vs
佳明（GRMN）与PVH CORP.（PVH）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是佳明的1.1倍（$2.3B vs $2.1B），佳明净利率更高（24.9% vs 0.2%，领先24.7%），佳明同比增速更快（16.6% vs 1.7%），佳明自由现金流更多（$429.6M vs $-85.1M）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
GRMN vs PVH — 直观对比
营收规模更大
PVH
是对方的1.1倍
$2.1B
营收增速更快
GRMN
高出14.9%
1.7%
净利率更高
GRMN
高出24.7%
0.2%
自由现金流更多
GRMN
多$514.7M
$-85.1M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.3B |
| 净利润 | $528.7M | $4.2M |
| 毛利率 | 59.2% | 56.3% |
| 营业利润率 | 28.9% | 7.9% |
| 净利率 | 24.9% | 0.2% |
| 营收同比 | 16.6% | 1.7% |
| 净利润同比 | 21.3% | -96.8% |
| 每股收益（稀释后） | $2.72 | $0.09 |
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GRMNPVH
| Q4 25 | $2.1B | $2.3B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.4B | — |
净利润GRMNPVH
| Q4 25 | $528.7M | $4.2M | ||
| Q3 25 | $401.6M | $224.2M | ||
| Q2 25 | $400.8M | $-44.8M | ||
| Q1 25 | $332.8M | — | ||
| Q4 24 | $435.7M | — | ||
| Q3 24 | $399.1M | — | ||
| Q2 24 | $300.6M | — | ||
| Q1 24 | $276.0M | — |
毛利率GRMNPVH
| Q4 25 | 59.2% | 56.3% | ||
| Q3 25 | 59.1% | 57.7% | ||
| Q2 25 | 58.8% | 58.6% | ||
| 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GRMNPVH
| Q4 25 | 28.9% | 7.9% | ||
| Q3 25 | 25.8% | 6.1% | ||
| Q2 25 | 26.0% | -16.7% | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 22.7% | — | ||
| Q1 24 | 21.6% | — |
净利率GRMNPVH
| Q4 25 | 24.9% | 0.2% | ||
| Q3 25 | 22.7% | 10.3% | ||
| Q2 25 | 22.1% | -2.3% | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 20.0% | — | ||
| Q1 24 | 20.0% | — |
每股收益（稀释后）GRMNPVH
| Q4 25 | $2.72 | $0.09 | ||
| Q3 25 | $2.08 | $4.63 | ||
| Q2 25 | $2.07 | $-0.88 | ||
| 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 | $158.2M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $9.0B | $4.9B |
| 总资产 | $11.0B | $11.4B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资GRMNPVH
| Q4 25 | $2.3B | $158.2M | ||
| Q3 25 | $2.1B | $248.8M | ||
| Q2 25 | $2.1B | $191.0M | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总债务GRMNPVH
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GRMNPVH
| Q4 25 | $9.0B | $4.9B | ||
| Q3 25 | $8.5B | $4.9B | ||
| Q2 25 | $8.1B | $4.6B | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $7.2B | — |
总资产GRMNPVH
| Q4 25 | $11.0B | $11.4B | ||
| Q3 25 | $10.5B | $11.6B | ||
| Q2 25 | $10.3B | $10.7B | ||
| Q1 25 | $9.8B | — | ||
| Q4 24 | $9.6B | — | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | $8.9B | — | ||
| Q1 24 | $8.6B | — |
负债/权益比GRMNPVH
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $553.8M | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $-85.1M |
| 自由现金流率自由现金流/营收 | 20.2% | -3.7% |
| 资本支出强度资本支出/营收 | 5.8% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.05× | -10.60× |
| 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GRMNPVH
| Q4 25 | $553.8M | $-44.5M | ||
| Q3 25 | $485.6M | $213.1M | ||
| Q2 25 | $173.2M | $-71.4M | ||
| Q1 25 | $420.8M | — | ||
| Q4 24 | $483.9M | — | ||
| Q3 24 | $258.0M | — | ||
| Q2 24 | $255.3M | — | ||
| Q1 24 | $435.3M | — |
自由现金流GRMNPVH
| Q4 25 | $429.6M | $-85.1M | ||
| Q3 25 | $425.1M | $181.9M | ||
| Q2 25 | $127.5M | $-98.1M | ||
| 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GRMNPVH
| Q4 25 | 20.2% | -3.7% | ||
| Q3 25 | 24.0% | 8.4% | ||
| Q2 25 | 7.0% | -4.9% | ||
| 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GRMNPVH
| Q4 25 | 5.8% | 1.8% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 2.5% | 1.3% | ||
| 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GRMNPVH
| Q4 25 | 1.05× | -10.60× | ||
| Q3 25 | 1.21× | 0.95× | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | — | ||
| 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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
