vs
博士伦（BLCO）与Warby Parker Inc.（WRBY）财务数据对比。点击上方公司名可切换其他公司
博士伦的季度营收约是Warby Parker Inc.的6.6倍（$1.4B vs $212.0M）。Warby Parker Inc.净利率更高（-2.8% vs -4.1%，领先1.3%）。Warby Parker Inc.同比增速更快（11.2% vs 9.8%）。博士伦自由现金流更多（$60.0M vs $8.1M）。过去两年博士伦的营收复合增速更高（13.1% vs 2.9%）
博士伦是知名眼健康产品企业，总部位于加拿大安大略省沃恩市，是全球规模最大的隐形眼镜、镜片护理产品、眼科药品、人工晶体及其他眼科手术产品供应商之一。品牌1853年由验光师约翰·鲍什与合伙人亨利·朗姆在美国纽约罗切斯特创立，曾是美国历史最悠久的持续运营企业之一，2013年被整体收购。
Warby Parker是总部位于纽约的美国眼镜品牌零售商，主营处方眼镜、隐形眼镜及太阳镜，还提供验光服务。品牌2010年创立之初仅在线上运营，目前约三分之二的收入来自276家线下实体门店，其中271家位于美国，5家位于加拿大，品牌未来计划开设900家门店，现有消费者规模228万，客单价约263美元。
BLCO vs WRBY — 直观对比
营收规模更大
BLCO
是对方的6.6倍
$212.0M
营收增速更快
WRBY
高出1.4%
9.8%
净利率更高
WRBY
高出1.3%
-4.1%
自由现金流更多
BLCO
多$51.9M
$8.1M
两年增速更快
BLCO
近两年复合增速
2.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $212.0M |
| 净利润 | $-58.0M | $-6.0M |
| 毛利率 | — | 52.4% |
| 营业利润率 | 8.0% | -3.2% |
| 净利率 | -4.1% | -2.8% |
| 营收同比 | 9.8% | 11.2% |
| 净利润同比 | -1833.3% | 13.4% |
| 每股收益（稀释后） | $-0.16 | $-0.06 |
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BLCOWRBY
| Q4 25 | $1.4B | $212.0M | ||
| Q3 25 | $1.3B | $221.7M | ||
| Q2 25 | $1.3B | $214.5M | ||
| Q1 25 | $1.1B | $223.8M | ||
| Q4 24 | $1.3B | $190.6M | ||
| Q3 24 | $1.2B | $192.4M | ||
| Q2 24 | $1.2B | $188.2M | ||
| Q1 24 | $1.1B | $200.0M |
净利润BLCOWRBY
| Q4 25 | $-58.0M | $-6.0M | ||
| Q3 25 | $-28.0M | $5.9M | ||
| Q2 25 | $-62.0M | $-1.8M | ||
| Q1 25 | $-212.0M | $3.5M | ||
| Q4 24 | $-3.0M | $-6.9M | ||
| Q3 24 | $4.0M | $-4.1M | ||
| Q2 24 | $-151.0M | $-6.8M | ||
| Q1 24 | $-167.0M | $-2.7M |
毛利率BLCOWRBY
| Q4 25 | — | 52.4% | ||
| Q3 25 | — | 54.1% | ||
| Q2 25 | — | 53.0% | ||
| Q1 25 | — | 56.3% | ||
| Q4 24 | — | 54.1% | ||
| Q3 24 | — | 54.5% | ||
| Q2 24 | — | 56.0% | ||
| Q1 24 | — | 56.7% |
营业利润率BLCOWRBY
| Q4 25 | 8.0% | -3.2% | ||
| Q3 25 | 7.4% | 1.6% | ||
| Q2 25 | -0.9% | -2.1% | ||
| Q1 25 | -7.3% | 1.1% | ||
| Q4 24 | 6.8% | -4.9% | ||
| Q3 24 | 3.6% | -3.4% | ||
| Q2 24 | 2.1% | -4.8% | ||
| Q1 24 | 0.5% | -2.6% |
净利率BLCOWRBY
| Q4 25 | -4.1% | -2.8% | ||
| Q3 25 | -2.2% | 2.6% | ||
| Q2 25 | -4.9% | -0.8% | ||
| Q1 25 | -18.6% | 1.6% | ||
| Q4 24 | -0.2% | -3.6% | ||
| Q3 24 | 0.3% | -2.1% | ||
| Q2 24 | -12.4% | -3.6% | ||
| Q1 24 | -15.2% | -1.3% |
每股收益（稀释后）BLCOWRBY
| Q4 25 | $-0.16 | $-0.06 | ||
| Q3 25 | $-0.08 | $0.05 | ||
| Q2 25 | $-0.18 | $-0.01 | ||
| Q1 25 | $-0.60 | $0.03 | ||
| Q4 24 | $-0.00 | $-0.06 | ||
| Q3 24 | $0.01 | $-0.03 | ||
| Q2 24 | $-0.43 | $-0.06 | ||
| Q1 24 | $-0.48 | $-0.02 |
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 | $383.0M | $286.4M |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $6.4B | $367.7M |
| 总资产 | $14.0B | $720.9M |
| 负债/权益比越低杠杆越低 | 0.78× | — |
8季度趋势，按日历期对齐
现金及短期投资BLCOWRBY
| Q4 25 | $383.0M | $286.4M | ||
| Q3 25 | $310.0M | $280.4M | ||
| Q2 25 | $266.0M | $286.4M | ||
| Q1 25 | $202.0M | $265.1M | ||
| Q4 24 | $305.0M | $254.2M | ||
| Q3 24 | $329.0M | $251.0M | ||
| Q2 24 | $285.0M | $238.0M | ||
| Q1 24 | $315.0M | $220.4M |
总债务BLCOWRBY
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.0B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.6B | — | ||
| Q1 24 | $4.6B | — |
股东权益BLCOWRBY
| Q4 25 | $6.4B | $367.7M | ||
| Q3 25 | $6.4B | $369.6M | ||
| Q2 25 | $6.4B | $361.5M | ||
| Q1 25 | $6.4B | $354.1M | ||
| Q4 24 | $6.5B | $340.1M | ||
| Q3 24 | $6.6B | $336.8M | ||
| Q2 24 | $6.5B | $329.4M | ||
| Q1 24 | $6.7B | $316.2M |
总资产BLCOWRBY
| Q4 25 | $14.0B | $720.9M | ||
| Q3 25 | $13.8B | $706.9M | ||
| Q2 25 | $13.8B | $701.9M | ||
| Q1 25 | $13.4B | $682.8M | ||
| Q4 24 | $13.5B | $676.5M | ||
| Q3 24 | $13.5B | $638.0M | ||
| Q2 24 | $13.3B | $618.2M | ||
| Q1 24 | $13.3B | $592.9M |
负债/权益比BLCOWRBY
| Q4 25 | 0.78× | — | ||
| Q3 25 | 0.77× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.76× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.69× | — |
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 | $136.0M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $60.0M | $8.1M |
| 自由现金流率自由现金流/营收 | 4.3% | 3.8% |
| 资本支出强度资本支出/营收 | 5.4% | 7.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-66.0M | $43.7M |
8季度趋势，按日历期对齐
经营现金流BLCOWRBY
| Q4 25 | $136.0M | $23.3M | ||
| Q3 25 | $137.0M | $18.0M | ||
| Q2 25 | $35.0M | $40.2M | ||
| Q1 25 | $-25.0M | $29.4M | ||
| Q4 24 | $22.0M | $19.9M | ||
| Q3 24 | $154.0M | $27.3M | ||
| Q2 24 | $15.0M | $31.6M | ||
| Q1 24 | $41.0M | $19.9M |
自由现金流BLCOWRBY
| Q4 25 | $60.0M | $8.1M | ||
| Q3 25 | $63.0M | $-1.5M | ||
| Q2 25 | $-54.0M | $23.9M | ||
| Q1 25 | $-135.0M | $13.2M | ||
| Q4 24 | $-70.0M | $2.2M | ||
| Q3 24 | $94.0M | $13.1M | ||
| Q2 24 | $-57.0M | $14.0M | ||
| Q1 24 | $-26.0M | $5.5M |
自由现金流率BLCOWRBY
| Q4 25 | 4.3% | 3.8% | ||
| Q3 25 | 4.9% | -0.7% | ||
| Q2 25 | -4.2% | 11.1% | ||
| Q1 25 | -11.9% | 5.9% | ||
| Q4 24 | -5.5% | 1.1% | ||
| Q3 24 | 7.9% | 6.8% | ||
| Q2 24 | -4.7% | 7.4% | ||
| Q1 24 | -2.4% | 2.7% |
资本支出强度BLCOWRBY
| Q4 25 | 5.4% | 7.1% | ||
| Q3 25 | 5.8% | 8.8% | ||
| Q2 25 | 7.0% | 7.6% | ||
| Q1 25 | 9.7% | 7.2% | ||
| Q4 24 | 7.2% | 9.3% | ||
| Q3 24 | 5.0% | 7.4% | ||
| Q2 24 | 5.9% | 9.4% | ||
| Q1 24 | 6.1% | 7.2% |
现金转化率BLCOWRBY
| Q4 25 | — | — | ||
| Q3 25 | — | 3.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.46× | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.50× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BLCO
| Overthe Counter Products | $489.0M | 35% |
| Pharmaceuticals | $378.0M | 27% |
| Other | $263.0M | 19% |
| Surgical | $249.0M | 18% |
| Brandedand Other Generic Products | $14.0M | 1% |
| Other Revenues | $3.0M | 0% |
| Pharmaceutical Products | $2.0M | 0% |
WRBY
| Retail | $155.2M | 73% |
| E Commerce | $56.8M | 27% |
