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Expeditors International（EXPD）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
Expeditors International的季度营收约是维多利亚的秘密的1.9倍（$2.9B vs $1.5B），Expeditors International净利率更高（7.0% vs -2.5%，领先9.5%），维多利亚的秘密同比增速更快（9.3% vs -3.3%），Expeditors International自由现金流更多（$270.3M vs $-232.0M），过去两年Expeditors International的营收复合增速更高（13.8% vs -15.9%）
美国财富500强物流服务企业，总部位于华盛顿州贝尔维尤，依托覆盖六大洲100余个国家超340个网点的全球网络及统一集成的技术系统，为客户提供高度优化的定制化供应链解决方案。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
EXPD vs VSCO — 直观对比
营收规模更大
EXPD
是对方的1.9倍
$1.5B
营收增速更快
VSCO
高出12.6%
-3.3%
净利率更高
EXPD
高出9.5%
-2.5%
自由现金流更多
EXPD
多$502.3M
$-232.0M
两年增速更快
EXPD
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.5B |
| 净利润 | $200.7M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 8.8% | -1.3% |
| 净利率 | 7.0% | -2.5% |
| 营收同比 | -3.3% | 9.3% |
| 净利润同比 | -14.9% | 33.9% |
| 每股收益（稀释后） | $1.50 | $-0.46 |
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EXPDVSCO
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.7B | $1.4B | ||
| Q1 25 | $2.7B | $2.1B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $2.4B | $1.4B | ||
| Q1 24 | $2.2B | $2.1B |
净利润EXPDVSCO
| Q4 25 | $200.7M | $-37.0M | ||
| Q3 25 | $222.3M | $16.0M | ||
| Q2 25 | $183.6M | $-2.0M | ||
| Q1 25 | $203.8M | $193.0M | ||
| Q4 24 | $235.9M | $-56.0M | ||
| Q3 24 | $229.6M | $32.0M | ||
| Q2 24 | $175.5M | $-4.0M | ||
| Q1 24 | $169.2M | $180.0M |
毛利率EXPDVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率EXPDVSCO
| Q4 25 | 8.8% | -1.3% | ||
| Q3 25 | 10.0% | 2.8% | ||
| Q2 25 | 9.3% | 1.5% | ||
| Q1 25 | 10.0% | 12.8% | ||
| Q4 24 | 10.2% | -3.5% | ||
| Q3 24 | 10.1% | 4.4% | ||
| Q2 24 | 9.2% | 1.9% | ||
| Q1 24 | 9.7% | 12.4% |
净利率EXPDVSCO
| Q4 25 | 7.0% | -2.5% | ||
| Q3 25 | 7.7% | 1.1% | ||
| Q2 25 | 6.9% | -0.1% | ||
| Q1 25 | 7.6% | 9.2% | ||
| Q4 24 | 8.0% | -4.2% | ||
| Q3 24 | 7.7% | 2.3% | ||
| Q2 24 | 7.2% | -0.3% | ||
| Q1 24 | 7.7% | 8.6% |
每股收益（稀释后）EXPDVSCO
| Q4 25 | $1.50 | $-0.46 | ||
| Q3 25 | $1.64 | $0.20 | ||
| Q2 25 | $1.34 | $-0.02 | ||
| Q1 25 | $1.47 | $2.41 | ||
| Q4 24 | $1.68 | $-0.71 | ||
| Q3 24 | $1.63 | $0.40 | ||
| Q2 24 | $1.24 | $-0.05 | ||
| Q1 24 | $1.17 | $2.32 |
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 | $1.3B | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | $653.0M |
| 总资产 | $4.9B | $5.1B |
| 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EXPDVSCO
| Q4 25 | $1.3B | $249.0M | ||
| Q3 25 | $1.2B | $188.0M | ||
| Q2 25 | $1.2B | $138.0M | ||
| Q1 25 | $1.3B | $227.0M | ||
| Q4 24 | $1.1B | $161.0M | ||
| Q3 24 | $1.3B | $169.0M | ||
| Q2 24 | $1.3B | $105.0M | ||
| Q1 24 | $1.4B | $270.0M |
股东权益EXPDVSCO
| Q4 25 | $2.4B | $653.0M | ||
| Q3 25 | $2.3B | $680.0M | ||
| Q2 25 | $2.2B | $645.0M | ||
| Q1 25 | $2.3B | $640.0M | ||
| Q4 24 | $2.2B | $429.0M | ||
| Q3 24 | $2.4B | $472.0M | ||
| Q2 24 | $2.2B | $423.0M | ||
| Q1 24 | $2.2B | $417.0M |
总资产EXPDVSCO
| Q4 25 | $4.9B | $5.1B | ||
| Q3 25 | $4.8B | $4.8B | ||
| Q2 25 | $4.8B | $4.6B | ||
| Q1 25 | $4.8B | $4.5B | ||
| Q4 24 | $4.8B | $4.9B | ||
| Q3 24 | $5.2B | $4.6B | ||
| Q2 24 | $4.8B | $4.4B | ||
| Q1 24 | $4.5B | $4.6B |
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 | $283.3M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $270.3M | $-232.0M |
| 自由现金流率自由现金流/营收 | 9.5% | -15.8% |
| 资本支出强度资本支出/营收 | 0.5% | 3.5% |
| 现金转化率经营现金流/净利润 | 1.41× | — |
| 过去12个月自由现金流最近4个季度 | $953.4M | $309.0M |
8季度趋势，按日历期对齐
经营现金流EXPDVSCO
| Q4 25 | $283.3M | $-180.0M | ||
| Q3 25 | $201.4M | $156.0M | ||
| Q2 25 | $179.2M | $-150.0M | ||
| Q1 25 | $342.6M | $674.0M | ||
| Q4 24 | $249.7M | $-248.0M | ||
| Q3 24 | $90.0M | $115.0M | ||
| Q2 24 | $126.8M | $-116.0M | ||
| Q1 24 | $256.9M | $589.0M |
自由现金流EXPDVSCO
| Q4 25 | $270.3M | $-232.0M | ||
| Q3 25 | $190.3M | $88.0M | ||
| Q2 25 | $163.3M | $-193.0M | ||
| Q1 25 | $329.5M | $646.0M | ||
| Q4 24 | $239.7M | $-299.0M | ||
| Q3 24 | $77.7M | $55.0M | ||
| Q2 24 | $118.8M | $-155.0M | ||
| Q1 24 | $246.7M | $557.0M |
自由现金流率EXPDVSCO
| Q4 25 | 9.5% | -15.8% | ||
| Q3 25 | 6.6% | 6.0% | ||
| Q2 25 | 6.2% | -14.3% | ||
| Q1 25 | 12.4% | 30.7% | ||
| Q4 24 | 8.1% | -22.2% | ||
| Q3 24 | 2.6% | 3.9% | ||
| Q2 24 | 4.9% | -11.4% | ||
| Q1 24 | 11.2% | 26.7% |
资本支出强度EXPDVSCO
| Q4 25 | 0.5% | 3.5% | ||
| Q3 25 | 0.4% | 4.7% | ||
| Q2 25 | 0.6% | 3.2% | ||
| Q1 25 | 0.5% | 1.3% | ||
| Q4 24 | 0.3% | 3.8% | ||
| Q3 24 | 0.4% | 4.2% | ||
| Q2 24 | 0.3% | 2.9% | ||
| Q1 24 | 0.5% | 1.5% |
现金转化率EXPDVSCO
| Q4 25 | 1.41× | — | ||
| Q3 25 | 0.91× | 9.75× | ||
| Q2 25 | 0.98× | — | ||
| Q1 25 | 1.68× | 3.49× | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 0.39× | 3.59× | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 1.52× | 3.27× |
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
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
