vs
佳明（GRMN）与永利度假村（WYNN）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永利度假村的1.1倍（$2.1B vs $1.9B），佳明净利率更高（24.9% vs 5.4%，领先19.5%），佳明同比增速更快（16.6% vs 1.5%），佳明自由现金流更多（$429.6M vs $306.8M），过去两年佳明的营收复合增速更高（24.0% vs 0.1%）
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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
GRMN vs WYNN — 直观对比
营收规模更大
GRMN
是对方的1.1倍
$1.9B
营收增速更快
GRMN
高出15.1%
1.5%
净利率更高
GRMN
高出19.5%
5.4%
自由现金流更多
GRMN
多$122.8M
$306.8M
两年增速更快
GRMN
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.9B |
| 净利润 | $528.7M | $100.0M |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 14.7% |
| 净利率 | 24.9% | 5.4% |
| 营收同比 | 16.6% | 1.5% |
| 净利润同比 | 21.3% | -63.9% |
| 每股收益（稀释后） | $2.72 | $0.96 |
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GRMNWYNN
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B | ||
| Q1 24 | $1.4B | $1.9B |
净利润GRMNWYNN
| Q4 25 | $528.7M | $100.0M | ||
| Q3 25 | $401.6M | $88.3M | ||
| Q2 25 | $400.8M | $66.2M | ||
| Q1 25 | $332.8M | $72.7M | ||
| Q4 24 | $435.7M | $277.0M | ||
| Q3 24 | $399.1M | $-32.1M | ||
| Q2 24 | $300.6M | $111.9M | ||
| Q1 24 | $276.0M | $144.2M |
毛利率GRMNWYNN
| 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GRMNWYNN
| Q4 25 | 28.9% | 14.7% | ||
| Q3 25 | 25.8% | 16.9% | ||
| Q2 25 | 26.0% | 15.2% | ||
| Q1 25 | 21.7% | 15.8% | ||
| Q4 24 | 28.3% | 20.0% | ||
| Q3 24 | 27.6% | 7.9% | ||
| Q2 24 | 22.7% | 15.6% | ||
| Q1 24 | 21.6% | 19.5% |
净利率GRMNWYNN
| Q4 25 | 24.9% | 5.4% | ||
| Q3 25 | 22.7% | 4.8% | ||
| Q2 25 | 22.1% | 3.8% | ||
| Q1 25 | 21.7% | 4.3% | ||
| Q4 24 | 23.9% | 15.1% | ||
| Q3 24 | 25.2% | -1.9% | ||
| Q2 24 | 20.0% | 6.5% | ||
| Q1 24 | 20.0% | 7.7% |
每股收益（稀释后）GRMNWYNN
| Q4 25 | $2.72 | $0.96 | ||
| Q3 25 | $2.08 | $0.85 | ||
| Q2 25 | $2.07 | $0.64 | ||
| Q1 25 | $1.72 | $0.69 | ||
| Q4 24 | $2.24 | $2.43 | ||
| Q3 24 | $2.07 | $-0.29 | ||
| Q2 24 | $1.56 | $0.91 | ||
| Q1 24 | $1.43 | $1.30 |
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 | $1.5B |
| 总债务越低越好 | — | $10.5B |
| 股东权益账面价值 | $9.0B | $-275.5M |
| 总资产 | $11.0B | $13.1B |
| 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GRMNWYNN
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.4B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $1.9B | $2.4B | ||
| Q1 24 | $1.9B | $2.4B |
总债务GRMNWYNN
| Q4 25 | — | $10.5B | ||
| Q3 25 | — | $10.6B | ||
| Q2 25 | — | $10.5B | ||
| Q1 25 | — | $10.6B | ||
| Q4 24 | — | $10.5B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.0B | ||
| Q1 24 | — | $11.2B |
股东权益GRMNWYNN
| Q4 25 | $9.0B | $-275.5M | ||
| Q3 25 | $8.5B | $-370.0M | ||
| Q2 25 | $8.1B | $-441.5M | ||
| Q1 25 | $8.2B | $-360.7M | ||
| Q4 24 | $7.8B | $-224.2M | ||
| Q3 24 | $7.5B | $-281.4M | ||
| Q2 24 | $7.0B | $-109.8M | ||
| Q1 24 | $7.2B | $-137.0M |
总资产GRMNWYNN
| Q4 25 | $11.0B | $13.1B | ||
| Q3 25 | $10.5B | $12.8B | ||
| Q2 25 | $10.3B | $12.7B | ||
| Q1 25 | $9.8B | $12.7B | ||
| Q4 24 | $9.6B | $13.0B | ||
| Q3 24 | $9.3B | $14.1B | ||
| Q2 24 | $8.9B | $13.3B | ||
| Q1 24 | $8.6B | $13.5B |
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 | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $306.8M |
| 自由现金流率自由现金流/营收 | 20.2% | 16.4% |
| 资本支出强度资本支出/营收 | 5.8% | 9.2% |
| 现金转化率经营现金流/净利润 | 1.05× | 4.78× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $692.2M |
8季度趋势，按日历期对齐
经营现金流GRMNWYNN
| Q4 25 | $553.8M | $478.0M | ||
| Q3 25 | $485.6M | $335.8M | ||
| Q2 25 | $173.2M | $405.1M | ||
| Q1 25 | $420.8M | $133.8M | ||
| Q4 24 | $483.9M | $479.0M | ||
| Q3 24 | $258.0M | $279.3M | ||
| Q2 24 | $255.3M | $352.8M | ||
| Q1 24 | $435.3M | $315.1M |
自由现金流GRMNWYNN
| Q4 25 | $429.6M | $306.8M | ||
| Q3 25 | $425.1M | $171.8M | ||
| Q2 25 | $127.5M | $239.8M | ||
| Q1 25 | $380.7M | $-26.2M | ||
| Q4 24 | $399.2M | $351.8M | ||
| Q3 24 | $219.4M | $178.0M | ||
| Q2 24 | $218.2M | $259.1M | ||
| Q1 24 | $402.1M | $217.4M |
自由现金流率GRMNWYNN
| Q4 25 | 20.2% | 16.4% | ||
| Q3 25 | 24.0% | 9.4% | ||
| Q2 25 | 7.0% | 13.8% | ||
| Q1 25 | 24.8% | -1.5% | ||
| Q4 24 | 21.9% | 19.1% | ||
| Q3 24 | 13.8% | 10.5% | ||
| Q2 24 | 14.5% | 15.0% | ||
| Q1 24 | 29.1% | 11.7% |
资本支出强度GRMNWYNN
| Q4 25 | 5.8% | 9.2% | ||
| Q3 25 | 3.4% | 8.9% | ||
| Q2 25 | 2.5% | 9.5% | ||
| Q1 25 | 2.6% | 9.4% | ||
| Q4 24 | 4.6% | 6.9% | ||
| Q3 24 | 2.4% | 6.0% | ||
| Q2 24 | 2.5% | 5.4% | ||
| Q1 24 | 2.4% | 5.2% |
现金转化率GRMNWYNN
| Q4 25 | 1.05× | 4.78× | ||
| Q3 25 | 1.21× | 3.80× | ||
| Q2 25 | 0.43× | 6.12× | ||
| Q1 25 | 1.26× | 1.84× | ||
| Q4 24 | 1.11× | 1.73× | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.85× | 3.15× | ||
| Q1 24 | 1.58× | 2.18× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
