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艾仕得（AXTA）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艾仕得的1.2倍（$1.5B vs $1.3B），艾仕得净利率更高（4.8% vs -2.5%，领先7.3%），维多利亚的秘密同比增速更快（9.3% vs -3.7%），艾仕得自由现金流更多（$286.0M vs $-232.0M），过去两年艾仕得的营收复合增速更高（-1.2% vs -15.9%）
艾仕得是源自美国的专业涂料供应商，总部位于宾夕法尼亚州费城，注册地为百慕大。公司主营乘用车、商用车、工业场景及修补用途涂料的研发与生产，业务覆盖全球130个国家，拥有近1.3万名员工，服务超10万家客户。
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。
AXTA vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.2倍
$1.3B
营收增速更快
VSCO
高出13.0%
-3.7%
净利率更高
AXTA
高出7.3%
-2.5%
自由现金流更多
AXTA
多$518.0M
$-232.0M
两年增速更快
AXTA
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $60.0M | $-37.0M |
| 毛利率 | 33.4% | 36.4% |
| 营业利润率 | 12.8% | -1.3% |
| 净利率 | 4.8% | -2.5% |
| 营收同比 | -3.7% | 9.3% |
| 净利润同比 | -56.2% | 33.9% |
| 每股收益（稀释后） | $0.28 | $-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AXTAVSCO
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.3B | $2.1B |
净利润AXTAVSCO
| Q4 25 | $60.0M | $-37.0M | ||
| Q3 25 | $110.0M | $16.0M | ||
| Q2 25 | $109.0M | $-2.0M | ||
| Q1 25 | $99.0M | $193.0M | ||
| Q4 24 | $137.0M | $-56.0M | ||
| Q3 24 | $101.0M | $32.0M | ||
| Q2 24 | $112.0M | $-4.0M | ||
| Q1 24 | $41.0M | $180.0M |
毛利率AXTAVSCO
| Q4 25 | 33.4% | 36.4% | ||
| Q3 25 | 34.9% | 35.6% | ||
| Q2 25 | 35.0% | 35.0% | ||
| Q1 25 | 34.3% | 38.6% | ||
| Q4 24 | 34.1% | 34.7% | ||
| Q3 24 | 35.0% | 35.4% | ||
| Q2 24 | 34.0% | 36.9% | ||
| Q1 24 | 33.2% | 39.7% |
营业利润率AXTAVSCO
| Q4 25 | 12.8% | -1.3% | ||
| Q3 25 | 15.8% | 2.8% | ||
| Q2 25 | 14.8% | 1.5% | ||
| Q1 25 | 13.9% | 12.8% | ||
| Q4 24 | 14.3% | -3.5% | ||
| Q3 24 | 14.6% | 4.4% | ||
| Q2 24 | 15.2% | 1.9% | ||
| Q1 24 | 9.4% | 12.4% |
净利率AXTAVSCO
| Q4 25 | 4.8% | -2.5% | ||
| Q3 25 | 8.5% | 1.1% | ||
| Q2 25 | 8.4% | -0.1% | ||
| Q1 25 | 7.8% | 9.2% | ||
| Q4 24 | 10.5% | -4.2% | ||
| Q3 24 | 7.7% | 2.3% | ||
| Q2 24 | 8.3% | -0.3% | ||
| Q1 24 | 3.2% | 8.6% |
每股收益（稀释后）AXTAVSCO
| Q4 25 | $0.28 | $-0.46 | ||
| Q3 25 | $0.51 | $0.20 | ||
| Q2 25 | $0.50 | $-0.02 | ||
| Q1 25 | $0.45 | $2.41 | ||
| Q4 24 | $0.63 | $-0.71 | ||
| Q3 24 | $0.46 | $0.40 | ||
| Q2 24 | $0.51 | $-0.05 | ||
| Q1 24 | $0.18 | $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 | $657.0M | $249.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.3B | $653.0M |
| 总资产 | $7.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.36× | — |
8季度趋势，按日历期对齐
现金及短期投资AXTAVSCO
| Q4 25 | $657.0M | $249.0M | ||
| Q3 25 | $606.0M | $188.0M | ||
| Q2 25 | $625.0M | $138.0M | ||
| Q1 25 | $575.0M | $227.0M | ||
| Q4 24 | $593.0M | $161.0M | ||
| Q3 24 | $567.0M | $169.0M | ||
| Q2 24 | $840.0M | $105.0M | ||
| Q1 24 | $624.0M | $270.0M |
总债务AXTAVSCO
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.4B | — | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.4B | — |
股东权益AXTAVSCO
| Q4 25 | $2.3B | $653.0M | ||
| Q3 25 | $2.3B | $680.0M | ||
| Q2 25 | $2.3B | $645.0M | ||
| Q1 25 | $2.1B | $640.0M | ||
| Q4 24 | $1.9B | $429.0M | ||
| Q3 24 | $1.9B | $472.0M | ||
| Q2 24 | $1.8B | $423.0M | ||
| Q1 24 | $1.7B | $417.0M |
总资产AXTAVSCO
| Q4 25 | $7.6B | $5.1B | ||
| Q3 25 | $7.8B | $4.8B | ||
| Q2 25 | $7.8B | $4.6B | ||
| Q1 25 | $7.4B | $4.5B | ||
| Q4 24 | $7.2B | $4.9B | ||
| Q3 24 | $7.5B | $4.6B | ||
| Q2 24 | $7.3B | $4.4B | ||
| Q1 24 | $7.1B | $4.6B |
负债/权益比AXTAVSCO
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 1.50× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.84× | — | ||
| Q2 24 | 2.02× | — | ||
| Q1 24 | 1.97× | — |
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 | $344.0M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $286.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 22.7% | -15.8% |
| 资本支出强度资本支出/营收 | 4.6% | 3.5% |
| 现金转化率经营现金流/净利润 | 5.73× | — |
| 过去12个月自由现金流最近4个季度 | $453.0M | $309.0M |
8季度趋势，按日历期对齐
经营现金流AXTAVSCO
| Q4 25 | $344.0M | $-180.0M | ||
| Q3 25 | $137.0M | $156.0M | ||
| Q2 25 | $142.0M | $-150.0M | ||
| Q1 25 | $26.0M | $674.0M | ||
| Q4 24 | $234.0M | $-248.0M | ||
| Q3 24 | $194.0M | $115.0M | ||
| Q2 24 | $114.0M | $-116.0M | ||
| Q1 24 | $34.0M | $589.0M |
自由现金流AXTAVSCO
| Q4 25 | $286.0M | $-232.0M | ||
| Q3 25 | $87.0M | $88.0M | ||
| Q2 25 | $97.0M | $-193.0M | ||
| Q1 25 | $-17.0M | $646.0M | ||
| Q4 24 | $172.0M | $-299.0M | ||
| Q3 24 | $161.0M | $55.0M | ||
| Q2 24 | $91.0M | $-155.0M | ||
| Q1 24 | $12.0M | $557.0M |
自由现金流率AXTAVSCO
| Q4 25 | 22.7% | -15.8% | ||
| Q3 25 | 6.8% | 6.0% | ||
| Q2 25 | 7.4% | -14.3% | ||
| Q1 25 | -1.3% | 30.7% | ||
| Q4 24 | 13.1% | -22.2% | ||
| Q3 24 | 12.2% | 3.9% | ||
| Q2 24 | 6.7% | -11.4% | ||
| Q1 24 | 0.9% | 26.7% |
资本支出强度AXTAVSCO
| Q4 25 | 4.6% | 3.5% | ||
| Q3 25 | 3.9% | 4.7% | ||
| Q2 25 | 3.4% | 3.2% | ||
| Q1 25 | 3.4% | 1.3% | ||
| Q4 24 | 4.7% | 3.8% | ||
| Q3 24 | 2.5% | 4.2% | ||
| Q2 24 | 1.7% | 2.9% | ||
| Q1 24 | 1.7% | 1.5% |
现金转化率AXTAVSCO
| Q4 25 | 5.73× | — | ||
| Q3 25 | 1.25× | 9.75× | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 0.26× | 3.49× | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 1.92× | 3.59× | ||
| Q2 24 | 1.02× | — | ||
| Q1 24 | 0.83× | 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
AXTA
| Refinish | $509.0M | 40% |
| Light Vehicle | $372.0M | 29% |
| Industrial | $282.0M | 22% |
| Commercial Vehicle | $99.0M | 8% |
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% |
