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佳明（GRMN）与RXO, Inc.（RXO）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RXO, Inc.的1.4倍（$2.1B vs $1.5B），佳明净利率更高（24.9% vs -3.1%，领先28.0%），佳明同比增速更快（16.6% vs -11.9%），佳明自由现金流更多（$429.6M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% vs 24.0%）
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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
GRMN vs RXO — 直观对比
营收规模更大
GRMN
是对方的1.4倍
$1.5B
营收增速更快
GRMN
高出28.5%
-11.9%
净利率更高
GRMN
高出28.0%
-3.1%
自由现金流更多
GRMN
多$438.6M
$-9.0M
两年增速更快
RXO
近两年复合增速
24.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $528.7M | $-46.0M |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | -2.9% |
| 净利率 | 24.9% | -3.1% |
| 营收同比 | 16.6% | -11.9% |
| 净利润同比 | 21.3% | -84.0% |
| 每股收益（稀释后） | $2.72 | $-0.28 |
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GRMNRXO
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.5B | $930.0M | ||
| Q1 24 | $1.4B | $913.0M |
净利润GRMNRXO
| Q4 25 | $528.7M | $-46.0M | ||
| Q3 25 | $401.6M | $-14.0M | ||
| Q2 25 | $400.8M | $-9.0M | ||
| Q1 25 | $332.8M | $-31.0M | ||
| Q4 24 | $435.7M | $-25.0M | ||
| Q3 24 | $399.1M | $-243.0M | ||
| Q2 24 | $300.6M | $-7.0M | ||
| Q1 24 | $276.0M | $-15.0M |
毛利率GRMNRXO
| 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GRMNRXO
| Q4 25 | 28.9% | -2.9% | ||
| Q3 25 | 25.8% | -0.5% | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | 21.7% | -2.1% | ||
| Q4 24 | 28.3% | -1.4% | ||
| Q3 24 | 27.6% | -1.9% | ||
| Q2 24 | 22.7% | — | ||
| Q1 24 | 21.6% | -1.3% |
净利率GRMNRXO
| Q4 25 | 24.9% | -3.1% | ||
| Q3 25 | 22.7% | -1.0% | ||
| Q2 25 | 22.1% | -0.6% | ||
| Q1 25 | 21.7% | -2.2% | ||
| Q4 24 | 23.9% | -1.5% | ||
| Q3 24 | 25.2% | -23.4% | ||
| Q2 24 | 20.0% | -0.8% | ||
| Q1 24 | 20.0% | -1.6% |
每股收益（稀释后）GRMNRXO
| Q4 25 | $2.72 | $-0.28 | ||
| Q3 25 | $2.08 | $-0.08 | ||
| Q2 25 | $2.07 | $-0.05 | ||
| Q1 25 | $1.72 | $-0.18 | ||
| Q4 24 | $2.24 | $-0.17 | ||
| Q3 24 | $2.07 | $-1.81 | ||
| Q2 24 | $1.56 | $-0.06 | ||
| Q1 24 | $1.43 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $9.0B | $1.5B |
| 总资产 | $11.0B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资GRMNRXO
| Q4 25 | $2.3B | $17.0M | ||
| Q3 25 | $2.1B | $25.0M | ||
| Q2 25 | $2.1B | $18.0M | ||
| Q1 25 | $2.2B | $16.0M | ||
| Q4 24 | $2.1B | $35.0M | ||
| Q3 24 | $2.0B | $55.0M | ||
| Q2 24 | $1.9B | $7.0M | ||
| Q1 24 | $1.9B | $7.0M |
总债务GRMNRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益GRMNRXO
| Q4 25 | $9.0B | $1.5B | ||
| Q3 25 | $8.5B | $1.6B | ||
| Q2 25 | $8.1B | $1.6B | ||
| Q1 25 | $8.2B | $1.6B | ||
| Q4 24 | $7.8B | $1.6B | ||
| Q3 24 | $7.5B | $1.7B | ||
| Q2 24 | $7.0B | $579.0M | ||
| Q1 24 | $7.2B | $582.0M |
总资产GRMNRXO
| Q4 25 | $11.0B | $3.3B | ||
| Q3 25 | $10.5B | $3.2B | ||
| Q2 25 | $10.3B | $3.2B | ||
| Q1 25 | $9.8B | $3.3B | ||
| Q4 24 | $9.6B | $3.4B | ||
| Q3 24 | $9.3B | $3.4B | ||
| Q2 24 | $8.9B | $1.8B | ||
| Q1 24 | $8.6B | $1.8B |
负债/权益比GRMNRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $-9.0M |
| 自由现金流率自由现金流/营收 | 20.2% | -0.6% |
| 资本支出强度资本支出/营收 | 5.8% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.05× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-8.0M |
8季度趋势，按日历期对齐
经营现金流GRMNRXO
| Q4 25 | $553.8M | $7.0M | ||
| Q3 25 | $485.6M | $23.0M | ||
| Q2 25 | $173.2M | $23.0M | ||
| Q1 25 | $420.8M | $-2.0M | ||
| Q4 24 | $483.9M | $-7.0M | ||
| Q3 24 | $258.0M | $-7.0M | ||
| Q2 24 | $255.3M | $-5.0M | ||
| Q1 24 | $435.3M | $7.0M |
自由现金流GRMNRXO
| Q4 25 | $429.6M | $-9.0M | ||
| Q3 25 | $425.1M | $9.0M | ||
| Q2 25 | $127.5M | $9.0M | ||
| Q1 25 | $380.7M | $-17.0M | ||
| Q4 24 | $399.2M | $-19.0M | ||
| Q3 24 | $219.4M | $-18.0M | ||
| Q2 24 | $218.2M | $-16.0M | ||
| Q1 24 | $402.1M | $-4.0M |
自由现金流率GRMNRXO
| Q4 25 | 20.2% | -0.6% | ||
| Q3 25 | 24.0% | 0.6% | ||
| Q2 25 | 7.0% | 0.6% | ||
| Q1 25 | 24.8% | -1.2% | ||
| Q4 24 | 21.9% | -1.1% | ||
| Q3 24 | 13.8% | -1.7% | ||
| Q2 24 | 14.5% | -1.7% | ||
| Q1 24 | 29.1% | -0.4% |
资本支出强度GRMNRXO
| Q4 25 | 5.8% | 1.1% | ||
| Q3 25 | 3.4% | 1.0% | ||
| Q2 25 | 2.5% | 1.0% | ||
| Q1 25 | 2.6% | 1.0% | ||
| Q4 24 | 4.6% | 0.7% | ||
| Q3 24 | 2.4% | 1.1% | ||
| Q2 24 | 2.5% | 1.2% | ||
| Q1 24 | 2.4% | 1.2% |
现金转化率GRMNRXO
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.21× | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
