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BRUNSWICK CORP（BC）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是BRUNSWICK CORP的1.3倍（$1.7B vs $1.3B），Snap Inc净利率更高（2.6% vs 1.4%，领先1.2%），BRUNSWICK CORP同比增速更快（15.5% vs 10.2%），Snap Inc自由现金流更多（$205.6M vs $83.6M），过去两年Snap Inc的营收复合增速更高（19.9% vs -1.1%）
美国Brunswick公司创立于1845年，专注于多品类产品的研发、生产与营销，旗下拥有知名海事品牌水星海事（Mercury Marine）等多个品牌。目前集团在24个国家拥有超1.3万名员工，2024年销售额达52亿美元，全球总部位于伊利诺伊州芝加哥北郊的梅塔瓦。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
BC vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.3倍
$1.3B
营收增速更快
BC
高出5.3%
10.2%
净利率更高
SNAP
高出1.2%
1.4%
自由现金流更多
SNAP
多$122.0M
$83.6M
两年增速更快
SNAP
近两年复合增速
-1.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $18.7M | $45.2M |
| 毛利率 | 23.1% | 59.1% |
| 营业利润率 | 3.1% | 2.9% |
| 净利率 | 1.4% | 2.6% |
| 营收同比 | 15.5% | 10.2% |
| 净利润同比 | 122.7% | 396.7% |
| 每股收益（稀释后） | $0.32 | $0.03 |
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BCSNAP
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润BCSNAP
| Q4 25 | $18.7M | $45.2M | ||
| Q3 25 | $-235.5M | $-103.5M | ||
| Q2 25 | $59.3M | $-262.6M | ||
| Q1 25 | $20.2M | $-139.6M | ||
| Q4 24 | $-82.5M | $9.1M | ||
| Q3 24 | $44.6M | $-153.2M | ||
| Q2 24 | $100.0M | $-248.6M | ||
| Q1 24 | $68.0M | $-305.1M |
毛利率BCSNAP
| Q4 25 | 23.1% | 59.1% | ||
| Q3 25 | 25.8% | 55.3% | ||
| Q2 25 | 25.5% | 51.4% | ||
| Q1 25 | 24.9% | 53.1% | ||
| Q4 24 | 21.9% | 56.9% | ||
| Q3 24 | 26.2% | 53.5% | ||
| Q2 24 | 27.1% | 52.4% | ||
| Q1 24 | 27.4% | 51.9% |
营业利润率BCSNAP
| Q4 25 | 3.1% | 2.9% | ||
| Q3 25 | -17.8% | -8.5% | ||
| Q2 25 | 7.1% | -19.3% | ||
| Q1 25 | 4.6% | -14.2% | ||
| Q4 24 | -4.8% | -1.7% | ||
| Q3 24 | 7.7% | -12.6% | ||
| Q2 24 | 11.0% | -20.5% | ||
| Q1 24 | 8.1% | -27.9% |
净利率BCSNAP
| Q4 25 | 1.4% | 2.6% | ||
| Q3 25 | -17.3% | -6.9% | ||
| Q2 25 | 4.1% | -19.5% | ||
| Q1 25 | 1.7% | -10.2% | ||
| Q4 24 | -7.1% | 0.6% | ||
| Q3 24 | 3.5% | -11.2% | ||
| Q2 24 | 6.9% | -20.1% | ||
| Q1 24 | 5.0% | -25.5% |
每股收益（稀释后）BCSNAP
| Q4 25 | $0.32 | $0.03 | ||
| Q3 25 | $-3.59 | $-0.06 | ||
| Q2 25 | $0.89 | $-0.16 | ||
| Q1 25 | $0.30 | $-0.08 | ||
| Q4 24 | $-1.21 | $0.01 | ||
| Q3 24 | $0.67 | $-0.09 | ||
| Q2 24 | $1.48 | $-0.15 | ||
| Q1 24 | $0.99 | $-0.19 |
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 | $256.8M | $2.9B |
| 总债务越低越好 | $2.1B | $3.5B |
| 股东权益账面价值 | $1.6B | $2.3B |
| 总资产 | $5.3B | $7.7B |
| 负债/权益比越低杠杆越低 | 1.30× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资BCSNAP
| Q4 25 | $256.8M | $2.9B | ||
| Q3 25 | $297.7M | $3.0B | ||
| Q2 25 | $315.7M | $2.9B | ||
| Q1 25 | $286.7M | $3.2B | ||
| Q4 24 | $269.0M | $3.4B | ||
| Q3 24 | $284.1M | $3.2B | ||
| Q2 24 | $494.5M | $3.1B | ||
| Q1 24 | $548.4M | $2.9B |
总债务BCSNAP
| Q4 25 | $2.1B | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | $2.4B | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益BCSNAP
| Q4 25 | $1.6B | $2.3B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.9B | $2.5B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $2.0B | $2.1B | ||
| Q1 24 | $2.0B | $2.1B |
总资产BCSNAP
| Q4 25 | $5.3B | $7.7B | ||
| Q3 25 | $5.4B | $7.6B | ||
| Q2 25 | $5.8B | $7.4B | ||
| Q1 25 | $5.9B | $7.6B | ||
| Q4 24 | $5.7B | $7.9B | ||
| Q3 24 | $6.0B | $7.6B | ||
| Q2 24 | $6.4B | $7.4B | ||
| Q1 24 | $6.5B | $7.2B |
负债/权益比BCSNAP
| Q4 25 | 1.30× | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | 1.25× | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $132.9M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $83.6M | $205.6M |
| 自由现金流率自由现金流/营收 | 6.3% | 12.0% |
| 资本支出强度资本支出/营收 | 3.7% | 3.7% |
| 现金转化率经营现金流/净利润 | 7.11× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $396.3M | $437.2M |
8季度趋势，按日历期对齐
经营现金流BCSNAP
| Q4 25 | $132.9M | $269.6M | ||
| Q3 25 | $140.4M | $146.5M | ||
| Q2 25 | $316.2M | $88.5M | ||
| Q1 25 | $-27.4M | $151.6M | ||
| Q4 24 | $306.4M | $230.6M | ||
| Q3 24 | $67.4M | $115.9M | ||
| Q2 24 | $211.0M | $-21.4M | ||
| Q1 24 | $-153.4M | $88.4M |
自由现金流BCSNAP
| Q4 25 | $83.6M | $205.6M | ||
| Q3 25 | $106.5M | $93.4M | ||
| Q2 25 | $271.3M | $23.8M | ||
| Q1 25 | $-65.1M | $114.4M | ||
| Q4 24 | $276.1M | $182.4M | ||
| Q3 24 | $31.4M | $71.8M | ||
| Q2 24 | $163.9M | $-73.4M | ||
| Q1 24 | $-207.4M | $37.9M |
自由现金流率BCSNAP
| Q4 25 | 6.3% | 12.0% | ||
| Q3 25 | 7.8% | 6.2% | ||
| Q2 25 | 18.7% | 1.8% | ||
| Q1 25 | -5.3% | 8.4% | ||
| Q4 24 | 23.9% | 11.7% | ||
| Q3 24 | 2.5% | 5.2% | ||
| Q2 24 | 11.4% | -5.9% | ||
| Q1 24 | -15.2% | 3.2% |
资本支出强度BCSNAP
| Q4 25 | 3.7% | 3.7% | ||
| Q3 25 | 2.5% | 3.5% | ||
| Q2 25 | 3.1% | 4.8% | ||
| Q1 25 | 3.1% | 2.7% | ||
| Q4 24 | 2.6% | 3.1% | ||
| Q3 24 | 2.8% | 3.2% | ||
| Q2 24 | 3.3% | 4.2% | ||
| Q1 24 | 4.0% | 4.2% |
现金转化率BCSNAP
| Q4 25 | 7.11× | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.33× | — | ||
| Q1 25 | -1.36× | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 2.11× | — | ||
| Q1 24 | -2.26× | — |
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
BC
| Engine Partsand Accessories | $532.4M | 40% |
| Navico Group | $452.9M | 34% |
| Recreational Fiberglass Boats | $111.6M | 8% |
| Saltwater Fishing Boats | $85.7M | 6% |
| Controls Riggingand Propellers | $78.3M | 6% |
| Business Acceleration | $48.1M | 4% |
| Sterndrive Engine | $32.6M | 2% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
