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佳明（GRMN）与Workday, Inc.（WDAY）财务数据对比。点击上方公司名可切换其他公司
Workday, Inc.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 10.4%，领先14.5%），佳明同比增速更快（16.6% vs 12.6%），Workday, Inc.自由现金流更多（$550.0M vs $429.6M），过去两年佳明的营收复合增速更高（24.0% vs 12.5%）
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。
Workday是全球领先的企业级云软件供应商，核心产品覆盖人力资本管理、财务管理及企业资源规划解决方案，主要服务教育、医疗、金融、科技等行业的中大型机构，业务遍布北美、欧洲、亚太等全球主要市场。
GRMN vs WDAY — 直观对比
营收规模更大
WDAY
是对方的1.1倍
$2.1B
营收增速更快
GRMN
高出4.0%
12.6%
净利率更高
GRMN
高出14.5%
10.4%
自由现金流更多
WDAY
多$120.4M
$429.6M
两年增速更快
GRMN
近两年复合增速
12.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $528.7M | $252.0M |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 10.6% |
| 净利率 | 24.9% | 10.4% |
| 营收同比 | 16.6% | 12.6% |
| 净利润同比 | 21.3% | 30.6% |
| 每股收益（稀释后） | $2.72 | $0.94 |
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GRMNWDAY
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.8B | $2.2B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.0B | ||
| Q1 24 | $1.4B | $1.9B |
净利润GRMNWDAY
| Q4 25 | $528.7M | $252.0M | ||
| Q3 25 | $401.6M | $228.0M | ||
| Q2 25 | $400.8M | $68.0M | ||
| Q1 25 | $332.8M | $94.0M | ||
| Q4 24 | $435.7M | $193.0M | ||
| Q3 24 | $399.1M | $132.0M | ||
| Q2 24 | $300.6M | $107.0M | ||
| Q1 24 | $276.0M | $1.2B |
毛利率GRMNWDAY
| 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GRMNWDAY
| Q4 25 | 28.9% | 10.6% | ||
| Q3 25 | 25.8% | 10.6% | ||
| Q2 25 | 26.0% | 1.7% | ||
| Q1 25 | 21.7% | 3.4% | ||
| Q4 24 | 28.3% | 7.6% | ||
| Q3 24 | 27.6% | 5.3% | ||
| Q2 24 | 22.7% | 3.2% | ||
| Q1 24 | 21.6% | 4.1% |
净利率GRMNWDAY
| Q4 25 | 24.9% | 10.4% | ||
| Q3 25 | 22.7% | 9.7% | ||
| Q2 25 | 22.1% | 3.0% | ||
| Q1 25 | 21.7% | 4.3% | ||
| Q4 24 | 23.9% | 8.9% | ||
| Q3 24 | 25.2% | 6.3% | ||
| Q2 24 | 20.0% | 5.4% | ||
| Q1 24 | 20.0% | 61.8% |
每股收益（稀释后）GRMNWDAY
| Q4 25 | $2.72 | $0.94 | ||
| Q3 25 | $2.08 | $0.84 | ||
| Q2 25 | $2.07 | $0.25 | ||
| Q1 25 | $1.72 | $0.34 | ||
| Q4 24 | $2.24 | $0.72 | ||
| Q3 24 | $2.07 | $0.49 | ||
| Q2 24 | $1.56 | $0.40 | ||
| Q1 24 | $1.43 | $4.48 |
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 | $6.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $8.9B |
| 总资产 | $11.0B | $17.8B |
| 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GRMNWDAY
| Q4 25 | $2.3B | $6.8B | ||
| Q3 25 | $2.1B | $8.2B | ||
| Q2 25 | $2.1B | $8.0B | ||
| Q1 25 | $2.2B | $8.0B | ||
| Q4 24 | $2.1B | $7.2B | ||
| Q3 24 | $2.0B | $7.4B | ||
| Q2 24 | $1.9B | $7.2B | ||
| Q1 24 | $1.9B | $7.8B |
总债务GRMNWDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益GRMNWDAY
| Q4 25 | $9.0B | $8.9B | ||
| Q3 25 | $8.5B | $9.2B | ||
| Q2 25 | $8.1B | $8.9B | ||
| Q1 25 | $8.2B | $9.0B | ||
| Q4 24 | $7.8B | $8.6B | ||
| Q3 24 | $7.5B | $8.3B | ||
| Q2 24 | $7.0B | $8.2B | ||
| Q1 24 | $7.2B | $8.1B |
总资产GRMNWDAY
| Q4 25 | $11.0B | $17.8B | ||
| Q3 25 | $10.5B | $18.0B | ||
| Q2 25 | $10.3B | $17.2B | ||
| Q1 25 | $9.8B | $18.0B | ||
| Q4 24 | $9.6B | $16.4B | ||
| Q3 24 | $9.3B | $16.2B | ||
| Q2 24 | $8.9B | $15.9B | ||
| Q1 24 | $8.6B | $16.5B |
负债/权益比GRMNWDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $550.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 22.6% |
| 资本支出强度资本支出/营收 | 5.8% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.05× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $2.6B |
8季度趋势，按日历期对齐
经营现金流GRMNWDAY
| Q4 25 | $553.8M | $588.0M | ||
| Q3 25 | $485.6M | $616.0M | ||
| Q2 25 | $173.2M | $457.0M | ||
| Q1 25 | $420.8M | $1.1B | ||
| Q4 24 | $483.9M | $406.0M | ||
| Q3 24 | $258.0M | $571.0M | ||
| Q2 24 | $255.3M | $372.0M | ||
| Q1 24 | $435.3M | $995.6M |
自由现金流GRMNWDAY
| Q4 25 | $429.6M | $550.0M | ||
| Q3 25 | $425.1M | $588.0M | ||
| Q2 25 | $127.5M | $421.0M | ||
| Q1 25 | $380.7M | $1.0B | ||
| Q4 24 | $399.2M | $359.0M | ||
| Q3 24 | $219.4M | $516.0M | ||
| Q2 24 | $218.2M | $291.0M | ||
| Q1 24 | $402.1M | $947.6M |
自由现金流率GRMNWDAY
| Q4 25 | 20.2% | 22.6% | ||
| Q3 25 | 24.0% | 25.0% | ||
| Q2 25 | 7.0% | 18.8% | ||
| Q1 25 | 24.8% | 46.4% | ||
| Q4 24 | 21.9% | 16.6% | ||
| Q3 24 | 13.8% | 24.7% | ||
| Q2 24 | 14.5% | 14.6% | ||
| Q1 24 | 29.1% | 49.3% |
资本支出强度GRMNWDAY
| Q4 25 | 5.8% | 1.6% | ||
| Q3 25 | 3.4% | 1.2% | ||
| Q2 25 | 2.5% | 1.6% | ||
| Q1 25 | 2.6% | 3.9% | ||
| Q4 24 | 4.6% | 2.2% | ||
| Q3 24 | 2.4% | 2.6% | ||
| Q2 24 | 2.5% | 4.1% | ||
| Q1 24 | 2.4% | 2.5% |
现金转化率GRMNWDAY
| Q4 25 | 1.05× | 2.33× | ||
| Q3 25 | 1.21× | 2.70× | ||
| Q2 25 | 0.43× | 6.72× | ||
| Q1 25 | 1.26× | 11.83× | ||
| Q4 24 | 1.11× | 2.10× | ||
| Q3 24 | 0.65× | 4.33× | ||
| Q2 24 | 0.85× | 3.48× | ||
| Q1 24 | 1.58× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
