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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）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
维多利亚的秘密的季度营收约是AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.1倍（$1.5B vs $1.4B），维多利亚的秘密净利率更高（-2.5% vs -5.4%，领先2.9%），维多利亚的秘密同比增速更快（9.3% vs 0.2%），AMERICAN AXLE & MANUFACTURING HOLDINGS INC自由现金流更多（$54.7M vs $-232.0M），过去两年AMERICAN AXLE & MANUFACTURING HOLDINGS INC的营收复合增速更高（-7.2% vs -15.9%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.1倍
$1.4B
营收增速更快
VSCO
高出9.1%
0.2%
净利率更高
VSCO
高出2.9%
-5.4%
自由现金流更多
AXL
多$286.7M
$-232.0M
两年增速更快
AXL
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.5B |
| 净利润 | $-75.3M | $-37.0M |
| 毛利率 | 10.2% | 36.4% |
| 营业利润率 | -2.4% | -1.3% |
| 净利率 | -5.4% | -2.5% |
| 营收同比 | 0.2% | 9.3% |
| 净利润同比 | -449.6% | 33.9% |
| 每股收益（稀释后） | $-0.62 | $-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AXLVSCO
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.6B | $1.4B | ||
| Q1 24 | $1.6B | $2.1B |
净利润AXLVSCO
| Q4 25 | $-75.3M | $-37.0M | ||
| Q3 25 | $9.2M | $16.0M | ||
| Q2 25 | $39.3M | $-2.0M | ||
| Q1 25 | $7.1M | $193.0M | ||
| Q4 24 | $-13.7M | $-56.0M | ||
| Q3 24 | $10.0M | $32.0M | ||
| Q2 24 | $18.2M | $-4.0M | ||
| Q1 24 | $20.5M | $180.0M |
毛利率AXLVSCO
| Q4 25 | 10.2% | 36.4% | ||
| Q3 25 | 12.6% | 35.6% | ||
| Q2 25 | 13.1% | 35.0% | ||
| Q1 25 | 12.3% | 38.6% | ||
| Q4 24 | 11.2% | 34.7% | ||
| Q3 24 | 11.4% | 35.4% | ||
| Q2 24 | 13.3% | 36.9% | ||
| Q1 24 | 12.4% | 39.7% |
营业利润率AXLVSCO
| Q4 25 | -2.4% | -1.3% | ||
| Q3 25 | 3.2% | 2.8% | ||
| Q2 25 | 3.6% | 1.5% | ||
| Q1 25 | 3.0% | 12.8% | ||
| Q4 24 | 2.6% | -3.5% | ||
| Q3 24 | 2.8% | 4.4% | ||
| Q2 24 | 5.3% | 1.9% | ||
| Q1 24 | 4.8% | 12.4% |
净利率AXLVSCO
| Q4 25 | -5.4% | -2.5% | ||
| Q3 25 | 0.6% | 1.1% | ||
| Q2 25 | 2.6% | -0.1% | ||
| Q1 25 | 0.5% | 9.2% | ||
| Q4 24 | -1.0% | -4.2% | ||
| Q3 24 | 0.7% | 2.3% | ||
| Q2 24 | 1.1% | -0.3% | ||
| Q1 24 | 1.3% | 8.6% |
每股收益（稀释后）AXLVSCO
| Q4 25 | $-0.62 | $-0.46 | ||
| Q3 25 | $0.07 | $0.20 | ||
| Q2 25 | $0.32 | $-0.02 | ||
| Q1 25 | $0.06 | $2.41 | ||
| Q4 24 | $-0.11 | $-0.71 | ||
| Q3 24 | $0.08 | $0.40 | ||
| Q2 24 | $0.15 | $-0.05 | ||
| Q1 24 | $0.17 | $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 | $708.9M | $249.0M |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $640.0M | $653.0M |
| 总资产 | $6.7B | $5.1B |
| 负债/权益比越低杠杆越低 | 6.31× | — |
8季度趋势，按日历期对齐
现金及短期投资AXLVSCO
| Q4 25 | $708.9M | $249.0M | ||
| Q3 25 | $714.1M | $188.0M | ||
| Q2 25 | $586.5M | $138.0M | ||
| Q1 25 | $549.2M | $227.0M | ||
| Q4 24 | $552.9M | $161.0M | ||
| Q3 24 | $542.5M | $169.0M | ||
| Q2 24 | $519.9M | $105.0M | ||
| Q1 24 | $469.8M | $270.0M |
总债务AXLVSCO
| Q4 25 | $4.0B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益AXLVSCO
| Q4 25 | $640.0M | $653.0M | ||
| Q3 25 | $718.4M | $680.0M | ||
| Q2 25 | $673.0M | $645.0M | ||
| Q1 25 | $596.3M | $640.0M | ||
| Q4 24 | $562.8M | $429.0M | ||
| Q3 24 | $616.3M | $472.0M | ||
| Q2 24 | $609.6M | $423.0M | ||
| Q1 24 | $621.4M | $417.0M |
总资产AXLVSCO
| Q4 25 | $6.7B | $5.1B | ||
| Q3 25 | $5.3B | $4.8B | ||
| Q2 25 | $5.3B | $4.6B | ||
| Q1 25 | $5.1B | $4.5B | ||
| Q4 24 | $5.1B | $4.9B | ||
| Q3 24 | $5.3B | $4.6B | ||
| Q2 24 | $5.3B | $4.4B | ||
| Q1 24 | $5.4B | $4.6B |
负债/权益比AXLVSCO
| Q4 25 | 6.31× | — | ||
| Q3 25 | 3.61× | — | ||
| Q2 25 | 3.86× | — | ||
| Q1 25 | 4.38× | — | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 4.42× | — | ||
| Q1 24 | 4.40× | — |
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 | $120.5M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $-232.0M |
| 自由现金流率自由现金流/营收 | 4.0% | -15.8% |
| 资本支出强度资本支出/营收 | 4.8% | 3.5% |
| 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 | $155.1M | $309.0M |
8季度趋势，按日历期对齐
经营现金流AXLVSCO
| Q4 25 | $120.5M | $-180.0M | ||
| Q3 25 | $143.3M | $156.0M | ||
| Q2 25 | $91.9M | $-150.0M | ||
| Q1 25 | $55.9M | $674.0M | ||
| Q4 24 | $151.2M | $-248.0M | ||
| Q3 24 | $143.6M | $115.0M | ||
| Q2 24 | $142.8M | $-116.0M | ||
| Q1 24 | $17.8M | $589.0M |
自由现金流AXLVSCO
| Q4 25 | $54.7M | $-232.0M | ||
| Q3 25 | $79.2M | $88.0M | ||
| Q2 25 | $34.6M | $-193.0M | ||
| Q1 25 | $-13.4M | $646.0M | ||
| Q4 24 | $73.2M | $-299.0M | ||
| Q3 24 | $70.4M | $55.0M | ||
| Q2 24 | $94.0M | $-155.0M | ||
| Q1 24 | $-30.2M | $557.0M |
自由现金流率AXLVSCO
| Q4 25 | 4.0% | -15.8% | ||
| Q3 25 | 5.3% | 6.0% | ||
| Q2 25 | 2.3% | -14.3% | ||
| Q1 25 | -0.9% | 30.7% | ||
| Q4 24 | 5.3% | -22.2% | ||
| Q3 24 | 4.7% | 3.9% | ||
| Q2 24 | 5.8% | -11.4% | ||
| Q1 24 | -1.9% | 26.7% |
资本支出强度AXLVSCO
| Q4 25 | 4.8% | 3.5% | ||
| Q3 25 | 4.3% | 4.7% | ||
| Q2 25 | 3.7% | 3.2% | ||
| Q1 25 | 4.9% | 1.3% | ||
| Q4 24 | 5.6% | 3.8% | ||
| Q3 24 | 4.9% | 4.2% | ||
| Q2 24 | 3.0% | 2.9% | ||
| Q1 24 | 3.0% | 1.5% |
现金转化率AXLVSCO
| Q4 25 | — | — | ||
| Q3 25 | 15.58× | 9.75× | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 7.87× | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | 14.36× | 3.59× | ||
| Q2 24 | 7.85× | — | ||
| Q1 24 | 0.87× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
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% |
