vs
Arhaus, Inc.（ARHS）与CarMax（KMX）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是Arhaus, Inc.的15.9倍（$5.8B vs $364.8M）。Arhaus, Inc.净利率更高（4.1% vs 1.1%，领先3.1%）。Arhaus, Inc.同比增速更快（5.1% vs -6.9%）。CarMax自由现金流更多（$1.1B vs $-8.8M）。过去两年Arhaus, Inc.的营收复合增速更高（11.2% vs 1.5%）
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
ARHS vs KMX — 直观对比
营收规模更大
KMX
是对方的15.9倍
$364.8M
营收增速更快
ARHS
高出12.0%
-6.9%
净利率更高
ARHS
高出3.1%
1.1%
自由现金流更多
KMX
多$1.1B
$-8.8M
两年增速更快
ARHS
近两年复合增速
1.5%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $364.8M | $5.8B |
| 净利润 | $15.1M | $62.2M |
| 毛利率 | 38.1% | 10.2% |
| 营业利润率 | 5.6% | — |
| 净利率 | 4.1% | 1.1% |
| 营收同比 | 5.1% | -6.9% |
| 净利润同比 | -29.1% | -50.4% |
| 每股收益（稀释后） | $0.11 | $0.43 |
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ARHSKMX
| Q4 25 | $364.8M | $5.8B | ||
| Q3 25 | $344.6M | $6.6B | ||
| Q2 25 | $358.4M | $7.5B | ||
| Q1 25 | $311.4M | $6.0B | ||
| Q4 24 | $347.0M | $6.2B | ||
| Q3 24 | $319.1M | $7.0B | ||
| Q2 24 | $309.8M | $7.1B | ||
| Q1 24 | $295.2M | $5.6B |
净利润ARHSKMX
| Q4 25 | $15.1M | $62.2M | ||
| Q3 25 | $12.2M | $95.4M | ||
| Q2 25 | $35.1M | $210.4M | ||
| Q1 25 | $4.9M | $89.9M | ||
| Q4 24 | $21.3M | $125.4M | ||
| Q3 24 | $9.9M | $132.8M | ||
| Q2 24 | $22.2M | $152.4M | ||
| Q1 24 | $15.1M | $50.3M |
毛利率ARHSKMX
| Q4 25 | 38.1% | 10.2% | ||
| Q3 25 | 38.7% | 10.9% | ||
| Q2 25 | 41.4% | 11.8% | ||
| Q1 25 | 37.1% | 11.1% | ||
| Q4 24 | 40.0% | 10.9% | ||
| Q3 24 | 38.6% | 10.8% | ||
| Q2 24 | 40.1% | 11.1% | ||
| Q1 24 | 39.0% | 10.4% |
营业利润率ARHSKMX
| Q4 25 | 5.6% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 1.7% | 2.0% | ||
| Q4 24 | 8.2% | 2.7% | ||
| Q3 24 | 3.3% | 2.5% | ||
| Q2 24 | 9.5% | 2.9% | ||
| Q1 24 | 6.2% | 1.2% |
净利率ARHSKMX
| Q4 25 | 4.1% | 1.1% | ||
| Q3 25 | 3.5% | 1.4% | ||
| Q2 25 | 9.8% | 2.8% | ||
| Q1 25 | 1.6% | 1.5% | ||
| Q4 24 | 6.1% | 2.0% | ||
| Q3 24 | 3.1% | 1.9% | ||
| Q2 24 | 7.2% | 2.1% | ||
| Q1 24 | 5.1% | 0.9% |
每股收益（稀释后）ARHSKMX
| Q4 25 | $0.11 | $0.43 | ||
| Q3 25 | $0.09 | $0.64 | ||
| Q2 25 | $0.25 | $1.38 | ||
| Q1 25 | $0.03 | $0.58 | ||
| Q4 24 | $0.15 | $0.81 | ||
| Q3 24 | $0.07 | $0.85 | ||
| Q2 24 | $0.16 | $0.97 | ||
| Q1 24 | $0.11 | $0.31 |
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 | $253.4M | $204.9M |
| 总债务越低越好 | — | $16.6B |
| 股东权益账面价值 | $418.2M | $6.1B |
| 总资产 | $1.4B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 2.74× |
8季度趋势，按日历期对齐
现金及短期投资ARHSKMX
| Q4 25 | $253.4M | $204.9M | ||
| Q3 25 | $262.2M | $540.4M | ||
| Q2 25 | $234.8M | $262.8M | ||
| Q1 25 | $214.4M | $247.0M | ||
| Q4 24 | $197.5M | $271.9M | ||
| Q3 24 | $177.7M | $524.7M | ||
| Q2 24 | $174.2M | $218.9M | ||
| Q1 24 | $233.2M | $574.1M |
总债务ARHSKMX
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
股东权益ARHSKMX
| Q4 25 | $418.2M | $6.1B | ||
| Q3 25 | $400.4M | $6.2B | ||
| Q2 25 | $385.6M | $6.3B | ||
| Q1 25 | $348.8M | $6.2B | ||
| Q4 24 | $343.7M | $6.2B | ||
| Q3 24 | $320.6M | $6.2B | ||
| Q2 24 | $309.3M | $6.2B | ||
| Q1 24 | $285.6M | $6.1B |
总资产ARHSKMX
| Q4 25 | $1.4B | $25.6B | ||
| Q3 25 | $1.4B | $27.1B | ||
| Q2 25 | $1.3B | $27.4B | ||
| Q1 25 | $1.3B | $27.4B | ||
| Q4 24 | $1.2B | $27.3B | ||
| Q3 24 | $1.2B | $27.3B | ||
| Q2 24 | $1.2B | $27.2B | ||
| Q1 24 | $1.2B | $27.2B |
负债/权益比ARHSKMX
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $9.3M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $-8.8M | $1.1B |
| 自由现金流率自由现金流/营收 | -2.4% | 19.2% |
| 资本支出强度资本支出/营收 | 5.0% | 2.4% |
| 现金转化率经营现金流/净利润 | 0.62× | 20.14× |
| 过去12个月自由现金流最近4个季度 | $59.0M | $1.9B |
8季度趋势，按日历期对齐
经营现金流ARHSKMX
| Q4 25 | $9.3M | $1.3B | ||
| Q3 25 | $46.1M | $785.5M | ||
| Q2 25 | $34.9M | $299.5M | ||
| Q1 25 | $46.5M | $146.4M | ||
| Q4 24 | $31.7M | $-23.4M | ||
| Q3 24 | $31.1M | $619.1M | ||
| Q2 24 | $47.5M | $-117.7M | ||
| Q1 24 | $36.8M | $309.6M |
自由现金流ARHSKMX
| Q4 25 | $-8.8M | $1.1B | ||
| Q3 25 | $28.0M | $654.0M | ||
| Q2 25 | $20.9M | $162.8M | ||
| Q1 25 | $18.9M | $18.8M | ||
| Q4 24 | $13.0M | $-150.6M | ||
| Q3 24 | $4.6M | $509.9M | ||
| Q2 24 | $11.3M | $-221.6M | ||
| Q1 24 | $10.9M | $199.8M |
自由现金流率ARHSKMX
| Q4 25 | -2.4% | 19.2% | ||
| Q3 25 | 8.1% | 9.9% | ||
| Q2 25 | 5.8% | 2.2% | ||
| Q1 25 | 6.1% | 0.3% | ||
| Q4 24 | 3.7% | -2.4% | ||
| Q3 24 | 1.4% | 7.3% | ||
| Q2 24 | 3.6% | -3.1% | ||
| Q1 24 | 3.7% | 3.6% |
资本支出强度ARHSKMX
| Q4 25 | 5.0% | 2.4% | ||
| Q3 25 | 5.3% | 2.0% | ||
| Q2 25 | 3.9% | 1.8% | ||
| Q1 25 | 8.9% | 2.1% | ||
| Q4 24 | 5.4% | 2.0% | ||
| Q3 24 | 8.3% | 1.6% | ||
| Q2 24 | 11.7% | 1.5% | ||
| Q1 24 | 8.8% | 2.0% |
现金转化率ARHSKMX
| Q4 25 | 0.62× | 20.14× | ||
| Q3 25 | 3.77× | 8.24× | ||
| Q2 25 | 1.00× | 1.42× | ||
| Q1 25 | 9.53× | 1.63× | ||
| Q4 24 | 1.49× | -0.19× | ||
| Q3 24 | 3.14× | 4.66× | ||
| Q2 24 | 2.14× | -0.77× | ||
| Q1 24 | 2.44× | 6.16× |
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
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
