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ADT Inc.（ADT）与Deckers Brands（DECK）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是ADT Inc.的1.5倍（$2.0B vs $1.3B），Deckers Brands净利率更高（24.6% vs 11.4%，领先13.2%），Deckers Brands同比增速更快（7.1% vs 2.9%），Deckers Brands自由现金流更多（$1.0B vs $323.5M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 2.7%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
ADT vs DECK — 直观对比
营收规模更大
DECK
是对方的1.5倍
$1.3B
营收增速更快
DECK
高出4.3%
2.9%
净利率更高
DECK
高出13.2%
11.4%
自由现金流更多
DECK
多$696.8M
$323.5M
两年增速更快
DECK
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.0B |
| 净利润 | $145.4M | $481.1M |
| 毛利率 | — | 59.8% |
| 营业利润率 | 26.1% | 31.4% |
| 净利率 | 11.4% | 24.6% |
| 营收同比 | 2.9% | 7.1% |
| 净利润同比 | -23.5% | 5.3% |
| 每股收益（稀释后） | — | $3.33 |
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ADTDECK
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $964.5M | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $825.3M | ||
| Q1 24 | $1.2B | $959.8M |
净利润ADTDECK
| Q4 25 | $145.4M | $481.1M | ||
| Q3 25 | $145.1M | $268.2M | ||
| Q2 25 | $165.2M | $139.2M | ||
| Q1 25 | $140.2M | $151.4M | ||
| Q4 24 | $190.0M | $456.7M | ||
| Q3 24 | $127.2M | $242.3M | ||
| Q2 24 | $92.4M | $115.6M | ||
| Q1 24 | $91.6M | $127.5M |
毛利率ADTDECK
| Q4 25 | — | 59.8% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 55.8% | ||
| Q1 25 | — | 56.7% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 55.9% | ||
| Q2 24 | — | 56.9% | ||
| Q1 24 | — | 56.2% |
营业利润率ADTDECK
| Q4 25 | 26.1% | 31.4% | ||
| Q3 25 | 24.3% | 22.8% | ||
| Q2 25 | 26.6% | 17.1% | ||
| Q1 25 | 25.2% | 17.0% | ||
| Q4 24 | 32.4% | 31.0% | ||
| Q3 24 | 26.2% | 23.3% | ||
| Q2 24 | 23.6% | 16.1% | ||
| Q1 24 | 16.2% | 15.0% |
净利率ADTDECK
| Q4 25 | 11.4% | 24.6% | ||
| Q3 25 | 11.2% | 18.7% | ||
| Q2 25 | 12.8% | 14.4% | ||
| Q1 25 | 11.1% | 14.8% | ||
| Q4 24 | 15.3% | 25.0% | ||
| Q3 24 | 10.2% | 18.5% | ||
| Q2 24 | 7.7% | 14.0% | ||
| Q1 24 | 7.6% | 13.3% |
每股收益（稀释后）ADTDECK
| Q4 25 | — | $3.33 | ||
| Q3 25 | — | $1.82 | ||
| Q2 25 | — | $0.93 | ||
| Q1 25 | — | $-2.78 | ||
| Q4 24 | — | $3.00 | ||
| Q3 24 | — | $1.59 | ||
| Q2 24 | — | $4.52 | ||
| Q1 24 | — | $4.82 |
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 | $80.8M | $2.1B |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $2.6B |
| 总资产 | $15.8B | $4.1B |
| 负债/权益比越低杠杆越低 | 1.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ADTDECK
| Q4 25 | $80.8M | $2.1B | ||
| Q3 25 | $62.8M | $1.4B | ||
| Q2 25 | $45.2M | $1.7B | ||
| Q1 25 | $3.7M | $1.9B | ||
| Q4 24 | $96.2M | $2.2B | ||
| Q3 24 | $95.3M | $1.2B | ||
| Q2 24 | $37.9M | $1.4B | ||
| Q1 24 | $4.0M | $1.5B |
总债务ADTDECK
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTDECK
| Q4 25 | $3.8B | $2.6B | ||
| Q3 25 | $3.7B | $2.5B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.6B | $2.5B | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $3.8B | $2.1B | ||
| Q1 24 | $3.7B | $2.1B |
总资产ADTDECK
| Q4 25 | $15.8B | $4.1B | ||
| Q3 25 | $16.0B | $3.8B | ||
| Q2 25 | $16.0B | $3.8B | ||
| Q1 25 | $15.8B | $3.6B | ||
| Q4 24 | $16.1B | $4.0B | ||
| Q3 24 | $16.1B | $3.4B | ||
| Q2 24 | $16.0B | $3.3B | ||
| Q1 24 | $15.9B | $3.1B |
负债/权益比ADTDECK
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 1.93× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.03× | — |
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 | $373.6M | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $1.0B |
| 自由现金流率自由现金流/营收 | 25.4% | 52.1% |
| 资本支出强度资本支出/营收 | 3.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 2.57× | 2.17× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $929.1M |
8季度趋势，按日历期对齐
经营现金流ADTDECK
| Q4 25 | $373.6M | $1.0B | ||
| Q3 25 | $480.1M | $8.1M | ||
| Q2 25 | $563.9M | $36.1M | ||
| Q1 25 | $466.6M | $-73.0M | ||
| Q4 24 | $459.7M | $1.1B | ||
| Q3 24 | $498.2M | $-90.5M | ||
| Q2 24 | $563.2M | $112.7M | ||
| Q1 24 | $363.8M | $-28.7M |
自由现金流ADTDECK
| Q4 25 | $323.5M | $1.0B | ||
| Q3 25 | $437.4M | $-13.9M | ||
| Q2 25 | $526.3M | $12.2M | ||
| Q1 25 | $421.2M | $-89.4M | ||
| Q4 24 | $426.0M | $1.1B | ||
| Q3 24 | $455.5M | $-113.4M | ||
| Q2 24 | $516.5M | $90.1M | ||
| Q1 24 | $323.1M | $-44.0M |
自由现金流率ADTDECK
| Q4 25 | 25.4% | 52.1% | ||
| Q3 25 | 33.7% | -1.0% | ||
| Q2 25 | 40.9% | 1.3% | ||
| Q1 25 | 33.2% | -8.8% | ||
| Q4 24 | 34.3% | 58.6% | ||
| Q3 24 | 36.6% | -8.6% | ||
| Q2 24 | 42.9% | 10.9% | ||
| Q1 24 | 26.7% | -4.6% |
资本支出强度ADTDECK
| Q4 25 | 3.9% | 1.1% | ||
| Q3 25 | 3.3% | 1.5% | ||
| Q2 25 | 2.9% | 2.5% | ||
| Q1 25 | 3.6% | 1.6% | ||
| Q4 24 | 2.7% | 1.3% | ||
| Q3 24 | 3.4% | 1.7% | ||
| Q2 24 | 3.9% | 2.7% | ||
| Q1 24 | 3.4% | 1.6% |
现金转化率ADTDECK
| Q4 25 | 2.57× | 2.17× | ||
| Q3 25 | 3.31× | 0.03× | ||
| Q2 25 | 3.41× | 0.26× | ||
| Q1 25 | 3.33× | -0.48× | ||
| Q4 24 | 2.42× | 2.40× | ||
| Q3 24 | 3.92× | -0.37× | ||
| Q2 24 | 6.10× | 0.97× | ||
| Q1 24 | 3.97× | -0.22× |
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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Other | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
