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盖璞（GAP）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
盖璞的季度营收约是Wayfair Inc.的1.2倍（$3.9B vs $3.3B），盖璞净利率更高（6.0% vs -3.5%，领先9.5%），Wayfair Inc.同比增速更快（6.9% vs 3.0%），Wayfair Inc.自由现金流更多（$177.0M vs $153.0M），过去两年Wayfair Inc.的营收复合增速更高（10.6% vs -4.2%）
盖璞（Gap Inc.）是总部位于美国加利福尼亚州旧金山的跨国服饰零售商，1969年由唐纳德·费舍尔与多丽丝·费舍尔创立，旗下拥有Gap、Banana Republic、Old Navy、Athleta四大核心品牌，是美国最大的服饰零售商之一，全球门店数量位列全球第三，仅次于Inditex集团和H&M。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
GAP vs W — 直观对比
营收规模更大
GAP
是对方的1.2倍
$3.3B
营收增速更快
W
高出4.0%
3.0%
净利率更高
GAP
高出9.5%
-3.5%
自由现金流更多
W
多$24.0M
$153.0M
两年增速更快
W
近两年复合增速
-4.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $3.3B |
| 净利润 | $236.0M | $-116.0M |
| 毛利率 | 42.4% | 30.3% |
| 营业利润率 | 8.5% | 2.5% |
| 净利率 | 6.0% | -3.5% |
| 营收同比 | 3.0% | 6.9% |
| 净利润同比 | -13.9% | 9.4% |
| 每股收益（稀释后） | $0.62 | $-0.90 |
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GAPW
| Q4 25 | $3.9B | $3.3B | ||
| Q3 25 | $3.7B | $3.1B | ||
| Q2 25 | $3.5B | $3.3B | ||
| Q1 25 | $4.1B | $2.7B | ||
| Q4 24 | $3.8B | $3.1B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $3.4B | $3.1B | ||
| Q1 24 | $4.3B | $2.7B |
净利润GAPW
| Q4 25 | $236.0M | $-116.0M | ||
| Q3 25 | $216.0M | $-99.0M | ||
| Q2 25 | $193.0M | $15.0M | ||
| Q1 25 | $206.0M | $-113.0M | ||
| Q4 24 | $274.0M | $-128.0M | ||
| Q3 24 | $206.0M | $-74.0M | ||
| Q2 24 | $158.0M | $-42.0M | ||
| Q1 24 | $185.0M | $-248.0M |
毛利率GAPW
| Q4 25 | 42.4% | 30.3% | ||
| Q3 25 | 41.2% | 30.0% | ||
| Q2 25 | 41.8% | 30.1% | ||
| Q1 25 | 38.9% | 30.7% | ||
| Q4 24 | 42.7% | 30.2% | ||
| Q3 24 | 42.6% | 30.3% | ||
| Q2 24 | 41.2% | 30.2% | ||
| Q1 24 | 38.9% | 30.0% |
营业利润率GAPW
| Q4 25 | 8.5% | 2.5% | ||
| Q3 25 | 7.8% | 1.2% | ||
| Q2 25 | 7.5% | 0.5% | ||
| Q1 25 | 6.2% | -4.5% | ||
| Q4 24 | 9.3% | -3.7% | ||
| Q3 24 | 7.9% | -2.6% | ||
| Q2 24 | 6.1% | -1.1% | ||
| Q1 24 | 5.0% | -8.6% |
净利率GAPW
| Q4 25 | 6.0% | -3.5% | ||
| Q3 25 | 5.8% | -3.2% | ||
| Q2 25 | 5.6% | 0.5% | ||
| Q1 25 | 5.0% | -4.1% | ||
| Q4 24 | 7.2% | -4.1% | ||
| Q3 24 | 5.5% | -2.6% | ||
| Q2 24 | 4.7% | -1.3% | ||
| Q1 24 | 4.3% | -9.1% |
每股收益（稀释后）GAPW
| Q4 25 | $0.62 | $-0.90 | ||
| Q3 25 | $0.57 | $-0.76 | ||
| Q2 25 | $0.51 | $0.11 | ||
| Q1 25 | $0.53 | $-0.89 | ||
| Q4 24 | $0.72 | $-1.01 | ||
| Q3 24 | $0.54 | $-0.60 | ||
| Q2 24 | $0.41 | $-0.34 | ||
| Q1 24 | $0.49 | $-2.06 |
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 | $2.5B | $1.5B |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $3.6B | $-2.8B |
| 总资产 | $12.4B | $3.4B |
| 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GAPW
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.2B | $1.4B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $1.7B | $1.3B | ||
| Q1 24 | $1.9B | $1.2B |
总债务GAPW
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益GAPW
| Q4 25 | $3.6B | $-2.8B | ||
| Q3 25 | $3.4B | $-2.8B | ||
| Q2 25 | $3.3B | $-2.7B | ||
| Q1 25 | $3.3B | $-2.8B | ||
| Q4 24 | $3.1B | $-2.8B | ||
| Q3 24 | $2.9B | $-2.7B | ||
| Q2 24 | $2.7B | $-2.8B | ||
| Q1 24 | $2.6B | $-2.8B |
总资产GAPW
| Q4 25 | $12.4B | $3.4B | ||
| Q3 25 | $12.1B | $3.1B | ||
| Q2 25 | $11.6B | $3.3B | ||
| Q1 25 | $11.9B | $3.4B | ||
| Q4 24 | $11.9B | $3.5B | ||
| Q3 24 | $11.5B | $3.4B | ||
| Q2 24 | $10.9B | $3.4B | ||
| Q1 24 | $11.0B | $3.2B |
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 | $299.0M | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $153.0M | $177.0M |
| 自由现金流率自由现金流/营收 | 3.9% | 5.3% |
| 资本支出强度资本支出/营收 | 3.7% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.27× | — |
| 过去12个月自由现金流最近4个季度 | $779.0M | $464.0M |
8季度趋势，按日历期对齐
经营现金流GAPW
| Q4 25 | $299.0M | $202.0M | ||
| Q3 25 | $448.0M | $155.0M | ||
| Q2 25 | $-140.0M | $273.0M | ||
| Q1 25 | $616.0M | $-96.0M | ||
| Q4 24 | $291.0M | $162.0M | ||
| Q3 24 | $549.0M | $49.0M | ||
| Q2 24 | $30.0M | $245.0M | ||
| Q1 24 | $700.0M | $-139.0M |
自由现金流GAPW
| Q4 25 | $153.0M | $177.0M | ||
| Q3 25 | $350.0M | $128.0M | ||
| Q2 25 | $-223.0M | $260.0M | ||
| Q1 25 | $499.0M | $-101.0M | ||
| Q4 24 | $143.0M | $142.0M | ||
| Q3 24 | $460.0M | $32.0M | ||
| Q2 24 | $-63.0M | $222.0M | ||
| Q1 24 | $568.0M | $-152.0M |
自由现金流率GAPW
| Q4 25 | 3.9% | 5.3% | ||
| Q3 25 | 9.4% | 4.1% | ||
| Q2 25 | -6.4% | 7.9% | ||
| Q1 25 | 12.0% | -3.7% | ||
| Q4 24 | 3.7% | 4.5% | ||
| Q3 24 | 12.4% | 1.1% | ||
| Q2 24 | -1.9% | 7.1% | ||
| Q1 24 | 13.2% | -5.6% |
资本支出强度GAPW
| Q4 25 | 3.7% | 0.7% | ||
| Q3 25 | 2.6% | 0.9% | ||
| Q2 25 | 2.4% | 0.4% | ||
| Q1 25 | 2.8% | 0.2% | ||
| Q4 24 | 3.9% | 0.6% | ||
| Q3 24 | 2.4% | 0.6% | ||
| Q2 24 | 2.7% | 0.7% | ||
| Q1 24 | 3.1% | 0.5% |
现金转化率GAPW
| Q4 25 | 1.27× | — | ||
| Q3 25 | 2.07× | — | ||
| Q2 25 | -0.73× | 18.20× | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 3.78× | — |
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
GAP
| Other | $2.2B | 55% |
| Online Sales | $1.6B | 40% |
| CA | $191.0M | 5% |
| Other Regions | $13.0M | 0% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
