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佳明（GRMN）与United Rentals（URI）财务数据对比。点击上方公司名可切换其他公司
United Rentals的季度营收约是佳明的1.9倍（$4.0B vs $2.1B），佳明净利率更高（24.9% vs 13.3%，领先11.6%），佳明同比增速更快（16.6% vs 7.2%），United Rentals自由现金流更多（$1.1B vs $429.6M），过去两年United Rentals的营收复合增速更高（114.0% 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。
United Rentals是美国设备租赁企业，2022年占据北美市场约16%的份额。截至2025年，该公司拥有全球规模最大的租赁车队，覆盖约4800类设备，原始设备成本总计约205.9亿美元，在全球共设1625个营业网点，业务覆盖北美、欧洲、澳大利亚及新西兰。
GRMN vs URI — 直观对比
营收规模更大
URI
是对方的1.9倍
$2.1B
营收增速更快
GRMN
高出9.4%
7.2%
净利率更高
GRMN
高出11.6%
13.3%
自由现金流更多
URI
多$624.4M
$429.6M
两年增速更快
URI
近两年复合增速
24.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.0B |
| 净利润 | $528.7M | $531.0M |
| 毛利率 | 59.2% | 36.9% |
| 营业利润率 | 28.9% | 21.8% |
| 净利率 | 24.9% | 13.3% |
| 营收同比 | 16.6% | 7.2% |
| 净利润同比 | 21.3% | 2.5% |
| 每股收益（稀释后） | $2.72 | $8.43 |
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GRMNURI
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.1B | $992.0M | ||
| Q3 25 | $1.8B | $938.0M | ||
| Q2 25 | $1.8B | $872.0M | ||
| Q1 25 | $1.5B | $893.0M | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.6B | $874.0M | ||
| Q2 24 | $1.5B | $870.0M |
净利润GRMNURI
| Q1 26 | — | $531.0M | ||
| Q4 25 | $528.7M | $653.0M | ||
| Q3 25 | $401.6M | $701.0M | ||
| Q2 25 | $400.8M | $622.0M | ||
| Q1 25 | $332.8M | $518.0M | ||
| Q4 24 | $435.7M | $689.0M | ||
| Q3 24 | $399.1M | $708.0M | ||
| Q2 24 | $300.6M | $636.0M |
毛利率GRMNURI
| Q1 26 | — | 36.9% | ||
| 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% | — |
营业利润率GRMNURI
| Q1 26 | — | 21.8% | ||
| Q4 25 | 28.9% | — | ||
| Q3 25 | 25.8% | — | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | 21.7% | 90.0% | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 22.7% | — |
净利率GRMNURI
| Q1 26 | — | 13.3% | ||
| Q4 25 | 24.9% | 65.8% | ||
| Q3 25 | 22.7% | 74.7% | ||
| Q2 25 | 22.1% | 71.3% | ||
| Q1 25 | 21.7% | 58.0% | ||
| Q4 24 | 23.9% | 67.6% | ||
| Q3 24 | 25.2% | 81.0% | ||
| Q2 24 | 20.0% | 73.1% |
每股收益（稀释后）GRMNURI
| Q1 26 | — | $8.43 | ||
| Q4 25 | $2.72 | $10.20 | ||
| Q3 25 | $2.08 | $10.91 | ||
| Q2 25 | $2.07 | $9.59 | ||
| Q1 25 | $1.72 | $7.91 | ||
| Q4 24 | $2.24 | $10.41 | ||
| Q3 24 | $2.07 | $10.70 | ||
| Q2 24 | $1.56 | $9.54 |
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 | $156.0M |
| 总债务越低越好 | — | $13.9B |
| 股东权益账面价值 | $9.0B | $9.0B |
| 总资产 | $11.0B | $29.9B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资GRMNURI
| Q1 26 | — | $156.0M | ||
| Q4 25 | $2.3B | $459.0M | ||
| Q3 25 | $2.1B | $512.0M | ||
| Q2 25 | $2.1B | $548.0M | ||
| Q1 25 | $2.2B | $542.0M | ||
| Q4 24 | $2.1B | $457.0M | ||
| Q3 24 | $2.0B | $479.0M | ||
| Q2 24 | $1.9B | $467.0M |
总债务GRMNURI
| Q1 26 | — | $13.9B | ||
| Q4 25 | — | $12.7B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $11.5B | ||
| Q4 24 | — | $12.2B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $11.5B |
股东权益GRMNURI
| Q1 26 | — | $9.0B | ||
| Q4 25 | $9.0B | $9.0B | ||
| Q3 25 | $8.5B | $9.0B | ||
| Q2 25 | $8.1B | $9.0B | ||
| Q1 25 | $8.2B | $8.8B | ||
| Q4 24 | $7.8B | $8.6B | ||
| Q3 24 | $7.5B | $8.6B | ||
| Q2 24 | $7.0B | $8.3B |
总资产GRMNURI
| Q1 26 | — | $29.9B | ||
| Q4 25 | $11.0B | $29.9B | ||
| Q3 25 | $10.5B | $30.1B | ||
| Q2 25 | $10.3B | $29.2B | ||
| Q1 25 | $9.8B | $28.1B | ||
| Q4 24 | $9.6B | $28.2B | ||
| Q3 24 | $9.3B | $28.4B | ||
| Q2 24 | $8.9B | $27.6B |
负债/权益比GRMNURI
| Q1 26 | — | 1.55× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.34× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.42× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.39× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $1.1B |
| 自由现金流率自由现金流/营收 | 20.2% | 26.4% |
| 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× | 2.85× |
| 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GRMNURI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $553.8M | $1.3B | ||
| Q3 25 | $485.6M | $1.2B | ||
| Q2 25 | $173.2M | $1.3B | ||
| Q1 25 | $420.8M | $1.4B | ||
| Q4 24 | $483.9M | $1.0B | ||
| Q3 24 | $258.0M | $1.2B | ||
| Q2 24 | $255.3M | $1.3B |
自由现金流GRMNURI
| Q1 26 | — | $1.1B | ||
| Q4 25 | $429.6M | — | ||
| Q3 25 | $425.1M | — | ||
| Q2 25 | $127.5M | — | ||
| Q1 25 | $380.7M | — | ||
| Q4 24 | $399.2M | $471.0M | ||
| Q3 24 | $219.4M | $-168.0M | ||
| Q2 24 | $218.2M | $-263.0M |
自由现金流率GRMNURI
| Q1 26 | — | 26.4% | ||
| Q4 25 | 20.2% | — | ||
| Q3 25 | 24.0% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 21.9% | 46.2% | ||
| Q3 24 | 13.8% | -19.2% | ||
| Q2 24 | 14.5% | -30.2% |
资本支出强度GRMNURI
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 4.6% | 56.6% | ||
| Q3 24 | 2.4% | 157.0% | ||
| Q2 24 | 2.5% | 175.6% |
现金转化率GRMNURI
| Q1 26 | — | 2.85× | ||
| Q4 25 | 1.05× | 1.92× | ||
| Q3 25 | 1.21× | 1.68× | ||
| Q2 25 | 0.43× | 2.14× | ||
| Q1 25 | 1.26× | 2.75× | ||
| Q4 24 | 1.11× | 1.52× | ||
| Q3 24 | 0.65× | 1.70× | ||
| Q2 24 | 0.85× | 1.99× |
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% |
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
