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JOHNSON OUTDOORS INC（JOUT）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
JOHNSON OUTDOORS INC的季度营收约是Vericel Corp的1.5倍（$140.9M vs $92.9M），Vericel Corp净利率更高（25.0% vs -2.3%，领先27.4%），JOHNSON OUTDOORS INC同比增速更快（30.9% vs 23.3%），Vericel Corp自由现金流更多（$12.8M vs $-42.7M），过去两年Vericel Corp的营收复合增速更高（34.6% vs -10.5%）
强生户外公司（Johnson Outdoors）主营水上载具、潜水装备、露营用具、户外服饰等户外休闲用品的研发生产，业务网点遍布全球24个地区，现有员工约1400人，年销售额超3.15亿美元，自1999年起由海伦·约翰逊-莱波尔德执掌公司。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
JOUT vs VCEL — 直观对比
营收规模更大
JOUT
是对方的1.5倍
$92.9M
营收增速更快
JOUT
高出7.6%
23.3%
净利率更高
VCEL
高出27.4%
-2.3%
自由现金流更多
VCEL
多$55.5M
$-42.7M
两年增速更快
VCEL
近两年复合增速
-10.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.9M | $92.9M |
| 净利润 | $-3.3M | $23.2M |
| 毛利率 | 36.6% | 78.7% |
| 营业利润率 | -2.1% | 24.1% |
| 净利率 | -2.3% | 25.0% |
| 营收同比 | 30.9% | 23.3% |
| 净利润同比 | 78.4% | 17.3% |
| 每股收益（稀释后） | — | $0.46 |
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JOUTVCEL
| Q1 26 | $140.9M | — | ||
| Q4 25 | $135.8M | $92.9M | ||
| Q3 25 | — | $67.5M | ||
| Q2 25 | $180.7M | $63.2M | ||
| Q1 25 | $168.3M | $52.6M | ||
| Q4 24 | $107.6M | $75.4M | ||
| Q3 24 | $105.9M | $57.9M | ||
| Q2 24 | $172.5M | $52.7M |
净利润JOUTVCEL
| Q1 26 | $-3.3M | — | ||
| Q4 25 | $-29.1M | $23.2M | ||
| Q3 25 | — | $5.1M | ||
| Q2 25 | $7.7M | $-553.0K | ||
| Q1 25 | $2.3M | $-11.2M | ||
| Q4 24 | $-15.3M | $19.8M | ||
| Q3 24 | $-34.3M | $-901.0K | ||
| Q2 24 | $1.6M | $-4.7M |
毛利率JOUTVCEL
| Q1 26 | 36.6% | — | ||
| Q4 25 | 36.2% | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | 37.6% | 73.7% | ||
| Q1 25 | 35.0% | 69.0% | ||
| Q4 24 | 29.9% | 77.6% | ||
| Q3 24 | 23.5% | 71.9% | ||
| Q2 24 | 35.8% | 69.5% |
营业利润率JOUTVCEL
| Q1 26 | -2.1% | — | ||
| Q4 25 | -6.0% | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | 4.1% | -3.2% | ||
| Q1 25 | 2.9% | -24.3% | ||
| Q4 24 | -18.8% | 24.5% | ||
| Q3 24 | -40.4% | -4.3% | ||
| Q2 24 | -0.3% | -11.5% |
净利率JOUTVCEL
| Q1 26 | -2.3% | — | ||
| Q4 25 | -21.4% | 25.0% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | 4.3% | -0.9% | ||
| Q1 25 | 1.4% | -21.4% | ||
| Q4 24 | -14.2% | 26.3% | ||
| Q3 24 | -32.4% | -1.6% | ||
| Q2 24 | 0.9% | -8.9% |
每股收益（稀释后）JOUTVCEL
| Q1 26 | — | — | ||
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $-0.10 |
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 | $130.7M | $137.5M |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $413.5M | $354.6M |
| 总资产 | $600.1M | $488.0M |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资JOUTVCEL
| Q1 26 | $130.7M | — | ||
| Q4 25 | $176.4M | $137.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | $161.0M | $116.9M | ||
| Q1 25 | $94.0M | $112.9M | ||
| Q4 24 | $101.6M | $116.2M | ||
| Q3 24 | $162.0M | $101.7M | ||
| Q2 24 | $148.4M | $102.5M |
总债务JOUTVCEL
| Q1 26 | $0 | — | ||
| Q4 25 | $0 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | — |
股东权益JOUTVCEL
| Q1 26 | $413.5M | — | ||
| Q4 25 | $418.4M | $354.6M | ||
| Q3 25 | — | $321.9M | ||
| Q2 25 | $450.5M | $306.8M | ||
| Q1 25 | $441.1M | $295.5M | ||
| Q4 24 | $440.3M | $292.0M | ||
| Q3 24 | $463.4M | $257.5M | ||
| Q2 24 | $498.7M | $243.0M |
总资产JOUTVCEL
| Q1 26 | $600.1M | — | ||
| Q4 25 | $604.1M | $488.0M | ||
| Q3 25 | — | $453.3M | ||
| Q2 25 | $634.5M | $435.6M | ||
| Q1 25 | $624.5M | $424.6M | ||
| Q4 24 | $612.9M | $432.7M | ||
| Q3 24 | $635.2M | $390.4M | ||
| Q2 24 | $679.8M | $376.8M |
负债/权益比JOUTVCEL
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — |
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 | $-38.4M | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-42.7M | $12.8M |
| 自由现金流率自由现金流/营收 | -30.3% | 13.8% |
| 资本支出强度资本支出/营收 | 3.0% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | $38.5M | $24.7M |
8季度趋势，按日历期对齐
经营现金流JOUTVCEL
| Q1 26 | $-38.4M | — | ||
| Q4 25 | $23.4M | $15.0M | ||
| Q3 25 | — | $22.1M | ||
| Q2 25 | $71.4M | $8.2M | ||
| Q1 25 | $-1.7M | $6.6M | ||
| Q4 24 | $-36.9M | $22.2M | ||
| Q3 24 | $19.1M | $10.2M | ||
| Q2 24 | $73.7M | $18.5M |
自由现金流JOUTVCEL
| Q1 26 | $-42.7M | — | ||
| Q4 25 | $19.2M | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | $66.9M | $81.0K | ||
| Q1 25 | $-5.0M | $-7.6M | ||
| Q4 24 | $-41.0M | $8.5M | ||
| Q3 24 | $13.5M | $-9.2M | ||
| Q2 24 | $67.4M | $1.8M |
自由现金流率JOUTVCEL
| Q1 26 | -30.3% | — | ||
| Q4 25 | 14.2% | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | 37.0% | 0.1% | ||
| Q1 25 | -2.9% | -14.5% | ||
| Q4 24 | -38.1% | 11.2% | ||
| Q3 24 | 12.8% | -15.9% | ||
| Q2 24 | 39.1% | 3.4% |
资本支出强度JOUTVCEL
| Q1 26 | 3.0% | — | ||
| Q4 25 | 3.1% | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | 2.5% | 12.9% | ||
| Q1 25 | 2.0% | 27.0% | ||
| Q4 24 | 3.8% | 18.3% | ||
| Q3 24 | 5.3% | 33.5% | ||
| Q2 24 | 3.6% | 31.8% |
现金转化率JOUTVCEL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | 9.22× | — | ||
| Q1 25 | -0.72× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | 45.41× | — |
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
JOUT
| Fishing Segment | $112.1M | 80% |
| Diving Segment | $18.0M | 13% |
| Camping Watercraft Recreation Segment | $10.6M | 8% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
