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Acushnet Holdings Corp.（GOLF）与必能宝（PBI）财务数据对比。点击上方公司名可切换其他公司
必能宝的季度营收约是Acushnet Holdings Corp.的1.0倍（$477.6M vs $477.2M），必能宝净利率更高（5.7% vs -7.3%，领先13.0%），Acushnet Holdings Corp.同比增速更快（7.2% vs -7.5%），必能宝自由现金流更多（$201.4M vs $-23.3M），过去两年必能宝的营收复合增速更高（-4.3% vs -17.9%）
Acushnet Holdings Corp.是一家专注于高尔夫赛道的美国企业，旗下运营多个知名品牌，产品品类覆盖高尔夫专业器材、运动服饰及相关配件，为全球高尔夫运动爱好者提供多元化的相关产品选择。
必能宝（Pitney Bowes）是全球知名科技与物流服务商，提供电商配送、邮寄处理、订单履约及客户信息管理解决方案，服务零售、金融、医疗、政府等领域的各类大中小企业客户，助力企业优化物流配送与客户运营效率。
GOLF vs PBI — 直观对比
营收规模更大
PBI
是对方的1.0倍
$477.2M
营收增速更快
GOLF
高出14.7%
-7.5%
净利率更高
PBI
高出13.0%
-7.3%
自由现金流更多
PBI
多$224.8M
$-23.3M
两年增速更快
PBI
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $477.2M | $477.6M |
| 净利润 | $-34.9M | $27.3M |
| 毛利率 | 44.1% | — |
| 营业利润率 | -3.8% | 8.0% |
| 净利率 | -7.3% | 5.7% |
| 营收同比 | 7.2% | -7.5% |
| 净利润同比 | -3027.3% | 173.1% |
| 每股收益（稀释后） | $-0.57 | $0.18 |
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GOLFPBI
| Q4 25 | $477.2M | $477.6M | ||
| Q3 25 | $657.7M | $459.7M | ||
| Q2 25 | $720.5M | $461.9M | ||
| Q1 25 | $703.4M | $493.4M | ||
| Q4 24 | $445.2M | $516.1M | ||
| Q3 24 | $620.5M | $499.5M | ||
| Q2 24 | $683.9M | $489.7M | ||
| Q1 24 | $707.6M | $521.3M |
净利润GOLFPBI
| Q4 25 | $-34.9M | $27.3M | ||
| Q3 25 | $48.5M | $52.0M | ||
| Q2 25 | $75.6M | $30.0M | ||
| Q1 25 | $99.4M | $35.4M | ||
| Q4 24 | $-1.1M | $-37.4M | ||
| Q3 24 | $56.2M | $-138.5M | ||
| Q2 24 | $71.4M | $-24.9M | ||
| Q1 24 | $87.8M | $-2.9M |
毛利率GOLFPBI
| Q4 25 | 44.1% | — | ||
| Q3 25 | 48.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 47.9% | — | ||
| Q4 24 | 22.6% | 53.8% | ||
| Q3 24 | 54.4% | 52.4% | ||
| Q2 24 | 54.4% | 51.1% | ||
| Q1 24 | 53.4% | 52.3% |
营业利润率GOLFPBI
| Q4 25 | -3.8% | 8.0% | ||
| Q3 25 | 14.1% | 14.8% | ||
| Q2 25 | 15.2% | 8.5% | ||
| Q1 25 | 16.3% | 9.5% | ||
| Q4 24 | -1.2% | -9.3% | ||
| Q3 24 | 13.2% | -8.8% | ||
| Q2 24 | 15.5% | -1.6% | ||
| Q1 24 | 17.2% | 9.1% |
净利率GOLFPBI
| Q4 25 | -7.3% | 5.7% | ||
| Q3 25 | 7.4% | 11.3% | ||
| Q2 25 | 10.5% | 6.5% | ||
| Q1 25 | 14.1% | 7.2% | ||
| Q4 24 | -0.3% | -7.2% | ||
| Q3 24 | 9.1% | -27.7% | ||
| Q2 24 | 10.4% | -5.1% | ||
| Q1 24 | 12.4% | -0.6% |
每股收益（稀释后）GOLFPBI
| Q4 25 | $-0.57 | $0.18 | ||
| Q3 25 | $0.81 | $0.30 | ||
| Q2 25 | $1.25 | $0.17 | ||
| Q1 25 | $1.62 | $0.19 | ||
| Q4 24 | $0.02 | $-0.21 | ||
| Q3 24 | $0.89 | $-0.75 | ||
| Q2 24 | $1.11 | $-0.14 | ||
| Q1 24 | $1.35 | $-0.02 |
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 | — | $297.1M |
| 总债务越低越好 | $926.2M | $2.0B |
| 股东权益账面价值 | $783.6M | $-802.4M |
| 总资产 | $2.3B | $3.2B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资GOLFPBI
| Q4 25 | — | $297.1M | ||
| Q3 25 | — | $336.0M | ||
| Q2 25 | — | $300.8M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | — | $486.1M | ||
| Q3 24 | — | $575.5M | ||
| Q2 24 | — | $612.0M | ||
| Q1 24 | — | $538.0M |
总债务GOLFPBI
| Q4 25 | $926.2M | $2.0B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $753.1M | $1.9B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.1B |
股东权益GOLFPBI
| Q4 25 | $783.6M | $-802.4M | ||
| Q3 25 | $852.3M | $-661.5M | ||
| Q2 25 | $808.5M | $-536.8M | ||
| Q1 25 | $780.3M | $-535.9M | ||
| Q4 24 | $765.2M | $-578.4M | ||
| Q3 24 | $863.9M | $-518.9M | ||
| Q2 24 | $863.7M | $-427.9M | ||
| Q1 24 | $883.7M | $-392.4M |
总资产GOLFPBI
| Q4 25 | $2.3B | $3.2B | ||
| Q3 25 | $2.4B | $3.3B | ||
| Q2 25 | $2.4B | $3.2B | ||
| Q1 25 | $2.4B | $3.3B | ||
| Q4 24 | $2.2B | $3.4B | ||
| Q3 24 | $2.3B | $3.6B | ||
| Q2 24 | $2.3B | $4.1B | ||
| Q1 24 | $2.4B | $4.1B |
负债/权益比GOLFPBI
| Q4 25 | 1.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.98× | — | ||
| 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 | $-338.0K | $221.7M |
| 自由现金流经营现金流 - 资本支出 | $-23.3M | $201.4M |
| 自由现金流率自由现金流/营收 | -4.9% | 42.2% |
| 资本支出强度资本支出/营收 | 4.8% | 4.2% |
| 现金转化率经营现金流/净利润 | — | 8.11× |
| 过去12个月自由现金流最近4个季度 | $120.0M | $317.0M |
8季度趋势，按日历期对齐
经营现金流GOLFPBI
| Q4 25 | $-338.0K | $221.7M | ||
| Q3 25 | $163.1M | $66.8M | ||
| Q2 25 | $151.9M | $111.4M | ||
| Q1 25 | $-120.3M | $-16.7M | ||
| Q4 24 | $-1.1M | $134.5M | ||
| Q3 24 | $144.1M | $14.7M | ||
| Q2 24 | $211.6M | $92.6M | ||
| Q1 24 | $-109.5M | $-12.6M |
自由现金流GOLFPBI
| Q4 25 | $-23.3M | $201.4M | ||
| Q3 25 | $136.9M | $51.1M | ||
| Q2 25 | $138.0M | $98.0M | ||
| Q1 25 | $-131.5M | $-33.6M | ||
| Q4 24 | $-33.2M | $112.3M | ||
| Q3 24 | $123.7M | $-4.7M | ||
| Q2 24 | $196.8M | $76.1M | ||
| Q1 24 | $-116.8M | $-26.9M |
自由现金流率GOLFPBI
| Q4 25 | -4.9% | 42.2% | ||
| Q3 25 | 20.8% | 11.1% | ||
| Q2 25 | 19.2% | 21.2% | ||
| Q1 25 | -18.7% | -6.8% | ||
| Q4 24 | -7.5% | 21.8% | ||
| Q3 24 | 19.9% | -0.9% | ||
| Q2 24 | 28.8% | 15.5% | ||
| Q1 24 | -16.5% | -5.2% |
资本支出强度GOLFPBI
| Q4 25 | 4.8% | 4.2% | ||
| Q3 25 | 4.0% | 3.4% | ||
| Q2 25 | 1.9% | 2.9% | ||
| Q1 25 | 1.6% | 3.4% | ||
| Q4 24 | 7.2% | 4.3% | ||
| Q3 24 | 3.3% | 3.9% | ||
| Q2 24 | 2.2% | 3.4% | ||
| Q1 24 | 1.0% | 2.7% |
现金转化率GOLFPBI
| Q4 25 | — | 8.11× | ||
| Q3 25 | 3.36× | 1.29× | ||
| Q2 25 | 2.01× | 3.72× | ||
| Q1 25 | -1.21× | -0.47× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.56× | — | ||
| Q2 24 | 2.96× | — | ||
| Q1 24 | -1.25× | — |
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
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
PBI
| Sales And Services | $218.4M | 46% |
| Presort Services | $159.7M | 33% |
| Financing And Other | $79.0M | 17% |
| Other | $20.5M | 4% |
