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CENTERSPACE（CSR）与DULUTH HOLDINGS INC.（DLTH）财务数据对比。点击上方公司名可切换其他公司
DULUTH HOLDINGS INC.的季度营收约是CENTERSPACE的1.7倍（$114.9M vs $66.6M），DULUTH HOLDINGS INC.净利率更高（-8.8% vs -27.7%，领先18.9%），CENTERSPACE同比增速更快（0.3% vs -9.6%），CENTERSPACE自由现金流更多（$64.3M vs $-8.9M），过去两年CENTERSPACE的营收复合增速更高（1.6% vs -31.6%）
Centerspace是一家专注于多户住宅物业持有、运营与开发的房地产投资企业，核心业务覆盖美国中西部及落基山西部区域，面向不同租户群体提供经济型及高端住宅选择，重视租户体验与资产长期价值增长。
德卢思控股是一家美国工装及配饰企业，主打通过旗下德卢思贸易品牌开展产品销售业务，面向市场推出各类实用工装及相关配饰产品，是美国本土颇具特色的服饰零售企业。
CSR vs DLTH — 直观对比
营收规模更大
DLTH
是对方的1.7倍
$66.6M
营收增速更快
CSR
高出9.9%
-9.6%
净利率更高
DLTH
高出18.9%
-27.7%
自由现金流更多
CSR
多$73.2M
$-8.9M
两年增速更快
CSR
近两年复合增速
-31.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $66.6M | $114.9M |
| 净利润 | $-18.4M | $-10.1M |
| 毛利率 | 96.5% | 53.8% |
| 营业利润率 | -15.9% | -7.7% |
| 净利率 | -27.7% | -8.8% |
| 营收同比 | 0.3% | -9.6% |
| 净利润同比 | -262.9% | 64.6% |
| 每股收益（稀释后） | $-1.08 | $-0.29 |
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CSRDLTH
| Q4 25 | $66.6M | $114.9M | ||
| Q3 25 | $71.4M | $131.7M | ||
| Q2 25 | $68.5M | $102.7M | ||
| Q1 25 | $67.1M | $241.3M | ||
| Q4 24 | $66.4M | $127.1M | ||
| Q3 24 | $65.0M | $141.6M | ||
| Q2 24 | $65.0M | $116.7M | ||
| Q1 24 | $64.5M | $245.6M |
净利润CSRDLTH
| Q4 25 | $-18.4M | $-10.1M | ||
| Q3 25 | $53.8M | $1.3M | ||
| Q2 25 | $-14.5M | $-15.3M | ||
| Q1 25 | $-3.7M | $-5.6M | ||
| Q4 24 | $-5.1M | $-28.2M | ||
| Q3 24 | $-1.0M | $-2.0M | ||
| Q2 24 | $-1.3M | $-7.9M | ||
| Q1 24 | $-3.9M | $6.4M |
毛利率CSRDLTH
| Q4 25 | 96.5% | 53.8% | ||
| Q3 25 | 96.5% | 54.7% | ||
| Q2 25 | 96.5% | 52.0% | ||
| Q1 25 | 96.4% | 44.1% | ||
| Q4 24 | 96.5% | 52.3% | ||
| Q3 24 | 96.6% | 52.3% | ||
| Q2 24 | 96.6% | 52.8% | ||
| Q1 24 | 96.4% | 48.2% |
营业利润率CSRDLTH
| Q4 25 | -15.9% | -7.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | -9.9% | -12.0% | ||
| Q1 25 | 7.1% | -1.8% | ||
| Q4 24 | 4.3% | -17.4% | ||
| Q3 24 | 9.8% | -1.1% | ||
| Q2 24 | 11.1% | -7.7% | ||
| Q1 24 | 6.3% | 3.6% |
净利率CSRDLTH
| Q4 25 | -27.7% | -8.8% | ||
| Q3 25 | 75.3% | 1.0% | ||
| Q2 25 | -21.2% | -14.9% | ||
| Q1 25 | -5.6% | -2.3% | ||
| Q4 24 | -7.6% | -22.2% | ||
| Q3 24 | -1.6% | -1.4% | ||
| Q2 24 | -2.0% | -6.7% | ||
| Q1 24 | -6.1% | 2.6% |
每股收益（稀释后）CSRDLTH
| Q4 25 | $-1.08 | $-0.29 | ||
| Q3 25 | $3.19 | $0.04 | ||
| Q2 25 | $-0.87 | $-0.45 | ||
| Q1 25 | $-0.22 | $-0.17 | ||
| Q4 24 | $-0.31 | $-0.84 | ||
| Q3 24 | $-0.40 | $-0.06 | ||
| Q2 24 | $-0.19 | $-0.24 | ||
| Q1 24 | $-0.37 | $0.20 |
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 | $12.8M | $8.2M |
| 总债务越低越好 | $1.0B | — |
| 股东权益账面价值 | $719.2M | $160.6M |
| 总资产 | $1.9B | $468.0M |
| 负债/权益比越低杠杆越低 | 1.42× | — |
8季度趋势，按日历期对齐
现金及短期投资CSRDLTH
| Q4 25 | $12.8M | $8.2M | ||
| Q3 25 | $12.9M | $5.7M | ||
| Q2 25 | $12.4M | $8.6M | ||
| Q1 25 | $11.9M | $3.3M | ||
| Q4 24 | $12.0M | $9.3M | ||
| Q3 24 | $14.5M | $9.8M | ||
| Q2 24 | $14.3M | $6.8M | ||
| Q1 24 | $12.7M | $32.2M |
总债务CSRDLTH
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $955.5M | — | ||
| Q4 24 | $955.4M | — | ||
| Q3 24 | $921.3M | — | ||
| Q2 24 | $931.7M | — | ||
| Q1 24 | $929.1M | — |
股东权益CSRDLTH
| Q4 25 | $719.2M | $160.6M | ||
| Q3 25 | $748.6M | $170.0M | ||
| Q2 25 | $710.1M | $167.9M | ||
| Q1 25 | $636.8M | $182.7M | ||
| Q4 24 | $752.0M | $188.1M | ||
| Q3 24 | $672.5M | $215.7M | ||
| Q2 24 | $680.7M | $218.4M | ||
| Q1 24 | $688.1M | $222.8M |
总资产CSRDLTH
| Q4 25 | $1.9B | $468.0M | ||
| Q3 25 | $2.1B | $433.8M | ||
| Q2 25 | $2.0B | $463.7M | ||
| Q1 25 | $1.9B | $452.4M | ||
| Q4 24 | $1.9B | $533.1M | ||
| Q3 24 | $1.9B | $488.6M | ||
| Q2 24 | $1.9B | $471.4M | ||
| Q1 24 | $1.9B | $491.2M |
负债/权益比CSRDLTH
| Q4 25 | 1.42× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.35× | — |
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 | $98.5M | $-6.7M |
| 自由现金流经营现金流 - 资本支出 | $64.3M | $-8.9M |
| 自由现金流率自由现金流/营收 | 96.5% | -7.8% |
| 资本支出强度资本支出/营收 | 51.3% | 2.0% |
| 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 | $125.9M | $1.7M |
8季度趋势，按日历期对齐
经营现金流CSRDLTH
| Q4 25 | $98.5M | $-6.7M | ||
| Q3 25 | $35.1M | $32.0M | ||
| Q2 25 | $25.3M | $-56.5M | ||
| Q1 25 | $25.4M | $41.2M | ||
| Q4 24 | $98.2M | $-41.1M | ||
| Q3 24 | $32.3M | $16.6M | ||
| Q2 24 | $22.9M | $-33.7M | ||
| Q1 24 | $24.4M | $69.7M |
自由现金流CSRDLTH
| Q4 25 | $64.3M | $-8.9M | ||
| Q3 25 | $25.7M | $29.8M | ||
| Q2 25 | $15.5M | $-57.8M | ||
| Q1 25 | $20.4M | $38.7M | ||
| Q4 24 | $41.6M | $-43.7M | ||
| Q3 24 | $20.5M | $15.0M | ||
| Q2 24 | $9.1M | $-35.2M | ||
| Q1 24 | $2.6M | $60.6M |
自由现金流率CSRDLTH
| Q4 25 | 96.5% | -7.8% | ||
| Q3 25 | 36.0% | 22.6% | ||
| Q2 25 | 22.7% | -56.3% | ||
| Q1 25 | 30.4% | 16.0% | ||
| Q4 24 | 62.6% | -34.4% | ||
| Q3 24 | 31.5% | 10.6% | ||
| Q2 24 | 14.0% | -30.2% | ||
| Q1 24 | 4.0% | 24.7% |
资本支出强度CSRDLTH
| Q4 25 | 51.3% | 2.0% | ||
| Q3 25 | 13.1% | 1.7% | ||
| Q2 25 | 14.2% | 1.3% | ||
| Q1 25 | 7.5% | 1.0% | ||
| Q4 24 | 85.3% | 2.1% | ||
| Q3 24 | 18.2% | 1.2% | ||
| Q2 24 | 21.2% | 1.3% | ||
| Q1 24 | 33.8% | 3.7% |
现金转化率CSRDLTH
| Q4 25 | — | — | ||
| Q3 25 | 0.65× | 25.40× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 10.86× |
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
CSR
| Multi Family Residential | $57.3M | 86% |
| Other | $8.1M | 12% |
| Other Property Revenue | $1.2M | 2% |
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
