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BJ's Wholesale Club Holdings, Inc.（BJ）与西南航空（LUV）财务数据对比。点击上方公司名可切换其他公司
西南航空的季度营收约是BJ's Wholesale Club Holdings, Inc.的1.4倍（$7.2B vs $5.3B），西南航空净利率更高（3.1% vs 2.8%，领先0.3%），西南航空同比增速更快（12.8% vs 4.9%），过去两年BJ's Wholesale Club Holdings, Inc.的营收复合增速更高（-0.1% vs -0.7%）
BJ's Wholesale Club Holdings是美国区域型会员制仓储连锁商超，总部位于马萨诸塞州马尔伯勒，业务覆盖美国东部地区及俄亥俄、密歇根、肯塔基州路易斯维尔、印第安纳、田纳西、佛罗里达、阿拉巴马等地，主要竞争对手为好市多和山姆会员店。
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
BJ vs LUV — 直观对比
营收规模更大
LUV
是对方的1.4倍
$5.3B
营收增速更快
LUV
高出7.9%
4.9%
净利率更高
LUV
高出0.3%
2.8%
两年增速更快
BJ
近两年复合增速
-0.7%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $7.2B |
| 净利润 | $152.1M | $227.0M |
| 毛利率 | 19.0% | — |
| 营业利润率 | 4.1% | — |
| 净利率 | 2.8% | 3.1% |
| 营收同比 | 4.9% | 12.8% |
| 净利润同比 | -2.4% | 252.3% |
| 每股收益（稀释后） | $1.15 | $0.45 |
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BJLUV
| Q1 26 | — | $7.2B | ||
| Q4 25 | $5.3B | $7.4B | ||
| Q3 25 | $5.4B | $6.9B | ||
| Q2 25 | $5.2B | $7.2B | ||
| Q1 25 | $5.3B | $6.4B | ||
| Q4 24 | $5.1B | $6.9B | ||
| Q3 24 | $5.2B | $6.9B | ||
| Q2 24 | $4.9B | $7.4B |
净利润BJLUV
| Q1 26 | — | $227.0M | ||
| Q4 25 | $152.1M | $323.0M | ||
| Q3 25 | $150.7M | $54.0M | ||
| Q2 25 | $149.8M | $213.0M | ||
| Q1 25 | $122.7M | $-149.0M | ||
| Q4 24 | $155.7M | $262.0M | ||
| Q3 24 | $145.0M | $67.0M | ||
| Q2 24 | $111.0M | $367.0M |
毛利率BJLUV
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 18.8% | — | ||
| Q1 25 | 18.0% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 18.0% | — |
营业利润率BJLUV
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 5.3% | ||
| Q3 25 | 4.0% | 0.5% | ||
| Q2 25 | 4.0% | 3.1% | ||
| Q1 25 | 3.4% | -3.5% | ||
| Q4 24 | 4.5% | 4.0% | ||
| Q3 24 | 3.9% | 0.6% | ||
| Q2 24 | 3.3% | 5.4% |
净利率BJLUV
| Q1 26 | — | 3.1% | ||
| Q4 25 | 2.8% | 4.3% | ||
| Q3 25 | 2.8% | 0.8% | ||
| Q2 25 | 2.9% | 2.9% | ||
| Q1 25 | 2.3% | -2.3% | ||
| Q4 24 | 3.1% | 3.8% | ||
| Q3 24 | 2.8% | 1.0% | ||
| Q2 24 | 2.3% | 5.0% |
每股收益（稀释后）BJLUV
| Q1 26 | — | $0.45 | ||
| Q4 25 | $1.15 | $0.56 | ||
| Q3 25 | $1.14 | $0.10 | ||
| Q2 25 | $1.13 | $0.39 | ||
| Q1 25 | $0.92 | $-0.26 | ||
| Q4 24 | $1.17 | $0.46 | ||
| Q3 24 | $1.08 | $0.11 | ||
| Q2 24 | $0.83 | $0.58 |
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 | $45.1M | $3.3B |
| 总债务越低越好 | $399.0M | $5.4B |
| 股东权益账面价值 | $2.2B | $6.9B |
| 总资产 | $7.5B | $20.4B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资BJLUV
| Q1 26 | — | $3.3B | ||
| Q4 25 | $45.1M | $3.2B | ||
| Q3 25 | $47.3M | $3.0B | ||
| Q2 25 | $39.5M | $3.8B | ||
| Q1 25 | $28.3M | $8.3B | ||
| Q4 24 | $33.9M | $8.7B | ||
| Q3 24 | $38.1M | $9.4B | ||
| Q2 24 | $35.1M | $10.0B |
总债务BJLUV
| Q1 26 | — | $5.4B | ||
| Q4 25 | $399.0M | $4.6B | ||
| Q3 25 | $399.0M | $4.1B | ||
| Q2 25 | $398.9M | $4.1B | ||
| Q1 25 | $398.8M | $4.1B | ||
| Q4 24 | $398.7M | $5.1B | ||
| Q3 24 | $398.6M | $5.1B | ||
| Q2 24 | $398.5M | $5.1B |
股东权益BJLUV
| Q1 26 | — | $6.9B | ||
| Q4 25 | $2.2B | $8.0B | ||
| Q3 25 | $2.1B | $7.8B | ||
| Q2 25 | $2.0B | $8.0B | ||
| Q1 25 | $1.8B | $9.4B | ||
| Q4 24 | $1.8B | $10.3B | ||
| Q3 24 | $1.7B | $10.4B | ||
| Q2 24 | $1.5B | $10.5B |
总资产BJLUV
| Q1 26 | — | $20.4B | ||
| Q4 25 | $7.5B | $29.1B | ||
| Q3 25 | $7.2B | $28.3B | ||
| Q2 25 | $7.2B | $28.7B | ||
| Q1 25 | $7.1B | $33.2B | ||
| Q4 24 | $7.2B | $33.8B | ||
| Q3 24 | $6.9B | $34.8B | ||
| Q2 24 | $6.8B | $35.6B |
负债/权益比BJLUV
| Q1 26 | — | 0.78× | ||
| Q4 25 | 0.18× | 0.57× | ||
| Q3 25 | 0.19× | 0.52× | ||
| Q2 25 | 0.20× | 0.51× | ||
| Q1 25 | 0.22× | 0.44× | ||
| Q4 24 | 0.23× | 0.49× | ||
| Q3 24 | 0.24× | 0.49× | ||
| Q2 24 | 0.26× | 0.48× |
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 | $181.1M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-13.7M | — |
| 自由现金流率自由现金流/营收 | -0.3% | — |
| 资本支出强度资本支出/营收 | 3.6% | 8.7% |
| 现金转化率经营现金流/净利润 | 1.19× | 6.25× |
| 过去12个月自由现金流最近4个季度 | $249.6M | — |
8季度趋势，按日历期对齐
经营现金流BJLUV
| Q1 26 | — | $1.4B | ||
| Q4 25 | $181.1M | $294.0M | ||
| Q3 25 | $249.9M | $287.0M | ||
| Q2 25 | $208.1M | $401.0M | ||
| Q1 25 | $271.9M | $860.0M | ||
| Q4 24 | $206.8M | $476.0M | ||
| Q3 24 | $221.4M | $113.0M | ||
| Q2 24 | $200.8M | $-23.0M |
自由现金流BJLUV
| Q1 26 | — | — | ||
| Q4 25 | $-13.7M | $-565.0M | ||
| Q3 25 | $84.3M | $-391.0M | ||
| Q2 25 | $67.6M | $-234.0M | ||
| Q1 25 | $111.5M | $359.0M | ||
| Q4 24 | $18.8M | $16.0M | ||
| Q3 24 | $87.5M | $-404.0M | ||
| Q2 24 | $95.1M | $-517.0M |
自由现金流率BJLUV
| Q1 26 | — | — | ||
| Q4 25 | -0.3% | -7.6% | ||
| Q3 25 | 1.6% | -5.6% | ||
| Q2 25 | 1.3% | -3.2% | ||
| Q1 25 | 2.1% | 5.6% | ||
| Q4 24 | 0.4% | 0.2% | ||
| Q3 24 | 1.7% | -5.9% | ||
| Q2 24 | 1.9% | -7.0% |
资本支出强度BJLUV
| Q1 26 | — | 8.7% | ||
| Q4 25 | 3.6% | 11.5% | ||
| Q3 25 | 3.1% | 9.8% | ||
| Q2 25 | 2.7% | 8.8% | ||
| Q1 25 | 3.0% | 7.8% | ||
| Q4 24 | 3.7% | 6.6% | ||
| Q3 24 | 2.6% | 7.5% | ||
| Q2 24 | 2.1% | 6.7% |
现金转化率BJLUV
| Q1 26 | — | 6.25× | ||
| Q4 25 | 1.19× | 0.91× | ||
| Q3 25 | 1.66× | 5.31× | ||
| Q2 25 | 1.39× | 1.88× | ||
| Q1 25 | 2.22× | — | ||
| Q4 24 | 1.33× | 1.82× | ||
| Q3 24 | 1.53× | 1.69× | ||
| Q2 24 | 1.81× | -0.06× |
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
BJ
| Products | $5.4B | 102% |
| Membership | $129.8M | 2% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
