vs
卡骆驰（CROX）与SPIRE INC（SR）财务数据对比。点击上方公司名可切换其他公司
卡骆驰的季度营收约是SPIRE INC的1.3倍（$957.6M vs $762.2M），SPIRE INC净利率更高（12.5% vs 11.0%，领先1.5%），SPIRE INC同比增速更快（13.9% vs -3.2%），卡骆驰自由现金流更多（$246.4M vs $-121.8M），过去两年卡骆驰的营收复合增速更高（1.0% vs -17.8%）
卡骆驰（Crocs）是总部位于美国科罗拉多州布鲁姆菲尔德的鞋履企业，主打生产、销售旗下同名品牌的泡沫鞋履产品。其标志性鞋款虽被品牌称为“木屐”，但和传统木屐不同，不含木质材料，凭借舒适轻便的特性受到全球消费者喜爱。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
CROX vs SR — 直观对比
营收规模更大
CROX
是对方的1.3倍
$762.2M
营收增速更快
SR
高出17.2%
-3.2%
净利率更高
SR
高出1.5%
11.0%
自由现金流更多
CROX
多$368.2M
$-121.8M
两年增速更快
CROX
近两年复合增速
-17.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $957.6M | $762.2M |
| 净利润 | $105.2M | $95.0M |
| 毛利率 | 54.7% | 55.1% |
| 营业利润率 | 15.3% | 22.8% |
| 净利率 | 11.0% | 12.5% |
| 营收同比 | -3.2% | 13.9% |
| 净利润同比 | -71.5% | 16.9% |
| 每股收益（稀释后） | $1.79 | $1.54 |
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CROXSR
| Q4 25 | $957.6M | $762.2M | ||
| Q3 25 | $996.3M | $334.1M | ||
| Q2 25 | $1.1B | $421.9M | ||
| Q1 25 | $937.3M | $1.1B | ||
| Q4 24 | $989.8M | $669.1M | ||
| Q3 24 | $1.1B | $293.8M | ||
| Q2 24 | $1.1B | $414.1M | ||
| Q1 24 | $938.6M | $1.1B |
净利润CROXSR
| Q4 25 | $105.2M | $95.0M | ||
| Q3 25 | $145.8M | $-39.8M | ||
| Q2 25 | $-492.3M | $20.9M | ||
| Q1 25 | $160.1M | $209.3M | ||
| Q4 24 | $368.9M | $81.3M | ||
| Q3 24 | $199.8M | $-25.9M | ||
| Q2 24 | $228.9M | $-12.6M | ||
| Q1 24 | $152.5M | $204.3M |
毛利率CROXSR
| Q4 25 | 54.7% | 55.1% | ||
| Q3 25 | 58.5% | — | ||
| Q2 25 | 61.7% | — | ||
| Q1 25 | 57.8% | — | ||
| Q4 24 | 57.9% | 55.6% | ||
| Q3 24 | 59.6% | — | ||
| Q2 24 | 61.4% | — | ||
| Q1 24 | 55.6% | — |
营业利润率CROXSR
| Q4 25 | 15.3% | 22.8% | ||
| Q3 25 | 20.8% | -0.1% | ||
| Q2 25 | -37.2% | 16.4% | ||
| Q1 25 | 23.8% | 29.1% | ||
| Q4 24 | 20.2% | 22.2% | ||
| Q3 24 | 25.4% | 6.7% | ||
| Q2 24 | 29.3% | 7.4% | ||
| Q1 24 | 24.1% | 26.5% |
净利率CROXSR
| Q4 25 | 11.0% | 12.5% | ||
| Q3 25 | 14.6% | -11.9% | ||
| Q2 25 | -42.8% | 5.0% | ||
| Q1 25 | 17.1% | 19.9% | ||
| Q4 24 | 37.3% | 12.2% | ||
| Q3 24 | 18.8% | -8.8% | ||
| Q2 24 | 20.6% | -3.0% | ||
| Q1 24 | 16.2% | 18.1% |
每股收益（稀释后）CROXSR
| Q4 25 | $1.79 | $1.54 | ||
| Q3 25 | $2.70 | $-0.77 | ||
| Q2 25 | $-8.82 | $0.29 | ||
| Q1 25 | $2.83 | $3.51 | ||
| Q4 24 | $6.25 | $1.34 | ||
| Q3 24 | $3.36 | $-0.63 | ||
| Q2 24 | $3.77 | $-0.28 | ||
| Q1 24 | $2.50 | $3.58 |
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 | $130.4M | $4.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $3.4B |
| 总资产 | $4.2B | $11.9B |
| 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CROXSR
| Q4 25 | $130.4M | $4.1M | ||
| Q3 25 | $154.0M | $5.7M | ||
| Q2 25 | $200.6M | $13.1M | ||
| Q1 25 | $166.5M | $15.2M | ||
| Q4 24 | $180.5M | $11.5M | ||
| Q3 24 | $186.1M | $4.5M | ||
| Q2 24 | $167.7M | $7.4M | ||
| Q1 24 | $159.3M | $25.6M |
股东权益CROXSR
| Q4 25 | $1.3B | $3.4B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $1.4B | $3.5B | ||
| Q1 25 | $2.0B | $3.5B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.7B | $3.2B | ||
| Q2 24 | $1.7B | $3.3B | ||
| Q1 24 | $1.6B | $3.4B |
总资产CROXSR
| Q4 25 | $4.2B | $11.9B | ||
| Q3 25 | $4.3B | $11.6B | ||
| Q2 25 | $4.5B | $11.4B | ||
| Q1 25 | $5.1B | $11.3B | ||
| Q4 24 | $4.8B | $11.3B | ||
| Q3 24 | $4.7B | $10.9B | ||
| Q2 24 | $4.7B | $10.7B | ||
| Q1 24 | $4.8B | $10.7B |
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 | $252.5M | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $246.4M | $-121.8M |
| 自由现金流率自由现金流/营收 | 25.7% | -16.0% |
| 资本支出强度资本支出/营收 | 0.6% | 26.6% |
| 现金转化率经营现金流/净利润 | 2.40× | 0.85× |
| 过去12个月自由现金流最近4个季度 | $659.2M | $-286.7M |
8季度趋势，按日历期对齐
经营现金流CROXSR
| Q4 25 | $252.5M | $81.0M | ||
| Q3 25 | $239.3M | $-4.9M | ||
| Q2 25 | $285.8M | $129.1M | ||
| Q1 25 | $-67.2M | $372.7M | ||
| Q4 24 | $321.9M | $81.1M | ||
| Q3 24 | $296.9M | $82.9M | ||
| Q2 24 | $401.2M | $270.1M | ||
| Q1 24 | $-27.6M | $489.4M |
自由现金流CROXSR
| Q4 25 | $246.4M | $-121.8M | ||
| Q3 25 | $226.2M | $-227.6M | ||
| Q2 25 | $269.2M | $-91.4M | ||
| Q1 25 | $-82.6M | $154.1M | ||
| Q4 24 | $303.4M | $-179.5M | ||
| Q3 24 | $278.8M | $-146.9M | ||
| Q2 24 | $384.2M | $47.9M | ||
| Q1 24 | $-43.3M | $306.6M |
自由现金流率CROXSR
| Q4 25 | 25.7% | -16.0% | ||
| Q3 25 | 22.7% | -68.1% | ||
| Q2 25 | 23.4% | -21.7% | ||
| Q1 25 | -8.8% | 14.7% | ||
| Q4 24 | 30.7% | -26.8% | ||
| Q3 24 | 26.3% | -50.0% | ||
| Q2 24 | 34.6% | 11.6% | ||
| Q1 24 | -4.6% | 27.2% |
资本支出强度CROXSR
| Q4 25 | 0.6% | 26.6% | ||
| Q3 25 | 1.3% | 66.7% | ||
| Q2 25 | 1.4% | 52.3% | ||
| Q1 25 | 1.6% | 20.8% | ||
| Q4 24 | 1.9% | 38.9% | ||
| Q3 24 | 1.7% | 78.2% | ||
| Q2 24 | 1.5% | 53.7% | ||
| Q1 24 | 1.7% | 16.2% |
现金转化率CROXSR
| Q4 25 | 2.40× | 0.85× | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | — | 6.18× | ||
| Q1 25 | -0.42× | 1.78× | ||
| Q4 24 | 0.87× | 1.00× | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | -0.18× | 2.40× |
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
CROX
| Sales Channel Directly To Consumer | $333.2M | 35% |
| Other | $332.1M | 35% |
| HEYDUDE Brand Segment | $189.3M | 20% |
| Sales Channel Through Intermediary Wholesale | $103.1M | 11% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
