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佳明（GRMN）与TWILIO INC（TWLO）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TWILIO INC的1.6倍（$2.1B vs $1.4B），佳明净利率更高（24.9% vs -3.4%，领先28.2%），佳明同比增速更快（16.6% vs 14.3%），过去两年佳明的营收复合增速更高（24.0% vs 14.2%）
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。
Twilio是总部位于美国加利福尼亚州旧金山的云通信企业，提供可编程通信工具，用户可通过其网页服务API实现拨打接听电话、收发短信等多种通信功能，方便企业灵活搭建适配自身需求的通信解决方案，降低相关技术的自研投入。
GRMN vs TWLO — 直观对比
营收规模更大
GRMN
是对方的1.6倍
$1.4B
营收增速更快
GRMN
高出2.3%
14.3%
净利率更高
GRMN
高出28.2%
-3.4%
两年增速更快
GRMN
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.4B |
| 净利润 | $528.7M | $-45.9M |
| 毛利率 | 59.2% | 48.5% |
| 营业利润率 | 28.9% | 4.2% |
| 净利率 | 24.9% | -3.4% |
| 营收同比 | 16.6% | 14.3% |
| 净利润同比 | 21.3% | -267.7% |
| 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GRMNTWLO
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
净利润GRMNTWLO
| Q4 25 | $528.7M | $-45.9M | ||
| Q3 25 | $401.6M | $37.2M | ||
| Q2 25 | $400.8M | $22.4M | ||
| Q1 25 | $332.8M | $20.0M | ||
| Q4 24 | $435.7M | $-12.5M | ||
| Q3 24 | $399.1M | $-9.7M | ||
| Q2 24 | $300.6M | $-31.9M | ||
| Q1 24 | $276.0M | $-55.3M |
毛利率GRMNTWLO
| Q4 25 | 59.2% | 48.5% | ||
| Q3 25 | 59.1% | 48.6% | ||
| Q2 25 | 58.8% | 49.1% | ||
| Q1 25 | 57.6% | 49.6% | ||
| Q4 24 | 59.3% | 50.2% | ||
| Q3 24 | 60.0% | 51.0% | ||
| Q2 24 | 57.3% | 51.3% | ||
| Q1 24 | 58.1% | 52.0% |
营业利润率GRMNTWLO
| Q4 25 | 28.9% | 4.2% | ||
| Q3 25 | 25.8% | 3.1% | ||
| Q2 25 | 26.0% | 3.0% | ||
| Q1 25 | 21.7% | 2.0% | ||
| Q4 24 | 28.3% | 1.1% | ||
| Q3 24 | 27.6% | -0.4% | ||
| Q2 24 | 22.7% | -1.8% | ||
| Q1 24 | 21.6% | -4.2% |
净利率GRMNTWLO
| Q4 25 | 24.9% | -3.4% | ||
| Q3 25 | 22.7% | 2.9% | ||
| Q2 25 | 22.1% | 1.8% | ||
| Q1 25 | 21.7% | 1.7% | ||
| Q4 24 | 23.9% | -1.0% | ||
| Q3 24 | 25.2% | -0.9% | ||
| Q2 24 | 20.0% | -2.9% | ||
| Q1 24 | 20.0% | -5.3% |
每股收益（稀释后）GRMNTWLO
| Q4 25 | $2.72 | $-0.28 | ||
| Q3 25 | $2.08 | $0.23 | ||
| Q2 25 | $2.07 | $0.14 | ||
| Q1 25 | $1.72 | $0.12 | ||
| Q4 24 | $2.24 | $-0.10 | ||
| Q3 24 | $2.07 | $-0.06 | ||
| Q2 24 | $1.56 | $-0.19 | ||
| Q1 24 | $1.43 | $-0.31 |
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 | $682.3M |
| 总债务越低越好 | — | $992.3M |
| 股东权益账面价值 | $9.0B | $7.8B |
| 总资产 | $11.0B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资GRMNTWLO
| Q4 25 | $2.3B | $682.3M | ||
| Q3 25 | $2.1B | $734.8M | ||
| Q2 25 | $2.1B | $969.2M | ||
| Q1 25 | $2.2B | $467.1M | ||
| Q4 24 | $2.1B | $421.3M | ||
| Q3 24 | $2.0B | $584.0M | ||
| Q2 24 | $1.9B | $755.1M | ||
| Q1 24 | $1.9B | $672.6M |
总债务GRMNTWLO
| Q4 25 | — | $992.3M | ||
| Q3 25 | — | $991.9M | ||
| Q2 25 | — | $991.4M | ||
| Q1 25 | — | $991.0M | ||
| Q4 24 | — | $990.6M | ||
| Q3 24 | — | $990.2M | ||
| Q2 24 | — | $989.8M | ||
| Q1 24 | — | $989.4M |
股东权益GRMNTWLO
| Q4 25 | $9.0B | $7.8B | ||
| Q3 25 | $8.5B | $7.9B | ||
| Q2 25 | $8.1B | $8.0B | ||
| Q1 25 | $8.2B | $8.0B | ||
| Q4 24 | $7.8B | $8.0B | ||
| Q3 24 | $7.5B | $8.2B | ||
| Q2 24 | $7.0B | $8.7B | ||
| Q1 24 | $7.2B | $9.4B |
总资产GRMNTWLO
| Q4 25 | $11.0B | $9.8B | ||
| Q3 25 | $10.5B | $9.7B | ||
| Q2 25 | $10.3B | $9.8B | ||
| Q1 25 | $9.8B | $9.8B | ||
| Q4 24 | $9.6B | $9.9B | ||
| Q3 24 | $9.3B | $10.0B | ||
| Q2 24 | $8.9B | $10.5B | ||
| Q1 24 | $8.6B | $11.3B |
负债/权益比GRMNTWLO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.11× | ||
| Q1 24 | — | 0.10× |
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 | $271.6M |
| 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× | — |
| 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GRMNTWLO
| Q4 25 | $553.8M | $271.6M | ||
| Q3 25 | $485.6M | $263.6M | ||
| Q2 25 | $173.2M | $277.1M | ||
| Q1 25 | $420.8M | $191.0M | ||
| Q4 24 | $483.9M | $108.4M | ||
| Q3 24 | $258.0M | $204.3M | ||
| Q2 24 | $255.3M | $213.3M | ||
| Q1 24 | $435.3M | $190.1M |
自由现金流GRMNTWLO
| 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GRMNTWLO
| 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GRMNTWLO
| 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GRMNTWLO
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.21× | 7.08× | ||
| Q2 25 | 0.43× | 12.36× | ||
| Q1 25 | 1.26× | 9.54× | ||
| 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% |
TWLO
| US | $879.8M | 64% |
| Non Us | $486.1M | 36% |
