vs
佳明（GRMN）与ICAHN ENTERPRISES L.P.（IEP）财务数据对比。点击上方公司名可切换其他公司
ICAHN ENTERPRISES L.P.的季度营收约是佳明的1.3倍（$2.7B vs $2.1B），佳明净利率更高（24.9% vs 0.0%，领先24.8%），佳明同比增速更快（16.6% vs 5.4%），佳明自由现金流更多（$429.6M vs $-496.0M），过去两年佳明的营收复合增速更高（24.0% vs 4.5%）
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。
伊坎企业有限合伙企业是美国上市的 Master 有限合伙企业与多元化集团，总部位于佛罗里达州阳光岛海滩的弥尔顿大厦。公司投资布局覆盖能源、汽车、食品包装、金属、房地产、家居时尚等多个领域，由知名投资人卡尔·伊坎控股，其持股比例达86%。
GRMN vs IEP — 直观对比
营收规模更大
IEP
是对方的1.3倍
$2.1B
营收增速更快
GRMN
高出11.2%
5.4%
净利率更高
GRMN
高出24.8%
0.0%
自由现金流更多
GRMN
多$925.6M
$-496.0M
两年增速更快
GRMN
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.7B |
| 净利润 | $528.7M | $1.0M |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 0.6% |
| 净利率 | 24.9% | 0.0% |
| 营收同比 | 16.6% | 5.4% |
| 净利润同比 | 21.3% | 101.0% |
| 每股收益（稀释后） | $2.72 | — |
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GRMNIEP
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $1.8B | $2.7B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.6B | $2.8B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.4B | $2.5B |
净利润GRMNIEP
| Q4 25 | $528.7M | $1.0M | ||
| Q3 25 | $401.6M | $287.0M | ||
| Q2 25 | $400.8M | $-165.0M | ||
| Q1 25 | $332.8M | $-422.0M | ||
| Q4 24 | $435.7M | $-98.0M | ||
| Q3 24 | $399.1M | $22.0M | ||
| Q2 24 | $300.6M | $-331.0M | ||
| Q1 24 | $276.0M | $-38.0M |
毛利率GRMNIEP
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 58.1% | — |
营业利润率GRMNIEP
| Q4 25 | 28.9% | 0.6% | ||
| Q3 25 | 25.8% | 19.7% | ||
| Q2 25 | 26.0% | -10.4% | ||
| Q1 25 | 21.7% | -35.0% | ||
| Q4 24 | 28.3% | -5.2% | ||
| Q3 24 | 27.6% | 2.4% | ||
| Q2 24 | 22.7% | -21.9% | ||
| Q1 24 | 21.6% | -0.8% |
净利率GRMNIEP
| Q4 25 | 24.9% | 0.0% | ||
| Q3 25 | 22.7% | 10.5% | ||
| Q2 25 | 22.1% | -7.0% | ||
| Q1 25 | 21.7% | -22.6% | ||
| Q4 24 | 23.9% | -3.8% | ||
| Q3 24 | 25.2% | 0.8% | ||
| Q2 24 | 20.0% | -15.0% | ||
| Q1 24 | 20.0% | -1.5% |
每股收益（稀释后）GRMNIEP
| Q4 25 | $2.72 | — | ||
| Q3 25 | $2.08 | — | ||
| Q2 25 | $2.07 | — | ||
| Q1 25 | $1.72 | — | ||
| Q4 24 | $2.24 | — | ||
| Q3 24 | $2.07 | — | ||
| Q2 24 | $1.56 | — | ||
| Q1 24 | $1.43 | — |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | — |
| 总资产 | $11.0B | $14.2B |
| 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GRMNIEP
| Q4 25 | $2.3B | $1.4B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.2B | $2.2B | ||
| Q4 24 | $2.1B | $2.6B | ||
| Q3 24 | $2.0B | $2.3B | ||
| Q2 24 | $1.9B | $2.2B | ||
| Q1 24 | $1.9B | $2.5B |
股东权益GRMNIEP
| Q4 25 | $9.0B | — | ||
| Q3 25 | $8.5B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $7.2B | — |
总资产GRMNIEP
| Q4 25 | $11.0B | $14.2B | ||
| Q3 25 | $10.5B | $14.8B | ||
| Q2 25 | $10.3B | $14.8B | ||
| Q1 25 | $9.8B | $15.5B | ||
| Q4 24 | $9.6B | $16.3B | ||
| Q3 24 | $9.3B | $17.4B | ||
| Q2 24 | $8.9B | $18.0B | ||
| Q1 24 | $8.6B | $20.1B |
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 | $-421.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $-496.0M |
| 自由现金流率自由现金流/营收 | 20.2% | -18.4% |
| 资本支出强度资本支出/营收 | 5.8% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.05× | -421.00× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-654.0M |
8季度趋势，按日历期对齐
经营现金流GRMNIEP
| Q4 25 | $553.8M | $-421.0M | ||
| Q3 25 | $485.6M | $15.0M | ||
| Q2 25 | $173.2M | $275.0M | ||
| Q1 25 | $420.8M | $-182.0M | ||
| Q4 24 | $483.9M | $244.0M | ||
| Q3 24 | $258.0M | $-54.0M | ||
| Q2 24 | $255.3M | $893.0M | ||
| Q1 24 | $435.3M | $-251.0M |
自由现金流GRMNIEP
| Q4 25 | $429.6M | $-496.0M | ||
| Q3 25 | $425.1M | $-67.0M | ||
| Q2 25 | $127.5M | $179.0M | ||
| Q1 25 | $380.7M | $-270.0M | ||
| Q4 24 | $399.2M | $156.0M | ||
| Q3 24 | $219.4M | $-112.0M | ||
| Q2 24 | $218.2M | $827.0M | ||
| Q1 24 | $402.1M | $-319.0M |
自由现金流率GRMNIEP
| Q4 25 | 20.2% | -18.4% | ||
| Q3 25 | 24.0% | -2.5% | ||
| Q2 25 | 7.0% | 7.6% | ||
| Q1 25 | 24.8% | -14.5% | ||
| Q4 24 | 21.9% | 6.1% | ||
| Q3 24 | 13.8% | -4.0% | ||
| Q2 24 | 14.5% | 37.6% | ||
| Q1 24 | 29.1% | -12.9% |
资本支出强度GRMNIEP
| Q4 25 | 5.8% | 2.8% | ||
| Q3 25 | 3.4% | 3.0% | ||
| Q2 25 | 2.5% | 4.1% | ||
| Q1 25 | 2.6% | 4.7% | ||
| Q4 24 | 4.6% | 3.4% | ||
| Q3 24 | 2.4% | 2.1% | ||
| Q2 24 | 2.5% | 3.0% | ||
| Q1 24 | 2.4% | 2.8% |
现金转化率GRMNIEP
| Q4 25 | 1.05× | -421.00× | ||
| Q3 25 | 1.21× | 0.05× | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | -2.45× | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 1.58× | — |
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% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
