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Axon Enterprise（AXON）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是Axon Enterprise的1.1倍（$883.8M vs $796.7M），RH净利率更高（4.1% vs 0.3%，领先3.8%），Axon Enterprise同比增速更快（38.9% vs 8.9%），Axon Enterprise自由现金流更多（$155.4M vs $83.0M），过去两年Axon Enterprise的营收复合增速更高（31.5% vs 9.4%）
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
AXON vs RH — 直观对比
营收规模更大
RH
是对方的1.1倍
$796.7M
营收增速更快
AXON
高出30.1%
8.9%
净利率更高
RH
高出3.8%
0.3%
自由现金流更多
AXON
多$72.4M
$83.0M
两年增速更快
AXON
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $796.7M | $883.8M |
| 净利润 | $2.7M | $36.3M |
| 毛利率 | 57.9% | 44.1% |
| 营业利润率 | -6.3% | 12.0% |
| 净利率 | 0.3% | 4.1% |
| 营收同比 | 38.9% | 8.9% |
| 净利润同比 | -98.0% | 9.3% |
| 每股收益（稀释后） | $0.02 | $1.83 |
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AXONRH
| Q4 25 | $796.7M | $883.8M | ||
| Q3 25 | $710.6M | $899.2M | ||
| Q2 25 | $668.5M | $814.0M | ||
| Q1 25 | $603.6M | $812.4M | ||
| Q4 24 | $573.4M | $811.7M | ||
| Q3 24 | $544.3M | $829.7M | ||
| Q2 24 | $504.1M | $727.0M | ||
| Q1 24 | $460.7M | $738.3M |
净利润AXONRH
| Q4 25 | $2.7M | $36.3M | ||
| Q3 25 | $-2.2M | $51.7M | ||
| Q2 25 | $36.1M | $8.0M | ||
| Q1 25 | $88.0M | $13.9M | ||
| Q4 24 | $136.0M | $33.2M | ||
| Q3 24 | $67.0M | $29.0M | ||
| Q2 24 | $40.8M | $-3.6M | ||
| Q1 24 | $133.2M | $11.4M |
毛利率AXONRH
| Q4 25 | 57.9% | 44.1% | ||
| Q3 25 | 60.1% | 45.5% | ||
| Q2 25 | 60.4% | 43.7% | ||
| Q1 25 | 60.6% | 44.7% | ||
| Q4 24 | 60.5% | 44.5% | ||
| Q3 24 | 60.8% | 45.2% | ||
| Q2 24 | 60.3% | 43.5% | ||
| Q1 24 | 56.4% | 43.5% |
营业利润率AXONRH
| Q4 25 | -6.3% | 12.0% | ||
| Q3 25 | -0.3% | 14.3% | ||
| Q2 25 | -0.2% | 6.9% | ||
| Q1 25 | -1.5% | 8.7% | ||
| Q4 24 | -2.6% | 12.5% | ||
| Q3 24 | 4.4% | 11.6% | ||
| Q2 24 | 6.5% | 7.5% | ||
| Q1 24 | 3.5% | 8.7% |
净利率AXONRH
| Q4 25 | 0.3% | 4.1% | ||
| Q3 25 | -0.3% | 5.8% | ||
| Q2 25 | 5.4% | 1.0% | ||
| Q1 25 | 14.6% | 1.7% | ||
| Q4 24 | 23.7% | 4.1% | ||
| Q3 24 | 12.3% | 3.5% | ||
| Q2 24 | 8.1% | -0.5% | ||
| Q1 24 | 28.9% | 1.5% |
每股收益（稀释后）AXONRH
| Q4 25 | $0.02 | $1.83 | ||
| Q3 25 | $-0.03 | $2.62 | ||
| Q2 25 | $0.44 | $0.40 | ||
| Q1 25 | $1.08 | $0.71 | ||
| Q4 24 | $1.68 | $1.66 | ||
| Q3 24 | $0.86 | $1.45 | ||
| Q2 24 | $0.53 | $-0.20 | ||
| Q1 24 | $1.73 | $0.91 |
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 | $1.7B | $43.1M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $3.2B | $3.3M |
| 总资产 | $7.0B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资AXONRH
| Q4 25 | $1.7B | $43.1M | ||
| Q3 25 | $2.4B | $34.6M | ||
| Q2 25 | $2.1B | $46.1M | ||
| Q1 25 | $2.2B | $30.4M | ||
| Q4 24 | $788.1M | $87.0M | ||
| Q3 24 | $1.0B | $78.3M | ||
| Q2 24 | $968.9M | $101.8M | ||
| Q1 24 | $964.1M | $123.7M |
总债务AXONRH
| Q4 25 | $1.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AXONRH
| Q4 25 | $3.2B | $3.3M | ||
| Q3 25 | $3.0B | $-40.9M | ||
| Q2 25 | $2.7B | $-110.8M | ||
| Q1 25 | $2.6B | $-163.6M | ||
| Q4 24 | $2.3B | $-183.0M | ||
| Q3 24 | $2.1B | $-234.7M | ||
| Q2 24 | $1.9B | $-289.9M | ||
| Q1 24 | $1.8B | $-297.4M |
总资产AXONRH
| Q4 25 | $7.0B | $4.8B | ||
| Q3 25 | $6.7B | $4.7B | ||
| Q2 25 | $6.2B | $4.7B | ||
| Q1 25 | $6.1B | $4.6B | ||
| Q4 24 | $4.5B | $4.5B | ||
| Q3 24 | $4.0B | $4.4B | ||
| Q2 24 | $3.7B | $4.2B | ||
| Q1 24 | $3.6B | $4.1B |
负债/权益比AXONRH
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $217.2M | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $155.4M | $83.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 9.4% |
| 资本支出强度资本支出/营收 | 7.8% | 5.5% |
| 现金转化率经营现金流/净利润 | 79.14× | 3.64× |
| 过去12个月自由现金流最近4个季度 | $75.1M | $128.1M |
8季度趋势，按日历期对齐
经营现金流AXONRH
| Q4 25 | $217.2M | $131.9M | ||
| Q3 25 | $60.0M | $137.7M | ||
| Q2 25 | $-91.7M | $86.6M | ||
| Q1 25 | $25.8M | $-18.8M | ||
| Q4 24 | $250.2M | $-31.4M | ||
| Q3 24 | $91.3M | $11.2M | ||
| Q2 24 | $82.8M | $56.1M | ||
| Q1 24 | $-15.9M | $-114.0M |
自由现金流AXONRH
| Q4 25 | $155.4M | $83.0M | ||
| Q3 25 | $33.4M | $80.7M | ||
| Q2 25 | $-114.7M | $34.1M | ||
| Q1 25 | $932.0K | $-69.7M | ||
| Q4 24 | $225.4M | $-96.0M | ||
| Q3 24 | $64.8M | $-37.9M | ||
| Q2 24 | $71.4M | $-10.1M | ||
| Q1 24 | $-32.1M | $-251.5M |
自由现金流率AXONRH
| Q4 25 | 19.5% | 9.4% | ||
| Q3 25 | 4.7% | 9.0% | ||
| Q2 25 | -17.2% | 4.2% | ||
| Q1 25 | 0.2% | -8.6% | ||
| Q4 24 | 39.3% | -11.8% | ||
| Q3 24 | 11.9% | -4.6% | ||
| Q2 24 | 14.2% | -1.4% | ||
| Q1 24 | -7.0% | -34.1% |
资本支出强度AXONRH
| Q4 25 | 7.8% | 5.5% | ||
| Q3 25 | 3.7% | 6.3% | ||
| Q2 25 | 3.4% | 6.5% | ||
| Q1 25 | 4.1% | 6.3% | ||
| Q4 24 | 4.3% | 8.0% | ||
| Q3 24 | 4.9% | 5.9% | ||
| Q2 24 | 2.2% | 9.1% | ||
| Q1 24 | 3.5% | 18.6% |
现金转化率AXONRH
| Q4 25 | 79.14× | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | -2.54× | 10.78× | ||
| Q1 25 | 0.29× | -1.35× | ||
| Q4 24 | 1.84× | -0.95× | ||
| Q3 24 | 1.36× | 0.39× | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | -0.12× | -10.01× |
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
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
