vs
Deckers Brands（DECK）与林肯电气（LECO）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是林肯电气的1.8倍（$2.0B vs $1.1B），Deckers Brands净利率更高（24.6% vs 12.6%，领先12.0%），Deckers Brands同比增速更快（7.1% vs 5.5%），Deckers Brands自由现金流更多（$1.0B vs $52.0M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 4.9%）
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。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
DECK vs LECO — 直观对比
营收规模更大
DECK
是对方的1.8倍
$1.1B
营收增速更快
DECK
高出1.6%
5.5%
净利率更高
DECK
高出12.0%
12.6%
自由现金流更多
DECK
多$968.3M
$52.0M
两年增速更快
DECK
近两年复合增速
4.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.1B |
| 净利润 | $481.1M | $136.0M |
| 毛利率 | 59.8% | 34.7% |
| 营业利润率 | 31.4% | 17.1% |
| 净利率 | 24.6% | 12.6% |
| 营收同比 | 7.1% | 5.5% |
| 净利润同比 | 5.3% | -3.0% |
| 每股收益（稀释后） | $3.33 | $2.45 |
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DECKLECO
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $964.5M | $1.1B | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.3B | $983.8M | ||
| Q2 24 | $825.3M | $1.0B | ||
| Q1 24 | $959.8M | $981.2M |
净利润DECKLECO
| Q4 25 | $481.1M | $136.0M | ||
| Q3 25 | $268.2M | $122.6M | ||
| Q2 25 | $139.2M | $143.4M | ||
| Q1 25 | $151.4M | $118.5M | ||
| Q4 24 | $456.7M | $140.2M | ||
| Q3 24 | $242.3M | $100.8M | ||
| Q2 24 | $115.6M | $101.7M | ||
| Q1 24 | $127.5M | $123.4M |
毛利率DECKLECO
| Q4 25 | 59.8% | 34.7% | ||
| Q3 25 | 56.2% | 36.7% | ||
| Q2 25 | 55.8% | 37.3% | ||
| Q1 25 | 56.7% | 36.4% | ||
| Q4 24 | 60.3% | 36.1% | ||
| Q3 24 | 55.9% | 35.8% | ||
| Q2 24 | 56.9% | 37.6% | ||
| Q1 24 | 56.2% | 37.5% |
营业利润率DECKLECO
| Q4 25 | 31.4% | 17.1% | ||
| Q3 25 | 22.8% | 16.6% | ||
| Q2 25 | 17.1% | 17.6% | ||
| Q1 25 | 17.0% | 16.4% | ||
| Q4 24 | 31.0% | 17.3% | ||
| Q3 24 | 23.3% | 14.8% | ||
| Q2 24 | 16.1% | 14.6% | ||
| Q1 24 | 15.0% | 16.8% |
净利率DECKLECO
| Q4 25 | 24.6% | 12.6% | ||
| Q3 25 | 18.7% | 11.6% | ||
| Q2 25 | 14.4% | 13.2% | ||
| Q1 25 | 14.8% | 11.8% | ||
| Q4 24 | 25.0% | 13.7% | ||
| Q3 24 | 18.5% | 10.2% | ||
| Q2 24 | 14.0% | 10.0% | ||
| Q1 24 | 13.3% | 12.6% |
每股收益（稀释后）DECKLECO
| Q4 25 | $3.33 | $2.45 | ||
| Q3 25 | $1.82 | $2.21 | ||
| Q2 25 | $0.93 | $2.56 | ||
| Q1 25 | $-2.78 | $2.10 | ||
| Q4 24 | $3.00 | $2.47 | ||
| Q3 24 | $1.59 | $1.77 | ||
| Q2 24 | $4.52 | $1.77 | ||
| Q1 24 | $4.82 | $2.14 |
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 | $308.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $1.5B |
| 总资产 | $4.1B | $3.8B |
| 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DECKLECO
| Q4 25 | $2.1B | $308.8M | ||
| Q3 25 | $1.4B | $293.0M | ||
| Q2 25 | $1.7B | $299.5M | ||
| Q1 25 | $1.9B | $394.7M | ||
| Q4 24 | $2.2B | $377.3M | ||
| Q3 24 | $1.2B | $404.2M | ||
| Q2 24 | $1.4B | $272.7M | ||
| Q1 24 | $1.5B | $375.0M |
股东权益DECKLECO
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.5B | $1.4B | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $2.1B | $1.3B | ||
| Q1 24 | $2.1B | $1.3B |
总资产DECKLECO
| Q4 25 | $4.1B | $3.8B | ||
| Q3 25 | $3.8B | $3.8B | ||
| Q2 25 | $3.8B | $3.7B | ||
| Q1 25 | $3.6B | $3.6B | ||
| Q4 24 | $4.0B | $3.5B | ||
| Q3 24 | $3.4B | $3.7B | ||
| Q2 24 | $3.3B | $3.4B | ||
| Q1 24 | $3.1B | $3.4B |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $52.0M |
| 自由现金流率自由现金流/营收 | 52.1% | 4.8% |
| 资本支出强度资本支出/营收 | 1.1% | 4.0% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.70× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $534.2M |
8季度趋势，按日历期对齐
经营现金流DECKLECO
| Q4 25 | $1.0B | $95.0M | ||
| Q3 25 | $8.1M | $236.7M | ||
| Q2 25 | $36.1M | $143.8M | ||
| Q1 25 | $-73.0M | $185.7M | ||
| Q4 24 | $1.1B | $95.8M | ||
| Q3 24 | $-90.5M | $199.2M | ||
| Q2 24 | $112.7M | $170.7M | ||
| Q1 24 | $-28.7M | $133.3M |
自由现金流DECKLECO
| Q4 25 | $1.0B | $52.0M | ||
| Q3 25 | $-13.9M | $205.1M | ||
| Q2 25 | $12.2M | $118.4M | ||
| Q1 25 | $-89.4M | $158.7M | ||
| Q4 24 | $1.1B | $64.3M | ||
| Q3 24 | $-113.4M | $163.5M | ||
| Q2 24 | $90.1M | $147.5M | ||
| Q1 24 | $-44.0M | $107.0M |
自由现金流率DECKLECO
| Q4 25 | 52.1% | 4.8% | ||
| Q3 25 | -1.0% | 19.3% | ||
| Q2 25 | 1.3% | 10.9% | ||
| Q1 25 | -8.8% | 15.8% | ||
| Q4 24 | 58.6% | 6.3% | ||
| Q3 24 | -8.6% | 16.6% | ||
| Q2 24 | 10.9% | 14.4% | ||
| Q1 24 | -4.6% | 10.9% |
资本支出强度DECKLECO
| Q4 25 | 1.1% | 4.0% | ||
| Q3 25 | 1.5% | 3.0% | ||
| Q2 25 | 2.5% | 2.3% | ||
| Q1 25 | 1.6% | 2.7% | ||
| Q4 24 | 1.3% | 3.1% | ||
| Q3 24 | 1.7% | 3.6% | ||
| Q2 24 | 2.7% | 2.3% | ||
| Q1 24 | 1.6% | 2.7% |
现金转化率DECKLECO
| Q4 25 | 2.17× | 0.70× | ||
| Q3 25 | 0.03× | 1.93× | ||
| Q2 25 | 0.26× | 1.00× | ||
| Q1 25 | -0.48× | 1.57× | ||
| Q4 24 | 2.40× | 0.68× | ||
| Q3 24 | -0.37× | 1.98× | ||
| Q2 24 | 0.97× | 1.68× | ||
| Q1 24 | -0.22× | 1.08× |
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% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
