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佳明（GRMN）与LANDSTAR SYSTEM INC（LSTR）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LANDSTAR SYSTEM INC的1.8倍（$2.1B vs $1.2B），佳明净利率更高（24.9% vs 2.0%，领先22.8%），佳明同比增速更快（16.6% vs -2.9%），佳明自由现金流更多（$429.6M vs $70.5M），过去两年佳明的营收复合增速更高（24.0% vs 0.1%）
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。
Landstar System Inc.是美国专业运输服务企业，主营第三方物流业务，依托由超8800名独立自营车主、1000余名独立货运代理人、7万余家合规认证承运商组成的庞大网络，服务主要覆盖美国全境，同时提供加拿大境内及美加、美墨跨境物流服务。
GRMN vs LSTR — 直观对比
营收规模更大
GRMN
是对方的1.8倍
$1.2B
营收增速更快
GRMN
高出19.5%
-2.9%
净利率更高
GRMN
高出22.8%
2.0%
自由现金流更多
GRMN
多$359.1M
$70.5M
两年增速更快
GRMN
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $528.7M | $23.9M |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 2.5% |
| 净利率 | 24.9% | 2.0% |
| 营收同比 | 16.6% | -2.9% |
| 净利润同比 | 21.3% | -48.2% |
| 每股收益（稀释后） | $2.72 | $0.70 |
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GRMNLSTR
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润GRMNLSTR
| Q4 25 | $528.7M | $23.9M | ||
| Q3 25 | $401.6M | $19.4M | ||
| Q2 25 | $400.8M | $41.9M | ||
| Q1 25 | $332.8M | $29.8M | ||
| Q4 24 | $435.7M | $46.2M | ||
| Q3 24 | $399.1M | $50.0M | ||
| Q2 24 | $300.6M | $52.6M | ||
| Q1 24 | $276.0M | $47.1M |
毛利率GRMNLSTR
| 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GRMNLSTR
| Q4 25 | 28.9% | 2.5% | ||
| Q3 25 | 25.8% | 2.2% | ||
| Q2 25 | 26.0% | 4.6% | ||
| Q1 25 | 21.7% | 3.4% | ||
| Q4 24 | 28.3% | 4.8% | ||
| Q3 24 | 27.6% | 5.2% | ||
| Q2 24 | 22.7% | 5.6% | ||
| Q1 24 | 21.6% | 5.1% |
净利率GRMNLSTR
| Q4 25 | 24.9% | 2.0% | ||
| Q3 25 | 22.7% | 1.6% | ||
| Q2 25 | 22.1% | 3.5% | ||
| Q1 25 | 21.7% | 2.6% | ||
| Q4 24 | 23.9% | 3.8% | ||
| Q3 24 | 25.2% | 4.1% | ||
| Q2 24 | 20.0% | 4.3% | ||
| Q1 24 | 20.0% | 4.0% |
每股收益（稀释后）GRMNLSTR
| Q4 25 | $2.72 | $0.70 | ||
| Q3 25 | $2.08 | $0.56 | ||
| Q2 25 | $2.07 | $1.20 | ||
| Q1 25 | $1.72 | $0.85 | ||
| Q4 24 | $2.24 | $1.30 | ||
| Q3 24 | $2.07 | $1.41 | ||
| Q2 24 | $1.56 | $1.48 | ||
| Q1 24 | $1.43 | $1.32 |
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 | $452.2M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $9.0B | $795.7M |
| 总资产 | $11.0B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资GRMNLSTR
| Q4 25 | $2.3B | $452.2M | ||
| Q3 25 | $2.1B | $434.4M | ||
| Q2 25 | $2.1B | $426.2M | ||
| Q1 25 | $2.2B | $473.4M | ||
| Q4 24 | $2.1B | $566.6M | ||
| Q3 24 | $2.0B | $531.3M | ||
| Q2 24 | $1.9B | $504.0M | ||
| Q1 24 | $1.9B | $530.5M |
总债务GRMNLSTR
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
股东权益GRMNLSTR
| Q4 25 | $9.0B | $795.7M | ||
| Q3 25 | $8.5B | $888.7M | ||
| Q2 25 | $8.1B | $921.8M | ||
| Q1 25 | $8.2B | $930.8M | ||
| Q4 24 | $7.8B | $972.4M | ||
| Q3 24 | $7.5B | $1.0B | ||
| Q2 24 | $7.0B | $1.0B | ||
| Q1 24 | $7.2B | $1.0B |
总资产GRMNLSTR
| Q4 25 | $11.0B | $1.6B | ||
| Q3 25 | $10.5B | $1.7B | ||
| Q2 25 | $10.3B | $1.7B | ||
| Q1 25 | $9.8B | $1.7B | ||
| Q4 24 | $9.6B | $1.8B | ||
| Q3 24 | $9.3B | $1.8B | ||
| Q2 24 | $8.9B | $1.8B | ||
| Q1 24 | $8.6B | $1.7B |
负债/权益比GRMNLSTR
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $72.7M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $70.5M |
| 自由现金流率自由现金流/营收 | 20.2% | 6.0% |
| 资本支出强度资本支出/营收 | 5.8% | 0.2% |
| 现金转化率经营现金流/净利润 | 1.05× | 3.04× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $215.0M |
8季度趋势，按日历期对齐
经营现金流GRMNLSTR
| Q4 25 | $553.8M | $72.7M | ||
| Q3 25 | $485.6M | $89.3M | ||
| Q2 25 | $173.2M | $7.1M | ||
| Q1 25 | $420.8M | $55.7M | ||
| Q4 24 | $483.9M | $61.1M | ||
| Q3 24 | $258.0M | $83.1M | ||
| Q2 24 | $255.3M | $48.1M | ||
| Q1 24 | $435.3M | $94.2M |
自由现金流GRMNLSTR
| Q4 25 | $429.6M | $70.5M | ||
| Q3 25 | $425.1M | $86.0M | ||
| Q2 25 | $127.5M | $4.7M | ||
| Q1 25 | $380.7M | $53.8M | ||
| Q4 24 | $399.2M | $54.4M | ||
| Q3 24 | $219.4M | $75.6M | ||
| Q2 24 | $218.2M | $40.6M | ||
| Q1 24 | $402.1M | $84.9M |
自由现金流率GRMNLSTR
| Q4 25 | 20.2% | 6.0% | ||
| Q3 25 | 24.0% | 7.1% | ||
| Q2 25 | 7.0% | 0.4% | ||
| Q1 25 | 24.8% | 4.7% | ||
| Q4 24 | 21.9% | 4.5% | ||
| Q3 24 | 13.8% | 6.2% | ||
| Q2 24 | 14.5% | 3.3% | ||
| Q1 24 | 29.1% | 7.3% |
资本支出强度GRMNLSTR
| Q4 25 | 5.8% | 0.2% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 4.6% | 0.6% | ||
| Q3 24 | 2.4% | 0.6% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 2.4% | 0.8% |
现金转化率GRMNLSTR
| Q4 25 | 1.05× | 3.04× | ||
| Q3 25 | 1.21× | 4.61× | ||
| Q2 25 | 0.43× | 0.17× | ||
| Q1 25 | 1.26× | 1.87× | ||
| Q4 24 | 1.11× | 1.32× | ||
| Q3 24 | 0.65× | 1.66× | ||
| Q2 24 | 0.85× | 0.91× | ||
| Q1 24 | 1.58× | 2.00× |
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% |
LSTR
| Transportation Logistics | $1.2B | 99% |
| Insurance | $14.6M | 1% |
