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佳明（GRMN）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是孩之宝的1.5倍（$2.1B vs $1.4B），佳明净利率更高（24.9% vs 13.9%，领先10.9%），孩之宝同比增速更快（31.3% vs 16.6%），佳明自由现金流更多（$429.6M vs $389.5M），过去两年孩之宝的营收复合增速更高（38.2% vs 24.0%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
GRMN vs HAS — 直观对比
营收规模更大
GRMN
是对方的1.5倍
$1.4B
营收增速更快
HAS
高出14.7%
16.6%
净利率更高
GRMN
高出10.9%
13.9%
自由现金流更多
GRMN
多$40.1M
$389.5M
两年增速更快
HAS
近两年复合增速
24.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.4B |
| 净利润 | $528.7M | $201.6M |
| 毛利率 | 59.2% | 68.7% |
| 营业利润率 | 28.9% | 20.6% |
| 净利率 | 24.9% | 13.9% |
| 营收同比 | 16.6% | 31.3% |
| 净利润同比 | 21.3% | 687.8% |
| 每股收益（稀释后） | $2.72 | $1.46 |
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GRMNHAS
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $980.8M | ||
| Q1 25 | $1.5B | $887.1M | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $995.3M | ||
| Q1 24 | $1.4B | $757.3M |
净利润GRMNHAS
| Q4 25 | $528.7M | $201.6M | ||
| Q3 25 | $401.6M | $233.2M | ||
| Q2 25 | $400.8M | $-855.8M | ||
| Q1 25 | $332.8M | $98.6M | ||
| Q4 24 | $435.7M | $-34.3M | ||
| Q3 24 | $399.1M | $223.2M | ||
| Q2 24 | $300.6M | $138.5M | ||
| Q1 24 | $276.0M | $58.2M |
毛利率GRMNHAS
| Q4 25 | 59.2% | 68.7% | ||
| Q3 25 | 59.1% | 70.1% | ||
| Q2 25 | 58.8% | 77.0% | ||
| Q1 25 | 57.6% | 76.9% | ||
| Q4 24 | 59.3% | 67.4% | ||
| Q3 24 | 60.0% | 70.4% | ||
| Q2 24 | 57.3% | 76.1% | ||
| Q1 24 | 58.1% | 73.0% |
营业利润率GRMNHAS
| Q4 25 | 28.9% | 20.6% | ||
| Q3 25 | 25.8% | 24.6% | ||
| Q2 25 | 26.0% | -81.4% | ||
| Q1 25 | 21.7% | 19.2% | ||
| Q4 24 | 28.3% | 5.4% | ||
| Q3 24 | 27.6% | 23.6% | ||
| Q2 24 | 22.7% | 21.3% | ||
| Q1 24 | 21.6% | 15.3% |
净利率GRMNHAS
| Q4 25 | 24.9% | 13.9% | ||
| Q3 25 | 22.7% | 16.8% | ||
| Q2 25 | 22.1% | -87.3% | ||
| Q1 25 | 21.7% | 11.1% | ||
| Q4 24 | 23.9% | -3.1% | ||
| Q3 24 | 25.2% | 17.4% | ||
| Q2 24 | 20.0% | 13.9% | ||
| Q1 24 | 20.0% | 7.7% |
每股收益（稀释后）GRMNHAS
| Q4 25 | $2.72 | $1.46 | ||
| Q3 25 | $2.08 | $1.64 | ||
| Q2 25 | $2.07 | $-6.10 | ||
| Q1 25 | $1.72 | $0.70 | ||
| Q4 24 | $2.24 | $-0.25 | ||
| Q3 24 | $2.07 | $1.59 | ||
| Q2 24 | $1.56 | $0.99 | ||
| Q1 24 | $1.43 | $0.42 |
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 | $2.3B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $565.5M |
| 总资产 | $11.0B | $5.6B |
| 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GRMNHAS
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益GRMNHAS
| Q4 25 | $9.0B | $565.5M | ||
| Q3 25 | $8.5B | $433.8M | ||
| Q2 25 | $8.1B | $269.7M | ||
| Q1 25 | $8.2B | $1.2B | ||
| Q4 24 | $7.8B | $1.2B | ||
| Q3 24 | $7.5B | $1.3B | ||
| Q2 24 | $7.0B | $1.2B | ||
| Q1 24 | $7.2B | $1.0B |
总资产GRMNHAS
| Q4 25 | $11.0B | $5.6B | ||
| Q3 25 | $10.5B | $5.5B | ||
| Q2 25 | $10.3B | $5.2B | ||
| Q1 25 | $9.8B | $6.0B | ||
| Q4 24 | $9.6B | $6.3B | ||
| Q3 24 | $9.3B | $7.2B | ||
| Q2 24 | $8.9B | $6.9B | ||
| Q1 24 | $8.6B | $6.2B |
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 | $553.8M | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $389.5M |
| 自由现金流率自由现金流/营收 | 20.2% | 26.9% |
| 资本支出强度资本支出/营收 | 5.8% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.05× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $829.9M |
8季度趋势，按日历期对齐
经营现金流GRMNHAS
| Q4 25 | $553.8M | $403.2M | ||
| Q3 25 | $485.6M | $280.6M | ||
| Q2 25 | $173.2M | $71.3M | ||
| Q1 25 | $420.8M | $138.1M | ||
| Q4 24 | $483.9M | $259.8M | ||
| Q3 24 | $258.0M | $222.5M | ||
| Q2 24 | $255.3M | $187.3M | ||
| Q1 24 | $435.3M | $177.8M |
自由现金流GRMNHAS
| Q4 25 | $429.6M | $389.5M | ||
| Q3 25 | $425.1M | $260.9M | ||
| Q2 25 | $127.5M | $55.2M | ||
| Q1 25 | $380.7M | $124.3M | ||
| Q4 24 | $399.2M | $200.8M | ||
| Q3 24 | $219.4M | $174.0M | ||
| Q2 24 | $218.2M | $135.4M | ||
| Q1 24 | $402.1M | $132.0M |
自由现金流率GRMNHAS
| Q4 25 | 20.2% | 26.9% | ||
| Q3 25 | 24.0% | 18.8% | ||
| Q2 25 | 7.0% | 5.6% | ||
| Q1 25 | 24.8% | 14.0% | ||
| Q4 24 | 21.9% | 18.2% | ||
| Q3 24 | 13.8% | 13.6% | ||
| Q2 24 | 14.5% | 13.6% | ||
| Q1 24 | 29.1% | 17.4% |
资本支出强度GRMNHAS
| Q4 25 | 5.8% | 0.9% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 2.5% | 1.6% | ||
| Q1 25 | 2.6% | 1.6% | ||
| Q4 24 | 4.6% | 5.4% | ||
| Q3 24 | 2.4% | 3.8% | ||
| Q2 24 | 2.5% | 5.2% | ||
| Q1 24 | 2.4% | 6.0% |
现金转化率GRMNHAS
| Q4 25 | 1.05× | 2.00× | ||
| Q3 25 | 1.21× | 1.20× | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | 1.40× | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | 1.00× | ||
| Q2 24 | 0.85× | 1.35× | ||
| Q1 24 | 1.58× | 3.05× |
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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
