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柯蒂斯-莱特（CW）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
维多利亚的秘密的季度营收约是柯蒂斯-莱特的1.6倍（$1.5B vs $947.0M），柯蒂斯-莱特净利率更高（14.5% vs -2.5%，领先17.0%），柯蒂斯-莱特同比增速更快（14.9% vs 9.3%），柯蒂斯-莱特自由现金流更多（$315.1M vs $-232.0M），过去两年柯蒂斯-莱特的营收复合增速更高（15.2% vs -15.9%）
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
CW vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.6倍
$947.0M
营收增速更快
CW
高出5.6%
9.3%
净利率更高
CW
高出17.0%
-2.5%
自由现金流更多
CW
多$547.1M
$-232.0M
两年增速更快
CW
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $947.0M | $1.5B |
| 净利润 | $137.0M | $-37.0M |
| 毛利率 | 37.5% | 36.4% |
| 营业利润率 | 19.2% | -1.3% |
| 净利率 | 14.5% | -2.5% |
| 营收同比 | 14.9% | 9.3% |
| 净利润同比 | 16.2% | 33.9% |
| 每股收益（稀释后） | $3.69 | $-0.46 |
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CWVSCO
| Q4 25 | $947.0M | $1.5B | ||
| Q3 25 | $869.2M | $1.5B | ||
| Q2 25 | $876.6M | $1.4B | ||
| Q1 25 | $805.6M | $2.1B | ||
| Q4 24 | $824.3M | $1.3B | ||
| Q3 24 | $798.9M | $1.4B | ||
| Q2 24 | $784.8M | $1.4B | ||
| Q1 24 | $713.2M | $2.1B |
净利润CWVSCO
| Q4 25 | $137.0M | $-37.0M | ||
| Q3 25 | $124.8M | $16.0M | ||
| Q2 25 | $121.1M | $-2.0M | ||
| Q1 25 | $101.3M | $193.0M | ||
| Q4 24 | $117.9M | $-56.0M | ||
| Q3 24 | $111.2M | $32.0M | ||
| Q2 24 | $99.5M | $-4.0M | ||
| Q1 24 | $76.5M | $180.0M |
毛利率CWVSCO
| Q4 25 | 37.5% | 36.4% | ||
| Q3 25 | 37.7% | 35.6% | ||
| Q2 25 | 37.2% | 35.0% | ||
| Q1 25 | 36.3% | 38.6% | ||
| Q4 24 | 38.5% | 34.7% | ||
| Q3 24 | 37.3% | 35.4% | ||
| Q2 24 | 36.2% | 36.9% | ||
| Q1 24 | 35.6% | 39.7% |
营业利润率CWVSCO
| Q4 25 | 19.2% | -1.3% | ||
| Q3 25 | 19.1% | 2.8% | ||
| Q2 25 | 17.8% | 1.5% | ||
| Q1 25 | 16.0% | 12.8% | ||
| Q4 24 | 18.8% | -3.5% | ||
| Q3 24 | 18.1% | 4.4% | ||
| Q2 24 | 16.4% | 1.9% | ||
| Q1 24 | 14.0% | 12.4% |
净利率CWVSCO
| Q4 25 | 14.5% | -2.5% | ||
| Q3 25 | 14.4% | 1.1% | ||
| Q2 25 | 13.8% | -0.1% | ||
| Q1 25 | 12.6% | 9.2% | ||
| Q4 24 | 14.3% | -4.2% | ||
| Q3 24 | 13.9% | 2.3% | ||
| Q2 24 | 12.7% | -0.3% | ||
| Q1 24 | 10.7% | 8.6% |
每股收益（稀释后）CWVSCO
| Q4 25 | $3.69 | $-0.46 | ||
| Q3 25 | $3.31 | $0.20 | ||
| Q2 25 | $3.19 | $-0.02 | ||
| Q1 25 | $2.68 | $2.41 | ||
| Q4 24 | $3.09 | $-0.71 | ||
| Q3 24 | $2.89 | $0.40 | ||
| Q2 24 | $2.58 | $-0.05 | ||
| Q1 24 | $1.99 | $2.32 |
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 | — | $249.0M |
| 总债务越低越好 | $957.9M | — |
| 股东权益账面价值 | $2.5B | $653.0M |
| 总资产 | $5.2B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资CWVSCO
| Q4 25 | — | $249.0M | ||
| Q3 25 | — | $188.0M | ||
| Q2 25 | — | $138.0M | ||
| Q1 25 | $226.5M | $227.0M | ||
| Q4 24 | $385.0M | $161.0M | ||
| Q3 24 | — | $169.0M | ||
| Q2 24 | — | $105.0M | ||
| Q1 24 | $338.0M | $270.0M |
总债务CWVSCO
| Q4 25 | $957.9M | — | ||
| Q3 25 | $968.6M | — | ||
| Q2 25 | $958.4M | — | ||
| Q1 25 | $958.6M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
股东权益CWVSCO
| Q4 25 | $2.5B | $653.0M | ||
| Q3 25 | $2.5B | $680.0M | ||
| Q2 25 | $2.7B | $645.0M | ||
| Q1 25 | $2.6B | $640.0M | ||
| Q4 24 | $2.4B | $429.0M | ||
| Q3 24 | $2.5B | $472.0M | ||
| Q2 24 | $2.5B | $423.0M | ||
| Q1 24 | $2.4B | $417.0M |
总资产CWVSCO
| Q4 25 | $5.2B | $5.1B | ||
| Q3 25 | $5.1B | $4.8B | ||
| Q2 25 | $5.2B | $4.6B | ||
| Q1 25 | $5.0B | $4.5B | ||
| Q4 24 | $5.0B | $4.9B | ||
| Q3 24 | $4.9B | $4.6B | ||
| Q2 24 | $4.7B | $4.4B | ||
| Q1 24 | $4.6B | $4.6B |
负债/权益比CWVSCO
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.37× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 0.44× | — |
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 | $352.7M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $315.1M | $-232.0M |
| 自由现金流率自由现金流/营收 | 33.3% | -15.8% |
| 资本支出强度资本支出/营收 | 4.0% | 3.5% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $553.7M | $309.0M |
8季度趋势，按日历期对齐
经营现金流CWVSCO
| Q4 25 | $352.7M | $-180.0M | ||
| Q3 25 | $192.8M | $156.0M | ||
| Q2 25 | $136.6M | $-150.0M | ||
| Q1 25 | $-38.8M | $674.0M | ||
| Q4 24 | $301.3M | $-248.0M | ||
| Q3 24 | $177.3M | $115.0M | ||
| Q2 24 | $111.3M | $-116.0M | ||
| Q1 24 | $-45.6M | $589.0M |
自由现金流CWVSCO
| Q4 25 | $315.1M | $-232.0M | ||
| Q3 25 | $175.9M | $88.0M | ||
| Q2 25 | $117.2M | $-193.0M | ||
| Q1 25 | $-54.5M | $646.0M | ||
| Q4 24 | $278.0M | $-299.0M | ||
| Q3 24 | $162.7M | $55.0M | ||
| Q2 24 | $100.3M | $-155.0M | ||
| Q1 24 | $-57.7M | $557.0M |
自由现金流率CWVSCO
| Q4 25 | 33.3% | -15.8% | ||
| Q3 25 | 20.2% | 6.0% | ||
| Q2 25 | 13.4% | -14.3% | ||
| Q1 25 | -6.8% | 30.7% | ||
| Q4 24 | 33.7% | -22.2% | ||
| Q3 24 | 20.4% | 3.9% | ||
| Q2 24 | 12.8% | -11.4% | ||
| Q1 24 | -8.1% | 26.7% |
资本支出强度CWVSCO
| Q4 25 | 4.0% | 3.5% | ||
| Q3 25 | 1.9% | 4.7% | ||
| Q2 25 | 2.2% | 3.2% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 2.8% | 3.8% | ||
| Q3 24 | 1.8% | 4.2% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 1.7% | 1.5% |
现金转化率CWVSCO
| Q4 25 | 2.57× | — | ||
| Q3 25 | 1.54× | 9.75× | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | -0.38× | 3.49× | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | 1.59× | 3.59× | ||
| Q2 24 | 1.12× | — | ||
| Q1 24 | -0.60× | 3.27× |
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
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
