vs
BOSTON BEER CO INC（SAM）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是INNOVATE Corp.的1.2倍（$461.6M vs $382.7M），INNOVATE Corp.同比增速更快（61.7% vs -4.1%），过去两年INNOVATE Corp.的营收复合增速更高（10.2% vs -10.7%）
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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
SAM vs VATE — 直观对比
营收规模更大
SAM
是对方的1.2倍
$382.7M
营收增速更快
VATE
高出65.9%
-4.1%
两年增速更快
VATE
近两年复合增速
-10.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $461.6M | $382.7M |
| 净利润 | — | $-7.4M |
| 毛利率 | 46.4% | 15.4% |
| 营业利润率 | 12.4% | 3.7% |
| 净利率 | — | -1.9% |
| 营收同比 | -4.1% | 61.7% |
| 净利润同比 | — | 55.4% |
| 每股收益（稀释后） | $2.16 | $-0.57 |
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SAMVATE
| Q1 26 | $461.6M | — | ||
| Q4 25 | $385.7M | $382.7M | ||
| Q3 25 | $537.5M | $347.1M | ||
| Q2 25 | $587.9M | $242.0M | ||
| Q1 25 | $453.9M | $274.2M | ||
| Q4 24 | $402.3M | $236.6M | ||
| Q3 24 | $605.5M | $242.2M | ||
| Q2 24 | $579.1M | $313.1M |
净利润SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $-7.4M | ||
| Q3 25 | $46.2M | $-8.9M | ||
| Q2 25 | $60.4M | $-19.8M | ||
| Q1 25 | $24.4M | $-24.5M | ||
| Q4 24 | $-38.8M | $-16.6M | ||
| Q3 24 | $33.5M | $-15.0M | ||
| Q2 24 | $52.3M | $14.4M |
毛利率SAMVATE
| Q1 26 | 46.4% | — | ||
| Q4 25 | 43.5% | 15.4% | ||
| Q3 25 | 50.8% | 14.3% | ||
| Q2 25 | 49.8% | 18.8% | ||
| Q1 25 | 48.3% | 16.6% | ||
| Q4 24 | 39.9% | 19.6% | ||
| Q3 24 | 46.3% | 19.9% | ||
| Q2 24 | 46.0% | 21.0% |
营业利润率SAMVATE
| Q1 26 | 12.4% | — | ||
| Q4 25 | -8.6% | 3.7% | ||
| Q3 25 | 11.5% | 1.8% | ||
| Q2 25 | 14.0% | 2.0% | ||
| Q1 25 | 7.4% | 1.2% | ||
| Q4 24 | -13.9% | 1.1% | ||
| Q3 24 | 7.6% | 2.4% | ||
| Q2 24 | 12.2% | 9.2% |
净利率SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | -1.9% | ||
| Q3 25 | 8.6% | -2.6% | ||
| Q2 25 | 10.3% | -8.2% | ||
| Q1 25 | 5.4% | -8.9% | ||
| Q4 24 | -9.6% | -7.0% | ||
| Q3 24 | 5.5% | -6.2% | ||
| Q2 24 | 9.0% | 4.6% |
每股收益（稀释后）SAMVATE
| Q1 26 | $2.16 | — | ||
| Q4 25 | $-1.97 | $-0.57 | ||
| Q3 25 | $4.25 | $-0.71 | ||
| Q2 25 | $5.45 | $-1.67 | ||
| Q1 25 | $2.16 | $-1.89 | ||
| Q4 24 | $-3.23 | $-0.72 | ||
| Q3 24 | $2.86 | $-1.18 | ||
| Q2 24 | $4.39 | $1.03 |
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 | $164.1M | $112.1M |
| 总债务越低越好 | — | $80.3M |
| 股东权益账面价值 | $682.6M | $-240.1M |
| 总资产 | $1.2B | $950.1M |
| 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SAMVATE
| Q1 26 | $164.1M | — | ||
| Q4 25 | $223.4M | $112.1M | ||
| Q3 25 | $250.5M | $35.5M | ||
| Q2 25 | $212.4M | $33.4M | ||
| Q1 25 | $152.5M | $33.3M | ||
| Q4 24 | $211.8M | $48.8M | ||
| Q3 24 | $255.6M | $51.0M | ||
| Q2 24 | $219.3M | $80.2M |
总债务SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
股东权益SAMVATE
| Q1 26 | $682.6M | — | ||
| Q4 25 | $846.3M | $-240.1M | ||
| Q3 25 | $911.0M | $-233.3M | ||
| Q2 25 | $912.3M | $-224.8M | ||
| Q1 25 | $897.0M | $-204.2M | ||
| Q4 24 | $916.2M | $-180.4M | ||
| Q3 24 | $1.0B | $-163.1M | ||
| Q2 24 | $1.0B | $-149.0M |
总资产SAMVATE
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $950.1M | ||
| Q3 25 | $1.2B | $913.2M | ||
| Q2 25 | $1.3B | $890.9M | ||
| Q1 25 | $1.2B | $868.0M | ||
| Q4 24 | $1.3B | $891.1M | ||
| Q3 24 | $1.4B | $897.2M | ||
| Q2 24 | $1.4B | $898.9M |
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 | — | $101.1M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | $39.9M | $101.1M | ||
| Q3 25 | $101.8M | $19.2M | ||
| Q2 25 | $126.5M | $40.4M | ||
| Q1 25 | $1.9M | $-14.1M | ||
| Q4 24 | $41.9M | $41.4M | ||
| Q3 24 | $115.9M | $-28.4M | ||
| Q2 24 | $96.0M | $21.5M |
自由现金流SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | $22.1M | — | ||
| Q3 25 | $89.2M | $19.0M | ||
| Q2 25 | $112.2M | — | ||
| Q1 25 | $-8.0M | $-18.8M | ||
| Q4 24 | $18.4M | $34.2M | ||
| Q3 24 | $99.2M | $-31.5M | ||
| Q2 24 | $75.6M | $18.4M |
自由现金流率SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 16.6% | 5.5% | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | -1.8% | -6.9% | ||
| Q4 24 | 4.6% | 14.5% | ||
| Q3 24 | 16.4% | -13.0% | ||
| Q2 24 | 13.1% | 5.9% |
资本支出强度SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | — | ||
| Q3 25 | 2.3% | 0.1% | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 5.8% | 3.0% | ||
| Q3 24 | 2.8% | 1.3% | ||
| Q2 24 | 3.5% | 1.0% |
现金转化率SAMVATE
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.46× | — | ||
| Q2 24 | 1.83× | 1.49× |
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
SAM
暂无分部数据
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
