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Deckers Brands（DECK）与Pinnacle West Capital（PNW）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Pinnacle West Capital的1.7倍（$2.0B vs $1.1B），Deckers Brands净利率更高（24.6% vs 1.6%，领先23.0%），Deckers Brands同比增速更快（7.1% vs 3.0%），Deckers Brands自由现金流更多（$1.0B vs $-192.7M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 8.9%）
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。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
DECK vs PNW — 直观对比
营收规模更大
DECK
是对方的1.7倍
$1.1B
营收增速更快
DECK
高出4.1%
3.0%
净利率更高
DECK
高出23.0%
1.6%
自由现金流更多
DECK
多$1.2B
$-192.7M
两年增速更快
DECK
近两年复合增速
8.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.1B |
| 净利润 | $481.1M | $17.6M |
| 毛利率 | 59.8% | — |
| 营业利润率 | 31.4% | 10.7% |
| 净利率 | 24.6% | 1.6% |
| 营收同比 | 7.1% | 3.0% |
| 净利润同比 | 5.3% | 798.0% |
| 每股收益（稀释后） | $3.33 | $0.12 |
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DECKPNW
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $964.5M | $1.4B | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $825.3M | $1.3B | ||
| Q1 24 | $959.8M | $951.7M |
净利润DECKPNW
| Q4 25 | $481.1M | $17.6M | ||
| Q3 25 | $268.2M | $417.5M | ||
| Q2 25 | $139.2M | $196.9M | ||
| Q1 25 | $151.4M | $-338.0K | ||
| Q4 24 | $456.7M | $-2.5M | ||
| Q3 24 | $242.3M | $399.3M | ||
| Q2 24 | $115.6M | $208.1M | ||
| Q1 24 | $127.5M | $21.2M |
毛利率DECKPNW
| Q4 25 | 59.8% | — | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 55.8% | — | ||
| Q1 25 | 56.7% | — | ||
| Q4 24 | 60.3% | — | ||
| Q3 24 | 55.9% | — | ||
| Q2 24 | 56.9% | — | ||
| Q1 24 | 56.2% | — |
营业利润率DECKPNW
| Q4 25 | 31.4% | 10.7% | ||
| Q3 25 | 22.8% | 32.0% | ||
| Q2 25 | 17.1% | 22.6% | ||
| Q1 25 | 17.0% | 5.5% | ||
| Q4 24 | 31.0% | 7.7% | ||
| Q3 24 | 23.3% | 30.9% | ||
| Q2 24 | 16.1% | 24.0% | ||
| Q1 24 | 15.0% | 7.0% |
净利率DECKPNW
| Q4 25 | 24.6% | 1.6% | ||
| Q3 25 | 18.7% | 22.9% | ||
| Q2 25 | 14.4% | 14.5% | ||
| Q1 25 | 14.8% | -0.0% | ||
| Q4 24 | 25.0% | -0.2% | ||
| Q3 24 | 18.5% | 22.6% | ||
| Q2 24 | 14.0% | 15.9% | ||
| Q1 24 | 13.3% | 2.2% |
每股收益（稀释后）DECKPNW
| Q4 25 | $3.33 | $0.12 | ||
| Q3 25 | $1.82 | $3.39 | ||
| Q2 25 | $0.93 | $1.58 | ||
| Q1 25 | $-2.78 | $-0.04 | ||
| Q4 24 | $3.00 | $-0.04 | ||
| Q3 24 | $1.59 | $3.37 | ||
| Q2 24 | $4.52 | $1.76 | ||
| Q1 24 | $4.82 | $0.15 |
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 | $6.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $7.0B |
| 总资产 | $4.1B | $30.0B |
| 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DECKPNW
| Q4 25 | $2.1B | $6.6M | ||
| Q3 25 | $1.4B | $30.9M | ||
| Q2 25 | $1.7B | $18.8M | ||
| Q1 25 | $1.9B | $10.0M | ||
| Q4 24 | $2.2B | $3.8M | ||
| Q3 24 | $1.2B | $49.2M | ||
| Q2 24 | $1.4B | $4.0M | ||
| Q1 24 | $1.5B | $9.6M |
股东权益DECKPNW
| Q4 25 | $2.6B | $7.0B | ||
| Q3 25 | $2.5B | $7.2B | ||
| Q2 25 | $2.5B | $6.7B | ||
| Q1 25 | $2.5B | $6.7B | ||
| Q4 24 | $2.6B | $6.8B | ||
| Q3 24 | $2.2B | $6.6B | ||
| Q2 24 | $2.1B | $6.2B | ||
| Q1 24 | $2.1B | $6.2B |
总资产DECKPNW
| Q4 25 | $4.1B | $30.0B | ||
| Q3 25 | $3.8B | $29.9B | ||
| Q2 25 | $3.8B | $29.2B | ||
| Q1 25 | $3.6B | $27.2B | ||
| Q4 24 | $4.0B | $26.1B | ||
| Q3 24 | $3.4B | $26.3B | ||
| Q2 24 | $3.3B | $25.7B | ||
| Q1 24 | $3.1B | $24.8B |
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 | $476.8M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $-192.7M |
| 自由现金流率自由现金流/营收 | 52.1% | -17.1% |
| 资本支出强度资本支出/营收 | 1.1% | 59.3% |
| 现金转化率经营现金流/净利润 | 2.17× | 27.09× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $-819.5M |
8季度趋势，按日历期对齐
经营现金流DECKPNW
| Q4 25 | $1.0B | $476.8M | ||
| Q3 25 | $8.1M | $665.0M | ||
| Q2 25 | $36.1M | $261.4M | ||
| Q1 25 | $-73.0M | $401.9M | ||
| Q4 24 | $1.1B | $439.5M | ||
| Q3 24 | $-90.5M | $633.2M | ||
| Q2 24 | $112.7M | $189.8M | ||
| Q1 24 | $-28.7M | $347.4M |
自由现金流DECKPNW
| Q4 25 | $1.0B | $-192.7M | ||
| Q3 25 | $-13.9M | $42.0M | ||
| Q2 25 | $12.2M | $-448.1M | ||
| Q1 25 | $-89.4M | $-220.7M | ||
| Q4 24 | $1.1B | $-92.1M | ||
| Q3 24 | $-113.4M | $-32.7M | ||
| Q2 24 | $90.1M | $-344.2M | ||
| Q1 24 | $-44.0M | $-170.4M |
自由现金流率DECKPNW
| Q4 25 | 52.1% | -17.1% | ||
| Q3 25 | -1.0% | 2.3% | ||
| Q2 25 | 1.3% | -33.0% | ||
| Q1 25 | -8.8% | -21.4% | ||
| Q4 24 | 58.6% | -8.4% | ||
| Q3 24 | -8.6% | -1.8% | ||
| Q2 24 | 10.9% | -26.3% | ||
| Q1 24 | -4.6% | -17.9% |
资本支出强度DECKPNW
| Q4 25 | 1.1% | 59.3% | ||
| Q3 25 | 1.5% | 34.2% | ||
| Q2 25 | 2.5% | 52.2% | ||
| Q1 25 | 1.6% | 60.3% | ||
| Q4 24 | 1.3% | 48.5% | ||
| Q3 24 | 1.7% | 37.6% | ||
| Q2 24 | 2.7% | 40.8% | ||
| Q1 24 | 1.6% | 54.4% |
现金转化率DECKPNW
| Q4 25 | 2.17× | 27.09× | ||
| Q3 25 | 0.03× | 1.59× | ||
| Q2 25 | 0.26× | 1.33× | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 2.40× | — | ||
| Q3 24 | -0.37× | 1.59× | ||
| Q2 24 | 0.97× | 0.91× | ||
| Q1 24 | -0.22× | 16.41× |
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% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
