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盖璞（GAP）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是盖璞的1.0倍（$4.1B vs $3.9B），盖璞净利率更高（6.0% vs 2.7%，领先3.3%），盖璞同比增速更快（3.0% vs -0.9%），惠而浦自由现金流更多（$989.0M vs $153.0M），过去两年盖璞的营收复合增速更高（-4.2% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
GAP vs WHR — 直观对比
营收规模更大
WHR
是对方的1.0倍
$3.9B
营收增速更快
GAP
高出3.9%
-0.9%
净利率更高
GAP
高出3.3%
2.7%
自由现金流更多
WHR
多$836.0M
$153.0M
两年增速更快
GAP
近两年复合增速
-4.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $4.1B |
| 净利润 | $236.0M | $109.0M |
| 毛利率 | 42.4% | 14.0% |
| 营业利润率 | 8.5% | 6.0% |
| 净利率 | 6.0% | 2.7% |
| 营收同比 | 3.0% | -0.9% |
| 净利润同比 | -13.9% | 127.8% |
| 每股收益（稀释后） | $0.62 | $1.92 |
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GAPWHR
| Q4 25 | $3.9B | $4.1B | ||
| Q3 25 | $3.7B | $4.0B | ||
| Q2 25 | $3.5B | $3.8B | ||
| Q1 25 | $4.1B | $3.6B | ||
| Q4 24 | $3.8B | $4.1B | ||
| Q3 24 | $3.7B | $4.0B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $4.3B | $4.5B |
净利润GAPWHR
| Q4 25 | $236.0M | $109.0M | ||
| Q3 25 | $216.0M | $73.0M | ||
| Q2 25 | $193.0M | $65.0M | ||
| Q1 25 | $206.0M | $71.0M | ||
| Q4 24 | $274.0M | $-392.0M | ||
| Q3 24 | $206.0M | $109.0M | ||
| Q2 24 | $158.0M | $219.0M | ||
| Q1 24 | $185.0M | $-259.0M |
毛利率GAPWHR
| Q4 25 | 42.4% | 14.0% | ||
| Q3 25 | 41.2% | 14.7% | ||
| Q2 25 | 41.8% | 16.2% | ||
| Q1 25 | 38.9% | 16.8% | ||
| Q4 24 | 42.7% | 16.2% | ||
| Q3 24 | 42.6% | 16.1% | ||
| Q2 24 | 41.2% | 15.7% | ||
| Q1 24 | 38.9% | 14.3% |
营业利润率GAPWHR
| Q4 25 | 8.5% | 6.0% | ||
| Q3 25 | 7.8% | 5.1% | ||
| Q2 25 | 7.5% | 5.4% | ||
| Q1 25 | 6.2% | 5.1% | ||
| Q4 24 | 9.3% | -3.3% | ||
| Q3 24 | 7.9% | 6.6% | ||
| Q2 24 | 6.1% | 3.3% | ||
| Q1 24 | 5.0% | -2.6% |
净利率GAPWHR
| Q4 25 | 6.0% | 2.7% | ||
| Q3 25 | 5.8% | 1.8% | ||
| Q2 25 | 5.6% | 1.7% | ||
| Q1 25 | 5.0% | 2.0% | ||
| Q4 24 | 7.2% | -9.5% | ||
| Q3 24 | 5.5% | 2.7% | ||
| Q2 24 | 4.7% | 5.5% | ||
| Q1 24 | 4.3% | -5.8% |
每股收益（稀释后）GAPWHR
| Q4 25 | $0.62 | $1.92 | ||
| Q3 25 | $0.57 | $1.29 | ||
| Q2 25 | $0.51 | $1.17 | ||
| Q1 25 | $0.53 | $1.28 | ||
| Q4 24 | $0.72 | $-7.11 | ||
| Q3 24 | $0.54 | $2.00 | ||
| Q2 24 | $0.41 | $3.96 | ||
| Q1 24 | $0.49 | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $3.6B | $2.7B |
| 总资产 | $12.4B | $16.0B |
| 负债/权益比越低杠杆越低 | — | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资GAPWHR
| Q4 25 | $2.5B | $669.0M | ||
| Q3 25 | $2.4B | $934.0M | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.6B | $1.0B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.9B | $1.2B |
总债务GAPWHR
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GAPWHR
| Q4 25 | $3.6B | $2.7B | ||
| Q3 25 | $3.4B | $2.6B | ||
| Q2 25 | $3.3B | $2.6B | ||
| Q1 25 | $3.3B | $2.6B | ||
| Q4 24 | $3.1B | $2.7B | ||
| Q3 24 | $2.9B | $3.0B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $2.6B | $2.4B |
总资产GAPWHR
| Q4 25 | $12.4B | $16.0B | ||
| Q3 25 | $12.1B | $16.9B | ||
| Q2 25 | $11.6B | $16.8B | ||
| Q1 25 | $11.9B | $16.5B | ||
| Q4 24 | $11.9B | $16.3B | ||
| Q3 24 | $11.5B | $17.2B | ||
| Q2 24 | $10.9B | $17.3B | ||
| Q1 24 | $11.0B | $17.4B |
负债/权益比GAPWHR
| Q4 25 | — | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $153.0M | $989.0M |
| 自由现金流率自由现金流/营收 | 3.9% | 24.1% |
| 资本支出强度资本支出/营收 | 3.7% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.27× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $779.0M | $81.0M |
8季度趋势，按日历期对齐
经营现金流GAPWHR
| Q4 25 | $299.0M | $1.1B | ||
| Q3 25 | $448.0M | $33.0M | ||
| Q2 25 | $-140.0M | $19.0M | ||
| Q1 25 | $616.0M | $-721.0M | ||
| Q4 24 | $291.0M | $1.1B | ||
| Q3 24 | $549.0M | $214.0M | ||
| Q2 24 | $30.0M | $388.0M | ||
| Q1 24 | $700.0M | $-873.0M |
自由现金流GAPWHR
| Q4 25 | $153.0M | $989.0M | ||
| Q3 25 | $350.0M | $-52.0M | ||
| Q2 25 | $-223.0M | $-63.0M | ||
| Q1 25 | $499.0M | $-793.0M | ||
| Q4 24 | $143.0M | $970.0M | ||
| Q3 24 | $460.0M | $127.0M | ||
| Q2 24 | $-63.0M | $275.0M | ||
| Q1 24 | $568.0M | $-988.0M |
自由现金流率GAPWHR
| Q4 25 | 3.9% | 24.1% | ||
| Q3 25 | 9.4% | -1.3% | ||
| Q2 25 | -6.4% | -1.7% | ||
| Q1 25 | 12.0% | -21.9% | ||
| Q4 24 | 3.7% | 23.5% | ||
| Q3 24 | 12.4% | 3.2% | ||
| Q2 24 | -1.9% | 6.9% | ||
| Q1 24 | 13.2% | -22.0% |
资本支出强度GAPWHR
| Q4 25 | 3.7% | 3.7% | ||
| Q3 25 | 2.6% | 2.1% | ||
| Q2 25 | 2.4% | 2.2% | ||
| Q1 25 | 2.8% | 2.0% | ||
| Q4 24 | 3.9% | 3.3% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 2.7% | 2.8% | ||
| Q1 24 | 3.1% | 2.6% |
现金转化率GAPWHR
| Q4 25 | 1.27× | 10.45× | ||
| Q3 25 | 2.07× | 0.45× | ||
| Q2 25 | -0.73× | 0.29× | ||
| Q1 25 | 2.99× | -10.15× | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 2.67× | 1.96× | ||
| Q2 24 | 0.19× | 1.77× | ||
| 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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
