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BJ's Wholesale Club Holdings, Inc.（BJ）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是BJ's Wholesale Club Holdings, Inc.的1.4倍（$7.6B vs $5.3B），BJ's Wholesale Club Holdings, Inc.净利率更高（2.8% vs 1.3%，领先1.6%），BJ's Wholesale Club Holdings, Inc.同比增速更快（4.9% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $-13.7M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
BJ vs SW — 直观对比
营收规模更大
SW
是对方的1.4倍
$5.3B
营收增速更快
BJ
高出4.3%
0.5%
净利率更高
BJ
高出1.6%
1.3%
自由现金流更多
SW
多$625.7M
$-13.7M
两年增速更快
SW
近两年复合增速
-0.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $7.6B |
| 净利润 | $152.1M | $97.0M |
| 毛利率 | 19.0% | 18.2% |
| 营业利润率 | 4.1% | 5.1% |
| 净利率 | 2.8% | 1.3% |
| 营收同比 | 4.9% | 0.5% |
| 净利润同比 | -2.4% | -33.6% |
| 每股收益（稀释后） | $1.15 | $0.18 |
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BJSW
| Q4 25 | $5.3B | $7.6B | ||
| Q3 25 | $5.4B | $8.0B | ||
| Q2 25 | $5.2B | $7.9B | ||
| Q1 25 | $5.3B | $7.7B | ||
| Q4 24 | $5.1B | $7.5B | ||
| Q3 24 | $5.2B | $7.7B | ||
| Q2 24 | $4.9B | $3.0B | ||
| Q1 24 | $5.4B | $2.9B |
净利润BJSW
| Q4 25 | $152.1M | $97.0M | ||
| Q3 25 | $150.7M | $246.0M | ||
| Q2 25 | $149.8M | $-28.0M | ||
| Q1 25 | $122.7M | $384.0M | ||
| Q4 24 | $155.7M | $146.0M | ||
| Q3 24 | $145.0M | $-150.0M | ||
| Q2 24 | $111.0M | $132.0M | ||
| Q1 24 | $145.9M | $191.0M |
毛利率BJSW
| Q4 25 | 19.0% | 18.2% | ||
| Q3 25 | 18.7% | 19.6% | ||
| Q2 25 | 18.8% | 19.1% | ||
| Q1 25 | 18.0% | 20.6% | ||
| Q4 24 | 19.1% | 19.1% | ||
| Q3 24 | 18.4% | 17.6% | ||
| Q2 24 | 18.0% | 23.3% | ||
| Q1 24 | 18.0% | 24.2% |
营业利润率BJSW
| Q4 25 | 4.1% | 5.1% | ||
| Q3 25 | 4.0% | 6.6% | ||
| Q2 25 | 4.0% | 3.2% | ||
| Q1 25 | 3.4% | 7.2% | ||
| Q4 24 | 4.5% | 5.3% | ||
| Q3 24 | 3.9% | 0.7% | ||
| Q2 24 | 3.3% | 8.2% | ||
| Q1 24 | 4.0% | 10.5% |
净利率BJSW
| Q4 25 | 2.8% | 1.3% | ||
| Q3 25 | 2.8% | 3.1% | ||
| Q2 25 | 2.9% | -0.4% | ||
| Q1 25 | 2.3% | 5.0% | ||
| Q4 24 | 3.1% | 1.9% | ||
| Q3 24 | 2.8% | -2.0% | ||
| Q2 24 | 2.3% | 4.4% | ||
| Q1 24 | 2.7% | 6.5% |
每股收益（稀释后）BJSW
| Q4 25 | $1.15 | $0.18 | ||
| Q3 25 | $1.14 | $0.47 | ||
| Q2 25 | $1.13 | $-0.05 | ||
| Q1 25 | $0.92 | $0.73 | ||
| Q4 24 | $1.17 | $-0.12 | ||
| Q3 24 | $1.08 | $-0.30 | ||
| Q2 24 | $0.83 | $0.51 | ||
| Q1 24 | $1.09 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $399.0M | $13.4B |
| 股东权益账面价值 | $2.2B | $18.3B |
| 总资产 | $7.5B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资BJSW
| Q4 25 | $45.1M | $892.0M | ||
| Q3 25 | $47.3M | $851.0M | ||
| Q2 25 | $39.5M | $778.0M | ||
| Q1 25 | $28.3M | $797.0M | ||
| Q4 24 | $33.9M | $855.0M | ||
| Q3 24 | $38.1M | — | ||
| Q2 24 | $35.1M | $26.8K | ||
| Q1 24 | $36.0M | $108 |
总债务BJSW
| Q4 25 | $399.0M | $13.4B | ||
| Q3 25 | $399.0M | $13.3B | ||
| Q2 25 | $398.9M | $13.3B | ||
| Q1 25 | $398.8M | $12.9B | ||
| Q4 24 | $398.7M | $12.5B | ||
| Q3 24 | $398.6M | $13.2B | ||
| Q2 24 | $398.5M | — | ||
| Q1 24 | $398.4M | — |
股东权益BJSW
| Q4 25 | $2.2B | $18.3B | ||
| Q3 25 | $2.1B | $18.4B | ||
| Q2 25 | $2.0B | $18.3B | ||
| Q1 25 | $1.8B | $17.9B | ||
| Q4 24 | $1.8B | $17.4B | ||
| Q3 24 | $1.7B | $18.0B | ||
| Q2 24 | $1.5B | $14.5K | ||
| Q1 24 | $1.5B | $108 |
总资产BJSW
| Q4 25 | $7.5B | $45.2B | ||
| Q3 25 | $7.2B | $45.6B | ||
| Q2 25 | $7.2B | $45.7B | ||
| Q1 25 | $7.1B | $44.6B | ||
| Q4 24 | $7.2B | $43.8B | ||
| Q3 24 | $6.9B | $45.0B | ||
| Q2 24 | $6.8B | $26.8K | ||
| Q1 24 | $6.7B | $108 |
负债/权益比BJSW
| Q4 25 | 0.18× | 0.73× | ||
| Q3 25 | 0.19× | 0.72× | ||
| Q2 25 | 0.20× | 0.73× | ||
| Q1 25 | 0.22× | 0.72× | ||
| Q4 24 | 0.23× | 0.72× | ||
| Q3 24 | 0.24× | 0.73× | ||
| Q2 24 | 0.26× | — | ||
| Q1 24 | 0.27× | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-13.7M | $612.0M |
| 自由现金流率自由现金流/营收 | -0.3% | 8.1% |
| 资本支出强度资本支出/营收 | 3.6% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.19× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $249.6M | $1.2B |
8季度趋势，按日历期对齐
经营现金流BJSW
| Q4 25 | $181.1M | $1.2B | ||
| Q3 25 | $249.9M | $1.1B | ||
| Q2 25 | $208.1M | $829.0M | ||
| Q1 25 | $271.9M | $235.0M | ||
| Q4 24 | $206.8M | $781.0M | ||
| Q3 24 | $221.4M | $320.0M | ||
| Q2 24 | $200.8M | $340.0M | ||
| Q1 24 | $274.4M | $42.0M |
自由现金流BJSW
| Q4 25 | $-13.7M | $612.0M | ||
| Q3 25 | $84.3M | $523.0M | ||
| Q2 25 | $67.6M | $307.0M | ||
| Q1 25 | $111.5M | $-242.0M | ||
| Q4 24 | $18.8M | $212.0M | ||
| Q3 24 | $87.5M | $-192.0M | ||
| Q2 24 | $95.1M | $163.0M | ||
| Q1 24 | $155.2M | $-166.0M |
自由现金流率BJSW
| Q4 25 | -0.3% | 8.1% | ||
| Q3 25 | 1.6% | 6.5% | ||
| Q2 25 | 1.3% | 3.9% | ||
| Q1 25 | 2.1% | -3.2% | ||
| Q4 24 | 0.4% | 2.8% | ||
| Q3 24 | 1.7% | -2.5% | ||
| Q2 24 | 1.9% | 5.5% | ||
| Q1 24 | 2.9% | -5.7% |
资本支出强度BJSW
| Q4 25 | 3.6% | 7.7% | ||
| Q3 25 | 3.1% | 7.6% | ||
| Q2 25 | 2.7% | 6.6% | ||
| Q1 25 | 3.0% | 6.2% | ||
| Q4 24 | 3.7% | 7.5% | ||
| Q3 24 | 2.6% | 6.7% | ||
| Q2 24 | 2.1% | 6.0% | ||
| Q1 24 | 2.2% | 7.1% |
现金转化率BJSW
| Q4 25 | 1.19× | 12.32× | ||
| Q3 25 | 1.66× | 4.61× | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 2.22× | 0.61× | ||
| Q4 24 | 1.33× | 5.35× | ||
| Q3 24 | 1.53× | — | ||
| Q2 24 | 1.81× | 2.58× | ||
| Q1 24 | 1.88× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
