vs
CarMax（KMX）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是梅西百货的1.2倍（$5.8B vs $4.7B），CarMax净利率更高（1.1% vs 0.2%，领先0.8%），梅西百货同比增速更快（-0.6% vs -6.9%），CarMax自由现金流更多（$1.1B vs $-101.0M），过去两年CarMax的营收复合增速更高（1.5% vs -23.8%）
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
KMX vs M — 直观对比
营收规模更大
KMX
是对方的1.2倍
$4.7B
营收增速更快
M
高出6.3%
-6.9%
净利率更高
KMX
高出0.8%
0.2%
自由现金流更多
KMX
多$1.2B
$-101.0M
两年增速更快
KMX
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $4.7B |
| 净利润 | $62.2M | $11.0M |
| 毛利率 | 10.2% | 39.4% |
| 营业利润率 | — | 0.9% |
| 净利率 | 1.1% | 0.2% |
| 营收同比 | -6.9% | -0.6% |
| 净利润同比 | -50.4% | -60.7% |
| 每股收益（稀释后） | $0.43 | $0.04 |
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KMXM
| Q4 25 | $5.8B | $4.7B | ||
| Q3 25 | $6.6B | $4.8B | ||
| Q2 25 | $7.5B | $4.6B | ||
| Q1 25 | $6.0B | $7.8B | ||
| Q4 24 | $6.2B | $4.7B | ||
| Q3 24 | $7.0B | $4.9B | ||
| Q2 24 | $7.1B | $4.8B | ||
| Q1 24 | $5.6B | $8.1B |
净利润KMXM
| Q4 25 | $62.2M | $11.0M | ||
| Q3 25 | $95.4M | $87.0M | ||
| Q2 25 | $210.4M | $38.0M | ||
| Q1 25 | $89.9M | $342.0M | ||
| Q4 24 | $125.4M | $28.0M | ||
| Q3 24 | $132.8M | $150.0M | ||
| Q2 24 | $152.4M | $62.0M | ||
| Q1 24 | $50.3M | $-71.0M |
毛利率KMXM
| Q4 25 | 10.2% | 39.4% | ||
| Q3 25 | 10.9% | 39.7% | ||
| Q2 25 | 11.8% | 39.2% | ||
| Q1 25 | 11.1% | 35.7% | ||
| Q4 24 | 10.9% | 39.6% | ||
| Q3 24 | 10.8% | 40.5% | ||
| Q2 24 | 11.1% | 39.2% | ||
| Q1 24 | 10.4% | 37.5% |
营业利润率KMXM
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | 2.0% | 6.4% | ||
| Q4 24 | 2.7% | 1.3% | ||
| Q3 24 | 2.5% | 4.5% | ||
| Q2 24 | 2.9% | 2.6% | ||
| Q1 24 | 1.2% | -0.9% |
净利率KMXM
| Q4 25 | 1.1% | 0.2% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 2.8% | 0.8% | ||
| Q1 25 | 1.5% | 4.4% | ||
| Q4 24 | 2.0% | 0.6% | ||
| Q3 24 | 1.9% | 3.0% | ||
| Q2 24 | 2.1% | 1.3% | ||
| Q1 24 | 0.9% | -0.9% |
每股收益（稀释后）KMXM
| Q4 25 | $0.43 | $0.04 | ||
| Q3 25 | $0.64 | $0.31 | ||
| Q2 25 | $1.38 | $0.13 | ||
| Q1 25 | $0.58 | $1.22 | ||
| Q4 24 | $0.81 | $0.10 | ||
| Q3 24 | $0.85 | $0.53 | ||
| Q2 24 | $0.97 | $0.22 | ||
| Q1 24 | $0.31 | $-0.25 |
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 | $204.9M | $447.0M |
| 总债务越低越好 | $16.6B | $2.4B |
| 股东权益账面价值 | $6.1B | $4.3B |
| 总资产 | $25.6B | $17.1B |
| 负债/权益比越低杠杆越低 | 2.74× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资KMXM
| Q4 25 | $204.9M | $447.0M | ||
| Q3 25 | $540.4M | $829.0M | ||
| Q2 25 | $262.8M | $932.0M | ||
| Q1 25 | $247.0M | $1.3B | ||
| Q4 24 | $271.9M | $315.0M | ||
| Q3 24 | $524.7M | $646.0M | ||
| Q2 24 | $218.9M | $876.0M | ||
| Q1 24 | $574.1M | $1.0B |
总债务KMXM
| Q4 25 | $16.6B | $2.4B | ||
| Q3 25 | $17.8B | $2.4B | ||
| Q2 25 | $18.0B | $2.8B | ||
| Q1 25 | $18.1B | $2.8B | ||
| Q4 24 | $18.1B | $2.8B | ||
| Q3 24 | $18.1B | $3.0B | ||
| Q2 24 | $18.2B | $3.0B | ||
| Q1 24 | $18.0B | $3.0B |
股东权益KMXM
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $6.2B | $4.5B | ||
| Q2 25 | $6.3B | $4.5B | ||
| Q1 25 | $6.2B | $4.6B | ||
| Q4 24 | $6.2B | $4.1B | ||
| Q3 24 | $6.2B | $4.3B | ||
| Q2 24 | $6.2B | $4.2B | ||
| Q1 24 | $6.1B | $4.1B |
总资产KMXM
| Q4 25 | $25.6B | $17.1B | ||
| Q3 25 | $27.1B | $15.6B | ||
| Q2 25 | $27.4B | $16.1B | ||
| Q1 25 | $27.4B | $16.4B | ||
| Q4 24 | $27.3B | $17.3B | ||
| Q3 24 | $27.3B | $15.8B | ||
| Q2 24 | $27.2B | $16.4B | ||
| Q1 24 | $27.2B | $16.2B |
负债/权益比KMXM
| Q4 25 | 2.74× | 0.56× | ||
| Q3 25 | 2.87× | 0.55× | ||
| Q2 25 | 2.86× | 0.62× | ||
| Q1 25 | 2.91× | 0.61× | ||
| Q4 24 | 2.92× | 0.67× | ||
| Q3 24 | 2.93× | 0.70× | ||
| Q2 24 | 2.95× | 0.72× | ||
| Q1 24 | 2.96× | 0.72× |
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 | $1.3B | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-101.0M |
| 自由现金流率自由现金流/营收 | 19.2% | -2.1% |
| 资本支出强度资本支出/营收 | 2.4% | 2.0% |
| 现金转化率经营现金流/净利润 | 20.14× | -0.73× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $1.2B |
8季度趋势，按日历期对齐
经营现金流KMXM
| Q4 25 | $1.3B | $-8.0M | ||
| Q3 25 | $785.5M | $319.0M | ||
| Q2 25 | $299.5M | $-64.0M | ||
| Q1 25 | $146.4M | $1.3B | ||
| Q4 24 | $-23.4M | $-167.0M | ||
| Q3 24 | $619.1M | $8.0M | ||
| Q2 24 | $-117.7M | $129.0M | ||
| Q1 24 | $309.6M | $1.1B |
自由现金流KMXM
| Q4 25 | $1.1B | $-101.0M | ||
| Q3 25 | $654.0M | $240.0M | ||
| Q2 25 | $162.8M | $-164.0M | ||
| Q1 25 | $18.8M | $1.2B | ||
| Q4 24 | $-150.6M | $-295.0M | ||
| Q3 24 | $509.9M | $-109.0M | ||
| Q2 24 | $-221.6M | $-25.0M | ||
| Q1 24 | $199.8M | $1.0B |
自由现金流率KMXM
| Q4 25 | 19.2% | -2.1% | ||
| Q3 25 | 9.9% | 5.0% | ||
| Q2 25 | 2.2% | -3.6% | ||
| Q1 25 | 0.3% | 15.3% | ||
| Q4 24 | -2.4% | -6.2% | ||
| Q3 24 | 7.3% | -2.2% | ||
| Q2 24 | -3.1% | -0.5% | ||
| Q1 24 | 3.6% | 12.3% |
资本支出强度KMXM
| Q4 25 | 2.4% | 2.0% | ||
| Q3 25 | 2.0% | 1.6% | ||
| Q2 25 | 1.8% | 2.2% | ||
| Q1 25 | 2.1% | 1.5% | ||
| Q4 24 | 2.0% | 2.7% | ||
| Q3 24 | 1.6% | 2.4% | ||
| Q2 24 | 1.5% | 3.2% | ||
| Q1 24 | 2.0% | 1.8% |
现金转化率KMXM
| Q4 25 | 20.14× | -0.73× | ||
| Q3 25 | 8.24× | 3.67× | ||
| Q2 25 | 1.42× | -1.68× | ||
| Q1 25 | 1.63× | 3.82× | ||
| Q4 24 | -0.19× | -5.96× | ||
| Q3 24 | 4.66× | 0.05× | ||
| Q2 24 | -0.77× | 2.08× | ||
| Q1 24 | 6.16× | — |
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
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
