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Deckers Brands（DECK）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是Deckers Brands的1.6倍（$3.0B vs $2.0B），Deckers Brands净利率更高（24.6% vs 8.7%，领先15.9%），Deckers Brands同比增速更快（7.1% vs 4.4%），Deckers Brands自由现金流更多（$1.0B vs $-814.0M），过去两年Deckers Brands的营收复合增速更高（42.8% vs -1.7%）
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。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
DECK vs TVE — 直观对比
营收规模更大
TVE
是对方的1.6倍
$2.0B
营收增速更快
DECK
高出2.7%
4.4%
净利率更高
DECK
高出15.9%
8.7%
自由现金流更多
DECK
多$1.8B
$-814.0M
两年增速更快
DECK
近两年复合增速
-1.7%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.0B |
| 净利润 | $481.1M | $266.0M |
| 毛利率 | 59.8% | — |
| 营业利润率 | 31.4% | 18.1% |
| 净利率 | 24.6% | 8.7% |
| 营收同比 | 7.1% | 4.4% |
| 净利润同比 | 5.3% | 112.8% |
| 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DECKTVE
| Q4 25 | $2.0B | $3.0B | ||
| Q3 25 | $1.4B | $3.9B | ||
| Q2 25 | $964.5M | $3.3B | ||
| Q1 25 | $1.0B | $3.5B | ||
| Q4 24 | $1.8B | $2.9B | ||
| Q3 24 | $1.3B | $3.5B | ||
| Q2 24 | $825.3M | $2.9B | ||
| Q1 24 | $959.8M | $3.2B |
净利润DECKTVE
| Q4 25 | $481.1M | $266.0M | ||
| Q3 25 | $268.2M | $615.0M | ||
| Q2 25 | $139.2M | $212.0M | ||
| Q1 25 | $151.4M | $408.0M | ||
| Q4 24 | $456.7M | $125.0M | ||
| Q3 24 | $242.3M | $520.0M | ||
| Q2 24 | $115.6M | $181.0M | ||
| Q1 24 | $127.5M | $307.0M |
毛利率DECKTVE
| 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DECKTVE
| Q4 25 | 31.4% | 18.1% | ||
| Q3 25 | 22.8% | 23.6% | ||
| Q2 25 | 17.1% | 15.6% | ||
| Q1 25 | 17.0% | 20.3% | ||
| Q4 24 | 31.0% | 14.1% | ||
| Q3 24 | 23.3% | 22.7% | ||
| Q2 24 | 16.1% | 15.9% | ||
| Q1 24 | 15.0% | 18.4% |
净利率DECKTVE
| Q4 25 | 24.6% | 8.7% | ||
| Q3 25 | 18.7% | 15.7% | ||
| Q2 25 | 14.4% | 6.4% | ||
| Q1 25 | 14.8% | 11.6% | ||
| Q4 24 | 25.0% | 4.3% | ||
| Q3 24 | 18.5% | 14.8% | ||
| Q2 24 | 14.0% | 6.3% | ||
| Q1 24 | 13.3% | 9.7% |
每股收益（稀释后）DECKTVE
| 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 | $501.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | — |
| 总资产 | $4.1B | $59.5B |
| 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DECKTVE
| Q4 25 | $2.1B | $501.0M | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.7B | $501.0M | ||
| Q1 25 | $1.9B | $502.0M | ||
| Q4 24 | $2.2B | $507.0M | ||
| Q3 24 | $1.2B | $502.0M | ||
| Q2 24 | $1.4B | $501.0M | ||
| Q1 24 | $1.5B | $508.0M |
总债务DECKTVE
| Q4 25 | — | — | ||
| Q3 25 | — | $22.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DECKTVE
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.1B | — |
总资产DECKTVE
| Q4 25 | $4.1B | $59.5B | ||
| Q3 25 | $3.8B | $60.9B | ||
| Q2 25 | $3.8B | $59.9B | ||
| Q1 25 | $3.6B | $59.3B | ||
| Q4 24 | $4.0B | $58.4B | ||
| Q3 24 | $3.4B | $57.7B | ||
| Q2 24 | $3.3B | $56.2B | ||
| Q1 24 | $3.1B | $52.3B |
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 | $330.0M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $-814.0M |
| 自由现金流率自由现金流/营收 | 52.1% | -26.7% |
| 资本支出强度资本支出/营收 | 1.1% | 37.5% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流DECKTVE
| Q4 25 | $1.0B | $330.0M | ||
| Q3 25 | $8.1M | $1.2B | ||
| Q2 25 | $36.1M | $615.0M | ||
| Q1 25 | $-73.0M | $1.0B | ||
| Q4 24 | $1.1B | $450.0M | ||
| Q3 24 | $-90.5M | $1.1B | ||
| Q2 24 | $112.7M | $508.0M | ||
| Q1 24 | $-28.7M | $1.0B |
自由现金流DECKTVE
| Q4 25 | $1.0B | $-814.0M | ||
| Q3 25 | $-13.9M | $233.0M | ||
| Q2 25 | $12.2M | $-431.0M | ||
| Q1 25 | $-89.4M | $-176.0M | ||
| Q4 24 | $1.1B | $-759.0M | ||
| Q3 24 | $-113.4M | $164.0M | ||
| Q2 24 | $90.1M | $-248.0M | ||
| Q1 24 | $-44.0M | $276.0M |
自由现金流率DECKTVE
| Q4 25 | 52.1% | -26.7% | ||
| Q3 25 | -1.0% | 6.0% | ||
| Q2 25 | 1.3% | -13.0% | ||
| Q1 25 | -8.8% | -5.0% | ||
| Q4 24 | 58.6% | -26.0% | ||
| Q3 24 | -8.6% | 4.7% | ||
| Q2 24 | 10.9% | -8.6% | ||
| Q1 24 | -4.6% | 8.8% |
资本支出强度DECKTVE
| Q4 25 | 1.1% | 37.5% | ||
| Q3 25 | 1.5% | 25.9% | ||
| Q2 25 | 2.5% | 31.6% | ||
| Q1 25 | 1.6% | 33.6% | ||
| Q4 24 | 1.3% | 41.4% | ||
| Q3 24 | 1.7% | 25.6% | ||
| Q2 24 | 2.7% | 26.3% | ||
| Q1 24 | 1.6% | 24.2% |
现金转化率DECKTVE
| Q4 25 | 2.17× | 1.24× | ||
| Q3 25 | 0.03× | 2.03× | ||
| Q2 25 | 0.26× | 2.90× | ||
| Q1 25 | -0.48× | 2.48× | ||
| Q4 24 | 2.40× | 3.60× | ||
| Q3 24 | -0.37× | 2.05× | ||
| Q2 24 | 0.97× | 2.81× | ||
| Q1 24 | -0.22× | 3.38× |
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% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
