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CarMax（KMX）与美敦力（MDT）财务数据对比。点击上方公司名可切换其他公司
美敦力的季度营收约是CarMax的1.5倍（$9.0B vs $5.8B），美敦力净利率更高（15.3% vs 1.1%，领先14.3%），美敦力同比增速更快（6.6% vs -6.9%），CarMax自由现金流更多（$1.1B vs $457.0M），过去两年美敦力的营收复合增速更高（5.3% vs 1.5%）
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。
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
KMX vs MDT — 直观对比
营收规模更大
MDT
是对方的1.5倍
$5.8B
营收增速更快
MDT
高出13.5%
-6.9%
净利率更高
MDT
高出14.3%
1.1%
自由现金流更多
KMX
多$656.3M
$457.0M
两年增速更快
MDT
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $9.0B |
| 净利润 | $62.2M | $1.4B |
| 毛利率 | 10.2% | 65.8% |
| 营业利润率 | — | 18.8% |
| 净利率 | 1.1% | 15.3% |
| 营收同比 | -6.9% | 6.6% |
| 净利润同比 | -50.4% | 8.2% |
| 每股收益（稀释后） | $0.43 | $1.07 |
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KMXMDT
| Q4 25 | $5.8B | $9.0B | ||
| Q3 25 | $6.6B | $8.6B | ||
| Q2 25 | $7.5B | $8.9B | ||
| Q1 25 | $6.0B | $8.3B | ||
| Q4 24 | $6.2B | $8.4B | ||
| Q3 24 | $7.0B | $7.9B | ||
| Q2 24 | $7.1B | $8.6B | ||
| Q1 24 | $5.6B | $8.1B |
净利润KMXMDT
| Q4 25 | $62.2M | $1.4B | ||
| Q3 25 | $95.4M | $1.0B | ||
| Q2 25 | $210.4M | $1.1B | ||
| Q1 25 | $89.9M | $1.3B | ||
| Q4 24 | $125.4M | $1.3B | ||
| Q3 24 | $132.8M | $1.0B | ||
| Q2 24 | $152.4M | $654.0M | ||
| Q1 24 | $50.3M | $1.3B |
毛利率KMXMDT
| Q4 25 | 10.2% | 65.8% | ||
| Q3 25 | 10.9% | 65.0% | ||
| Q2 25 | 11.8% | 64.8% | ||
| Q1 25 | 11.1% | 66.5% | ||
| Q4 24 | 10.9% | 64.9% | ||
| Q3 24 | 10.8% | 65.1% | ||
| Q2 24 | 11.1% | 64.5% | ||
| Q1 24 | 10.4% | 65.6% |
营业利润率KMXMDT
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | — | 16.1% | ||
| Q1 25 | 2.0% | 19.9% | ||
| Q4 24 | 2.7% | 19.0% | ||
| Q3 24 | 2.5% | 16.1% | ||
| Q2 24 | 2.9% | 12.3% | ||
| Q1 24 | 1.2% | 18.3% |
净利率KMXMDT
| Q4 25 | 1.1% | 15.3% | ||
| Q3 25 | 1.4% | 12.1% | ||
| Q2 25 | 2.8% | 11.8% | ||
| Q1 25 | 1.5% | 15.6% | ||
| Q4 24 | 2.0% | 15.1% | ||
| Q3 24 | 1.9% | 13.2% | ||
| Q2 24 | 2.1% | 7.6% | ||
| Q1 24 | 0.9% | 16.3% |
每股收益（稀释后）KMXMDT
| Q4 25 | $0.43 | $1.07 | ||
| Q3 25 | $0.64 | $0.81 | ||
| Q2 25 | $1.38 | $0.81 | ||
| Q1 25 | $0.58 | $1.01 | ||
| Q4 24 | $0.81 | $0.99 | ||
| Q3 24 | $0.85 | $0.80 | ||
| Q2 24 | $0.97 | $0.50 | ||
| Q1 24 | $0.31 | $0.99 |
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 | $8.3B |
| 总债务越低越好 | $16.6B | $27.7B |
| 股东权益账面价值 | $6.1B | $48.7B |
| 总资产 | $25.6B | $91.3B |
| 负债/权益比越低杠杆越低 | 2.74× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资KMXMDT
| Q4 25 | $204.9M | $8.3B | ||
| Q3 25 | $540.4M | $8.1B | ||
| Q2 25 | $262.8M | $9.0B | ||
| Q1 25 | $247.0M | $7.9B | ||
| Q4 24 | $271.9M | $8.0B | ||
| Q3 24 | $524.7M | $7.8B | ||
| Q2 24 | $218.9M | $8.0B | ||
| Q1 24 | $574.1M | $8.3B |
总债务KMXMDT
| Q4 25 | $16.6B | $27.7B | ||
| Q3 25 | $17.8B | $26.2B | ||
| Q2 25 | $18.0B | $25.6B | ||
| Q1 25 | $18.1B | $24.0B | ||
| Q4 24 | $18.1B | $24.6B | ||
| Q3 24 | $18.1B | $26.3B | ||
| Q2 24 | $18.2B | $23.9B | ||
| Q1 24 | $18.0B | $24.2B |
股东权益KMXMDT
| Q4 25 | $6.1B | $48.7B | ||
| Q3 25 | $6.2B | $47.9B | ||
| Q2 25 | $6.3B | $48.0B | ||
| Q1 25 | $6.2B | $49.4B | ||
| Q4 24 | $6.2B | $48.5B | ||
| Q3 24 | $6.2B | $47.9B | ||
| Q2 24 | $6.2B | $50.2B | ||
| Q1 24 | $6.1B | $51.8B |
总资产KMXMDT
| Q4 25 | $25.6B | $91.3B | ||
| Q3 25 | $27.1B | $91.0B | ||
| Q2 25 | $27.4B | $91.7B | ||
| Q1 25 | $27.4B | $90.0B | ||
| Q4 24 | $27.3B | $90.0B | ||
| Q3 24 | $27.3B | $89.7B | ||
| Q2 24 | $27.2B | $90.0B | ||
| Q1 24 | $27.2B | $90.8B |
负债/权益比KMXMDT
| Q4 25 | 2.74× | 0.57× | ||
| Q3 25 | 2.87× | 0.55× | ||
| Q2 25 | 2.86× | 0.53× | ||
| Q1 25 | 2.91× | 0.49× | ||
| Q4 24 | 2.92× | 0.51× | ||
| Q3 24 | 2.93× | 0.55× | ||
| Q2 24 | 2.95× | 0.48× | ||
| Q1 24 | 2.96× | 0.47× |
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 | $925.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $457.0M |
| 自由现金流率自由现金流/营收 | 19.2% | 5.1% |
| 资本支出强度资本支出/营收 | 2.4% | 5.2% |
| 现金转化率经营现金流/净利润 | 20.14× | 0.67× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $5.2B |
8季度趋势，按日历期对齐
经营现金流KMXMDT
| Q4 25 | $1.3B | $925.0M | ||
| Q3 25 | $785.5M | $1.1B | ||
| Q2 25 | $299.5M | $2.5B | ||
| Q1 25 | $146.4M | $2.6B | ||
| Q4 24 | $-23.4M | $958.0M | ||
| Q3 24 | $619.1M | $986.0M | ||
| Q2 24 | $-117.7M | $2.8B | ||
| Q1 24 | $309.6M | $2.5B |
自由现金流KMXMDT
| Q4 25 | $1.1B | $457.0M | ||
| Q3 25 | $654.0M | $584.0M | ||
| Q2 25 | $162.8M | $2.1B | ||
| Q1 25 | $18.8M | $2.1B | ||
| Q4 24 | $-150.6M | $554.0M | ||
| Q3 24 | $509.9M | $466.0M | ||
| Q2 24 | $-221.6M | $2.4B | ||
| Q1 24 | $199.8M | $2.1B |
自由现金流率KMXMDT
| Q4 25 | 19.2% | 5.1% | ||
| Q3 25 | 9.9% | 6.8% | ||
| Q2 25 | 2.2% | 23.2% | ||
| Q1 25 | 0.3% | 25.3% | ||
| Q4 24 | -2.4% | 6.6% | ||
| Q3 24 | 7.3% | 5.9% | ||
| Q2 24 | -3.1% | 27.4% | ||
| Q1 24 | 3.6% | 26.3% |
资本支出强度KMXMDT
| Q4 25 | 2.4% | 5.2% | ||
| Q3 25 | 2.0% | 5.9% | ||
| Q2 25 | 1.8% | 5.1% | ||
| Q1 25 | 2.1% | 5.7% | ||
| Q4 24 | 2.0% | 4.8% | ||
| Q3 24 | 1.6% | 6.6% | ||
| Q2 24 | 1.5% | 5.0% | ||
| Q1 24 | 2.0% | 4.3% |
现金转化率KMXMDT
| Q4 25 | 20.14× | 0.67× | ||
| Q3 25 | 8.24× | 1.05× | ||
| Q2 25 | 1.42× | 2.39× | ||
| Q1 25 | 1.63× | 1.99× | ||
| Q4 24 | -0.19× | 0.75× | ||
| Q3 24 | 4.66× | 0.95× | ||
| Q2 24 | -0.77× | 4.25× | ||
| Q1 24 | 6.16× | 1.87× |
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% |
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
