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佳明（GRMN）与拉夫劳伦（RL）财务数据对比。点击上方公司名可切换其他公司
拉夫劳伦的季度营收约是佳明的1.1倍（$2.4B vs $2.1B），佳明净利率更高（24.9% vs 15.0%，领先9.9%），佳明同比增速更快（16.6% vs 12.2%），拉夫劳伦自由现金流更多（$704.0M vs $429.6M），过去两年佳明的营收复合增速更高（24.0% vs 23.9%）
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。
拉夫劳伦是源自美国的跨国时尚巨头，旗下同名高端时尚品牌风靡全球，企业规模达数十亿美元。品牌创始人拉夫劳伦于2015年9月卸任首席执行官，仍留任执行董事长兼首席创意官，主导品牌创意与整体发展方向。
GRMN vs RL — 直观对比
营收规模更大
RL
是对方的1.1倍
$2.1B
营收增速更快
GRMN
高出4.3%
12.2%
净利率更高
GRMN
高出9.9%
15.0%
自由现金流更多
RL
多$274.4M
$429.6M
两年增速更快
GRMN
近两年复合增速
23.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $528.7M | $361.6M |
| 毛利率 | 59.2% | 69.9% |
| 营业利润率 | 28.9% | 19.6% |
| 净利率 | 24.9% | 15.0% |
| 营收同比 | 16.6% | 12.2% |
| 净利润同比 | 21.3% | 21.6% |
| 每股收益（稀释后） | $2.72 | $5.82 |
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GRMNRL
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.4B | $1.6B |
净利润GRMNRL
| Q4 25 | $528.7M | $361.6M | ||
| Q3 25 | $401.6M | $207.5M | ||
| Q2 25 | $400.8M | $220.4M | ||
| Q1 25 | $332.8M | $129.0M | ||
| Q4 24 | $435.7M | $297.4M | ||
| Q3 24 | $399.1M | $147.9M | ||
| Q2 24 | $300.6M | $168.6M | ||
| Q1 24 | $276.0M | $90.7M |
毛利率GRMNRL
| Q4 25 | 59.2% | 69.9% | ||
| Q3 25 | 59.1% | 68.0% | ||
| Q2 25 | 58.8% | 72.3% | ||
| Q1 25 | 57.6% | 68.7% | ||
| Q4 24 | 59.3% | 68.4% | ||
| Q3 24 | 60.0% | 67.0% | ||
| Q2 24 | 57.3% | 70.5% | ||
| Q1 24 | 58.1% | 66.6% |
营业利润率GRMNRL
| Q4 25 | 28.9% | 19.6% | ||
| Q3 25 | 25.8% | 12.2% | ||
| Q2 25 | 26.0% | 15.9% | ||
| Q1 25 | 21.7% | 9.1% | ||
| Q4 24 | 28.3% | 18.2% | ||
| Q3 24 | 27.6% | 10.4% | ||
| Q2 24 | 22.7% | 13.8% | ||
| Q1 24 | 21.6% | 6.9% |
净利率GRMNRL
| Q4 25 | 24.9% | 15.0% | ||
| Q3 25 | 22.7% | 10.3% | ||
| Q2 25 | 22.1% | 12.8% | ||
| Q1 25 | 21.7% | 7.6% | ||
| Q4 24 | 23.9% | 13.9% | ||
| Q3 24 | 25.2% | 8.6% | ||
| Q2 24 | 20.0% | 11.1% | ||
| Q1 24 | 20.0% | 5.8% |
每股收益（稀释后）GRMNRL
| Q4 25 | $2.72 | $5.82 | ||
| Q3 25 | $2.08 | $3.32 | ||
| Q2 25 | $2.07 | $3.52 | ||
| Q1 25 | $1.72 | $2.03 | ||
| Q4 24 | $2.24 | $4.66 | ||
| Q3 24 | $2.07 | $2.31 | ||
| Q2 24 | $1.56 | $2.61 | ||
| Q1 24 | $1.43 | $1.37 |
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 | $2.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $2.9B |
| 总资产 | $11.0B | $7.8B |
| 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GRMNRL
| Q4 25 | $2.3B | $2.3B | ||
| Q3 25 | $2.1B | $1.6B | ||
| Q2 25 | $2.1B | $2.3B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.0B | $1.7B | ||
| Q2 24 | $1.9B | $1.8B | ||
| Q1 24 | $1.9B | $1.8B |
股东权益GRMNRL
| Q4 25 | $9.0B | $2.9B | ||
| Q3 25 | $8.5B | $2.6B | ||
| Q2 25 | $8.1B | $2.5B | ||
| Q1 25 | $8.2B | $2.6B | ||
| Q4 24 | $7.8B | $2.5B | ||
| Q3 24 | $7.5B | $2.4B | ||
| Q2 24 | $7.0B | $2.4B | ||
| Q1 24 | $7.2B | $2.5B |
总资产GRMNRL
| Q4 25 | $11.0B | $7.8B | ||
| Q3 25 | $10.5B | $7.3B | ||
| Q2 25 | $10.3B | $7.8B | ||
| Q1 25 | $9.8B | $7.0B | ||
| Q4 24 | $9.6B | $7.1B | ||
| Q3 24 | $9.3B | $6.8B | ||
| Q2 24 | $8.9B | $6.6B | ||
| Q1 24 | $8.6B | $6.6B |
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 | $779.6M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $704.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 29.3% |
| 资本支出强度资本支出/营收 | 5.8% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.05× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $694.5M |
8季度趋势，按日历期对齐
经营现金流GRMNRL
| Q4 25 | $553.8M | $779.6M | ||
| Q3 25 | $485.6M | $53.2M | ||
| Q2 25 | $173.2M | $176.1M | ||
| Q1 25 | $420.8M | $122.2M | ||
| Q4 24 | $483.9M | $738.4M | ||
| Q3 24 | $258.0M | $97.2M | ||
| Q2 24 | $255.3M | $277.3M | ||
| Q1 24 | $435.3M | — |
自由现金流GRMNRL
| Q4 25 | $429.6M | $704.0M | ||
| Q3 25 | $425.1M | $-40.6M | ||
| Q2 25 | $127.5M | $-11.2M | ||
| Q1 25 | $380.7M | $42.3M | ||
| Q4 24 | $399.2M | $677.2M | ||
| Q3 24 | $219.4M | $55.5M | ||
| Q2 24 | $218.2M | $243.9M | ||
| Q1 24 | $402.1M | — |
自由现金流率GRMNRL
| Q4 25 | 20.2% | 29.3% | ||
| Q3 25 | 24.0% | -2.0% | ||
| Q2 25 | 7.0% | -0.7% | ||
| Q1 25 | 24.8% | 2.5% | ||
| Q4 24 | 21.9% | 31.6% | ||
| Q3 24 | 13.8% | 3.2% | ||
| Q2 24 | 14.5% | 16.1% | ||
| Q1 24 | 29.1% | — |
资本支出强度GRMNRL
| Q4 25 | 5.8% | 3.1% | ||
| Q3 25 | 3.4% | 4.7% | ||
| Q2 25 | 2.5% | 10.9% | ||
| Q1 25 | 2.6% | 4.7% | ||
| Q4 24 | 4.6% | 2.9% | ||
| Q3 24 | 2.4% | 2.4% | ||
| Q2 24 | 2.5% | 2.2% | ||
| Q1 24 | 2.4% | — |
现金转化率GRMNRL
| Q4 25 | 1.05× | 2.16× | ||
| Q3 25 | 1.21× | 0.26× | ||
| Q2 25 | 0.43× | 0.80× | ||
| Q1 25 | 1.26× | 0.95× | ||
| Q4 24 | 1.11× | 2.48× | ||
| Q3 24 | 0.65× | 0.66× | ||
| Q2 24 | 0.85× | 1.64× | ||
| 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% |
RL
暂无分部数据
