vs
戴德梁行（CWK）与Deckers Brands（DECK）财务数据对比。点击上方公司名可切换其他公司
戴德梁行的季度营收约是Deckers Brands的1.5倍（$2.9B vs $2.0B），Deckers Brands净利率更高（24.6% vs -0.8%，领先25.3%），戴德梁行同比增速更快（10.8% vs 7.1%），Deckers Brands自由现金流更多（$1.0B vs $234.3M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 15.5%）
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
CWK vs DECK — 直观对比
营收规模更大
CWK
是对方的1.5倍
$2.0B
营收增速更快
CWK
高出3.7%
7.1%
净利率更高
DECK
高出25.3%
-0.8%
自由现金流更多
DECK
多$786.0M
$234.3M
两年增速更快
DECK
近两年复合增速
15.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $2.0B |
| 净利润 | $-22.4M | $481.1M |
| 毛利率 | — | 59.8% |
| 营业利润率 | 6.1% | 31.4% |
| 净利率 | -0.8% | 24.6% |
| 营收同比 | 10.8% | 7.1% |
| 净利润同比 | -119.8% | 5.3% |
| 每股收益（稀释后） | $-0.10 | $3.33 |
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CWKDECK
| Q4 25 | $2.9B | $2.0B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.5B | $964.5M | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.3B | $825.3M | ||
| Q1 24 | $2.2B | $959.8M |
净利润CWKDECK
| Q4 25 | $-22.4M | $481.1M | ||
| Q3 25 | $51.4M | $268.2M | ||
| Q2 25 | $57.3M | $139.2M | ||
| Q1 25 | $1.9M | $151.4M | ||
| Q4 24 | $112.9M | $456.7M | ||
| Q3 24 | $33.7M | $242.3M | ||
| Q2 24 | $13.5M | $115.6M | ||
| Q1 24 | $-28.8M | $127.5M |
毛利率CWKDECK
| Q4 25 | — | 59.8% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 55.8% | ||
| Q1 25 | — | 56.7% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 55.9% | ||
| Q2 24 | — | 56.9% | ||
| Q1 24 | — | 56.2% |
营业利润率CWKDECK
| Q4 25 | 6.1% | 31.4% | ||
| Q3 25 | 4.1% | 22.8% | ||
| Q2 25 | 4.9% | 17.1% | ||
| Q1 25 | 2.0% | 17.0% | ||
| Q4 24 | 6.6% | 31.0% | ||
| Q3 24 | 3.2% | 23.3% | ||
| Q2 24 | 3.1% | 16.1% | ||
| Q1 24 | 0.9% | 15.0% |
净利率CWKDECK
| Q4 25 | -0.8% | 24.6% | ||
| Q3 25 | 2.0% | 18.7% | ||
| Q2 25 | 2.3% | 14.4% | ||
| Q1 25 | 0.1% | 14.8% | ||
| Q4 24 | 4.3% | 25.0% | ||
| Q3 24 | 1.4% | 18.5% | ||
| Q2 24 | 0.6% | 14.0% | ||
| Q1 24 | -1.3% | 13.3% |
每股收益（稀释后）CWKDECK
| Q4 25 | $-0.10 | $3.33 | ||
| Q3 25 | $0.22 | $1.82 | ||
| Q2 25 | $0.25 | $0.93 | ||
| Q1 25 | $0.01 | $-2.78 | ||
| Q4 24 | $0.49 | $3.00 | ||
| Q3 24 | $0.14 | $1.59 | ||
| Q2 24 | $0.06 | $4.52 | ||
| Q1 24 | $-0.13 | $4.82 |
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 | $784.2M | $2.1B |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.0B | $2.6B |
| 总资产 | $7.7B | $4.1B |
| 负债/权益比越低杠杆越低 | 1.40× | — |
8季度趋势，按日历期对齐
现金及短期投资CWKDECK
| Q4 25 | $784.2M | $2.1B | ||
| Q3 25 | $634.4M | $1.4B | ||
| Q2 25 | $618.2M | $1.7B | ||
| Q1 25 | $623.2M | $1.9B | ||
| Q4 24 | $793.3M | $2.2B | ||
| Q3 24 | $775.4M | $1.2B | ||
| Q2 24 | $567.3M | $1.4B | ||
| Q1 24 | $553.5M | $1.5B |
总债务CWKDECK
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.2B | — |
股东权益CWKDECK
| Q4 25 | $2.0B | $2.6B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.8B | $2.5B | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.6B | $2.1B | ||
| Q1 24 | $1.6B | $2.1B |
总资产CWKDECK
| Q4 25 | $7.7B | $4.1B | ||
| Q3 25 | $7.7B | $3.8B | ||
| Q2 25 | $7.6B | $3.8B | ||
| Q1 25 | $7.4B | $3.6B | ||
| Q4 24 | $7.5B | $4.0B | ||
| Q3 24 | $7.5B | $3.4B | ||
| Q2 24 | $7.3B | $3.3B | ||
| Q1 24 | $7.5B | $3.1B |
负债/权益比CWKDECK
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.96× | — |
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 | $257.3M | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $234.3M | $1.0B |
| 自由现金流率自由现金流/营收 | 8.0% | 52.1% |
| 资本支出强度资本支出/营收 | 0.8% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.17× |
| 过去12个月自由现金流最近4个季度 | $293.0M | $929.1M |
8季度趋势，按日历期对齐
经营现金流CWKDECK
| Q4 25 | $257.3M | $1.0B | ||
| Q3 25 | $235.5M | $8.1M | ||
| Q2 25 | $9.6M | $36.1M | ||
| Q1 25 | $-162.0M | $-73.0M | ||
| Q4 24 | $115.2M | $1.1B | ||
| Q3 24 | $196.1M | $-90.5M | ||
| Q2 24 | $21.8M | $112.7M | ||
| Q1 24 | $-125.1M | $-28.7M |
自由现金流CWKDECK
| Q4 25 | $234.3M | $1.0B | ||
| Q3 25 | $225.0M | $-13.9M | ||
| Q2 25 | $300.0K | $12.2M | ||
| Q1 25 | $-166.6M | $-89.4M | ||
| Q4 24 | $105.9M | $1.1B | ||
| Q3 24 | $186.7M | $-113.4M | ||
| Q2 24 | $10.0M | $90.1M | ||
| Q1 24 | $-135.6M | $-44.0M |
自由现金流率CWKDECK
| Q4 25 | 8.0% | 52.1% | ||
| Q3 25 | 8.6% | -1.0% | ||
| Q2 25 | 0.0% | 1.3% | ||
| Q1 25 | -7.3% | -8.8% | ||
| Q4 24 | 4.0% | 58.6% | ||
| Q3 24 | 8.0% | -8.6% | ||
| Q2 24 | 0.4% | 10.9% | ||
| Q1 24 | -6.2% | -4.6% |
资本支出强度CWKDECK
| Q4 25 | 0.8% | 1.1% | ||
| Q3 25 | 0.4% | 1.5% | ||
| Q2 25 | 0.4% | 2.5% | ||
| Q1 25 | 0.2% | 1.6% | ||
| Q4 24 | 0.4% | 1.3% | ||
| Q3 24 | 0.4% | 1.7% | ||
| Q2 24 | 0.5% | 2.7% | ||
| Q1 24 | 0.5% | 1.6% |
现金转化率CWKDECK
| Q4 25 | — | 2.17× | ||
| Q3 25 | 4.58× | 0.03× | ||
| Q2 25 | 0.17× | 0.26× | ||
| Q1 25 | -85.26× | -0.48× | ||
| Q4 24 | 1.02× | 2.40× | ||
| Q3 24 | 5.82× | -0.37× | ||
| Q2 24 | 1.61× | 0.97× | ||
| Q1 24 | — | -0.22× |
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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
