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Bath & Body Works, Inc.（BBWI）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Bath & Body Works, Inc.的1.1倍（$1.8B vs $1.6B），美泰净利率更高（6.0% vs 4.8%，领先1.2%），美泰同比增速更快（7.3% vs -1.0%），过去两年美泰的营收复合增速更高（47.7% vs -26.0%）
Bath & Body Works, Inc.是总部位于美国俄亥俄州哥伦布市的特色零售企业，旗下拥有同名身体护理及家居香氛零售品牌Bath & Body Works，2023年营收达74亿美元，在2024年《财富》美国500强榜单中位列第481位。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
BBWI vs MAT — 直观对比
营收规模更大
MAT
是对方的1.1倍
$1.6B
营收增速更快
MAT
高出8.3%
-1.0%
净利率更高
MAT
高出1.2%
4.8%
两年增速更快
MAT
近两年复合增速
-26.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.8B |
| 净利润 | $77.0M | $106.2M |
| 毛利率 | 41.3% | 45.9% |
| 营业利润率 | 10.1% | 8.0% |
| 净利率 | 4.8% | 6.0% |
| 营收同比 | -1.0% | 7.3% |
| 净利润同比 | -27.4% | -24.6% |
| 每股收益（稀释后） | $0.37 | $0.32 |
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BBWIMAT
| Q4 25 | $1.6B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $2.8B | $826.6M | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $2.9B | $809.5M |
净利润BBWIMAT
| Q4 25 | $77.0M | $106.2M | ||
| Q3 25 | $64.0M | $278.4M | ||
| Q2 25 | $105.0M | $53.4M | ||
| Q1 25 | $453.0M | $-40.3M | ||
| Q4 24 | $106.0M | $140.9M | ||
| Q3 24 | $152.0M | $372.4M | ||
| Q2 24 | $87.0M | $56.9M | ||
| Q1 24 | $579.0M | $-28.3M |
毛利率BBWIMAT
| Q4 25 | 41.3% | 45.9% | ||
| Q3 25 | 41.3% | 50.0% | ||
| Q2 25 | 45.4% | 50.9% | ||
| Q1 25 | 46.7% | 49.4% | ||
| Q4 24 | 43.5% | 50.7% | ||
| Q3 24 | 41.0% | 53.1% | ||
| Q2 24 | 43.8% | 49.2% | ||
| Q1 24 | 45.9% | 48.0% |
营业利润率BBWIMAT
| Q4 25 | 10.1% | 8.0% | ||
| Q3 25 | 10.1% | 21.9% | ||
| Q2 25 | 14.7% | 7.7% | ||
| Q1 25 | 24.3% | -6.4% | ||
| Q4 24 | 13.5% | 9.6% | ||
| Q3 24 | 12.0% | 26.5% | ||
| Q2 24 | 13.5% | 7.7% | ||
| Q1 24 | 23.9% | -4.4% |
净利率BBWIMAT
| Q4 25 | 4.8% | 6.0% | ||
| Q3 25 | 4.1% | 16.0% | ||
| Q2 25 | 7.4% | 5.2% | ||
| Q1 25 | 16.3% | -4.9% | ||
| Q4 24 | 6.6% | 8.6% | ||
| Q3 24 | 10.0% | 20.2% | ||
| Q2 24 | 6.3% | 5.3% | ||
| Q1 24 | 19.9% | -3.5% |
每股收益（稀释后）BBWIMAT
| Q4 25 | $0.37 | $0.32 | ||
| Q3 25 | $0.30 | $0.88 | ||
| Q2 25 | $0.49 | $0.16 | ||
| Q1 25 | $2.06 | $-0.12 | ||
| Q4 24 | $0.49 | $0.40 | ||
| Q3 24 | $0.68 | $1.09 | ||
| Q2 24 | $0.38 | $0.17 | ||
| Q1 24 | $2.54 | $-0.08 |
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 | $236.0M | $1.2B |
| 总债务越低越好 | $3.9B | $2.3B |
| 股东权益账面价值 | $-1.6B | $2.2B |
| 总资产 | $5.0B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资BBWIMAT
| Q4 25 | $236.0M | $1.2B | ||
| Q3 25 | $364.0M | $691.9M | ||
| Q2 25 | $636.0M | $870.5M | ||
| Q1 25 | $674.0M | $1.2B | ||
| Q4 24 | $191.0M | $1.4B | ||
| Q3 24 | $514.0M | $723.5M | ||
| Q2 24 | $855.0M | $722.4M | ||
| Q1 24 | $1.1B | $1.1B |
总债务BBWIMAT
| Q4 25 | $3.9B | $2.3B | ||
| Q3 25 | $3.9B | $2.3B | ||
| Q2 25 | $3.9B | $2.3B | ||
| Q1 25 | $3.9B | $2.3B | ||
| Q4 24 | $4.2B | $2.3B | ||
| Q3 24 | $4.2B | $2.3B | ||
| Q2 24 | $4.3B | $2.3B | ||
| Q1 24 | $4.4B | $2.3B |
股东权益BBWIMAT
| Q4 25 | $-1.6B | $2.2B | ||
| Q3 25 | $-1.5B | $2.3B | ||
| Q2 25 | $-1.5B | $2.2B | ||
| Q1 25 | $-1.4B | $2.1B | ||
| Q4 24 | $-1.7B | $2.3B | ||
| Q3 24 | $-1.7B | $2.3B | ||
| Q2 24 | $-1.7B | $2.0B | ||
| Q1 24 | $-1.6B | $2.0B |
总资产BBWIMAT
| Q4 25 | $5.0B | $6.6B | ||
| Q3 25 | $4.8B | $6.6B | ||
| Q2 25 | $4.9B | $6.2B | ||
| Q1 25 | $4.9B | $6.2B | ||
| Q4 24 | $5.0B | $6.5B | ||
| Q3 24 | $4.9B | $6.5B | ||
| Q2 24 | $5.2B | $5.9B | ||
| Q1 24 | $5.5B | $6.1B |
负债/权益比BBWIMAT
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.15× |
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 | $80.0M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $-1.0M | — |
| 自由现金流率自由现金流/营收 | -0.1% | — |
| 资本支出强度资本支出/营收 | 5.1% | — |
| 现金转化率经营现金流/净利润 | 1.04× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $946.0M | — |
8季度趋势，按日历期对齐
经营现金流BBWIMAT
| Q4 25 | $80.0M | $796.6M | ||
| Q3 25 | $-43.0M | $72.0M | ||
| Q2 25 | $188.0M | $-300.1M | ||
| Q1 25 | $955.0M | $24.8M | ||
| Q4 24 | $-99.0M | $862.1M | ||
| Q3 24 | $-46.0M | $155.8M | ||
| Q2 24 | $76.0M | $-252.9M | ||
| Q1 24 | $926.0M | $35.5M |
自由现金流BBWIMAT
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-99.0M | — | ||
| Q2 25 | $151.0M | — | ||
| Q1 25 | $895.0M | — | ||
| Q4 24 | $-164.0M | — | ||
| Q3 24 | $-101.0M | — | ||
| Q2 24 | $30.0M | — | ||
| Q1 24 | $878.0M | — |
自由现金流率BBWIMAT
| Q4 25 | -0.1% | — | ||
| Q3 25 | -6.4% | — | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 32.1% | — | ||
| Q4 24 | -10.2% | — | ||
| Q3 24 | -6.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 30.2% | — |
资本支出强度BBWIMAT
| Q4 25 | 5.1% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 1.6% | — |
现金转化率BBWIMAT
| Q4 25 | 1.04× | 7.50× | ||
| Q3 25 | -0.67× | 0.26× | ||
| Q2 25 | 1.79× | -5.62× | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | -0.93× | 6.12× | ||
| Q3 24 | -0.30× | 0.42× | ||
| Q2 24 | 0.87× | -4.45× | ||
| Q1 24 | 1.60× | — |
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
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
