vs
Deckers Brands（DECK）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是Deckers Brands的1.1倍（$2.2B vs $2.0B），Deckers Brands净利率更高（24.6% vs 22.6%，领先2.0%），Deckers Brands同比增速更快（7.1% vs -9.8%），Deckers Brands自由现金流更多（$1.0B vs $370.9M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 1.9%）
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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
DECK vs STZ — 直观对比
营收规模更大
STZ
是对方的1.1倍
$2.0B
营收增速更快
DECK
高出16.9%
-9.8%
净利率更高
DECK
高出2.0%
22.6%
自由现金流更多
DECK
多$649.4M
$370.9M
两年增速更快
DECK
近两年复合增速
1.9%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.2B |
| 净利润 | $481.1M | $502.8M |
| 毛利率 | 59.8% | 53.2% |
| 营业利润率 | 31.4% | 31.1% |
| 净利率 | 24.6% | 22.6% |
| 营收同比 | 7.1% | -9.8% |
| 净利润同比 | 5.3% | -18.4% |
| 每股收益（稀释后） | $3.33 | — |
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DECKSTZ
| Q4 25 | $2.0B | $2.2B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $964.5M | $2.5B | ||
| Q1 25 | $1.0B | $2.2B | ||
| Q4 24 | $1.8B | $2.5B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | $825.3M | $2.7B | ||
| Q1 24 | $959.8M | $2.1B |
净利润DECKSTZ
| Q4 25 | $481.1M | $502.8M | ||
| Q3 25 | $268.2M | $466.0M | ||
| Q2 25 | $139.2M | $516.1M | ||
| Q1 25 | $151.4M | $-375.3M | ||
| Q4 24 | $456.7M | $615.9M | ||
| Q3 24 | $242.3M | $-1.2B | ||
| Q2 24 | $115.6M | $877.0M | ||
| Q1 24 | $127.5M | $392.4M |
毛利率DECKSTZ
| Q4 25 | 59.8% | 53.2% | ||
| Q3 25 | 56.2% | 52.8% | ||
| Q2 25 | 55.8% | 50.4% | ||
| Q1 25 | 56.7% | 51.5% | ||
| Q4 24 | 60.3% | 52.1% | ||
| Q3 24 | 55.9% | 51.8% | ||
| Q2 24 | 56.9% | 52.7% | ||
| Q1 24 | 56.2% | 48.6% |
营业利润率DECKSTZ
| Q4 25 | 31.4% | 31.1% | ||
| Q3 25 | 22.8% | 35.2% | ||
| Q2 25 | 17.1% | 28.4% | ||
| Q1 25 | 17.0% | -6.9% | ||
| Q4 24 | 31.0% | 32.2% | ||
| Q3 24 | 23.3% | -42.1% | ||
| Q2 24 | 16.1% | 35.4% | ||
| Q1 24 | 15.0% | 29.4% |
净利率DECKSTZ
| Q4 25 | 24.6% | 22.6% | ||
| Q3 25 | 18.7% | 18.8% | ||
| Q2 25 | 14.4% | 20.5% | ||
| Q1 25 | 14.8% | -17.3% | ||
| Q4 24 | 25.0% | 25.0% | ||
| Q3 24 | 18.5% | -41.1% | ||
| Q2 24 | 14.0% | 32.9% | ||
| Q1 24 | 13.3% | 18.3% |
每股收益（稀释后）DECKSTZ
| Q4 25 | $3.33 | — | ||
| Q3 25 | $1.82 | — | ||
| Q2 25 | $0.93 | — | ||
| Q1 25 | $-2.78 | — | ||
| Q4 24 | $3.00 | — | ||
| Q3 24 | $1.59 | — | ||
| Q2 24 | $4.52 | — | ||
| Q1 24 | $4.82 | — |
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 | $152.4M |
| 总债务越低越好 | — | $10.3B |
| 股东权益账面价值 | $2.6B | $7.7B |
| 总资产 | $4.1B | $21.7B |
| 负债/权益比越低杠杆越低 | — | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资DECKSTZ
| Q4 25 | $2.1B | $152.4M | ||
| Q3 25 | $1.4B | $72.0M | ||
| Q2 25 | $1.7B | $73.9M | ||
| Q1 25 | $1.9B | $68.1M | ||
| Q4 24 | $2.2B | $73.7M | ||
| Q3 24 | $1.2B | $64.6M | ||
| Q2 24 | $1.4B | $73.8M | ||
| Q1 24 | $1.5B | $152.4M |
总债务DECKSTZ
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | — | $11.2B | ||
| Q1 25 | — | $10.7B | ||
| Q4 24 | — | $10.7B | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | — | $11.1B | ||
| Q1 24 | — | $11.6B |
股东权益DECKSTZ
| Q4 25 | $2.6B | $7.7B | ||
| Q3 25 | $2.5B | $7.5B | ||
| Q2 25 | $2.5B | $7.3B | ||
| Q1 25 | $2.5B | $6.9B | ||
| Q4 24 | $2.6B | $7.8B | ||
| Q3 24 | $2.2B | $7.9B | ||
| Q2 24 | $2.1B | $10.3B | ||
| Q1 24 | $2.1B | $9.7B |
总资产DECKSTZ
| Q4 25 | $4.1B | $21.7B | ||
| Q3 25 | $3.8B | $21.4B | ||
| Q2 25 | $3.8B | $22.3B | ||
| Q1 25 | $3.6B | $21.7B | ||
| Q4 24 | $4.0B | $22.8B | ||
| Q3 24 | $3.4B | $23.1B | ||
| Q2 24 | $3.3B | $26.1B | ||
| Q1 24 | $3.1B | $25.7B |
负债/权益比DECKSTZ
| Q4 25 | — | 1.33× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.54× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $370.9M |
| 自由现金流率自由现金流/营收 | 52.1% | 16.7% |
| 资本支出强度资本支出/营收 | 1.1% | 11.1% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $1.8B |
8季度趋势，按日历期对齐
经营现金流DECKSTZ
| Q4 25 | $1.0B | $616.9M | ||
| Q3 25 | $8.1M | $852.1M | ||
| Q2 25 | $36.1M | $637.2M | ||
| Q1 25 | $-73.0M | $594.7M | ||
| Q4 24 | $1.1B | $685.2M | ||
| Q3 24 | $-90.5M | $1.2B | ||
| Q2 24 | $112.7M | $690.5M | ||
| Q1 24 | $-28.7M | $433.2M |
自由现金流DECKSTZ
| Q4 25 | $1.0B | $370.9M | ||
| Q3 25 | $-13.9M | $634.8M | ||
| Q2 25 | $12.2M | $444.4M | ||
| Q1 25 | $-89.4M | $312.1M | ||
| Q4 24 | $1.1B | $456.8M | ||
| Q3 24 | $-113.4M | $854.0M | ||
| Q2 24 | $90.1M | $315.2M | ||
| Q1 24 | $-44.0M | $76.0M |
自由现金流率DECKSTZ
| Q4 25 | 52.1% | 16.7% | ||
| Q3 25 | -1.0% | 25.6% | ||
| Q2 25 | 1.3% | 17.7% | ||
| Q1 25 | -8.8% | 14.4% | ||
| Q4 24 | 58.6% | 18.5% | ||
| Q3 24 | -8.6% | 29.3% | ||
| Q2 24 | 10.9% | 11.8% | ||
| Q1 24 | -4.6% | 3.6% |
资本支出强度DECKSTZ
| Q4 25 | 1.1% | 11.1% | ||
| Q3 25 | 1.5% | 8.8% | ||
| Q2 25 | 2.5% | 7.7% | ||
| Q1 25 | 1.6% | 13.1% | ||
| Q4 24 | 1.3% | 9.3% | ||
| Q3 24 | 1.7% | 11.2% | ||
| Q2 24 | 2.7% | 14.1% | ||
| Q1 24 | 1.6% | 16.7% |
现金转化率DECKSTZ
| Q4 25 | 2.17× | 1.23× | ||
| Q3 25 | 0.03× | 1.83× | ||
| Q2 25 | 0.26× | 1.23× | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 2.40× | 1.11× | ||
| Q3 24 | -0.37× | — | ||
| Q2 24 | 0.97× | 0.79× | ||
| Q1 24 | -0.22× | 1.10× |
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% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
