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安波福（APTV）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
安波福的季度营收约是维多利亚的秘密的3.5倍（$5.2B vs $1.5B）。安波福净利率更高（2.7% vs -2.5%，领先5.2%）。维多利亚的秘密同比增速更快（9.3% vs 5.0%）。安波福自由现金流更多（$651.0M vs $-232.0M）。过去两年安波福的营收复合增速更高（2.5% vs -15.9%）
安波福（Aptiv）是源自美国的全球知名汽车技术供应商，总部设于瑞士沙夫豪森。其前身是通用汽车旗下的零部件业务板块，后独立为德尔福汽车系统，经业务拆分重组后正式成立安波福，服务全球各大整车制造企业。
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。
APTV vs VSCO — 直观对比
营收规模更大
APTV
是对方的3.5倍
$1.5B
营收增速更快
VSCO
高出4.3%
5.0%
净利率更高
APTV
高出5.2%
-2.5%
自由现金流更多
APTV
多$883.0M
$-232.0M
两年增速更快
APTV
近两年复合增速
-15.9%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $5.2B | $1.5B |
| 净利润 | $138.0M | $-37.0M |
| 毛利率 | 18.7% | 36.4% |
| 营业利润率 | 8.2% | -1.3% |
| 净利率 | 2.7% | -2.5% |
| 营收同比 | 5.0% | 9.3% |
| 净利润同比 | -48.5% | 33.9% |
| 每股收益（稀释后） | $0.63 | $-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APTVVSCO
| Q4 25 | $5.2B | $1.5B | ||
| Q3 25 | $5.2B | $1.5B | ||
| Q2 25 | $5.2B | $1.4B | ||
| Q1 25 | $4.8B | $2.1B | ||
| Q4 24 | $4.9B | $1.3B | ||
| Q3 24 | $4.9B | $1.4B | ||
| Q2 24 | $5.1B | $1.4B | ||
| Q1 24 | $4.9B | $2.1B |
净利润APTVVSCO
| Q4 25 | $138.0M | $-37.0M | ||
| Q3 25 | $-355.0M | $16.0M | ||
| Q2 25 | $393.0M | $-2.0M | ||
| Q1 25 | $-11.0M | $193.0M | ||
| Q4 24 | $268.0M | $-56.0M | ||
| Q3 24 | $363.0M | $32.0M | ||
| Q2 24 | $938.0M | $-4.0M | ||
| Q1 24 | $218.0M | $180.0M |
毛利率APTVVSCO
| Q4 25 | 18.7% | 36.4% | ||
| Q3 25 | 19.5% | 35.6% | ||
| Q2 25 | 19.1% | 35.0% | ||
| Q1 25 | 19.1% | 38.6% | ||
| Q4 24 | 19.6% | 34.7% | ||
| Q3 24 | 18.6% | 35.4% | ||
| Q2 24 | 19.2% | 36.9% | ||
| Q1 24 | 17.9% | 39.7% |
营业利润率APTVVSCO
| Q4 25 | 8.2% | -1.3% | ||
| Q3 25 | -3.4% | 2.8% | ||
| Q2 25 | 9.3% | 1.5% | ||
| Q1 25 | 9.3% | 12.8% | ||
| Q4 24 | 9.8% | -3.5% | ||
| Q3 24 | 10.4% | 4.4% | ||
| Q2 24 | 8.7% | 1.9% | ||
| Q1 24 | 8.5% | 12.4% |
净利率APTVVSCO
| Q4 25 | 2.7% | -2.5% | ||
| Q3 25 | -6.8% | 1.1% | ||
| Q2 25 | 7.5% | -0.1% | ||
| Q1 25 | -0.2% | 9.2% | ||
| Q4 24 | 5.5% | -4.2% | ||
| Q3 24 | 7.5% | 2.3% | ||
| Q2 24 | 18.6% | -0.3% | ||
| Q1 24 | 4.4% | 8.6% |
每股收益（稀释后）APTVVSCO
| Q4 25 | $0.63 | $-0.46 | ||
| Q3 25 | $-1.63 | $0.20 | ||
| Q2 25 | $1.80 | $-0.02 | ||
| Q1 25 | $-0.05 | $2.41 | ||
| Q4 24 | $1.22 | $-0.71 | ||
| Q3 24 | $1.48 | $0.40 | ||
| Q2 24 | $3.47 | $-0.05 | ||
| Q1 24 | $0.79 | $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 | $1.9B | $249.0M |
| 总债务越低越好 | $7.5B | — |
| 股东权益账面价值 | $9.2B | $653.0M |
| 总资产 | $23.4B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.81× | — |
8季度趋势，按日历期对齐
现金及短期投资APTVVSCO
| Q4 25 | $1.9B | $249.0M | ||
| Q3 25 | $1.6B | $188.0M | ||
| Q2 25 | $1.4B | $138.0M | ||
| Q1 25 | $1.1B | $227.0M | ||
| Q4 24 | $1.6B | $161.0M | ||
| Q3 24 | $1.8B | $169.0M | ||
| Q2 24 | $2.2B | $105.0M | ||
| Q1 24 | $941.0M | $270.0M |
总债务APTVVSCO
| Q4 25 | $7.5B | — | ||
| Q3 25 | $7.6B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $8.3B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $4.7B | — |
股东权益APTVVSCO
| Q4 25 | $9.2B | $653.0M | ||
| Q3 25 | $9.3B | $680.0M | ||
| Q2 25 | $9.7B | $645.0M | ||
| Q1 25 | $9.0B | $640.0M | ||
| Q4 24 | $8.8B | $429.0M | ||
| Q3 24 | $8.9B | $472.0M | ||
| Q2 24 | $11.5B | $423.0M | ||
| Q1 24 | $11.1B | $417.0M |
总资产APTVVSCO
| Q4 25 | $23.4B | $5.1B | ||
| Q3 25 | $23.5B | $4.8B | ||
| Q2 25 | $23.9B | $4.6B | ||
| Q1 25 | $23.1B | $4.5B | ||
| Q4 24 | $23.5B | $4.9B | ||
| Q3 24 | $24.8B | $4.6B | ||
| Q2 24 | $24.8B | $4.4B | ||
| Q1 24 | $23.6B | $4.6B |
负债/权益比APTVVSCO
| Q4 25 | 0.81× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.85× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 0.48× | — | ||
| Q1 24 | 0.42× | — |
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 | $818.0M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $651.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 12.6% | -15.8% |
| 资本支出强度资本支出/营收 | 3.2% | 3.5% |
| 现金转化率经营现金流/净利润 | 5.93× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $309.0M |
8季度趋势，按日历期对齐
经营现金流APTVVSCO
| Q4 25 | $818.0M | $-180.0M | ||
| Q3 25 | $584.0M | $156.0M | ||
| Q2 25 | $510.0M | $-150.0M | ||
| Q1 25 | $273.0M | $674.0M | ||
| Q4 24 | $1.1B | $-248.0M | ||
| Q3 24 | $499.0M | $115.0M | ||
| Q2 24 | $643.0M | $-116.0M | ||
| Q1 24 | $244.0M | $589.0M |
自由现金流APTVVSCO
| Q4 25 | $651.0M | $-232.0M | ||
| Q3 25 | $441.0M | $88.0M | ||
| Q2 25 | $361.0M | $-193.0M | ||
| Q1 25 | $76.0M | $646.0M | ||
| Q4 24 | $894.0M | $-299.0M | ||
| Q3 24 | $326.0M | $55.0M | ||
| Q2 24 | $417.0M | $-155.0M | ||
| Q1 24 | $-21.0M | $557.0M |
自由现金流率APTVVSCO
| Q4 25 | 12.6% | -15.8% | ||
| Q3 25 | 8.5% | 6.0% | ||
| Q2 25 | 6.9% | -14.3% | ||
| Q1 25 | 1.6% | 30.7% | ||
| Q4 24 | 18.2% | -22.2% | ||
| Q3 24 | 6.7% | 3.9% | ||
| Q2 24 | 8.3% | -11.4% | ||
| Q1 24 | -0.4% | 26.7% |
资本支出强度APTVVSCO
| Q4 25 | 3.2% | 3.5% | ||
| Q3 25 | 2.7% | 4.7% | ||
| Q2 25 | 2.9% | 3.2% | ||
| Q1 25 | 4.1% | 1.3% | ||
| Q4 24 | 3.4% | 3.8% | ||
| Q3 24 | 3.6% | 4.2% | ||
| Q2 24 | 4.5% | 2.9% | ||
| Q1 24 | 5.4% | 1.5% |
现金转化率APTVVSCO
| Q4 25 | 5.93× | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | 3.96× | — | ||
| Q3 24 | 1.37× | 3.59× | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 1.12× | 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
APTV
| Electrical Distribution Systems | $2.3B | 45% |
| Engineered Components Group | $1.4B | 28% |
| Active Safety | $716.0M | 14% |
| User Experience And Other | $564.0M | 11% |
| Smart Vehicle Compute And Software | $154.0M | 3% |
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% |
