Q2 25 | $0.40 | $-0.22 | ||
| Q1 25 | $0.71 | $0.10 | ||
| Q4 24 | $1.66 | $-2.09 | ||
| Q3 24 | $1.45 | $-2.46 | ||
| Q2 24 | $-0.20 | $-0.02 | ||
| Q1 24 | $0.91 | $0.09 |
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 | $326.0M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.3M | $1.3B |
| 总资产 | $4.8B | $5.4B |
| 负债/权益比越低杠杆越低 | — | 1.70× |
8季度趋势，按日历期对齐
现金及短期投资RHXRAY
| Q4 25 | $43.1M | $326.0M | ||
| Q3 25 | $34.6M | $363.0M | ||
| Q2 25 | $46.1M | $359.0M | ||
| Q1 25 | $30.4M | $398.0M | ||
| Q4 24 | $87.0M | $272.0M | ||
| Q3 24 | $78.3M | $296.0M | ||
| Q2 24 | $101.8M | $279.0M | ||
| Q1 24 | $123.7M | $291.0M |
总债务RHXRAY
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益RHXRAY
| Q4 25 | $3.3M | $1.3B | ||
| Q3 25 | $-40.9M | $1.5B | ||
| Q2 25 | $-110.8M | $2.0B | ||
| Q1 25 | $-163.6M | $2.0B | ||
| Q4 24 | $-183.0M | $1.9B | ||
| Q3 24 | $-234.7M | $2.5B | ||
| Q2 24 | $-289.9M | $3.1B | ||
| Q1 24 | $-297.4M | $3.3B |
总资产RHXRAY
| Q4 25 | $4.8B | $5.4B | ||
| Q3 25 | $4.7B | $5.7B | ||
| Q2 25 | $4.7B | $6.1B | ||
| Q1 25 | $4.6B | $6.0B | ||
| Q4 24 | $4.5B | $5.8B | ||
| Q3 24 | $4.4B | $6.6B | ||
| Q2 24 | $4.2B | $6.9B | ||
| Q1 24 | $4.1B | $7.1B |
负债/权益比RHXRAY
| Q4 25 | — | 1.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $60.0M |
| 自由现金流率自由现金流/营收 | 9.4% | 6.2% |
| 资本支出强度资本支出/营收 | 5.5% | 4.3% |
| 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 | $104.0M |
8季度趋势，按日历期对齐
经营现金流RHXRAY
| Q4 25 | $131.9M | $101.0M | ||
| Q3 25 | $137.7M | $79.0M | ||
| Q2 25 | $86.6M | $48.0M | ||
| Q1 25 | $-18.8M | $7.0M | ||
| Q4 24 | $-31.4M | $87.0M | ||
| Q3 24 | $11.2M | $141.0M | ||
| Q2 24 | $56.1M | $208.0M | ||
| Q1 24 | $-114.0M | $25.0M |
自由现金流RHXRAY
| Q4 25 | $83.0M | $60.0M | ||
| Q3 25 | $80.7M | $40.0M | ||
| Q2 25 | $34.1M | $16.0M | ||
| Q1 25 | $-69.7M | $-12.0M | ||
| Q4 24 | $-96.0M | $36.0M | ||
| Q3 24 | $-37.9M | $98.0M | ||
| Q2 24 | $-10.1M | $156.0M | ||
| Q1 24 | $-251.5M | $-9.0M |
自由现金流率RHXRAY
| Q4 25 | 9.4% | 6.2% | ||
| Q3 25 | 9.0% | 4.4% | ||
| Q2 25 | 4.2% | 1.7% | ||
| Q1 25 | -8.6% | -1.4% | ||
| Q4 24 | -11.8% | 4.0% | ||
| Q3 24 | -4.6% | 10.3% | ||
| Q2 24 | -1.4% | 15.9% | ||
| Q1 24 | -34.1% | -0.9% |
资本支出强度RHXRAY
| Q4 25 | 5.5% | 4.3% | ||
| Q3 25 | 6.3% | 4.3% | ||
| Q2 25 | 6.5% | 3.4% | ||
| Q1 25 | 6.3% | 2.2% | ||
| Q4 24 | 8.0% | 5.6% | ||
| Q3 24 | 5.9% | 4.5% | ||
| Q2 24 | 9.1% | 5.3% | ||
| Q1 24 | 18.6% | 3.6% |
现金转化率RHXRAY
| Q4 25 | 3.64× | — | ||
| Q3 25 | 2.66× | — | ||
| Q2 25 | 10.78× | — | ||
| Q1 25 | -1.35× | 0.35× | ||
| Q4 24 | -0.95× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -10.01× | 1.39× |
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% |
XRAY
| Essential Dental Solutions | $372.0M | 39% |
| Equipment And Instruments | $160.0M | 17% |
| Implants And Prosthetics | $150.0M | 16% |
| CADCAM | $139.0M | 14% |
| Wellspect Healthcare | $88.0M | 9% |
| Orthodontics | $52.0M | 5% |
