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CATO CORP（CATO）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
维多利亚的秘密的季度营收约是CATO CORP的9.5倍（$1.5B vs $155.4M）。维多利亚的秘密净利率更高（-2.5% vs -3.3%，领先0.8%）。维多利亚的秘密同比增速更快（9.3% vs 6.3%）。CATO CORP自由现金流更多（$-12.9M vs $-232.0M）。过去两年CATO CORP的营收复合增速更高（-5.7% vs -15.9%）
凯拓集团（Cato Corporation）是美国女性时装及配饰零售商，总部位于北卡罗来纳州夏洛特市。截至2016年1月，该公司旗下共运营1372家门店，覆盖Cato、Cato Plus、It's Fashion、It's Fashion Metro与Versona多个品牌。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
CATO vs VSCO — 直观对比
营收规模更大
VSCO
是对方的9.5倍
$155.4M
营收增速更快
VSCO
高出3.0%
6.3%
净利率更高
VSCO
高出0.8%
-3.3%
自由现金流更多
CATO
多$219.1M
$-232.0M
两年增速更快
CATO
近两年复合增速
-15.9%
损益表 — Q4 2026 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $155.4M | $1.5B |
| 净利润 | $-5.2M | $-37.0M |
| 毛利率 | 32.7% | 36.4% |
| 营业利润率 | -5.3% | -1.3% |
| 净利率 | -3.3% | -2.5% |
| 营收同比 | 6.3% | 9.3% |
| 净利润同比 | 65.6% | 33.9% |
| 每股收益（稀释后） | $-0.28 | $-0.46 |
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CATOVSCO
| Q4 25 | $155.4M | $1.5B | ||
| Q3 25 | $176.5M | $1.5B | ||
| Q2 25 | $170.2M | $1.4B | ||
| Q1 25 | $157.9M | $2.1B | ||
| Q4 24 | $146.2M | $1.3B | ||
| Q3 24 | $168.6M | $1.4B | ||
| Q2 24 | $177.1M | $1.4B | ||
| Q1 24 | $174.9M | $2.1B |
净利润CATOVSCO
| Q4 25 | $-5.2M | $-37.0M | ||
| Q3 25 | $6.8M | $16.0M | ||
| Q2 25 | $3.3M | $-2.0M | ||
| Q1 25 | $-14.1M | $193.0M | ||
| Q4 24 | $-15.1M | $-56.0M | ||
| Q3 24 | $95.0K | $32.0M | ||
| Q2 24 | $11.0M | $-4.0M | ||
| Q1 24 | — | $180.0M |
毛利率CATOVSCO
| Q4 25 | 32.7% | 36.4% | ||
| Q3 25 | 36.8% | 35.6% | ||
| Q2 25 | 35.8% | 35.0% | ||
| Q1 25 | 29.2% | 38.6% | ||
| Q4 24 | 29.6% | 34.7% | ||
| Q3 24 | 35.3% | 35.4% | ||
| Q2 24 | 36.5% | 36.9% | ||
| Q1 24 | 32.1% | 39.7% |
营业利润率CATOVSCO
| Q4 25 | -5.3% | -1.3% | ||
| Q3 25 | 3.1% | 2.8% | ||
| Q2 25 | 2.0% | 1.5% | ||
| Q1 25 | -15.2% | 12.8% | ||
| Q4 24 | -11.6% | -3.5% | ||
| Q3 24 | -0.4% | 4.4% | ||
| Q2 24 | 3.5% | 1.9% | ||
| Q1 24 | -9.5% | 12.4% |
净利率CATOVSCO
| Q4 25 | -3.3% | -2.5% | ||
| Q3 25 | 3.9% | 1.1% | ||
| Q2 25 | 1.9% | -0.1% | ||
| Q1 25 | -8.9% | 9.2% | ||
| Q4 24 | -10.3% | -4.2% | ||
| Q3 24 | 0.1% | 2.3% | ||
| Q2 24 | 6.2% | -0.3% | ||
| Q1 24 | — | 8.6% |
每股收益（稀释后）CATOVSCO
| Q4 25 | $-0.28 | $-0.46 | ||
| Q3 25 | $0.35 | $0.20 | ||
| Q2 25 | $0.17 | $-0.02 | ||
| Q1 25 | $-0.73 | $2.41 | ||
| Q4 24 | $-0.79 | $-0.71 | ||
| Q3 24 | $0.01 | $0.40 | ||
| Q2 24 | $0.54 | $-0.05 | ||
| Q1 24 | $-1.15 | $2.32 |
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 | $79.0M | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $167.6M | $653.0M |
| 总资产 | $450.2M | $5.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CATOVSCO
| Q4 25 | $79.0M | $249.0M | ||
| Q3 25 | $90.8M | $188.0M | ||
| Q2 25 | $80.0M | $138.0M | ||
| Q1 25 | $77.7M | $227.0M | ||
| Q4 24 | $86.2M | $161.0M | ||
| Q3 24 | $104.7M | $169.0M | ||
| Q2 24 | $105.4M | $105.0M | ||
| Q1 24 | $103.0M | $270.0M |
股东权益CATOVSCO
| Q4 25 | $167.6M | $653.0M | ||
| Q3 25 | $172.2M | $680.0M | ||
| Q2 25 | $164.9M | $645.0M | ||
| Q1 25 | $162.3M | $640.0M | ||
| Q4 24 | $177.1M | $429.0M | ||
| Q3 24 | $195.1M | $472.0M | ||
| Q2 24 | $196.9M | $423.0M | ||
| Q1 24 | $192.3M | $417.0M |
总资产CATOVSCO
| Q4 25 | $450.2M | $5.1B | ||
| Q3 25 | $436.9M | $4.8B | ||
| Q2 25 | $440.8M | $4.6B | ||
| Q1 25 | $452.4M | $4.5B | ||
| Q4 24 | $424.4M | $4.9B | ||
| Q3 24 | $455.6M | $4.6B | ||
| Q2 24 | $477.1M | $4.4B | ||
| Q1 24 | $486.8M | $4.6B |
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 | $-12.4M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $-12.9M | $-232.0M |
| 自由现金流率自由现金流/营收 | -8.3% | -15.8% |
| 资本支出强度资本支出/营收 | 0.3% | 3.5% |
| 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 | $-7.5M | $309.0M |
8季度趋势，按日历期对齐
经营现金流CATOVSCO
| Q4 25 | $-12.4M | $-180.0M | ||
| Q3 25 | $11.8M | $156.0M | ||
| Q2 25 | $3.9M | $-150.0M | ||
| Q1 25 | $-6.5M | $674.0M | ||
| Q4 24 | $-22.1M | $-248.0M | ||
| Q3 24 | $3.1M | $115.0M | ||
| Q2 24 | $5.7M | $-116.0M | ||
| Q1 24 | $-11.2M | $589.0M |
自由现金流CATOVSCO
| Q4 25 | $-12.9M | $-232.0M | ||
| Q3 25 | $10.4M | $88.0M | ||
| Q2 25 | $2.8M | $-193.0M | ||
| Q1 25 | $-7.8M | $646.0M | ||
| Q4 24 | $-23.8M | $-299.0M | ||
| Q3 24 | $1.6M | $55.0M | ||
| Q2 24 | $2.4M | $-155.0M | ||
| Q1 24 | $-13.5M | $557.0M |
自由现金流率CATOVSCO
| Q4 25 | -8.3% | -15.8% | ||
| Q3 25 | 5.9% | 6.0% | ||
| Q2 25 | 1.7% | -14.3% | ||
| Q1 25 | -5.0% | 30.7% | ||
| Q4 24 | -16.3% | -22.2% | ||
| Q3 24 | 0.9% | 3.9% | ||
| Q2 24 | 1.4% | -11.4% | ||
| Q1 24 | -7.7% | 26.7% |
资本支出强度CATOVSCO
| Q4 25 | 0.3% | 3.5% | ||
| Q3 25 | 0.8% | 4.7% | ||
| Q2 25 | 0.6% | 3.2% | ||
| Q1 25 | 0.9% | 1.3% | ||
| Q4 24 | 1.2% | 3.8% | ||
| Q3 24 | 0.9% | 4.2% | ||
| Q2 24 | 1.8% | 2.9% | ||
| Q1 24 | 1.3% | 1.5% |
现金转化率CATOVSCO
| Q4 25 | — | — | ||
| Q3 25 | 1.72× | 9.75× | ||
| Q2 25 | 1.17× | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | 32.95× | 3.59× | ||
| Q2 24 | 0.52× | — | ||
| Q1 24 | — | 3.27× |
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
CATO
| Retail Segment | $154.7M | 100% |
| Credit Card | $5.3M | 3% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
