vs
Deckers Brands（DECK）与佳明（GRMN）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是Deckers Brands的1.1倍（$2.1B vs $2.0B），佳明净利率更高（24.9% vs 24.6%，领先0.3%），佳明同比增速更快（16.6% vs 7.1%），Deckers Brands自由现金流更多（$1.0B vs $429.6M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 24.0%）
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。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
DECK vs GRMN — 直观对比
营收规模更大
GRMN
是对方的1.1倍
$2.0B
营收增速更快
GRMN
高出9.5%
7.1%
净利率更高
GRMN
高出0.3%
24.6%
自由现金流更多
DECK
多$590.7M
$429.6M
两年增速更快
DECK
近两年复合增速
24.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.1B |
| 净利润 | $481.1M | $528.7M |
| 毛利率 | 59.8% | 59.2% |
| 营业利润率 | 31.4% | 28.9% |
| 净利率 | 24.6% | 24.9% |
| 营收同比 | 7.1% | 16.6% |
| 净利润同比 | 5.3% | 21.3% |
| 每股收益（稀释后） | $3.33 | $2.72 |
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DECKGRMN
| Q4 25 | $2.0B | $2.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $964.5M | $1.8B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $825.3M | $1.5B | ||
| Q1 24 | $959.8M | $1.4B |
净利润DECKGRMN
| Q4 25 | $481.1M | $528.7M | ||
| Q3 25 | $268.2M | $401.6M | ||
| Q2 25 | $139.2M | $400.8M | ||
| Q1 25 | $151.4M | $332.8M | ||
| Q4 24 | $456.7M | $435.7M | ||
| Q3 24 | $242.3M | $399.1M | ||
| Q2 24 | $115.6M | $300.6M | ||
| Q1 24 | $127.5M | $276.0M |
毛利率DECKGRMN
| Q4 25 | 59.8% | 59.2% | ||
| Q3 25 | 56.2% | 59.1% | ||
| Q2 25 | 55.8% | 58.8% | ||
| Q1 25 | 56.7% | 57.6% | ||
| Q4 24 | 60.3% | 59.3% | ||
| Q3 24 | 55.9% | 60.0% | ||
| Q2 24 | 56.9% | 57.3% | ||
| Q1 24 | 56.2% | 58.1% |
营业利润率DECKGRMN
| Q4 25 | 31.4% | 28.9% | ||
| Q3 25 | 22.8% | 25.8% | ||
| Q2 25 | 17.1% | 26.0% | ||
| Q1 25 | 17.0% | 21.7% | ||
| Q4 24 | 31.0% | 28.3% | ||
| Q3 24 | 23.3% | 27.6% | ||
| Q2 24 | 16.1% | 22.7% | ||
| Q1 24 | 15.0% | 21.6% |
净利率DECKGRMN
| Q4 25 | 24.6% | 24.9% | ||
| Q3 25 | 18.7% | 22.7% | ||
| Q2 25 | 14.4% | 22.1% | ||
| Q1 25 | 14.8% | 21.7% | ||
| Q4 24 | 25.0% | 23.9% | ||
| Q3 24 | 18.5% | 25.2% | ||
| Q2 24 | 14.0% | 20.0% | ||
| Q1 24 | 13.3% | 20.0% |
每股收益（稀释后）DECKGRMN
| Q4 25 | $3.33 | $2.72 | ||
| Q3 25 | $1.82 | $2.08 | ||
| Q2 25 | $0.93 | $2.07 | ||
| Q1 25 | $-2.78 | $1.72 | ||
| Q4 24 | $3.00 | $2.24 | ||
| Q3 24 | $1.59 | $2.07 | ||
| Q2 24 | $4.52 | $1.56 | ||
| Q1 24 | $4.82 | $1.43 |
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 | $2.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $9.0B |
| 总资产 | $4.1B | $11.0B |
| 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DECKGRMN
| Q4 25 | $2.1B | $2.3B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.9B | $2.2B | ||
| Q4 24 | $2.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $1.5B | $1.9B |
股东权益DECKGRMN
| Q4 25 | $2.6B | $9.0B | ||
| Q3 25 | $2.5B | $8.5B | ||
| Q2 25 | $2.5B | $8.1B | ||
| Q1 25 | $2.5B | $8.2B | ||
| Q4 24 | $2.6B | $7.8B | ||
| Q3 24 | $2.2B | $7.5B | ||
| Q2 24 | $2.1B | $7.0B | ||
| Q1 24 | $2.1B | $7.2B |
总资产DECKGRMN
| Q4 25 | $4.1B | $11.0B | ||
| Q3 25 | $3.8B | $10.5B | ||
| Q2 25 | $3.8B | $10.3B | ||
| Q1 25 | $3.6B | $9.8B | ||
| Q4 24 | $4.0B | $9.6B | ||
| Q3 24 | $3.4B | $9.3B | ||
| Q2 24 | $3.3B | $8.9B | ||
| Q1 24 | $3.1B | $8.6B |
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 | $1.0B | $553.8M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $429.6M |
| 自由现金流率自由现金流/营收 | 52.1% | 20.2% |
| 资本支出强度资本支出/营收 | 1.1% | 5.8% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $1.4B |
8季度趋势，按日历期对齐
经营现金流DECKGRMN
| Q4 25 | $1.0B | $553.8M | ||
| Q3 25 | $8.1M | $485.6M | ||
| Q2 25 | $36.1M | $173.2M | ||
| Q1 25 | $-73.0M | $420.8M | ||
| Q4 24 | $1.1B | $483.9M | ||
| Q3 24 | $-90.5M | $258.0M | ||
| Q2 24 | $112.7M | $255.3M | ||
| Q1 24 | $-28.7M | $435.3M |
自由现金流DECKGRMN
| Q4 25 | $1.0B | $429.6M | ||
| Q3 25 | $-13.9M | $425.1M | ||
| Q2 25 | $12.2M | $127.5M | ||
| Q1 25 | $-89.4M | $380.7M | ||
| Q4 24 | $1.1B | $399.2M | ||
| Q3 24 | $-113.4M | $219.4M | ||
| Q2 24 | $90.1M | $218.2M | ||
| Q1 24 | $-44.0M | $402.1M |
自由现金流率DECKGRMN
| Q4 25 | 52.1% | 20.2% | ||
| Q3 25 | -1.0% | 24.0% | ||
| Q2 25 | 1.3% | 7.0% | ||
| Q1 25 | -8.8% | 24.8% | ||
| Q4 24 | 58.6% | 21.9% | ||
| Q3 24 | -8.6% | 13.8% | ||
| Q2 24 | 10.9% | 14.5% | ||
| Q1 24 | -4.6% | 29.1% |
资本支出强度DECKGRMN
| Q4 25 | 1.1% | 5.8% | ||
| Q3 25 | 1.5% | 3.4% | ||
| Q2 25 | 2.5% | 2.5% | ||
| Q1 25 | 1.6% | 2.6% | ||
| Q4 24 | 1.3% | 4.6% | ||
| Q3 24 | 1.7% | 2.4% | ||
| Q2 24 | 2.7% | 2.5% | ||
| Q1 24 | 1.6% | 2.4% |
现金转化率DECKGRMN
| Q4 25 | 2.17× | 1.05× | ||
| Q3 25 | 0.03× | 1.21× | ||
| Q2 25 | 0.26× | 0.43× | ||
| Q1 25 | -0.48× | 1.26× | ||
| Q4 24 | 2.40× | 1.11× | ||
| Q3 24 | -0.37× | 0.65× | ||
| Q2 24 | 0.97× | 0.85× | ||
| Q1 24 | -0.22× | 1.58× |
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% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
