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TopBuild Corp（BLD）与佳明（GRMN）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是TopBuild Corp的1.4倍（$2.1B vs $1.5B），佳明净利率更高（24.9% vs 7.0%，领先17.8%），佳明同比增速更快（16.6% vs 13.2%），佳明自由现金流更多（$429.6M vs $159.4M），过去两年佳明的营收复合增速更高（24.0% vs 7.8%）
HashiCorp是总部位于美国加利福尼亚州旧金山的软件企业，2012年由米切尔·桥本与阿蒙·达德加创立，采用免费增值商业模式，为开发、运维及安全从业人员提供云基础设施配置、防护、运行与连接相关的工具及产品。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
BLD vs GRMN — 直观对比
营收规模更大
GRMN
是对方的1.4倍
$1.5B
营收增速更快
GRMN
高出3.4%
13.2%
净利率更高
GRMN
高出17.8%
7.0%
自由现金流更多
GRMN
多$270.2M
$159.4M
两年增速更快
GRMN
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.1B |
| 净利润 | $104.5M | $528.7M |
| 毛利率 | 27.2% | 59.2% |
| 营业利润率 | 12.1% | 28.9% |
| 净利率 | 7.0% | 24.9% |
| 营收同比 | 13.2% | 16.6% |
| 净利润同比 | -30.6% | 21.3% |
| 每股收益（稀释后） | $3.69 | $2.72 |
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BLDGRMN
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.3B | $1.4B |
净利润BLDGRMN
| Q4 25 | $104.5M | $528.7M | ||
| Q3 25 | $142.2M | $401.6M | ||
| Q2 25 | $151.6M | $400.8M | ||
| Q1 25 | $123.4M | $332.8M | ||
| Q4 24 | $150.5M | $435.7M | ||
| Q3 24 | $169.0M | $399.1M | ||
| Q2 24 | $150.7M | $300.6M | ||
| Q1 24 | $152.4M | $276.0M |
毛利率BLDGRMN
| Q4 25 | 27.2% | 59.2% | ||
| Q3 25 | 30.1% | 59.1% | ||
| Q2 25 | 30.4% | 58.8% | ||
| Q1 25 | 28.5% | 57.6% | ||
| Q4 24 | 29.9% | 59.3% | ||
| Q3 24 | 30.7% | 60.0% | ||
| Q2 24 | 31.0% | 57.3% | ||
| Q1 24 | 30.3% | 58.1% |
营业利润率BLDGRMN
| Q4 25 | 12.1% | 28.9% | ||
| Q3 25 | 15.4% | 25.8% | ||
| Q2 25 | 16.9% | 26.0% | ||
| Q1 25 | 14.4% | 21.7% | ||
| Q4 24 | 16.6% | 28.3% | ||
| Q3 24 | 17.8% | 27.6% | ||
| Q2 24 | 15.4% | 22.7% | ||
| Q1 24 | 16.8% | 21.6% |
净利率BLDGRMN
| Q4 25 | 7.0% | 24.9% | ||
| Q3 25 | 10.2% | 22.7% | ||
| Q2 25 | 11.7% | 22.1% | ||
| Q1 25 | 10.0% | 21.7% | ||
| Q4 24 | 11.5% | 23.9% | ||
| Q3 24 | 12.3% | 25.2% | ||
| Q2 24 | 11.0% | 20.0% | ||
| Q1 24 | 11.9% | 20.0% |
每股收益（稀释后）BLDGRMN
| Q4 25 | $3.69 | $2.72 | ||
| Q3 25 | $5.04 | $2.08 | ||
| Q2 25 | $5.32 | $2.07 | ||
| Q1 25 | $4.23 | $1.72 | ||
| Q4 24 | $5.07 | $2.24 | ||
| Q3 24 | $5.65 | $2.07 | ||
| Q2 24 | $4.78 | $1.56 | ||
| Q1 24 | $4.79 | $1.43 |
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 | $184.7M | $2.3B |
| 总债务越低越好 | $2.8B | — |
| 股东权益账面价值 | $2.3B | $9.0B |
| 总资产 | $6.6B | $11.0B |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资BLDGRMN
| Q4 25 | $184.7M | $2.3B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $842.5M | $2.1B | ||
| Q1 25 | $308.8M | $2.2B | ||
| Q4 24 | $400.3M | $2.1B | ||
| Q3 24 | $257.3M | $2.0B | ||
| Q2 24 | $463.2M | $1.9B | ||
| Q1 24 | $968.8M | $1.9B |
总债务BLDGRMN
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益BLDGRMN
| Q4 25 | $2.3B | $9.0B | ||
| Q3 25 | $2.2B | $8.5B | ||
| Q2 25 | $2.1B | $8.1B | ||
| Q1 25 | $2.1B | $8.2B | ||
| Q4 24 | $2.2B | $7.8B | ||
| Q3 24 | $2.1B | $7.5B | ||
| Q2 24 | $2.4B | $7.0B | ||
| Q1 24 | $2.7B | $7.2B |
总资产BLDGRMN
| Q4 25 | $6.6B | $11.0B | ||
| Q3 25 | $6.4B | $10.5B | ||
| Q2 25 | $5.1B | $10.3B | ||
| Q1 25 | $4.6B | $9.8B | ||
| Q4 24 | $4.7B | $9.6B | ||
| Q3 24 | $4.7B | $9.3B | ||
| Q2 24 | $4.9B | $8.9B | ||
| Q1 24 | $5.3B | $8.6B |
负债/权益比BLDGRMN
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.52× | — |
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 | $176.7M | $553.8M |
| 自由现金流经营现金流 - 资本支出 | $159.4M | $429.6M |
| 自由现金流率自由现金流/营收 | 10.7% | 20.2% |
| 资本支出强度资本支出/营收 | 1.2% | 5.8% |
| 现金转化率经营现金流/净利润 | 1.69× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $696.9M | $1.4B |
8季度趋势，按日历期对齐
经营现金流BLDGRMN
| Q4 25 | $176.7M | $553.8M | ||
| Q3 25 | $233.3M | $485.6M | ||
| Q2 25 | $193.7M | $173.2M | ||
| Q1 25 | $152.6M | $420.8M | ||
| Q4 24 | $266.2M | $483.9M | ||
| Q3 24 | $240.7M | $258.0M | ||
| Q2 24 | $90.4M | $255.3M | ||
| Q1 24 | $178.8M | $435.3M |
自由现金流BLDGRMN
| Q4 25 | $159.4M | $429.6M | ||
| Q3 25 | $216.2M | $425.1M | ||
| Q2 25 | $182.2M | $127.5M | ||
| Q1 25 | $139.2M | $380.7M | ||
| Q4 24 | $253.7M | $399.2M | ||
| Q3 24 | $219.8M | $219.4M | ||
| Q2 24 | $74.3M | $218.2M | ||
| Q1 24 | $158.9M | $402.1M |
自由现金流率BLDGRMN
| Q4 25 | 10.7% | 20.2% | ||
| Q3 25 | 15.5% | 24.0% | ||
| Q2 25 | 14.0% | 7.0% | ||
| Q1 25 | 11.3% | 24.8% | ||
| Q4 24 | 19.3% | 21.9% | ||
| Q3 24 | 16.0% | 13.8% | ||
| Q2 24 | 5.4% | 14.5% | ||
| Q1 24 | 12.4% | 29.1% |
资本支出强度BLDGRMN
| Q4 25 | 1.2% | 5.8% | ||
| Q3 25 | 1.2% | 3.4% | ||
| Q2 25 | 0.9% | 2.5% | ||
| Q1 25 | 1.1% | 2.6% | ||
| Q4 24 | 1.0% | 4.6% | ||
| Q3 24 | 1.5% | 2.4% | ||
| Q2 24 | 1.2% | 2.5% | ||
| Q1 24 | 1.6% | 2.4% |
现金转化率BLDGRMN
| Q4 25 | 1.69× | 1.05× | ||
| Q3 25 | 1.64× | 1.21× | ||
| Q2 25 | 1.28× | 0.43× | ||
| Q1 25 | 1.24× | 1.26× | ||
| Q4 24 | 1.77× | 1.11× | ||
| Q3 24 | 1.42× | 0.65× | ||
| Q2 24 | 0.60× | 0.85× | ||
| Q1 24 | 1.17× | 1.58× |
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
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
