vs
C.H. Robinson（CHRW）与佳明（GRMN）财务数据对比。点击上方公司名可切换其他公司
C.H. Robinson的季度营收约是佳明的1.8倍（$3.9B vs $2.1B），佳明净利率更高（24.9% vs 3.5%，领先21.4%），佳明同比增速更快（16.6% vs -6.5%），佳明自由现金流更多（$429.6M vs $302.4M），过去两年佳明的营收复合增速更高（24.0% vs -5.8%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs GRMN — 直观对比
营收规模更大
CHRW
是对方的1.8倍
$2.1B
营收增速更快
GRMN
高出23.1%
-6.5%
净利率更高
GRMN
高出21.4%
3.5%
自由现金流更多
GRMN
多$127.2M
$302.4M
两年增速更快
GRMN
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $2.1B |
| 净利润 | $136.3M | $528.7M |
| 毛利率 | — | 59.2% |
| 营业利润率 | 4.6% | 28.9% |
| 净利率 | 3.5% | 24.9% |
| 营收同比 | -6.5% | 16.6% |
| 净利润同比 | -8.7% | 21.3% |
| 每股收益（稀释后） | $1.12 | $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CHRWGRMN
| Q4 25 | $3.9B | $2.1B | ||
| Q3 25 | $4.1B | $1.8B | ||
| Q2 25 | $4.1B | $1.8B | ||
| Q1 25 | $4.0B | $1.5B | ||
| Q4 24 | $4.2B | $1.8B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $4.5B | $1.5B | ||
| Q1 24 | $4.4B | $1.4B |
净利润CHRWGRMN
| Q4 25 | $136.3M | $528.7M | ||
| Q3 25 | $163.0M | $401.6M | ||
| Q2 25 | $152.5M | $400.8M | ||
| Q1 25 | $135.3M | $332.8M | ||
| Q4 24 | $149.3M | $435.7M | ||
| Q3 24 | $97.2M | $399.1M | ||
| Q2 24 | $126.3M | $300.6M | ||
| Q1 24 | $92.9M | $276.0M |
毛利率CHRWGRMN
| Q4 25 | — | 59.2% | ||
| Q3 25 | — | 59.1% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 57.6% | ||
| Q4 24 | — | 59.3% | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 58.1% |
营业利润率CHRWGRMN
| Q4 25 | 4.6% | 28.9% | ||
| Q3 25 | 5.3% | 25.8% | ||
| Q2 25 | 5.2% | 26.0% | ||
| Q1 25 | 4.4% | 21.7% | ||
| Q4 24 | 4.4% | 28.3% | ||
| Q3 24 | 3.9% | 27.6% | ||
| Q2 24 | 4.0% | 22.7% | ||
| Q1 24 | 2.9% | 21.6% |
净利率CHRWGRMN
| Q4 25 | 3.5% | 24.9% | ||
| Q3 25 | 3.9% | 22.7% | ||
| Q2 25 | 3.7% | 22.1% | ||
| Q1 25 | 3.3% | 21.7% | ||
| Q4 24 | 3.6% | 23.9% | ||
| Q3 24 | 2.1% | 25.2% | ||
| Q2 24 | 2.8% | 20.0% | ||
| Q1 24 | 2.1% | 20.0% |
每股收益（稀释后）CHRWGRMN
| Q4 25 | $1.12 | $2.72 | ||
| Q3 25 | $1.34 | $2.08 | ||
| Q2 25 | $1.26 | $2.07 | ||
| Q1 25 | $1.11 | $1.72 | ||
| Q4 24 | $1.23 | $2.24 | ||
| Q3 24 | $0.80 | $2.07 | ||
| Q2 24 | $1.05 | $1.56 | ||
| Q1 24 | $0.78 | $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 | $160.9M | $2.3B |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $1.8B | $9.0B |
| 总资产 | $5.1B | $11.0B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资CHRWGRMN
| Q4 25 | $160.9M | $2.3B | ||
| Q3 25 | $136.8M | $2.1B | ||
| Q2 25 | $156.0M | $2.1B | ||
| Q1 25 | $129.9M | $2.2B | ||
| Q4 24 | $145.8M | $2.1B | ||
| Q3 24 | $131.7M | $2.0B | ||
| Q2 24 | $113.2M | $1.9B | ||
| Q1 24 | $121.8M | $1.9B |
总债务CHRWGRMN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.7B | — |
股东权益CHRWGRMN
| Q4 25 | $1.8B | $9.0B | ||
| Q3 25 | $1.9B | $8.5B | ||
| Q2 25 | $1.8B | $8.1B | ||
| Q1 25 | $1.7B | $8.2B | ||
| Q4 24 | $1.7B | $7.8B | ||
| Q3 24 | $1.6B | $7.5B | ||
| Q2 24 | $1.5B | $7.0B | ||
| Q1 24 | $1.4B | $7.2B |
总资产CHRWGRMN
| Q4 25 | $5.1B | $11.0B | ||
| Q3 25 | $5.2B | $10.5B | ||
| Q2 25 | $5.3B | $10.3B | ||
| Q1 25 | $5.2B | $9.8B | ||
| Q4 24 | $5.3B | $9.6B | ||
| Q3 24 | $5.6B | $9.3B | ||
| Q2 24 | $5.5B | $8.9B | ||
| Q1 24 | $5.5B | $8.6B |
负债/权益比CHRWGRMN
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | 0.95× | — | ||
| Q2 24 | 1.07× | — | ||
| Q1 24 | 1.19× | — |
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 | $305.4M | $553.8M |
| 自由现金流经营现金流 - 资本支出 | $302.4M | $429.6M |
| 自由现金流率自由现金流/营收 | 7.7% | 20.2% |
| 资本支出强度资本支出/营收 | 0.1% | 5.8% |
| 现金转化率经营现金流/净利润 | 2.24× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $894.9M | $1.4B |
8季度趋势，按日历期对齐
经营现金流CHRWGRMN
| Q4 25 | $305.4M | $553.8M | ||
| Q3 25 | $275.4M | $485.6M | ||
| Q2 25 | $227.1M | $173.2M | ||
| Q1 25 | $106.5M | $420.8M | ||
| Q4 24 | $267.9M | $483.9M | ||
| Q3 24 | $108.1M | $258.0M | ||
| Q2 24 | $166.4M | $255.3M | ||
| Q1 24 | $-33.3M | $435.3M |
自由现金流CHRWGRMN
| Q4 25 | $302.4M | $429.6M | ||
| Q3 25 | $269.5M | $425.1M | ||
| Q2 25 | $219.8M | $127.5M | ||
| Q1 25 | $103.2M | $380.7M | ||
| Q4 24 | $265.3M | $399.2M | ||
| Q3 24 | $103.3M | $219.4M | ||
| Q2 24 | $159.8M | $218.2M | ||
| Q1 24 | $-41.9M | $402.1M |
自由现金流率CHRWGRMN
| Q4 25 | 7.7% | 20.2% | ||
| Q3 25 | 6.5% | 24.0% | ||
| Q2 25 | 5.3% | 7.0% | ||
| Q1 25 | 2.5% | 24.8% | ||
| Q4 24 | 6.3% | 21.9% | ||
| Q3 24 | 2.2% | 13.8% | ||
| Q2 24 | 3.6% | 14.5% | ||
| Q1 24 | -1.0% | 29.1% |
资本支出强度CHRWGRMN
| Q4 25 | 0.1% | 5.8% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.2% | 2.5% | ||
| Q1 25 | 0.1% | 2.6% | ||
| Q4 24 | 0.1% | 4.6% | ||
| Q3 24 | 0.1% | 2.4% | ||
| Q2 24 | 0.1% | 2.5% | ||
| Q1 24 | 0.2% | 2.4% |
现金转化率CHRWGRMN
| Q4 25 | 2.24× | 1.05× | ||
| Q3 25 | 1.69× | 1.21× | ||
| Q2 25 | 1.49× | 0.43× | ||
| Q1 25 | 0.79× | 1.26× | ||
| Q4 24 | 1.79× | 1.11× | ||
| Q3 24 | 1.11× | 0.65× | ||
| Q2 24 | 1.32× | 0.85× | ||
| Q1 24 | -0.36× | 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
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
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% |
