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佳明（GRMN）与先锋自然资源公司（PR）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先锋自然资源公司的1.8倍（$2.1B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs 24.9%，领先4.2%），佳明同比增速更快（16.6% vs -9.8%），过去两年佳明的营收复合增速更高（24.0% vs -3.0%）
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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
GRMN vs PR — 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26.4%
-9.8%
净利率更高
PR
高出4.2%
24.9%
两年增速更快
GRMN
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $528.7M | $339.5M |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 23.1% |
| 净利率 | 24.9% | 29.0% |
| 营收同比 | 16.6% | -9.8% |
| 净利润同比 | 21.3% | 56.7% |
| 每股收益（稀释后） | $2.72 | $0.48 |
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GRMNPR
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润GRMNPR
| Q4 25 | $528.7M | $339.5M | ||
| Q3 25 | $401.6M | $59.2M | ||
| Q2 25 | $400.8M | $207.1M | ||
| Q1 25 | $332.8M | $329.3M | ||
| Q4 24 | $435.7M | $216.7M | ||
| Q3 24 | $399.1M | $386.4M | ||
| Q2 24 | $300.6M | $235.1M | ||
| Q1 24 | $276.0M | $146.6M |
毛利率GRMNPR
| 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GRMNPR
| Q4 25 | 28.9% | 23.1% | ||
| Q3 25 | 25.8% | 29.6% | ||
| Q2 25 | 26.0% | 24.8% | ||
| Q1 25 | 21.7% | 36.6% | ||
| Q4 24 | 28.3% | 32.8% | ||
| Q3 24 | 27.6% | 32.5% | ||
| Q2 24 | 22.7% | 36.5% | ||
| Q1 24 | 21.6% | 37.7% |
净利率GRMNPR
| Q4 25 | 24.9% | 29.0% | ||
| Q3 25 | 22.7% | 4.5% | ||
| Q2 25 | 22.1% | 17.3% | ||
| Q1 25 | 21.7% | 23.9% | ||
| Q4 24 | 23.9% | 16.7% | ||
| Q3 24 | 25.2% | 31.8% | ||
| Q2 24 | 20.0% | 18.9% | ||
| Q1 24 | 20.0% | 11.8% |
每股收益（稀释后）GRMNPR
| Q4 25 | $2.72 | $0.48 | ||
| Q3 25 | $2.08 | $0.08 | ||
| Q2 25 | $2.07 | $0.28 | ||
| Q1 25 | $1.72 | $0.44 | ||
| Q4 24 | $2.24 | $0.31 | ||
| Q3 24 | $2.07 | $0.53 | ||
| Q2 24 | $1.56 | $0.36 | ||
| Q1 24 | $1.43 | $0.25 |
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 | $153.7M |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $9.0B | $10.3B |
| 总资产 | $11.0B | $17.9B |
| 负债/权益比越低杠杆越低 | — | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资GRMNPR
| Q4 25 | $2.3B | $153.7M | ||
| Q3 25 | $2.1B | $111.8M | ||
| Q2 25 | $2.1B | $451.0M | ||
| Q1 25 | $2.2B | $702.2M | ||
| Q4 24 | $2.1B | $479.3M | ||
| Q3 24 | $2.0B | $272.0M | ||
| Q2 24 | $1.9B | $47.8M | ||
| Q1 24 | $1.9B | $12.7M |
总债务GRMNPR
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.9B |
股东权益GRMNPR
| Q4 25 | $9.0B | $10.3B | ||
| Q3 25 | $8.5B | $10.0B | ||
| Q2 25 | $8.1B | $9.5B | ||
| Q1 25 | $8.2B | $9.4B | ||
| Q4 24 | $7.8B | $9.1B | ||
| Q3 24 | $7.5B | $9.0B | ||
| Q2 24 | $7.0B | $8.3B | ||
| Q1 24 | $7.2B | $7.0B |
总资产GRMNPR
| Q4 25 | $11.0B | $17.9B | ||
| Q3 25 | $10.5B | $17.3B | ||
| Q2 25 | $10.3B | $17.5B | ||
| Q1 25 | $9.8B | $17.1B | ||
| Q4 24 | $9.6B | $16.9B | ||
| Q3 24 | $9.3B | $16.6B | ||
| Q2 24 | $8.9B | $15.4B | ||
| Q1 24 | $8.6B | $15.1B |
负债/权益比GRMNPR
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | — |
| 自由现金流率自由现金流/营收 | 20.2% | — |
| 资本支出强度资本支出/营收 | 5.8% | — |
| 现金转化率经营现金流/净利润 | 1.05× | 2.66× |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流GRMNPR
| Q4 25 | $553.8M | $904.3M | ||
| Q3 25 | $485.6M | $766.5M | ||
| Q2 25 | $173.2M | $1.0B | ||
| Q1 25 | $420.8M | $898.0M | ||
| Q4 24 | $483.9M | $871.6M | ||
| Q3 24 | $258.0M | $954.4M | ||
| Q2 24 | $255.3M | $938.4M | ||
| Q1 24 | $435.3M | $647.6M |
自由现金流GRMNPR
| Q4 25 | $429.6M | — | ||
| Q3 25 | $425.1M | — | ||
| Q2 25 | $127.5M | — | ||
| Q1 25 | $380.7M | — | ||
| Q4 24 | $399.2M | — | ||
| Q3 24 | $219.4M | — | ||
| Q2 24 | $218.2M | — | ||
| Q1 24 | $402.1M | — |
自由现金流率GRMNPR
| Q4 25 | 20.2% | — | ||
| Q3 25 | 24.0% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 21.9% | — | ||
| Q3 24 | 13.8% | — | ||
| Q2 24 | 14.5% | — | ||
| Q1 24 | 29.1% | — |
资本支出强度GRMNPR
| Q4 25 | 5.8% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.4% | — |
现金转化率GRMNPR
| Q4 25 | 1.05× | 2.66× | ||
| Q3 25 | 1.21× | 12.94× | ||
| Q2 25 | 0.43× | 5.01× | ||
| Q1 25 | 1.26× | 2.73× | ||
| Q4 24 | 1.11× | 4.02× | ||
| Q3 24 | 0.65× | 2.47× | ||
| Q2 24 | 0.85× | 3.99× | ||
| Q1 24 | 1.58× | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
