vs
Deckers Brands（DECK）与西湖化学（WLK）财务数据对比。点击上方公司名可切换其他公司
西湖化学的季度营收约是Deckers Brands的1.3倍（$2.5B vs $2.0B），Deckers Brands净利率更高（24.6% vs -21.5%，领先46.1%），Deckers Brands同比增速更快（7.1% vs -10.9%），Deckers Brands自由现金流更多（$1.0B vs $-16.0M），过去两年Deckers Brands的营收复合增速更高（42.8% vs -7.7%）
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。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
DECK vs WLK — 直观对比
营收规模更大
WLK
是对方的1.3倍
$2.0B
营收增速更快
DECK
高出18.0%
-10.9%
净利率更高
DECK
高出46.1%
-21.5%
自由现金流更多
DECK
多$1.0B
$-16.0M
两年增速更快
DECK
近两年复合增速
-7.7%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.5B |
| 净利润 | $481.1M | $-544.0M |
| 毛利率 | 59.8% | 3.4% |
| 营业利润率 | 31.4% | -26.5% |
| 净利率 | 24.6% | -21.5% |
| 营收同比 | 7.1% | -10.9% |
| 净利润同比 | 5.3% | -7871.4% |
| 每股收益（稀释后） | $3.33 | $-4.22 |
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DECKWLK
| Q4 25 | $2.0B | $2.5B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $964.5M | $3.0B | ||
| Q1 25 | $1.0B | $2.8B | ||
| Q4 24 | $1.8B | $2.8B | ||
| Q3 24 | $1.3B | $3.1B | ||
| Q2 24 | $825.3M | $3.2B | ||
| Q1 24 | $959.8M | $3.0B |
净利润DECKWLK
| Q4 25 | $481.1M | $-544.0M | ||
| Q3 25 | $268.2M | $-782.0M | ||
| Q2 25 | $139.2M | $-142.0M | ||
| Q1 25 | $151.4M | $-40.0M | ||
| Q4 24 | $456.7M | $7.0M | ||
| Q3 24 | $242.3M | $108.0M | ||
| Q2 24 | $115.6M | $313.0M | ||
| Q1 24 | $127.5M | $174.0M |
毛利率DECKWLK
| Q4 25 | 59.8% | 3.4% | ||
| Q3 25 | 56.2% | 8.3% | ||
| Q2 25 | 55.8% | 8.7% | ||
| Q1 25 | 56.7% | 8.2% | ||
| Q4 24 | 60.3% | 11.5% | ||
| Q3 24 | 55.9% | 16.0% | ||
| Q2 24 | 56.9% | 20.7% | ||
| Q1 24 | 56.2% | 15.7% |
营业利润率DECKWLK
| Q4 25 | 31.4% | -26.5% | ||
| Q3 25 | 22.8% | -27.0% | ||
| Q2 25 | 17.1% | -3.7% | ||
| Q1 25 | 17.0% | -1.1% | ||
| Q4 24 | 31.0% | 2.3% | ||
| Q3 24 | 23.3% | 5.8% | ||
| Q2 24 | 16.1% | 12.7% | ||
| Q1 24 | 15.0% | 7.5% |
净利率DECKWLK
| Q4 25 | 24.6% | -21.5% | ||
| Q3 25 | 18.7% | -27.6% | ||
| Q2 25 | 14.4% | -4.8% | ||
| Q1 25 | 14.8% | -1.4% | ||
| Q4 24 | 25.0% | 0.2% | ||
| Q3 24 | 18.5% | 3.5% | ||
| Q2 24 | 14.0% | 9.8% | ||
| Q1 24 | 13.3% | 5.8% |
每股收益（稀释后）DECKWLK
| Q4 25 | $3.33 | $-4.22 | ||
| Q3 25 | $1.82 | $-6.06 | ||
| Q2 25 | $0.93 | $-1.11 | ||
| Q1 25 | $-2.78 | $-0.31 | ||
| Q4 24 | $3.00 | $0.07 | ||
| Q3 24 | $1.59 | $0.83 | ||
| Q2 24 | $4.52 | $2.40 | ||
| Q1 24 | $4.82 | $1.34 |
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 | $2.7B |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $2.6B | $8.8B |
| 总资产 | $4.1B | $20.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资DECKWLK
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $1.4B | $1.9B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $2.2B | $2.9B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.4B | $3.0B | ||
| Q1 24 | $1.5B | $3.1B |
总债务DECKWLK
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
股东权益DECKWLK
| Q4 25 | $2.6B | $8.8B | ||
| Q3 25 | $2.5B | $9.4B | ||
| Q2 25 | $2.5B | $10.3B | ||
| Q1 25 | $2.5B | $10.4B | ||
| Q4 24 | $2.6B | $10.5B | ||
| Q3 24 | $2.2B | $10.7B | ||
| Q2 24 | $2.1B | $10.6B | ||
| Q1 24 | $2.1B | $10.3B |
总资产DECKWLK
| Q4 25 | $4.1B | $20.0B | ||
| Q3 25 | $3.8B | $19.8B | ||
| Q2 25 | $3.8B | $20.8B | ||
| Q1 25 | $3.6B | $20.7B | ||
| Q4 24 | $4.0B | $20.8B | ||
| Q3 24 | $3.4B | $21.1B | ||
| Q2 24 | $3.3B | $21.1B | ||
| Q1 24 | $3.1B | $21.0B |
负债/权益比DECKWLK
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.47× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $-16.0M |
| 自由现金流率自由现金流/营收 | 52.1% | -0.6% |
| 资本支出强度资本支出/营收 | 1.1% | 9.5% |
| 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 | $-530.0M |
8季度趋势，按日历期对齐
经营现金流DECKWLK
| Q4 25 | $1.0B | $225.0M | ||
| Q3 25 | $8.1M | $182.0M | ||
| Q2 25 | $36.1M | $135.0M | ||
| Q1 25 | $-73.0M | $-77.0M | ||
| Q4 24 | $1.1B | $434.0M | ||
| Q3 24 | $-90.5M | $474.0M | ||
| Q2 24 | $112.7M | $237.0M | ||
| Q1 24 | $-28.7M | $169.0M |
自由现金流DECKWLK
| Q4 25 | $1.0B | $-16.0M | ||
| Q3 25 | $-13.9M | $-57.0M | ||
| Q2 25 | $12.2M | $-132.0M | ||
| Q1 25 | $-89.4M | $-325.0M | ||
| Q4 24 | $1.1B | $149.0M | ||
| Q3 24 | $-113.4M | $254.0M | ||
| Q2 24 | $90.1M | $6.0M | ||
| Q1 24 | $-44.0M | $-103.0M |
自由现金流率DECKWLK
| Q4 25 | 52.1% | -0.6% | ||
| Q3 25 | -1.0% | -2.0% | ||
| Q2 25 | 1.3% | -4.5% | ||
| Q1 25 | -8.8% | -11.4% | ||
| Q4 24 | 58.6% | 5.2% | ||
| Q3 24 | -8.6% | 8.1% | ||
| Q2 24 | 10.9% | 0.2% | ||
| Q1 24 | -4.6% | -3.5% |
资本支出强度DECKWLK
| Q4 25 | 1.1% | 9.5% | ||
| Q3 25 | 1.5% | 8.4% | ||
| Q2 25 | 2.5% | 9.0% | ||
| Q1 25 | 1.6% | 8.7% | ||
| Q4 24 | 1.3% | 10.0% | ||
| Q3 24 | 1.7% | 7.1% | ||
| Q2 24 | 2.7% | 7.2% | ||
| Q1 24 | 1.6% | 9.1% |
现金转化率DECKWLK
| Q4 25 | 2.17× | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 2.40× | 62.00× | ||
| Q3 24 | -0.37× | 4.39× | ||
| Q2 24 | 0.97× | 0.76× | ||
| Q1 24 | -0.22× | 0.97× |
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% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
