vs
Deckers Brands（DECK）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是达美乐的1.7倍（$2.0B vs $1.2B），Deckers Brands净利率更高（24.6% vs 12.2%，领先12.4%），Deckers Brands同比增速更快（7.1% vs 3.5%），Deckers Brands自由现金流更多（$1.0B vs $147.0M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 2.4%）
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。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
DECK vs DPZ — 直观对比
营收规模更大
DECK
是对方的1.7倍
$1.2B
营收增速更快
DECK
高出3.7%
3.5%
净利率更高
DECK
高出12.4%
12.2%
自由现金流更多
DECK
多$873.3M
$147.0M
两年增速更快
DECK
近两年复合增速
2.4%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $481.1M | $139.8M |
| 毛利率 | 59.8% | 40.4% |
| 营业利润率 | 31.4% | 20.0% |
| 净利率 | 24.6% | 12.2% |
| 营收同比 | 7.1% | 3.5% |
| 净利润同比 | 5.3% | -6.6% |
| 每股收益（稀释后） | $3.33 | $4.13 |
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DECKDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $964.5M | $1.1B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $825.3M | $1.1B |
净利润DECKDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $481.1M | — | ||
| Q3 25 | $268.2M | $139.3M | ||
| Q2 25 | $139.2M | $131.1M | ||
| Q1 25 | $151.4M | $149.7M | ||
| Q4 24 | $456.7M | $169.4M | ||
| Q3 24 | $242.3M | $146.9M | ||
| Q2 24 | $115.6M | $142.0M |
毛利率DECKDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | 59.8% | — | ||
| Q3 25 | 56.2% | 40.1% | ||
| Q2 25 | 55.8% | 40.3% | ||
| Q1 25 | 56.7% | 39.8% | ||
| Q4 24 | 60.3% | 39.2% | ||
| Q3 24 | 55.9% | 39.2% | ||
| Q2 24 | 56.9% | 39.8% |
营业利润率DECKDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | 31.4% | — | ||
| Q3 25 | 22.8% | 19.5% | ||
| Q2 25 | 17.1% | 19.7% | ||
| Q1 25 | 17.0% | 18.9% | ||
| Q4 24 | 31.0% | 19.0% | ||
| Q3 24 | 23.3% | 18.4% | ||
| Q2 24 | 16.1% | 17.9% |
净利率DECKDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 24.6% | — | ||
| Q3 25 | 18.7% | 12.1% | ||
| Q2 25 | 14.4% | 11.4% | ||
| Q1 25 | 14.8% | 13.5% | ||
| Q4 24 | 25.0% | 11.7% | ||
| Q3 24 | 18.5% | 13.6% | ||
| Q2 24 | 14.0% | 12.9% |
每股收益（稀释后）DECKDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $3.33 | — | ||
| Q3 25 | $1.82 | $4.08 | ||
| Q2 25 | $0.93 | $3.81 | ||
| Q1 25 | $-2.78 | $4.33 | ||
| Q4 24 | $3.00 | $4.89 | ||
| Q3 24 | $1.59 | $4.19 | ||
| Q2 24 | $4.52 | $4.03 |
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 | $2.1B | $232.9M |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $2.6B | — |
| 总资产 | $4.1B | $1.8B |
| 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DECKDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.4B | $139.7M | ||
| Q2 25 | $1.7B | $272.9M | ||
| Q1 25 | $1.9B | $304.3M | ||
| Q4 24 | $2.2B | $186.1M | ||
| Q3 24 | $1.2B | $189.1M | ||
| Q2 24 | $1.4B | $283.7M |
总债务DECKDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B |
股东权益DECKDPZ
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.5B | $-4.0B | ||
| Q2 25 | $2.5B | $-4.0B | ||
| Q1 25 | $2.5B | $-3.9B | ||
| Q4 24 | $2.6B | $-4.0B | ||
| Q3 24 | $2.2B | $-4.0B | ||
| Q2 24 | $2.1B | $-3.9B |
总资产DECKDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $4.1B | — | ||
| Q3 25 | $3.8B | $1.7B | ||
| Q2 25 | $3.8B | $1.8B | ||
| Q1 25 | $3.6B | $1.9B | ||
| Q4 24 | $4.0B | $1.7B | ||
| Q3 24 | $3.4B | $1.8B | ||
| Q2 24 | $3.3B | $1.9B |
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 | $1.0B | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $147.0M |
| 自由现金流率自由现金流/营收 | 52.1% | 12.8% |
| 资本支出强度资本支出/营收 | 1.1% | 1.3% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.16× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $625.3M |
8季度趋势，按日历期对齐
经营现金流DECKDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $8.1M | $185.4M | ||
| Q2 25 | $36.1M | $187.8M | ||
| Q1 25 | $-73.0M | $179.1M | ||
| Q4 24 | $1.1B | $178.0M | ||
| Q3 24 | $-90.5M | $172.7M | ||
| Q2 24 | $112.7M | $150.7M |
自由现金流DECKDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $-13.9M | $164.0M | ||
| Q2 25 | $12.2M | $167.3M | ||
| Q1 25 | $-89.4M | $164.3M | ||
| Q4 24 | $1.1B | $135.9M | ||
| Q3 24 | $-113.4M | $145.6M | ||
| Q2 24 | $90.1M | $127.2M |
自由现金流率DECKDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 52.1% | — | ||
| Q3 25 | -1.0% | 14.3% | ||
| Q2 25 | 1.3% | 14.6% | ||
| Q1 25 | -8.8% | 14.8% | ||
| Q4 24 | 58.6% | 9.4% | ||
| Q3 24 | -8.6% | 13.5% | ||
| Q2 24 | 10.9% | 11.6% |
资本支出强度DECKDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.5% | 1.9% | ||
| Q2 25 | 2.5% | 1.8% | ||
| Q1 25 | 1.6% | 1.3% | ||
| Q4 24 | 1.3% | 2.9% | ||
| Q3 24 | 1.7% | 2.5% | ||
| Q2 24 | 2.7% | 2.1% |
现金转化率DECKDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 2.17× | — | ||
| Q3 25 | 0.03× | 1.33× | ||
| Q2 25 | 0.26× | 1.43× | ||
| Q1 25 | -0.48× | 1.20× | ||
| Q4 24 | 2.40× | 1.05× | ||
| Q3 24 | -0.37× | 1.18× | ||
| Q2 24 | 0.97× | 1.06× |
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
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
