vs
Deckers Brands（DECK）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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MARRIOTT VACATIONS WORLDWIDE Corp的1.6倍（$2.0B vs $1.2B），Deckers Brands净利率更高（24.6% vs -35.0%，领先59.6%），Deckers Brands同比增速更快（7.1% vs -0.7%），Deckers Brands自由现金流更多（$1.0B vs $-6.0M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 5.2%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
DECK vs VAC — 直观对比
营收规模更大
DECK
是对方的1.6倍
$1.2B
营收增速更快
DECK
高出7.9%
-0.7%
净利率更高
DECK
高出59.6%
-35.0%
自由现金流更多
DECK
多$1.0B
$-6.0M
两年增速更快
DECK
近两年复合增速
5.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $481.1M | $-431.0M |
| 毛利率 | 59.8% | — |
| 营业利润率 | 31.4% | — |
| 净利率 | 24.6% | -35.0% |
| 营收同比 | 7.1% | -0.7% |
| 净利润同比 | 5.3% | -962.0% |
| 每股收益（稀释后） | $3.33 | $-12.00 |
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DECKVAC
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $964.5M | $1.2B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $825.3M | $1.1B | ||
| Q1 24 | $959.8M | $1.1B |
净利润DECKVAC
| Q4 25 | $481.1M | $-431.0M | ||
| Q3 25 | $268.2M | $-2.0M | ||
| Q2 25 | $139.2M | $69.0M | ||
| Q1 25 | $151.4M | $56.0M | ||
| Q4 24 | $456.7M | $50.0M | ||
| Q3 24 | $242.3M | $84.0M | ||
| Q2 24 | $115.6M | $37.0M | ||
| Q1 24 | $127.5M | $47.0M |
毛利率DECKVAC
| 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DECKVAC
| Q4 25 | 31.4% | — | ||
| Q3 25 | 22.8% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 17.0% | — | ||
| Q4 24 | 31.0% | — | ||
| Q3 24 | 23.3% | — | ||
| Q2 24 | 16.1% | — | ||
| Q1 24 | 15.0% | — |
净利率DECKVAC
| Q4 25 | 24.6% | -35.0% | ||
| Q3 25 | 18.7% | -0.2% | ||
| Q2 25 | 14.4% | 6.0% | ||
| Q1 25 | 14.8% | 5.0% | ||
| Q4 24 | 25.0% | 4.0% | ||
| Q3 24 | 18.5% | 6.9% | ||
| Q2 24 | 14.0% | 3.5% | ||
| Q1 24 | 13.3% | 4.2% |
每股收益（稀释后）DECKVAC
| Q4 25 | $3.33 | $-12.00 | ||
| Q3 25 | $1.82 | $-0.07 | ||
| Q2 25 | $0.93 | $1.77 | ||
| Q1 25 | $-2.78 | $1.46 | ||
| Q4 24 | $3.00 | $1.29 | ||
| Q3 24 | $1.59 | $2.12 | ||
| Q2 24 | $4.52 | $0.98 | ||
| Q1 24 | $4.82 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $2.0B |
| 总资产 | $4.1B | $9.8B |
| 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DECKVAC
| Q4 25 | $2.1B | $406.0M | ||
| Q3 25 | $1.4B | $474.0M | ||
| Q2 25 | $1.7B | $205.0M | ||
| Q1 25 | $1.9B | $196.0M | ||
| Q4 24 | $2.2B | $197.0M | ||
| Q3 24 | $1.2B | $197.0M | ||
| Q2 24 | $1.4B | $206.0M | ||
| Q1 24 | $1.5B | $237.0M |
股东权益DECKVAC
| Q4 25 | $2.6B | $2.0B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.5B | $2.5B | ||
| Q1 25 | $2.5B | $2.4B | ||
| Q4 24 | $2.6B | $2.4B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.1B | $2.4B | ||
| Q1 24 | $2.1B | $2.4B |
总资产DECKVAC
| Q4 25 | $4.1B | $9.8B | ||
| Q3 25 | $3.8B | $10.1B | ||
| Q2 25 | $3.8B | $9.9B | ||
| Q1 25 | $3.6B | $9.9B | ||
| Q4 24 | $4.0B | $9.8B | ||
| Q3 24 | $3.4B | $9.7B | ||
| Q2 24 | $3.3B | $9.6B | ||
| Q1 24 | $3.1B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $-6.0M |
| 自由现金流率自由现金流/营收 | 52.1% | -0.5% |
| 资本支出强度资本支出/营收 | 1.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $929.1M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流DECKVAC
| Q4 25 | $1.0B | $6.0M | ||
| Q3 25 | $8.1M | $62.0M | ||
| Q2 25 | $36.1M | $-48.0M | ||
| Q1 25 | $-73.0M | $8.0M | ||
| Q4 24 | $1.1B | $100.0M | ||
| Q3 24 | $-90.5M | $72.0M | ||
| Q2 24 | $112.7M | $30.0M | ||
| Q1 24 | $-28.7M | $3.0M |
自由现金流DECKVAC
| Q4 25 | $1.0B | $-6.0M | ||
| Q3 25 | $-13.9M | $51.0M | ||
| Q2 25 | $12.2M | $-68.0M | ||
| Q1 25 | $-89.4M | $-6.0M | ||
| Q4 24 | $1.1B | $86.0M | ||
| Q3 24 | $-113.4M | $58.0M | ||
| Q2 24 | $90.1M | $17.0M | ||
| Q1 24 | $-44.0M | $-13.0M |
自由现金流率DECKVAC
| Q4 25 | 52.1% | -0.5% | ||
| Q3 25 | -1.0% | 4.3% | ||
| Q2 25 | 1.3% | -5.9% | ||
| Q1 25 | -8.8% | -0.5% | ||
| Q4 24 | 58.6% | 6.9% | ||
| Q3 24 | -8.6% | 4.8% | ||
| Q2 24 | 10.9% | 1.6% | ||
| Q1 24 | -4.6% | -1.2% |
资本支出强度DECKVAC
| Q4 25 | 1.1% | 1.0% | ||
| Q3 25 | 1.5% | 0.9% | ||
| Q2 25 | 2.5% | 1.7% | ||
| Q1 25 | 1.6% | 1.3% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 1.7% | 1.1% | ||
| Q2 24 | 2.7% | 1.2% | ||
| Q1 24 | 1.6% | 1.4% |
现金转化率DECKVAC
| Q4 25 | 2.17× | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.26× | -0.70× | ||
| Q1 25 | -0.48× | 0.14× | ||
| Q4 24 | 2.40× | 2.00× | ||
| Q3 24 | -0.37× | 0.86× | ||
| Q2 24 | 0.97× | 0.81× | ||
| Q1 24 | -0.22× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
