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DILLARD'S, INC.（DDS）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是DILLARD'S, INC.的1.1倍（$1.6B vs $1.5B），DILLARD'S, INC.净利率更高（8.8% vs 4.5%，领先4.3%），DILLARD'S, INC.同比增速更快（2.9% vs -10.0%），WATSCO INC自由现金流更多（$388.5M vs $156.2M），过去两年WATSCO INC的营收复合增速更高（0.4% 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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
DDS vs WSO — 直观对比
营收规模更大
WSO
是对方的1.1倍
$1.5B
营收增速更快
DDS
高出12.9%
-10.0%
净利率更高
DDS
高出4.3%
4.5%
自由现金流更多
WSO
多$232.3M
$156.2M
两年增速更快
WSO
近两年复合增速
-16.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.6B |
| 净利润 | $129.8M | $71.7M |
| 毛利率 | 43.4% | 27.1% |
| 营业利润率 | 11.5% | 6.4% |
| 净利率 | 8.8% | 4.5% |
| 营收同比 | 2.9% | -10.0% |
| 净利润同比 | 4.2% | -25.9% |
| 每股收益（稀释后） | $8.31 | $1.82 |
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DDSWSO
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $2.1B | $1.6B |
净利润DDSWSO
| Q4 25 | $129.8M | $71.7M | ||
| Q3 25 | $72.8M | $161.6M | ||
| Q2 25 | $163.8M | $183.6M | ||
| Q1 25 | $214.4M | $80.1M | ||
| Q4 24 | $124.6M | $96.8M | ||
| Q3 24 | $74.5M | $171.0M | ||
| Q2 24 | $180.0M | $181.4M | ||
| Q1 24 | $250.5M | $87.0M |
毛利率DDSWSO
| Q4 25 | 43.4% | 27.1% | ||
| Q3 25 | 36.6% | 27.5% | ||
| Q2 25 | 43.9% | 29.3% | ||
| Q1 25 | 34.9% | 28.1% | ||
| Q4 24 | 42.6% | 26.7% | ||
| Q3 24 | 37.6% | 26.2% | ||
| Q2 24 | 44.6% | 27.1% | ||
| Q1 24 | 36.6% | 27.5% |
营业利润率DDSWSO
| Q4 25 | 11.5% | 6.4% | ||
| Q3 25 | 6.2% | 11.4% | ||
| Q2 25 | 14.0% | 13.2% | ||
| Q1 25 | 11.7% | 7.3% | ||
| Q4 24 | 11.4% | 7.8% | ||
| Q3 24 | 6.5% | 11.6% | ||
| Q2 24 | 15.2% | 12.6% | ||
| Q1 24 | 13.3% | 8.1% |
净利率DDSWSO
| Q4 25 | 8.8% | 4.5% | ||
| Q3 25 | 4.8% | 7.8% | ||
| Q2 25 | 10.7% | 8.9% | ||
| Q1 25 | 10.6% | 5.2% | ||
| Q4 24 | 8.7% | 5.5% | ||
| Q3 24 | 5.0% | 7.9% | ||
| Q2 24 | 11.6% | 8.5% | ||
| Q1 24 | 11.8% | 5.6% |
每股收益（稀释后）DDSWSO
| Q4 25 | $8.31 | $1.82 | ||
| Q3 25 | $4.66 | $3.98 | ||
| Q2 25 | $10.39 | $4.52 | ||
| Q1 25 | $13.41 | $1.93 | ||
| Q4 24 | $7.73 | $2.42 | ||
| Q3 24 | $4.59 | $4.22 | ||
| Q2 24 | $11.09 | $4.49 | ||
| Q1 24 | $15.41 | $2.17 |
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 | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $2.0B | $2.8B |
| 总资产 | $4.3B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资DDSWSO
| Q4 25 | $1.1B | $733.3M | ||
| Q3 25 | $1.0B | $524.3M | ||
| Q2 25 | $900.5M | $293.0M | ||
| Q1 25 | $717.9M | $431.8M | ||
| Q4 24 | $980.4M | $781.9M | ||
| Q3 24 | $946.7M | $550.0M | ||
| Q2 24 | $817.8M | $424.9M | ||
| Q1 24 | $808.3M | $478.9M |
总债务DDSWSO
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
股东权益DDSWSO
| Q4 25 | $2.0B | $2.8B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.8B | $2.7B | ||
| Q4 24 | $2.0B | $2.7B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $1.9B | $2.6B | ||
| Q1 24 | $1.7B | $2.5B |
总资产DDSWSO
| Q4 25 | $4.3B | $4.4B | ||
| Q3 25 | $3.7B | $4.6B | ||
| Q2 25 | $3.9B | $4.7B | ||
| Q1 25 | $3.5B | $4.5B | ||
| Q4 24 | $4.1B | $4.5B | ||
| Q3 24 | $3.7B | $4.5B | ||
| Q2 24 | $3.9B | $4.4B | ||
| Q1 24 | $3.4B | $4.4B |
负债/权益比DDSWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $156.2M | $388.5M |
| 自由现金流率自由现金流/营收 | 10.6% | 24.6% |
| 资本支出强度资本支出/营收 | 2.1% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.44× | 5.57× |
| 过去12个月自由现金流最近4个季度 | $781.3M | $535.1M |
8季度趋势，按日历期对齐
经营现金流DDSWSO
| Q4 25 | $186.5M | $399.8M | ||
| Q3 25 | $86.8M | $354.9M | ||
| Q2 25 | $232.6M | $-7.4M | ||
| Q1 25 | $364.7M | $-177.6M | ||
| Q4 24 | $173.5M | $378.9M | ||
| Q3 24 | $-68.4M | $232.8M | ||
| Q2 24 | $244.4M | $57.7M | ||
| Q1 24 | $436.5M | $103.7M |
自由现金流DDSWSO
| Q4 25 | $156.2M | $388.5M | ||
| Q3 25 | $60.1M | $346.1M | ||
| Q2 25 | $215.8M | $-14.3M | ||
| Q1 25 | $349.3M | $-185.2M | ||
| Q4 24 | $145.4M | $370.9M | ||
| Q3 24 | $-94.3M | $223.0M | ||
| Q2 24 | $209.2M | $51.3M | ||
| Q1 24 | $408.2M | $97.9M |
自由现金流率DDSWSO
| Q4 25 | 10.6% | 24.6% | ||
| Q3 25 | 4.0% | 16.7% | ||
| Q2 25 | 14.1% | -0.7% | ||
| Q1 25 | 17.3% | -12.1% | ||
| Q4 24 | 10.2% | 21.1% | ||
| Q3 24 | -6.3% | 10.3% | ||
| Q2 24 | 13.5% | 2.4% | ||
| Q1 24 | 19.2% | 6.3% |
资本支出强度DDSWSO
| Q4 25 | 2.1% | 0.7% | ||
| Q3 25 | 1.8% | 0.4% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 0.8% | 0.5% | ||
| Q4 24 | 2.0% | 0.5% | ||
| Q3 24 | 1.7% | 0.5% | ||
| Q2 24 | 2.3% | 0.3% | ||
| Q1 24 | 1.3% | 0.4% |
现金转化率DDSWSO
| Q4 25 | 1.44× | 5.57× | ||
| Q3 25 | 1.19× | 2.20× | ||
| Q2 25 | 1.42× | -0.04× | ||
| Q1 25 | 1.70× | -2.22× | ||
| Q4 24 | 1.39× | 3.91× | ||
| Q3 24 | -0.92× | 1.36× | ||
| Q2 24 | 1.36× | 0.32× | ||
| Q1 24 | 1.74× | 1.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
