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和黄医药（HCM）与Stitch Fix, Inc.（SFIX）财务数据对比。点击上方公司名可切换其他公司
Stitch Fix, Inc.的季度营收约是和黄医药的1.3倍（$342.1M vs $270.8M），和黄医药净利率更高（0.7% vs -1.9%，领先2.6%），Stitch Fix, Inc.同比增速更快（7.3% vs -16.5%），Stitch Fix, Inc.自由现金流更多（$5.6M vs $3.4M）
和黄医药是一家国际化生物制药企业，专注于肿瘤、免疫类疾病的靶向疗法与免疫疗法的研发、生产及商业化，核心市场覆盖中国及全球多个国家地区，已有多款肿瘤治疗药物上市，后期临床管线储备丰富。
Stitch Fix是美国的在线个人造型服务平台，依托推荐算法与数据科学技术，根据顾客的身形尺寸、预算和风格偏好推送个性化服饰单品。该公司创立于2011年，2017年完成首次公开募股，目前总部位于旧金山。
HCM vs SFIX — 直观对比
营收规模更大
SFIX
是对方的1.3倍
$270.8M
营收增速更快
SFIX
高出23.9%
-16.5%
净利率更高
HCM
高出2.6%
-1.9%
自由现金流更多
SFIX
多$2.2M
$3.4M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $270.8M | $342.1M |
| 净利润 | $2.0M | $-6.4M |
| 毛利率 | 37.7% | 43.6% |
| 营业利润率 | -13.2% | -2.5% |
| 净利率 | 0.7% | -1.9% |
| 营收同比 | -16.5% | 7.3% |
| 净利润同比 | -83.6% | -1.7% |
| 每股收益（稀释后） | $0.00 | $-0.05 |
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HCMSFIX
| Q4 25 | $270.8M | $342.1M | ||
| Q3 25 | — | $311.2M | ||
| Q2 25 | $277.7M | $325.0M | ||
| Q1 25 | $324.5M | $312.1M | ||
| Q4 24 | — | $318.8M | ||
| Q3 24 | — | $319.6M | ||
| Q2 24 | $305.7M | $322.7M | ||
| Q1 24 | — | $330.4M |
净利润HCMSFIX
| Q4 25 | $2.0M | $-6.4M | ||
| Q3 25 | — | $-8.6M | ||
| Q2 25 | $455.0M | $-7.4M | ||
| Q1 25 | $11.9M | $-6.5M | ||
| Q4 24 | — | $-6.3M | ||
| Q3 24 | — | $-36.5M | ||
| Q2 24 | $25.8M | $-21.3M | ||
| Q1 24 | — | $-35.5M |
毛利率HCMSFIX
| Q4 25 | 37.7% | 43.6% | ||
| Q3 25 | — | 43.6% | ||
| Q2 25 | 0.1% | 44.2% | ||
| Q1 25 | 48.0% | 44.5% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 44.6% | ||
| Q2 24 | 41.1% | 45.5% | ||
| Q1 24 | — | 43.4% |
营业利润率HCMSFIX
| Q4 25 | -13.2% | -2.5% | ||
| Q3 25 | — | -3.6% | ||
| Q2 25 | -1.3% | -3.0% | ||
| Q1 25 | -5.0% | -2.9% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | — | -13.1% | ||
| Q2 24 | -9.0% | -7.7% | ||
| Q1 24 | — | -11.5% |
净利率HCMSFIX
| Q4 25 | 0.7% | -1.9% | ||
| Q3 25 | — | -2.8% | ||
| Q2 25 | 163.8% | -2.3% | ||
| Q1 25 | 3.7% | -2.1% | ||
| Q4 24 | — | -2.0% | ||
| Q3 24 | — | -11.4% | ||
| Q2 24 | 8.4% | -6.6% | ||
| Q1 24 | — | -10.8% |
每股收益（稀释后）HCMSFIX
| Q4 25 | $0.00 | $-0.05 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | $0.52 | $-0.06 | ||
| Q1 25 | $0.01 | $-0.05 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.29 | ||
| Q2 24 | $0.03 | $-0.18 | ||
| Q1 24 | — | $-0.30 |
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 | $1.4B | $244.2M |
| 总债务越低越好 | $93.2M | — |
| 股东权益账面价值 | $1.2B | $204.1M |
| 总资产 | $1.8B | $530.7M |
| 负债/权益比越低杠杆越低 | 0.08× | — |
8季度趋势，按日历期对齐
现金及短期投资HCMSFIX
| Q4 25 | $1.4B | $244.2M | ||
| Q3 25 | — | $234.9M | ||
| Q2 25 | $1.4B | $234.2M | ||
| Q1 25 | $836.1M | $219.1M | ||
| Q4 24 | — | $253.3M | ||
| Q3 24 | — | $247.0M | ||
| Q2 24 | $802.5M | $244.5M | ||
| Q1 24 | — | $229.8M |
总债务HCMSFIX
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — | ||
| Q1 24 | — | — |
股东权益HCMSFIX
| Q4 25 | $1.2B | $204.1M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | $1.2B | $200.4M | ||
| Q1 25 | $759.9M | $197.8M | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | — | $187.0M | ||
| Q2 24 | $740.1M | $208.9M | ||
| Q1 24 | — | $213.3M |
总资产HCMSFIX
| Q4 25 | $1.8B | $530.7M | ||
| Q3 25 | — | $480.6M | ||
| Q2 25 | $1.8B | $484.7M | ||
| Q1 25 | $1.3B | $472.6M | ||
| Q4 24 | — | $507.1M | ||
| Q3 24 | — | $486.9M | ||
| Q2 24 | $1.3B | $537.0M | ||
| Q1 24 | — | $538.3M |
负债/权益比HCMSFIX
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — | ||
| Q1 24 | — | — |
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 | $8.2M | $10.9M |
| 自由现金流经营现金流 - 资本支出 | $3.4M | $5.6M |
| 自由现金流率自由现金流/营收 | 1.2% | 1.6% |
| 资本支出强度资本支出/营收 | 1.8% | 1.6% |
| 现金转化率经营现金流/净利润 | 4.21× | — |
| 过去12个月自由现金流最近4个季度 | $-96.2M | $4.9M |
8季度趋势，按日历期对齐
经营现金流HCMSFIX
| Q4 25 | $8.2M | $10.9M | ||
| Q3 25 | — | $7.0M | ||
| Q2 25 | $-72.9M | $20.5M | ||
| Q1 25 | $40.3M | $-16.2M | ||
| Q4 24 | — | $14.3M | ||
| Q3 24 | — | $8.2M | ||
| Q2 24 | $-39.8M | $21.7M | ||
| Q1 24 | — | $-22.3M |
自由现金流HCMSFIX
| Q4 25 | $3.4M | $5.6M | ||
| Q3 25 | — | $2.8M | ||
| Q2 25 | $-82.2M | $16.0M | ||
| Q1 25 | $32.5M | $-19.4M | ||
| Q4 24 | — | $9.9M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | $-49.9M | $18.9M | ||
| Q1 24 | — | $-26.1M |
自由现金流率HCMSFIX
| Q4 25 | 1.2% | 1.6% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | -29.6% | 4.9% | ||
| Q1 25 | 10.0% | -6.2% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | -16.3% | 5.9% | ||
| Q1 24 | — | -7.9% |
资本支出强度HCMSFIX
| Q4 25 | 1.8% | 1.6% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | 3.3% | 1.4% | ||
| Q1 25 | 2.4% | 1.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | 3.3% | 0.9% | ||
| Q1 24 | — | 1.1% |
现金转化率HCMSFIX
| Q4 25 | 4.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.16× | — | ||
| Q1 25 | 3.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.54× | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
