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BJ's Wholesale Club Holdings, Inc.（BJ）与菲利普莫里斯国际（PM）财务数据对比。点击上方公司名可切换其他公司
菲利普莫里斯国际的季度营收约是BJ's Wholesale Club Holdings, Inc.的1.9倍（$10.1B vs $5.3B），菲利普莫里斯国际净利率更高（24.0% vs 2.8%，领先21.2%），菲利普莫里斯国际同比增速更快（9.1% vs 4.9%），过去两年菲利普莫里斯国际的营收复合增速更高（3.5% vs -0.1%）
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。
菲利普莫里斯国际是全球头部烟草企业，产品销往180余个国家和地区，旗下万宝路是全球最知名的烟草品牌，2023年第四季度加热不燃烧产品IQOS贡献了最高营收，位列2025年财富美国500强第121位。
BJ vs PM — 直观对比
营收规模更大
PM
是对方的1.9倍
$5.3B
营收增速更快
PM
高出4.2%
4.9%
净利率更高
PM
高出21.2%
2.8%
两年增速更快
PM
近两年复合增速
-0.1%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $10.1B |
| 净利润 | $152.1M | $2.4B |
| 毛利率 | 19.0% | 68.1% |
| 营业利润率 | 4.1% | 38.4% |
| 净利率 | 2.8% | 24.0% |
| 营收同比 | 4.9% | 9.1% |
| 净利润同比 | -2.4% | -9.4% |
| 每股收益（稀释后） | $1.15 | $1.56 |
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BJPM
| Q1 26 | — | $10.1B | ||
| Q4 25 | $5.3B | $10.4B | ||
| Q3 25 | $5.4B | $10.8B | ||
| Q2 25 | $5.2B | $10.1B | ||
| Q1 25 | $5.3B | $9.3B | ||
| Q4 24 | $5.1B | $9.7B | ||
| Q3 24 | $5.2B | $9.9B | ||
| Q2 24 | $4.9B | $9.5B |
净利润BJPM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $152.1M | $2.1B | ||
| Q3 25 | $150.7M | $3.5B | ||
| Q2 25 | $149.8M | $3.0B | ||
| Q1 25 | $122.7M | $2.7B | ||
| Q4 24 | $155.7M | $-579.0M | ||
| Q3 24 | $145.0M | $3.1B | ||
| Q2 24 | $111.0M | $2.4B |
毛利率BJPM
| Q1 26 | — | 68.1% | ||
| Q4 25 | 19.0% | 65.6% | ||
| Q3 25 | 18.7% | 67.8% | ||
| Q2 25 | 18.8% | 67.7% | ||
| Q1 25 | 18.0% | 67.3% | ||
| Q4 24 | 19.1% | 64.7% | ||
| Q3 24 | 18.4% | 66.0% | ||
| Q2 24 | 18.0% | 64.7% |
营业利润率BJPM
| Q1 26 | — | 38.4% | ||
| Q4 25 | 4.1% | 32.6% | ||
| Q3 25 | 4.0% | 39.3% | ||
| Q2 25 | 4.0% | 36.6% | ||
| Q1 25 | 3.4% | 38.1% | ||
| Q4 24 | 4.5% | 33.6% | ||
| Q3 24 | 3.9% | 36.9% | ||
| Q2 24 | 3.3% | 36.4% |
净利率BJPM
| Q1 26 | — | 24.0% | ||
| Q4 25 | 2.8% | 20.7% | ||
| Q3 25 | 2.8% | 32.1% | ||
| Q2 25 | 2.9% | 30.0% | ||
| Q1 25 | 2.3% | 28.9% | ||
| Q4 24 | 3.1% | -6.0% | ||
| Q3 24 | 2.8% | 31.1% | ||
| Q2 24 | 2.3% | 25.4% |
每股收益（稀释后）BJPM
| Q1 26 | — | $1.56 | ||
| Q4 25 | $1.15 | $1.36 | ||
| Q3 25 | $1.14 | $2.23 | ||
| Q2 25 | $1.13 | $1.95 | ||
| Q1 25 | $0.92 | $1.72 | ||
| Q4 24 | $1.17 | $-0.37 | ||
| Q3 24 | $1.08 | $1.97 | ||
| Q2 24 | $0.83 | $1.54 |
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 | $5.5B |
| 总债务越低越好 | $399.0M | $49.5B |
| 股东权益账面价值 | $2.2B | — |
| 总资产 | $7.5B | $68.9B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资BJPM
| Q1 26 | — | $5.5B | ||
| Q4 25 | $45.1M | $4.9B | ||
| Q3 25 | $47.3M | $4.0B | ||
| Q2 25 | $39.5M | $4.1B | ||
| Q1 25 | $28.3M | $4.4B | ||
| Q4 24 | $33.9M | $4.2B | ||
| Q3 24 | $38.1M | $4.3B | ||
| Q2 24 | $35.1M | $4.8B |
总债务BJPM
| Q1 26 | — | $49.5B | ||
| Q4 25 | $399.0M | $45.1B | ||
| Q3 25 | $399.0M | $41.9B | ||
| Q2 25 | $398.9M | $42.4B | ||
| Q1 25 | $398.8M | $38.8B | ||
| Q4 24 | $398.7M | $42.2B | ||
| Q3 24 | $398.6M | $44.2B | ||
| Q2 24 | $398.5M | $44.6B |
股东权益BJPM
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $-10.0B | ||
| Q3 25 | $2.1B | $-10.9B | ||
| Q2 25 | $2.0B | $-12.0B | ||
| Q1 25 | $1.8B | $-10.9B | ||
| Q4 24 | $1.8B | $-11.8B | ||
| Q3 24 | $1.7B | $-9.7B | ||
| Q2 24 | $1.5B | $-9.7B |
总资产BJPM
| Q1 26 | — | $68.9B | ||
| Q4 25 | $7.5B | $69.2B | ||
| Q3 25 | $7.2B | $67.1B | ||
| Q2 25 | $7.2B | $68.5B | ||
| Q1 25 | $7.1B | $65.1B | ||
| Q4 24 | $7.2B | $61.8B | ||
| Q3 24 | $6.9B | $66.9B | ||
| Q2 24 | $6.8B | $65.8B |
负债/权益比BJPM
| Q1 26 | — | — | ||
| Q4 25 | 0.18× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 0.24× | — | ||
| Q2 24 | 0.26× | — |
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 | — |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.19× | — |
| 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BJPM
| Q1 26 | — | — | ||
| Q4 25 | $181.1M | $4.7B | ||
| Q3 25 | $249.9M | $4.5B | ||
| Q2 25 | $208.1M | $3.4B | ||
| Q1 25 | $271.9M | $-350.0M | ||
| Q4 24 | $206.8M | $4.0B | ||
| Q3 24 | $221.4M | $3.3B | ||
| Q2 24 | $200.8M | $4.6B |
自由现金流BJPM
| Q1 26 | — | — | ||
| Q4 25 | $-13.7M | $4.3B | ||
| Q3 25 | $84.3M | $4.1B | ||
| Q2 25 | $67.6M | $3.1B | ||
| Q1 25 | $111.5M | $-754.0M | ||
| Q4 24 | $18.8M | $3.7B | ||
| Q3 24 | $87.5M | $3.0B | ||
| Q2 24 | $95.1M | $4.3B |
自由现金流率BJPM
| Q1 26 | — | — | ||
| Q4 25 | -0.3% | 41.2% | ||
| Q3 25 | 1.6% | 37.8% | ||
| Q2 25 | 1.3% | 30.1% | ||
| Q1 25 | 2.1% | -8.1% | ||
| Q4 24 | 0.4% | 38.4% | ||
| Q3 24 | 1.7% | 29.9% | ||
| Q2 24 | 1.9% | 45.0% |
资本支出强度BJPM
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 4.3% | ||
| Q3 25 | 3.1% | 3.4% | ||
| Q2 25 | 2.7% | 3.5% | ||
| Q1 25 | 3.0% | 4.3% | ||
| Q4 24 | 3.7% | 2.9% | ||
| Q3 24 | 2.6% | 3.8% | ||
| Q2 24 | 2.1% | 3.9% |
现金转化率BJPM
| Q1 26 | — | — | ||
| Q4 25 | 1.19× | 2.20× | ||
| Q3 25 | 1.66× | 1.28× | ||
| Q2 25 | 1.39× | 1.12× | ||
| Q1 25 | 2.22× | -0.13× | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 1.53× | 1.08× | ||
| Q2 24 | 1.81× | 1.93× |
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% |
PM
暂无分部数据
