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DILLARD'S, INC.（DDS）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DILLARD'S, INC.的1.0倍（$1.5B vs $1.5B），DILLARD'S, INC.净利率更高（8.8% vs -2.5%，领先11.4%），维多利亚的秘密同比增速更快（9.3% vs 2.9%），DILLARD'S, INC.自由现金流更多（$156.2M vs $-232.0M），过去两年维多利亚的秘密的营收复合增速更高（-15.9% vs -16.9%）
Dillard's, Inc.是美国知名连锁百货企业，1938年由威廉·T·迪拉德创立，总部位于阿肯色州小石城，目前在全美30个州运营约272家门店，其中得克萨斯州、佛罗里达州分别设有57家、42家门店，为其门店数量最多的两个区域。
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。
DDS vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.0倍
$1.5B
营收增速更快
VSCO
高出6.4%
2.9%
净利率更高
DDS
高出11.4%
-2.5%
自由现金流更多
DDS
多$388.2M
$-232.0M
两年增速更快
VSCO
近两年复合增速
-16.9%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.5B |
| 净利润 | $129.8M | $-37.0M |
| 毛利率 | 43.4% | 36.4% |
| 营业利润率 | 11.5% | -1.3% |
| 净利率 | 8.8% | -2.5% |
| 营收同比 | 2.9% | 9.3% |
| 净利润同比 | 4.2% | 33.9% |
| 每股收益（稀释后） | $8.31 | $-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DDSVSCO
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.5B | $1.4B | ||
| Q1 24 | $2.1B | $2.1B |
净利润DDSVSCO
| Q4 25 | $129.8M | $-37.0M | ||
| Q3 25 | $72.8M | $16.0M | ||
| Q2 25 | $163.8M | $-2.0M | ||
| Q1 25 | $214.4M | $193.0M | ||
| Q4 24 | $124.6M | $-56.0M | ||
| Q3 24 | $74.5M | $32.0M | ||
| Q2 24 | $180.0M | $-4.0M | ||
| Q1 24 | $250.5M | $180.0M |
毛利率DDSVSCO
| Q4 25 | 43.4% | 36.4% | ||
| Q3 25 | 36.6% | 35.6% | ||
| Q2 25 | 43.9% | 35.0% | ||
| Q1 25 | 34.9% | 38.6% | ||
| Q4 24 | 42.6% | 34.7% | ||
| Q3 24 | 37.6% | 35.4% | ||
| Q2 24 | 44.6% | 36.9% | ||
| Q1 24 | 36.6% | 39.7% |
营业利润率DDSVSCO
| Q4 25 | 11.5% | -1.3% | ||
| Q3 25 | 6.2% | 2.8% | ||
| Q2 25 | 14.0% | 1.5% | ||
| Q1 25 | 11.7% | 12.8% | ||
| Q4 24 | 11.4% | -3.5% | ||
| Q3 24 | 6.5% | 4.4% | ||
| Q2 24 | 15.2% | 1.9% | ||
| Q1 24 | 13.3% | 12.4% |
净利率DDSVSCO
| Q4 25 | 8.8% | -2.5% | ||
| Q3 25 | 4.8% | 1.1% | ||
| Q2 25 | 10.7% | -0.1% | ||
| Q1 25 | 10.6% | 9.2% | ||
| Q4 24 | 8.7% | -4.2% | ||
| Q3 24 | 5.0% | 2.3% | ||
| Q2 24 | 11.6% | -0.3% | ||
| Q1 24 | 11.8% | 8.6% |
每股收益（稀释后）DDSVSCO
| Q4 25 | $8.31 | $-0.46 | ||
| Q3 25 | $4.66 | $0.20 | ||
| Q2 25 | $10.39 | $-0.02 | ||
| Q1 25 | $13.41 | $2.41 | ||
| Q4 24 | $7.73 | $-0.71 | ||
| Q3 24 | $4.59 | $0.40 | ||
| Q2 24 | $11.09 | $-0.05 | ||
| Q1 24 | $15.41 | $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 | $1.1B | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $653.0M |
| 总资产 | $4.3B | $5.1B |
| 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DDSVSCO
| Q4 25 | $1.1B | $249.0M | ||
| Q3 25 | $1.0B | $188.0M | ||
| Q2 25 | $900.5M | $138.0M | ||
| Q1 25 | $717.9M | $227.0M | ||
| Q4 24 | $980.4M | $161.0M | ||
| Q3 24 | $946.7M | $169.0M | ||
| Q2 24 | $817.8M | $105.0M | ||
| Q1 24 | $808.3M | $270.0M |
股东权益DDSVSCO
| Q4 25 | $2.0B | $653.0M | ||
| Q3 25 | $1.9B | $680.0M | ||
| Q2 25 | $1.9B | $645.0M | ||
| Q1 25 | $1.8B | $640.0M | ||
| Q4 24 | $2.0B | $429.0M | ||
| Q3 24 | $1.9B | $472.0M | ||
| Q2 24 | $1.9B | $423.0M | ||
| Q1 24 | $1.7B | $417.0M |
总资产DDSVSCO
| Q4 25 | $4.3B | $5.1B | ||
| Q3 25 | $3.7B | $4.8B | ||
| Q2 25 | $3.9B | $4.6B | ||
| Q1 25 | $3.5B | $4.5B | ||
| Q4 24 | $4.1B | $4.9B | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.9B | $4.4B | ||
| Q1 24 | $3.4B | $4.6B |
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 | $186.5M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $156.2M | $-232.0M |
| 自由现金流率自由现金流/营收 | 10.6% | -15.8% |
| 资本支出强度资本支出/营收 | 2.1% | 3.5% |
| 现金转化率经营现金流/净利润 | 1.44× | — |
| 过去12个月自由现金流最近4个季度 | $781.3M | $309.0M |
8季度趋势，按日历期对齐
经营现金流DDSVSCO
| Q4 25 | $186.5M | $-180.0M | ||
| Q3 25 | $86.8M | $156.0M | ||
| Q2 25 | $232.6M | $-150.0M | ||
| Q1 25 | $364.7M | $674.0M | ||
| Q4 24 | $173.5M | $-248.0M | ||
| Q3 24 | $-68.4M | $115.0M | ||
| Q2 24 | $244.4M | $-116.0M | ||
| Q1 24 | $436.5M | $589.0M |
自由现金流DDSVSCO
| Q4 25 | $156.2M | $-232.0M | ||
| Q3 25 | $60.1M | $88.0M | ||
| Q2 25 | $215.8M | $-193.0M | ||
| Q1 25 | $349.3M | $646.0M | ||
| Q4 24 | $145.4M | $-299.0M | ||
| Q3 24 | $-94.3M | $55.0M | ||
| Q2 24 | $209.2M | $-155.0M | ||
| Q1 24 | $408.2M | $557.0M |
自由现金流率DDSVSCO
| Q4 25 | 10.6% | -15.8% | ||
| Q3 25 | 4.0% | 6.0% | ||
| Q2 25 | 14.1% | -14.3% | ||
| Q1 25 | 17.3% | 30.7% | ||
| Q4 24 | 10.2% | -22.2% | ||
| Q3 24 | -6.3% | 3.9% | ||
| Q2 24 | 13.5% | -11.4% | ||
| Q1 24 | 19.2% | 26.7% |
资本支出强度DDSVSCO
| Q4 25 | 2.1% | 3.5% | ||
| Q3 25 | 1.8% | 4.7% | ||
| Q2 25 | 1.1% | 3.2% | ||
| Q1 25 | 0.8% | 1.3% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 1.7% | 4.2% | ||
| Q2 24 | 2.3% | 2.9% | ||
| Q1 24 | 1.3% | 1.5% |
现金转化率DDSVSCO
| Q4 25 | 1.44× | — | ||
| Q3 25 | 1.19× | 9.75× | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 1.70× | 3.49× | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | -0.92× | 3.59× | ||
| Q2 24 | 1.36× | — | ||
| Q1 24 | 1.74× | 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
DDS
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% |
