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BOSTON BEER CO INC（SAM）与Walker & Dunlop, Inc.（WD）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Walker & Dunlop, Inc.的1.1倍（$385.7M vs $340.0M），BOSTON BEER CO INC净利率更高（-5.8% vs -12.9%，领先7.1%），Walker & Dunlop, Inc.同比增速更快（-0.4% vs -4.1%），BOSTON BEER CO INC自由现金流更多（$22.1M vs $-680.1M），过去两年Walker & Dunlop, Inc.的营收复合增速更高（22.1% vs -4.9%）
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。
Walker & Dunlop, Inc.是美国乃至全球规模领先的商业地产金融与咨询服务机构，为客户提供覆盖商业地产领域的多元金融解决方案及专业咨询服务，业务辐射全球多个市场，在行业内拥有深厚的资源积累与广泛的市场认可度。
SAM vs WD — 直观对比
营收规模更大
SAM
是对方的1.1倍
$340.0M
营收增速更快
WD
高出3.7%
-4.1%
净利率更高
SAM
高出7.1%
-12.9%
自由现金流更多
SAM
多$702.2M
$-680.1M
两年增速更快
WD
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $385.7M | $340.0M |
| 净利润 | $-22.5M | $-13.9M |
| 毛利率 | 43.5% | — |
| 营业利润率 | -8.6% | -17.2% |
| 净利率 | -5.8% | -12.9% |
| 营收同比 | -4.1% | -0.4% |
| 净利润同比 | 41.9% | -131.0% |
| 每股收益（稀释后） | $-1.97 | $-0.41 |
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SAMWD
| Q4 25 | $385.7M | $340.0M | ||
| Q3 25 | $537.5M | $337.7M | ||
| Q2 25 | $587.9M | $319.2M | ||
| Q1 25 | $453.9M | $237.4M | ||
| Q4 24 | $402.3M | $341.5M | ||
| Q3 24 | $605.5M | $292.3M | ||
| Q2 24 | $579.1M | $270.7M | ||
| Q1 24 | $426.1M | $228.1M |
净利润SAMWD
| Q4 25 | $-22.5M | $-13.9M | ||
| Q3 25 | $46.2M | $33.5M | ||
| Q2 25 | $60.4M | $34.0M | ||
| Q1 25 | $24.4M | $2.8M | ||
| Q4 24 | $-38.8M | $44.8M | ||
| Q3 24 | $33.5M | $28.8M | ||
| Q2 24 | $52.3M | $22.7M | ||
| Q1 24 | $12.6M | $11.9M |
毛利率SAMWD
| Q4 25 | 43.5% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 49.8% | — | ||
| Q1 25 | 48.3% | — | ||
| Q4 24 | 39.9% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | 46.0% | — | ||
| Q1 24 | 43.7% | — |
营业利润率SAMWD
| Q4 25 | -8.6% | -17.2% | ||
| Q3 25 | 11.5% | 13.6% | ||
| Q2 25 | 14.0% | 14.5% | ||
| Q1 25 | 7.4% | 2.2% | ||
| Q4 24 | -13.9% | 15.3% | ||
| Q3 24 | 7.6% | 12.8% | ||
| Q2 24 | 12.2% | 10.4% | ||
| Q1 24 | 3.6% | 6.0% |
净利率SAMWD
| Q4 25 | -5.8% | -12.9% | ||
| Q3 25 | 8.6% | 9.9% | ||
| Q2 25 | 10.3% | 10.6% | ||
| Q1 25 | 5.4% | 1.2% | ||
| Q4 24 | -9.6% | 13.1% | ||
| Q3 24 | 5.5% | 9.9% | ||
| Q2 24 | 9.0% | 8.4% | ||
| Q1 24 | 3.0% | 5.2% |
每股收益（稀释后）SAMWD
| Q4 25 | $-1.97 | $-0.41 | ||
| Q3 25 | $4.25 | $0.98 | ||
| Q2 25 | $5.45 | $0.99 | ||
| Q1 25 | $2.16 | $0.08 | ||
| Q4 24 | $-3.23 | $1.32 | ||
| Q3 24 | $2.86 | $0.85 | ||
| Q2 24 | $4.39 | $0.67 | ||
| Q1 24 | $1.04 | $0.35 |
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 | $223.4M | $299.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $846.3M | $1.7B |
| 总资产 | $1.2B | $5.1B |
| 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SAMWD
| Q4 25 | $223.4M | $299.3M | ||
| Q3 25 | $250.5M | $274.8M | ||
| Q2 25 | $212.4M | $233.7M | ||
| Q1 25 | $152.5M | $181.0M | ||
| Q4 24 | $211.8M | $279.3M | ||
| Q3 24 | $255.6M | $179.8M | ||
| Q2 24 | $219.3M | $208.1M | ||
| Q1 24 | $205.4M | $216.5M |
股东权益SAMWD
| Q4 25 | $846.3M | $1.7B | ||
| Q3 25 | $911.0M | $1.8B | ||
| Q2 25 | $912.3M | $1.8B | ||
| Q1 25 | $897.0M | $1.7B | ||
| Q4 24 | $916.2M | $1.7B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.0B | $1.7B | ||
| Q1 24 | $1.0B | $1.7B |
总资产SAMWD
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.8B | ||
| Q2 25 | $1.3B | $4.7B | ||
| Q1 25 | $1.2B | $4.5B | ||
| Q4 24 | $1.3B | $4.4B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.4B | $4.2B | ||
| Q1 24 | $1.4B | $3.8B |
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 | $39.9M | $-664.3M |
| 自由现金流经营现金流 - 资本支出 | $22.1M | $-680.1M |
| 自由现金流率自由现金流/营收 | 5.7% | -200.0% |
| 资本支出强度资本支出/营收 | 4.6% | 4.6% |
| 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 | $215.6M | $-2.2B |
8季度趋势，按日历期对齐
经营现金流SAMWD
| Q4 25 | $39.9M | $-664.3M | ||
| Q3 25 | $101.8M | $-948.1M | ||
| Q2 25 | $126.5M | $-238.5M | ||
| Q1 25 | $1.9M | $-281.1M | ||
| Q4 24 | $41.9M | $129.4M | ||
| Q3 24 | $115.9M | $-202.0M | ||
| Q2 24 | $96.0M | $-237.8M | ||
| Q1 24 | $-4.9M | $38.4M |
自由现金流SAMWD
| Q4 25 | $22.1M | $-680.1M | ||
| Q3 25 | $89.2M | $-950.4M | ||
| Q2 25 | $112.2M | $-241.0M | ||
| Q1 25 | $-8.0M | $-284.7M | ||
| Q4 24 | $18.4M | $116.4M | ||
| Q3 24 | $99.2M | $-204.0M | ||
| Q2 24 | $75.6M | $-241.7M | ||
| Q1 24 | $-20.6M | $35.2M |
自由现金流率SAMWD
| Q4 25 | 5.7% | -200.0% | ||
| Q3 25 | 16.6% | -281.5% | ||
| Q2 25 | 19.1% | -75.5% | ||
| Q1 25 | -1.8% | -120.0% | ||
| Q4 24 | 4.6% | 34.1% | ||
| Q3 24 | 16.4% | -69.8% | ||
| Q2 24 | 13.1% | -89.3% | ||
| Q1 24 | -4.8% | 15.4% |
资本支出强度SAMWD
| Q4 25 | 4.6% | 4.6% | ||
| Q3 25 | 2.3% | 0.7% | ||
| Q2 25 | 2.4% | 0.8% | ||
| Q1 25 | 2.2% | 1.5% | ||
| Q4 24 | 5.8% | 3.8% | ||
| Q3 24 | 2.8% | 0.7% | ||
| Q2 24 | 3.5% | 1.4% | ||
| Q1 24 | 3.7% | 1.4% |
现金转化率SAMWD
| Q4 25 | — | — | ||
| Q3 25 | 2.21× | -28.34× | ||
| Q2 25 | 2.09× | -7.02× | ||
| Q1 25 | 0.08× | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | 3.46× | -7.01× | ||
| Q2 24 | 1.83× | -10.49× | ||
| Q1 24 | -0.39× | 3.24× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
