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亚马逊（AMZN）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
亚马逊的季度营收约是维多利亚的秘密的145.0倍（$213.4B vs $1.5B）。亚马逊净利率更高（9.9% vs -2.5%，领先12.4%）。亚马逊同比增速更快（13.6% vs 9.3%）。亚马逊自由现金流更多（$14.9B vs $-232.0M）。过去两年亚马逊的营收复合增速更高（22.0% vs -15.9%）
亚马逊是全球知名的综合电商与科技企业，业务覆盖北美及全球多个地区，设有北美零售、国际零售、亚马逊云科技（AWS）三大业务板块。除运营线上线下零售渠道、提供消费商品售卖与订阅服务外，也为第三方卖家提供销售平台，还自主研发销售Kindle、Fire平板等电子设备。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
AMZN vs VSCO — 直观对比
营收规模更大
AMZN
是对方的145.0倍
$1.5B
营收增速更快
AMZN
高出4.3%
9.3%
净利率更高
AMZN
高出12.4%
-2.5%
自由现金流更多
AMZN
多$15.2B
$-232.0M
两年增速更快
AMZN
近两年复合增速
-15.9%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $1.5B |
| 净利润 | $21.2B | $-37.0M |
| 毛利率 | 48.5% | 36.4% |
| 营业利润率 | 11.7% | -1.3% |
| 净利率 | 9.9% | -2.5% |
| 营收同比 | 13.6% | 9.3% |
| 净利润同比 | 5.9% | 33.9% |
| 每股收益（稀释后） | $1.95 | $-0.46 |
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AMZNVSCO
| Q4 25 | $213.4B | $1.5B | ||
| Q3 25 | $180.2B | $1.5B | ||
| Q2 25 | $167.7B | $1.4B | ||
| Q1 25 | $155.7B | $2.1B | ||
| Q4 24 | $187.8B | $1.3B | ||
| Q3 24 | $158.9B | $1.4B | ||
| Q2 24 | $148.0B | $1.4B | ||
| Q1 24 | $143.3B | $2.1B |
净利润AMZNVSCO
| Q4 25 | $21.2B | $-37.0M | ||
| Q3 25 | $21.2B | $16.0M | ||
| Q2 25 | $18.2B | $-2.0M | ||
| Q1 25 | $17.1B | $193.0M | ||
| Q4 24 | $20.0B | $-56.0M | ||
| Q3 24 | $15.3B | $32.0M | ||
| Q2 24 | $13.5B | $-4.0M | ||
| Q1 24 | $10.4B | $180.0M |
毛利率AMZNVSCO
| Q4 25 | 48.5% | 36.4% | ||
| Q3 25 | 50.8% | 35.6% | ||
| Q2 25 | 51.8% | 35.0% | ||
| Q1 25 | 50.6% | 38.6% | ||
| Q4 24 | 47.3% | 34.7% | ||
| Q3 24 | 49.0% | 35.4% | ||
| Q2 24 | 50.1% | 36.9% | ||
| Q1 24 | 49.3% | 39.7% |
营业利润率AMZNVSCO
| Q4 25 | 11.7% | -1.3% | ||
| Q3 25 | 9.7% | 2.8% | ||
| Q2 25 | 11.4% | 1.5% | ||
| Q1 25 | 11.8% | 12.8% | ||
| Q4 24 | 11.3% | -3.5% | ||
| Q3 24 | 11.0% | 4.4% | ||
| Q2 24 | 9.9% | 1.9% | ||
| Q1 24 | 10.7% | 12.4% |
净利率AMZNVSCO
| Q4 25 | 9.9% | -2.5% | ||
| Q3 25 | 11.8% | 1.1% | ||
| Q2 25 | 10.8% | -0.1% | ||
| Q1 25 | 11.0% | 9.2% | ||
| Q4 24 | 10.7% | -4.2% | ||
| Q3 24 | 9.6% | 2.3% | ||
| Q2 24 | 9.1% | -0.3% | ||
| Q1 24 | 7.3% | 8.6% |
每股收益（稀释后）AMZNVSCO
| Q4 25 | $1.95 | $-0.46 | ||
| Q3 25 | $1.95 | $0.20 | ||
| Q2 25 | $1.68 | $-0.02 | ||
| Q1 25 | $1.59 | $2.41 | ||
| Q4 24 | $1.86 | $-0.71 | ||
| Q3 24 | $1.43 | $0.40 | ||
| Q2 24 | $1.26 | $-0.05 | ||
| Q1 24 | $0.98 | $2.32 |
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 | $123.0B | $249.0M |
| 总债务越低越好 | $68.8B | — |
| 股东权益账面价值 | $411.1B | $653.0M |
| 总资产 | $818.0B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资AMZNVSCO
| Q4 25 | $123.0B | $249.0M | ||
| Q3 25 | $94.2B | $188.0M | ||
| Q2 25 | $93.2B | $138.0M | ||
| Q1 25 | $94.6B | $227.0M | ||
| Q4 24 | $101.2B | $161.0M | ||
| Q3 24 | $88.1B | $169.0M | ||
| Q2 24 | $89.1B | $105.0M | ||
| Q1 24 | $85.1B | $270.0M |
总债务AMZNVSCO
| Q4 25 | $68.8B | — | ||
| Q3 25 | $55.1B | — | ||
| Q2 25 | $56.1B | — | ||
| Q1 25 | $58.8B | — | ||
| Q4 24 | $58.0B | — | ||
| Q3 24 | $60.5B | — | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | — |
股东权益AMZNVSCO
| Q4 25 | $411.1B | $653.0M | ||
| Q3 25 | $369.6B | $680.0M | ||
| Q2 25 | $333.8B | $645.0M | ||
| Q1 25 | $305.9B | $640.0M | ||
| Q4 24 | $286.0B | $429.0M | ||
| Q3 24 | $259.2B | $472.0M | ||
| Q2 24 | $236.4B | $423.0M | ||
| Q1 24 | $216.7B | $417.0M |
总资产AMZNVSCO
| Q4 25 | $818.0B | $5.1B | ||
| Q3 25 | $727.9B | $4.8B | ||
| Q2 25 | $682.2B | $4.6B | ||
| Q1 25 | $643.3B | $4.5B | ||
| Q4 24 | $624.9B | $4.9B | ||
| Q3 24 | $584.6B | $4.6B | ||
| Q2 24 | $554.8B | $4.4B | ||
| Q1 24 | $531.0B | $4.6B |
负债/权益比AMZNVSCO
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.19× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.31× | — |
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 | $54.5B | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $-232.0M |
| 自由现金流率自由现金流/营收 | 7.0% | -15.8% |
| 资本支出强度资本支出/营收 | 18.5% | 3.5% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $7.7B | $309.0M |
8季度趋势，按日历期对齐
经营现金流AMZNVSCO
| Q4 25 | $54.5B | $-180.0M | ||
| Q3 25 | $35.5B | $156.0M | ||
| Q2 25 | $32.5B | $-150.0M | ||
| Q1 25 | $17.0B | $674.0M | ||
| Q4 24 | $45.6B | $-248.0M | ||
| Q3 24 | $26.0B | $115.0M | ||
| Q2 24 | $25.3B | $-116.0M | ||
| Q1 24 | $19.0B | $589.0M |
自由现金流AMZNVSCO
| Q4 25 | $14.9B | $-232.0M | ||
| Q3 25 | $430.0M | $88.0M | ||
| Q2 25 | $332.0M | $-193.0M | ||
| Q1 25 | $-8.0B | $646.0M | ||
| Q4 24 | $17.8B | $-299.0M | ||
| Q3 24 | $3.4B | $55.0M | ||
| Q2 24 | $7.7B | $-155.0M | ||
| Q1 24 | $4.1B | $557.0M |
自由现金流率AMZNVSCO
| Q4 25 | 7.0% | -15.8% | ||
| Q3 25 | 0.2% | 6.0% | ||
| Q2 25 | 0.2% | -14.3% | ||
| Q1 25 | -5.1% | 30.7% | ||
| Q4 24 | 9.5% | -22.2% | ||
| Q3 24 | 2.1% | 3.9% | ||
| Q2 24 | 5.2% | -11.4% | ||
| Q1 24 | 2.8% | 26.7% |
资本支出强度AMZNVSCO
| Q4 25 | 18.5% | 3.5% | ||
| Q3 25 | 19.5% | 4.7% | ||
| Q2 25 | 19.2% | 3.2% | ||
| Q1 25 | 16.1% | 1.3% | ||
| Q4 24 | 14.8% | 3.8% | ||
| Q3 24 | 14.2% | 4.2% | ||
| Q2 24 | 11.9% | 2.9% | ||
| Q1 24 | 10.4% | 1.5% |
现金转化率AMZNVSCO
| Q4 25 | 2.57× | — | ||
| Q3 25 | 1.68× | 9.75× | ||
| Q2 25 | 1.79× | — | ||
| Q1 25 | 0.99× | 3.49× | ||
| Q4 24 | 2.28× | — | ||
| Q3 24 | 1.69× | 3.59× | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 1.82× | 3.27× |
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
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
