vs
BRC Group Holdings, Inc.（RILY）与Victory Capital Holdings, Inc.（VCTR）财务数据对比。点击上方公司名可切换其他公司
Victory Capital Holdings, Inc.的季度营收约是BRC Group Holdings, Inc.的2.0倍（$374.1M vs $188.3M），BRC Group Holdings, Inc.净利率更高（47.9% vs 30.2%，领先17.8%），Victory Capital Holdings, Inc.同比增速更快（61.0% vs -21.9%），过去两年Victory Capital Holdings, Inc.的营收复合增速更高（31.7% vs -15.4%）
Victory Capital Holdings是一家总部位于美国得克萨斯州圣安东尼奥的金融服务企业，核心业务为投资管理。除美国本土外，公司在伦敦、中国香港、新加坡三地均配备了专业投资团队，为全球客户提供资产管理相关服务。
RILY vs VCTR — 直观对比
营收规模更大
VCTR
是对方的2.0倍
$188.3M
营收增速更快
VCTR
高出82.9%
-21.9%
净利率更高
RILY
高出17.8%
30.2%
两年增速更快
VCTR
近两年复合增速
-15.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $188.3M | $374.1M |
| 净利润 | $90.3M | $112.8M |
| 毛利率 | 79.5% | — |
| 营业利润率 | 32.3% | 40.9% |
| 净利率 | 47.9% | 30.2% |
| 营收同比 | -21.9% | 61.0% |
| 净利润同比 | 1710.8% | 46.6% |
| 每股收益（稀释后） | $2.78 | $1.33 |
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RILYVCTR
| Q4 25 | $188.3M | $374.1M | ||
| Q3 25 | $215.3M | $361.2M | ||
| Q2 25 | $188.2M | $351.2M | ||
| Q1 25 | $197.2M | $219.6M | ||
| Q4 24 | $241.0M | $232.4M | ||
| Q3 24 | $225.5M | $225.6M | ||
| Q2 24 | $256.0M | $219.6M | ||
| Q1 24 | $263.4M | $215.9M |
净利润RILYVCTR
| Q4 25 | $90.3M | $112.8M | ||
| Q3 25 | $91.1M | $96.5M | ||
| Q2 25 | $139.5M | $58.7M | ||
| Q1 25 | $-10.0M | $62.0M | ||
| Q4 24 | $-5.6M | $76.9M | ||
| Q3 24 | $-284.4M | $82.0M | ||
| Q2 24 | $-433.6M | $74.3M | ||
| Q1 24 | $-49.2M | $55.7M |
毛利率RILYVCTR
| Q4 25 | 79.5% | — | ||
| Q3 25 | 83.7% | — | ||
| Q2 25 | 81.3% | — | ||
| Q1 25 | 81.4% | — | ||
| Q4 24 | 79.8% | — | ||
| Q3 24 | 82.1% | — | ||
| Q2 24 | 84.5% | — | ||
| Q1 24 | 85.3% | — |
营业利润率RILYVCTR
| Q4 25 | 32.3% | 40.9% | ||
| Q3 25 | 30.4% | 38.2% | ||
| Q2 25 | 5.7% | 26.8% | ||
| Q1 25 | -31.2% | 42.3% | ||
| Q4 24 | -69.2% | 48.1% | ||
| Q3 24 | -36.4% | 53.3% | ||
| Q2 24 | -90.8% | 50.4% | ||
| Q1 24 | -6.1% | 39.3% |
净利率RILYVCTR
| Q4 25 | 47.9% | 30.2% | ||
| Q3 25 | 42.3% | 26.7% | ||
| Q2 25 | 74.1% | 16.7% | ||
| Q1 25 | -5.1% | 28.2% | ||
| Q4 24 | -2.3% | 33.1% | ||
| Q3 24 | -126.1% | 36.3% | ||
| Q2 24 | -169.4% | 33.8% | ||
| Q1 24 | -18.7% | 25.8% |
每股收益（稀释后）RILYVCTR
| Q4 25 | $2.78 | $1.33 | ||
| Q3 25 | $2.91 | $1.11 | ||
| Q2 25 | $4.50 | $0.68 | ||
| Q1 25 | $-0.39 | $0.96 | ||
| Q4 24 | $-0.01 | $1.18 | ||
| Q3 24 | $-9.39 | $1.24 | ||
| Q2 24 | $-14.35 | $1.12 | ||
| Q1 24 | $-1.71 | $0.84 |
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 | $226.6M | $163.7M |
| 总债务越低越好 | $1.4B | $970.0M |
| 股东权益账面价值 | $-171.5M | $2.4B |
| 总资产 | $1.7B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
现金及短期投资RILYVCTR
| Q4 25 | $226.6M | $163.7M | ||
| Q3 25 | $184.2M | $115.7M | ||
| Q2 25 | $267.4M | $107.9M | ||
| Q1 25 | $138.3M | $175.6M | ||
| Q4 24 | $146.9M | $126.7M | ||
| Q3 24 | $159.2M | $188.2M | ||
| Q2 24 | $236.9M | $119.0M | ||
| Q1 24 | $190.7M | $79.9M |
总债务RILYVCTR
| Q4 25 | $1.4B | $970.0M | ||
| Q3 25 | $1.3B | $972.0M | ||
| Q2 25 | $1.3B | $965.7M | ||
| Q1 25 | $1.4B | $964.8M | ||
| Q4 24 | $1.5B | $963.9M | ||
| Q3 24 | — | $982.7M | ||
| Q2 24 | — | $981.7M | ||
| Q1 24 | — | $990.2M |
股东权益RILYVCTR
| Q4 25 | $-171.5M | $2.4B | ||
| Q3 25 | $-260.5M | $2.4B | ||
| Q2 25 | $-351.7M | $2.5B | ||
| Q1 25 | $-496.8M | $1.1B | ||
| Q4 24 | $-488.2M | $1.1B | ||
| Q3 24 | $-497.6M | $1.2B | ||
| Q2 24 | $-218.3M | $1.1B | ||
| Q1 24 | $228.4M | $1.1B |
总资产RILYVCTR
| Q4 25 | $1.7B | $4.2B | ||
| Q3 25 | $1.7B | $4.2B | ||
| Q2 25 | $1.5B | $4.2B | ||
| Q1 25 | $1.5B | $2.6B | ||
| Q4 24 | $1.8B | $2.5B | ||
| Q3 24 | $2.2B | $2.6B | ||
| Q2 24 | $3.2B | $2.5B | ||
| Q1 24 | $5.0B | $2.5B |
负债/权益比RILYVCTR
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.92× |
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 | $26.2M | $145.1M |
| 自由现金流经营现金流 - 资本支出 | — | $144.5M |
| 自由现金流率自由现金流/营收 | — | 38.6% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 现金转化率经营现金流/净利润 | 0.29× | 1.29× |
| 过去12个月自由现金流最近4个季度 | — | $381.3M |
8季度趋势，按日历期对齐
经营现金流RILYVCTR
| Q4 25 | $26.2M | $145.1M | ||
| Q3 25 | $-60.6M | $165.9M | ||
| Q2 25 | $-25.6M | $-6.6M | ||
| Q1 25 | $184.0K | $81.1M | ||
| Q4 24 | $-2.7M | $91.8M | ||
| Q3 24 | $19.5M | $99.8M | ||
| Q2 24 | $111.5M | $79.7M | ||
| Q1 24 | $135.4M | $68.7M |
自由现金流RILYVCTR
| Q4 25 | — | $144.5M | ||
| Q3 25 | — | $164.8M | ||
| Q2 25 | — | $-7.5M | ||
| Q1 25 | — | $79.5M | ||
| Q4 24 | — | $91.7M | ||
| Q3 24 | — | $99.4M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $68.2M |
自由现金流率RILYVCTR
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | 45.6% | ||
| Q2 25 | — | -2.1% | ||
| Q1 25 | — | 36.2% | ||
| Q4 24 | — | 39.4% | ||
| Q3 24 | — | 44.0% | ||
| Q2 24 | — | 36.2% | ||
| Q1 24 | — | 31.6% |
资本支出强度RILYVCTR
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.2% |
现金转化率RILYVCTR
| Q4 25 | 0.29× | 1.29× | ||
| Q3 25 | -0.66× | 1.72× | ||
| Q2 25 | -0.18× | -0.11× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.19× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.07× | ||
| Q1 24 | — | 1.23× |
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
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
VCTR
| Investment Management Fees | $301.4M | 81% |
| Fund Administration And Distribution Fees | $72.8M | 19% |
