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凯撒娱乐（CZR）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
凯撒娱乐的季度营收约是维多利亚的秘密的2.0倍（$2.9B vs $1.5B）。维多利亚的秘密净利率更高（-2.5% vs -8.6%，领先6.1%）。维多利亚的秘密同比增速更快（9.3% vs 4.2%）。凯撒娱乐自由现金流更多（$147.0M vs $-232.0M）。过去两年凯撒娱乐的营收复合增速更高（3.1% vs -15.9%）
凯撒娱乐前身为埃尔拉多度假村公司，是总部位于美国内华达州里诺的酒店博彩娱乐集团。2020年7月20日公司收购原凯撒娱乐集团后更为现名，目前运营超过50处物业，业务覆盖酒店、博彩、休闲娱乐等多个领域。
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。
CZR vs VSCO — 直观对比
营收规模更大
CZR
是对方的2.0倍
$1.5B
营收增速更快
VSCO
高出5.1%
4.2%
净利率更高
VSCO
高出6.1%
-8.6%
自由现金流更多
CZR
多$379.0M
$-232.0M
两年增速更快
CZR
近两年复合增速
-15.9%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.5B |
| 净利润 | $-250.0M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 11.4% | -1.3% |
| 净利率 | -8.6% | -2.5% |
| 营收同比 | 4.2% | 9.3% |
| 净利润同比 | -2372.7% | 33.9% |
| 每股收益（稀释后） | $-1.22 | $-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CZRVSCO
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.9B | $1.4B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.8B | $1.4B | ||
| Q1 24 | $2.7B | $2.1B |
净利润CZRVSCO
| Q4 25 | $-250.0M | $-37.0M | ||
| Q3 25 | $-55.0M | $16.0M | ||
| Q2 25 | $-82.0M | $-2.0M | ||
| Q1 25 | $-115.0M | $193.0M | ||
| Q4 24 | $11.0M | $-56.0M | ||
| Q3 24 | $-9.0M | $32.0M | ||
| Q2 24 | $-122.0M | $-4.0M | ||
| Q1 24 | $-158.0M | $180.0M |
毛利率CZRVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率CZRVSCO
| Q4 25 | 11.4% | -1.3% | ||
| Q3 25 | 17.9% | 2.8% | ||
| Q2 25 | 18.1% | 1.5% | ||
| Q1 25 | 17.5% | 12.8% | ||
| Q4 24 | 23.9% | -3.5% | ||
| Q3 24 | 22.4% | 4.4% | ||
| Q2 24 | 17.9% | 1.9% | ||
| Q1 24 | 17.7% | 12.4% |
净利率CZRVSCO
| Q4 25 | -8.6% | -2.5% | ||
| Q3 25 | -1.9% | 1.1% | ||
| Q2 25 | -2.8% | -0.1% | ||
| Q1 25 | -4.1% | 9.2% | ||
| Q4 24 | 0.4% | -4.2% | ||
| Q3 24 | -0.3% | 2.3% | ||
| Q2 24 | -4.3% | -0.3% | ||
| Q1 24 | -5.8% | 8.6% |
每股收益（稀释后）CZRVSCO
| Q4 25 | $-1.22 | $-0.46 | ||
| Q3 25 | $-0.27 | $0.20 | ||
| Q2 25 | $-0.39 | $-0.02 | ||
| Q1 25 | $-0.54 | $2.41 | ||
| Q4 24 | $0.04 | $-0.71 | ||
| Q3 24 | $-0.04 | $0.40 | ||
| Q2 24 | $-0.56 | $-0.05 | ||
| Q1 24 | $-0.73 | $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 | $887.0M | $249.0M |
| 总债务越低越好 | $11.9B | — |
| 股东权益账面价值 | $3.5B | $653.0M |
| 总资产 | $31.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 3.40× | — |
8季度趋势，按日历期对齐
现金及短期投资CZRVSCO
| Q4 25 | $887.0M | $249.0M | ||
| Q3 25 | $836.0M | $188.0M | ||
| Q2 25 | $982.0M | $138.0M | ||
| Q1 25 | $884.0M | $227.0M | ||
| Q4 24 | $866.0M | $161.0M | ||
| Q3 24 | $802.0M | $169.0M | ||
| Q2 24 | $830.0M | $105.0M | ||
| Q1 24 | $726.0M | $270.0M |
总债务CZRVSCO
| Q4 25 | $11.9B | — | ||
| Q3 25 | $11.9B | — | ||
| Q2 25 | $12.3B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | $12.3B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.4B | — | ||
| Q1 24 | $12.4B | — |
股东权益CZRVSCO
| Q4 25 | $3.5B | $653.0M | ||
| Q3 25 | $3.8B | $680.0M | ||
| Q2 25 | $3.9B | $645.0M | ||
| Q1 25 | $4.1B | $640.0M | ||
| Q4 24 | $4.2B | $429.0M | ||
| Q3 24 | $4.2B | $472.0M | ||
| Q2 24 | $4.3B | $423.0M | ||
| Q1 24 | $4.4B | $417.0M |
总资产CZRVSCO
| Q4 25 | $31.6B | $5.1B | ||
| Q3 25 | $31.9B | $4.8B | ||
| Q2 25 | $32.5B | $4.6B | ||
| Q1 25 | $32.4B | $4.5B | ||
| Q4 24 | $32.6B | $4.9B | ||
| Q3 24 | $33.0B | $4.6B | ||
| Q2 24 | $33.1B | $4.4B | ||
| Q1 24 | $33.1B | $4.6B |
负债/权益比CZRVSCO
| Q4 25 | 3.40× | — | ||
| Q3 25 | 3.15× | — | ||
| Q2 25 | 3.15× | — | ||
| Q1 25 | 3.04× | — | ||
| Q4 24 | 2.96× | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | 2.89× | — | ||
| Q1 24 | 2.82× | — |
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 | $304.0M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 5.0% | -15.8% |
| 资本支出强度资本支出/营收 | 5.4% | 3.5% |
| 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 | $497.0M | $309.0M |
8季度趋势，按日历期对齐
经营现金流CZRVSCO
| Q4 25 | $304.0M | $-180.0M | ||
| Q3 25 | $318.0M | $156.0M | ||
| Q2 25 | $462.0M | $-150.0M | ||
| Q1 25 | $218.0M | $674.0M | ||
| Q4 24 | $309.0M | $-248.0M | ||
| Q3 24 | $232.0M | $115.0M | ||
| Q2 24 | $454.0M | $-116.0M | ||
| Q1 24 | $80.0M | $589.0M |
自由现金流CZRVSCO
| Q4 25 | $147.0M | $-232.0M | ||
| Q3 25 | $123.0M | $88.0M | ||
| Q2 25 | $232.0M | $-193.0M | ||
| Q1 25 | $-5.0M | $646.0M | ||
| Q4 24 | $30.0M | $-299.0M | ||
| Q3 24 | $-192.0M | $55.0M | ||
| Q2 24 | $125.0M | $-155.0M | ||
| Q1 24 | $-184.0M | $557.0M |
自由现金流率CZRVSCO
| Q4 25 | 5.0% | -15.8% | ||
| Q3 25 | 4.3% | 6.0% | ||
| Q2 25 | 8.0% | -14.3% | ||
| Q1 25 | -0.2% | 30.7% | ||
| Q4 24 | 1.1% | -22.2% | ||
| Q3 24 | -6.7% | 3.9% | ||
| Q2 24 | 4.4% | -11.4% | ||
| Q1 24 | -6.7% | 26.7% |
资本支出强度CZRVSCO
| Q4 25 | 5.4% | 3.5% | ||
| Q3 25 | 6.8% | 4.7% | ||
| Q2 25 | 7.9% | 3.2% | ||
| Q1 25 | 8.0% | 1.3% | ||
| Q4 24 | 10.0% | 3.8% | ||
| Q3 24 | 14.8% | 4.2% | ||
| Q2 24 | 11.6% | 2.9% | ||
| Q1 24 | 9.6% | 1.5% |
现金转化率CZRVSCO
| Q4 25 | — | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | 28.09× | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 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
CZR
暂无分部数据
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% |
