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科蒂（COTY）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是科蒂的1.1倍（$1.8B vs $1.7B），华纳音乐集团净利率更高（9.6% vs -7.4%，领先16.9%），华纳音乐集团同比增速更快（10.4% vs 0.5%），科蒂自由现金流更多（$513.1M vs $420.0M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 10.1%）
科蒂是1904年由弗朗索瓦·科蒂在巴黎创立的跨国美妆企业，现注册地为美国特拉华州，全球总部位于荷兰阿姆斯特丹。旗下业务覆盖香水、彩妆、护肤、美甲产品以及专业线和零售线护发产品的研发、生产、营销与分销，截至2024年共拥有约40个品牌。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
COTY vs WMG — 直观对比
营收规模更大
WMG
是对方的1.1倍
$1.7B
营收增速更快
WMG
高出9.9%
0.5%
净利率更高
WMG
高出16.9%
-7.4%
自由现金流更多
COTY
多$93.1M
$420.0M
两年增速更快
WMG
近两年复合增速
10.1%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.8B |
| 净利润 | $-123.6M | $176.0M |
| 毛利率 | 63.8% | 46.4% |
| 营业利润率 | 8.8% | 15.7% |
| 净利率 | -7.4% | 9.6% |
| 营收同比 | 0.5% | 10.4% |
| 净利润同比 | -621.5% | -25.4% |
| 每股收益（稀释后） | $-0.14 | — |
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COTYWMG
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润COTYWMG
| Q4 25 | $-123.6M | $176.0M | ||
| Q3 25 | $67.9M | $109.0M | ||
| Q2 25 | $-68.8M | $-16.0M | ||
| Q1 25 | $-405.7M | $36.0M | ||
| Q4 24 | $23.7M | $236.0M | ||
| Q3 24 | $82.9M | $41.0M | ||
| Q2 24 | $-96.9M | $139.0M | ||
| Q1 24 | $3.8M | $96.0M |
毛利率COTYWMG
| Q4 25 | 63.8% | 46.4% | ||
| Q3 25 | 64.5% | 44.6% | ||
| Q2 25 | 62.3% | 45.9% | ||
| Q1 25 | 64.1% | 46.7% | ||
| Q4 24 | 66.7% | 46.3% | ||
| Q3 24 | 65.5% | 47.6% | ||
| Q2 24 | 64.2% | 46.6% | ||
| Q1 24 | 64.8% | 47.1% |
营业利润率COTYWMG
| Q4 25 | 8.8% | 15.7% | ||
| Q3 25 | 11.7% | 7.7% | ||
| Q2 25 | 1.2% | 10.0% | ||
| Q1 25 | -21.6% | 11.3% | ||
| Q4 24 | 16.1% | 12.8% | ||
| Q3 24 | 14.2% | 8.8% | ||
| Q2 24 | 2.5% | 13.3% | ||
| Q1 24 | 5.6% | 8.0% |
净利率COTYWMG
| Q4 25 | -7.4% | 9.6% | ||
| Q3 25 | 4.3% | 5.8% | ||
| Q2 25 | -5.5% | -0.9% | ||
| Q1 25 | -31.2% | 2.4% | ||
| Q4 24 | 1.4% | 14.2% | ||
| Q3 24 | 5.0% | 2.5% | ||
| Q2 24 | -7.1% | 8.9% | ||
| Q1 24 | 0.3% | 6.4% |
每股收益（稀释后）COTYWMG
| Q4 25 | $-0.14 | — | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.47 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $0.09 | — | ||
| Q2 24 | $-0.11 | — | ||
| Q1 24 | $0.00 | — |
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 | $436.7M | $751.0M |
| 总债务越低越好 | $3.0B | $4.4B |
| 股东权益账面价值 | $3.5B | $720.0M |
| 总资产 | $11.1B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.85× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资COTYWMG
| Q4 25 | $436.7M | $751.0M | ||
| Q3 25 | $264.6M | $532.0M | ||
| Q2 25 | $257.1M | $527.0M | ||
| Q1 25 | $243.5M | $637.0M | ||
| Q4 24 | $249.6M | $802.0M | ||
| Q3 24 | $283.6M | $694.0M | ||
| Q2 24 | $300.8M | $607.0M | ||
| Q1 24 | $260.2M | $587.0M |
总债务COTYWMG
| Q4 25 | $3.0B | $4.4B | ||
| Q3 25 | $4.0B | $4.4B | ||
| Q2 25 | $4.0B | $4.4B | ||
| Q1 25 | $3.8B | $4.3B | ||
| Q4 24 | $3.4B | $4.0B | ||
| Q3 24 | $3.9B | $4.0B | ||
| Q2 24 | $3.8B | $4.0B | ||
| Q1 24 | $3.9B | $4.0B |
股东权益COTYWMG
| Q4 25 | $3.5B | $720.0M | ||
| Q3 25 | $3.6B | $647.0M | ||
| Q2 25 | $3.5B | $589.0M | ||
| Q1 25 | $3.5B | $567.0M | ||
| Q4 24 | $3.8B | $545.0M | ||
| Q3 24 | $4.0B | $518.0M | ||
| Q2 24 | $3.8B | $483.0M | ||
| Q1 24 | $4.0B | $433.0M |
总资产COTYWMG
| Q4 25 | $11.1B | $10.0B | ||
| Q3 25 | $12.1B | $9.8B | ||
| Q2 25 | $11.9B | $9.8B | ||
| Q1 25 | $11.5B | $9.6B | ||
| Q4 24 | $11.7B | $9.1B | ||
| Q3 24 | $12.5B | $9.2B | ||
| Q2 24 | $12.1B | $8.8B | ||
| Q1 24 | $12.3B | $8.7B |
负债/权益比COTYWMG
| Q4 25 | 0.85× | 6.07× | ||
| Q3 25 | 1.10× | 6.75× | ||
| Q2 25 | 1.12× | 7.41× | ||
| Q1 25 | 1.09× | 7.57× | ||
| Q4 24 | 0.89× | 7.26× | ||
| Q3 24 | 0.97× | 7.75× | ||
| Q2 24 | 1.00× | 8.24× | ||
| Q1 24 | 0.98× | 9.20× |
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 | $559.7M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $513.1M | $420.0M |
| 自由现金流率自由现金流/营收 | 30.6% | 22.8% |
| 资本支出强度资本支出/营收 | 2.8% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $390.8M | $663.0M |
8季度趋势，按日历期对齐
经营现金流COTYWMG
| Q4 25 | $559.7M | $440.0M | ||
| Q3 25 | $65.2M | $231.0M | ||
| Q2 25 | $83.2M | $46.0M | ||
| Q1 25 | $-122.5M | $69.0M | ||
| Q4 24 | $464.5M | $332.0M | ||
| Q3 24 | $67.4M | $304.0M | ||
| Q2 24 | $176.5M | $188.0M | ||
| Q1 24 | $-170.0M | $-31.0M |
自由现金流COTYWMG
| Q4 25 | $513.1M | $420.0M | ||
| Q3 25 | $11.2M | $203.0M | ||
| Q2 25 | $34.9M | $7.0M | ||
| Q1 25 | $-168.4M | $33.0M | ||
| Q4 24 | $419.0M | $296.0M | ||
| Q3 24 | $-7.9M | $271.0M | ||
| Q2 24 | $116.7M | $160.0M | ||
| Q1 24 | $-234.3M | $-57.0M |
自由现金流率COTYWMG
| Q4 25 | 30.6% | 22.8% | ||
| Q3 25 | 0.7% | 10.9% | ||
| Q2 25 | 2.8% | 0.4% | ||
| Q1 25 | -13.0% | 2.2% | ||
| Q4 24 | 25.1% | 17.8% | ||
| Q3 24 | -0.5% | 16.6% | ||
| Q2 24 | 8.6% | 10.3% | ||
| Q1 24 | -16.9% | -3.8% |
资本支出强度COTYWMG
| Q4 25 | 2.8% | 1.1% | ||
| Q3 25 | 3.4% | 1.5% | ||
| Q2 25 | 3.9% | 2.3% | ||
| Q1 25 | 3.5% | 2.4% | ||
| Q4 24 | 2.7% | 2.2% | ||
| Q3 24 | 4.5% | 2.0% | ||
| Q2 24 | 4.4% | 1.8% | ||
| Q1 24 | 4.6% | 1.7% |
现金转化率COTYWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | 0.96× | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | 19.60× | 1.41× | ||
| Q3 24 | 0.81× | 7.41× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | -44.74× | -0.32× |
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
COTY
| Prestige | $1.1B | 68% |
| Consumer Beauty | $545.0M | 32% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
