vs
芝商所（CME）与拉夫劳伦（RL）财务数据对比。点击上方公司名可切换其他公司
拉夫劳伦的季度营收约是芝商所的1.3倍（$2.4B vs $1.9B），拉夫劳伦净利率更高（15.0% vs 0.1%，领先15.0%），芝商所同比增速更快（14.5% vs 12.2%），过去两年拉夫劳伦的营收复合增速更高（23.9% vs 10.8%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
拉夫劳伦是源自美国的跨国时尚巨头，旗下同名高端时尚品牌风靡全球，企业规模达数十亿美元。品牌创始人拉夫劳伦于2015年9月卸任首席执行官，仍留任执行董事长兼首席创意官，主导品牌创意与整体发展方向。
CME vs RL — 直观对比
营收规模更大
RL
是对方的1.3倍
$1.9B
营收增速更快
CME
高出2.2%
12.2%
净利率更高
RL
高出15.0%
0.1%
两年增速更快
RL
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.4B |
| 净利润 | $1.2M | $361.6M |
| 毛利率 | — | 69.9% |
| 营业利润率 | 0.1% | 19.6% |
| 净利率 | 0.1% | 15.0% |
| 营收同比 | 14.5% | 12.2% |
| 净利润同比 | 20.7% | 21.6% |
| 每股收益（稀释后） | — | $5.82 |
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CMERL
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.5B |
净利润CMERL
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $361.6M | ||
| Q3 25 | $908.0M | $207.5M | ||
| Q2 25 | $1.0B | $220.4M | ||
| Q1 25 | $956.2M | $129.0M | ||
| Q4 24 | $874.6M | $297.4M | ||
| Q3 24 | $912.8M | $147.9M | ||
| Q2 24 | $883.2M | $168.6M |
毛利率CMERL
| Q1 26 | — | — | ||
| Q4 25 | — | 69.9% | ||
| Q3 25 | — | 68.0% | ||
| Q2 25 | — | 72.3% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 68.4% | ||
| Q3 24 | — | 67.0% | ||
| Q2 24 | — | 70.5% |
营业利润率CMERL
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 19.6% | ||
| Q3 25 | 63.3% | 12.2% | ||
| Q2 25 | 66.7% | 15.9% | ||
| Q1 25 | 67.5% | 9.1% | ||
| Q4 24 | 62.1% | 18.2% | ||
| Q3 24 | 64.6% | 10.4% | ||
| Q2 24 | 65.3% | 13.8% |
净利率CMERL
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 15.0% | ||
| Q3 25 | 59.1% | 10.3% | ||
| Q2 25 | 60.6% | 12.8% | ||
| Q1 25 | 58.2% | 7.6% | ||
| Q4 24 | 57.3% | 13.9% | ||
| Q3 24 | 57.6% | 8.6% | ||
| Q2 24 | 57.6% | 11.1% |
每股收益（稀释后）CMERL
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $5.82 | ||
| Q3 25 | $2.49 | $3.32 | ||
| Q2 25 | $2.81 | $3.52 | ||
| Q1 25 | $2.62 | $2.03 | ||
| Q4 24 | $2.40 | $4.66 | ||
| Q3 24 | $2.50 | $2.31 | ||
| Q2 24 | $2.42 | $2.61 |
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 | $2.4B | $2.3B |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $2.9B |
| 总资产 | $202.0B | $7.8B |
| 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CMERL
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $2.3B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.1B | $2.3B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $1.9B | $1.8B |
总债务CMERL
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMERL
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $2.9B | ||
| Q3 25 | $28.2B | $2.6B | ||
| Q2 25 | $27.7B | $2.5B | ||
| Q1 25 | $27.0B | $2.6B | ||
| Q4 24 | $26.5B | $2.5B | ||
| Q3 24 | $28.2B | $2.4B | ||
| Q2 24 | $27.6B | $2.4B |
总资产CMERL
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $7.8B | ||
| Q3 25 | $187.1B | $7.3B | ||
| Q2 25 | $179.9B | $7.8B | ||
| Q1 25 | $157.8B | $7.0B | ||
| Q4 24 | $137.4B | $7.1B | ||
| Q3 24 | $137.8B | $6.8B | ||
| Q2 24 | $123.4B | $6.6B |
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 | — | $779.6M |
| 自由现金流经营现金流 - 资本支出 | — | $704.0M |
| 自由现金流率自由现金流/营收 | — | 29.3% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $694.5M |
8季度趋势，按日历期对齐
经营现金流CMERL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $779.6M | ||
| Q3 25 | $968.1M | $53.2M | ||
| Q2 25 | $1.1B | $176.1M | ||
| Q1 25 | $1.1B | $122.2M | ||
| Q4 24 | $1.0B | $738.4M | ||
| Q3 24 | $1.0B | $97.2M | ||
| Q2 24 | $776.9M | $277.3M |
自由现金流CMERL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $704.0M | ||
| Q3 25 | $949.7M | $-40.6M | ||
| Q2 25 | $1.0B | $-11.2M | ||
| Q1 25 | $1.1B | $42.3M | ||
| Q4 24 | $991.7M | $677.2M | ||
| Q3 24 | $973.2M | $55.5M | ||
| Q2 24 | $758.7M | $243.9M |
自由现金流率CMERL
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 29.3% | ||
| Q3 25 | 61.8% | -2.0% | ||
| Q2 25 | 61.5% | -0.7% | ||
| Q1 25 | 67.1% | 2.5% | ||
| Q4 24 | 65.0% | 31.6% | ||
| Q3 24 | 61.4% | 3.2% | ||
| Q2 24 | 49.5% | 16.1% |
资本支出强度CMERL
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 3.1% | ||
| Q3 25 | 1.2% | 4.7% | ||
| Q2 25 | 1.1% | 10.9% | ||
| Q1 25 | 0.9% | 4.7% | ||
| Q4 24 | 1.7% | 2.9% | ||
| Q3 24 | 1.9% | 2.4% | ||
| Q2 24 | 1.2% | 2.2% |
现金转化率CMERL
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 2.16× | ||
| Q3 25 | 1.07× | 0.26× | ||
| Q2 25 | 1.03× | 0.80× | ||
| Q1 25 | 1.17× | 0.95× | ||
| Q4 24 | 1.16× | 2.48× | ||
| Q3 24 | 1.10× | 0.66× | ||
| Q2 24 | 0.88× | 1.64× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
