vs
CarMax（KMX）与奥驰亚（MO）财务数据对比。点击上方公司名可切换其他公司
奥驰亚的季度营收约是CarMax的1.0倍（$5.8B vs $5.8B），奥驰亚净利率更高（19.1% vs 1.1%，领先18.0%），奥驰亚同比增速更快（-2.1% vs -6.9%），奥驰亚自由现金流更多（$3.2B vs $1.1B），过去两年奥驰亚的营收复合增速更高（2.4% 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。
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
KMX vs MO — 直观对比
营收规模更大
MO
是对方的1.0倍
$5.8B
营收增速更快
MO
高出4.8%
-6.9%
净利率更高
MO
高出18.0%
1.1%
自由现金流更多
MO
多$2.1B
$1.1B
两年增速更快
MO
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $5.8B |
| 净利润 | $62.2M | $1.1B |
| 毛利率 | 10.2% | 62.1% |
| 营业利润率 | — | 28.2% |
| 净利率 | 1.1% | 19.1% |
| 营收同比 | -6.9% | -2.1% |
| 净利润同比 | -50.4% | -63.2% |
| 每股收益（稀释后） | $0.43 | $0.67 |
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KMXMO
| Q4 25 | $5.8B | $5.8B | ||
| Q3 25 | $6.6B | $6.1B | ||
| Q2 25 | $7.5B | $6.1B | ||
| Q1 25 | $6.0B | $5.3B | ||
| Q4 24 | $6.2B | $6.0B | ||
| Q3 24 | $7.0B | $6.3B | ||
| Q2 24 | $7.1B | $6.2B | ||
| Q1 24 | $5.6B | $5.6B |
净利润KMXMO
| Q4 25 | $62.2M | $1.1B | ||
| Q3 25 | $95.4M | $2.4B | ||
| Q2 25 | $210.4M | $2.4B | ||
| Q1 25 | $89.9M | $1.1B | ||
| Q4 24 | $125.4M | $3.0B | ||
| Q3 24 | $132.8M | $2.3B | ||
| Q2 24 | $152.4M | $3.8B | ||
| Q1 24 | $50.3M | $2.1B |
毛利率KMXMO
| Q4 25 | 10.2% | 62.1% | ||
| Q3 25 | 10.9% | 62.8% | ||
| Q2 25 | 11.8% | 63.1% | ||
| Q1 25 | 11.1% | 61.8% | ||
| Q4 24 | 10.9% | 60.3% | ||
| Q3 24 | 10.8% | 60.8% | ||
| Q2 24 | 11.1% | 59.2% | ||
| Q1 24 | 10.4% | 58.8% |
营业利润率KMXMO
| Q4 25 | — | 28.2% | ||
| Q3 25 | — | 53.2% | ||
| Q2 25 | — | 52.9% | ||
| Q1 25 | 2.0% | 34.0% | ||
| Q4 24 | 2.7% | 48.2% | ||
| Q3 24 | 2.5% | 50.4% | ||
| Q2 24 | 2.9% | 40.8% | ||
| Q1 24 | 1.2% | 48.0% |
净利率KMXMO
| Q4 25 | 1.1% | 19.1% | ||
| Q3 25 | 1.4% | 39.1% | ||
| Q2 25 | 2.8% | 39.0% | ||
| Q1 25 | 1.5% | 20.5% | ||
| Q4 24 | 2.0% | 50.9% | ||
| Q3 24 | 1.9% | 36.6% | ||
| Q2 24 | 2.1% | 61.2% | ||
| Q1 24 | 0.9% | 38.2% |
每股收益（稀释后）KMXMO
| Q4 25 | $0.43 | $0.67 | ||
| Q3 25 | $0.64 | $1.41 | ||
| Q2 25 | $1.38 | $1.41 | ||
| Q1 25 | $0.58 | $0.63 | ||
| Q4 24 | $0.81 | $1.78 | ||
| Q3 24 | $0.85 | $1.34 | ||
| Q2 24 | $0.97 | $2.21 | ||
| Q1 24 | $0.31 | $1.21 |
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 | $4.5B |
| 总债务越低越好 | $16.6B | $25.7B |
| 股东权益账面价值 | $6.1B | $-3.5B |
| 总资产 | $25.6B | $35.0B |
| 负债/权益比越低杠杆越低 | 2.74× | — |
8季度趋势，按日历期对齐
现金及短期投资KMXMO
| Q4 25 | $204.9M | $4.5B | ||
| Q3 25 | $540.4M | $3.5B | ||
| Q2 25 | $262.8M | $1.3B | ||
| Q1 25 | $247.0M | $4.7B | ||
| Q4 24 | $271.9M | $3.1B | ||
| Q3 24 | $524.7M | $1.9B | ||
| Q2 24 | $218.9M | $1.8B | ||
| Q1 24 | $574.1M | $3.6B |
总债务KMXMO
| Q4 25 | $16.6B | $25.7B | ||
| Q3 25 | $17.8B | $25.7B | ||
| Q2 25 | $18.0B | $24.7B | ||
| Q1 25 | $18.1B | $26.1B | ||
| Q4 24 | $18.1B | $24.9B | ||
| Q3 24 | $18.1B | $25.2B | ||
| Q2 24 | $18.2B | $25.0B | ||
| Q1 24 | $18.0B | $25.0B |
股东权益KMXMO
| Q4 25 | $6.1B | $-3.5B | ||
| Q3 25 | $6.2B | $-2.6B | ||
| Q2 25 | $6.3B | $-3.3B | ||
| Q1 25 | $6.2B | $-3.5B | ||
| Q4 24 | $6.2B | $-2.2B | ||
| Q3 24 | $6.2B | $-3.5B | ||
| Q2 24 | $6.2B | $-3.0B | ||
| Q1 24 | $6.1B | $-5.1B |
总资产KMXMO
| Q4 25 | $25.6B | $35.0B | ||
| Q3 25 | $27.1B | $35.0B | ||
| Q2 25 | $27.4B | $32.3B | ||
| Q1 25 | $27.4B | $35.8B | ||
| Q4 24 | $27.3B | $35.2B | ||
| Q3 24 | $27.3B | $34.2B | ||
| Q2 24 | $27.2B | $34.4B | ||
| Q1 24 | $27.2B | $36.5B |
负债/权益比KMXMO
| Q4 25 | 2.74× | — | ||
| Q3 25 | 2.87× | — | ||
| Q2 25 | 2.86× | — | ||
| Q1 25 | 2.91× | — | ||
| Q4 24 | 2.92× | — | ||
| Q3 24 | 2.93× | — | ||
| Q2 24 | 2.95× | — | ||
| Q1 24 | 2.96× | — |
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 | $3.3B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $3.2B |
| 自由现金流率自由现金流/营收 | 19.2% | 54.4% |
| 资本支出强度资本支出/营收 | 2.4% | 1.6% |
| 现金转化率经营现金流/净利润 | 20.14× | 2.93× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $9.1B |
8季度趋势，按日历期对齐
经营现金流KMXMO
| Q4 25 | $1.3B | $3.3B | ||
| Q3 25 | $785.5M | $3.1B | ||
| Q2 25 | $299.5M | $205.0M | ||
| Q1 25 | $146.4M | $2.7B | ||
| Q4 24 | $-23.4M | $3.3B | ||
| Q3 24 | $619.1M | $2.6B | ||
| Q2 24 | $-117.7M | $-75.0M | ||
| Q1 24 | $309.6M | $2.9B |
自由现金流KMXMO
| Q4 25 | $1.1B | $3.2B | ||
| Q3 25 | $654.0M | $3.0B | ||
| Q2 25 | $162.8M | $173.0M | ||
| Q1 25 | $18.8M | $2.7B | ||
| Q4 24 | $-150.6M | $3.3B | ||
| Q3 24 | $509.9M | $2.6B | ||
| Q2 24 | $-221.6M | $-104.0M | ||
| Q1 24 | $199.8M | $2.8B |
自由现金流率KMXMO
| Q4 25 | 19.2% | 54.4% | ||
| Q3 25 | 9.9% | 50.1% | ||
| Q2 25 | 2.2% | 2.8% | ||
| Q1 25 | 0.3% | 51.0% | ||
| Q4 24 | -2.4% | 55.1% | ||
| Q3 24 | 7.3% | 41.2% | ||
| Q2 24 | -3.1% | -1.7% | ||
| Q1 24 | 3.6% | 51.0% |
资本支出强度KMXMO
| Q4 25 | 2.4% | 1.6% | ||
| Q3 25 | 2.0% | 0.9% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 2.1% | 0.7% | ||
| Q4 24 | 2.0% | 0.8% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 1.5% | 0.5% | ||
| Q1 24 | 2.0% | 0.6% |
现金转化率KMXMO
| Q4 25 | 20.14× | 2.93× | ||
| Q3 25 | 8.24× | 1.30× | ||
| Q2 25 | 1.42× | 0.09× | ||
| Q1 25 | 1.63× | 2.53× | ||
| Q4 24 | -0.19× | 1.10× | ||
| Q3 24 | 4.66× | 1.14× | ||
| Q2 24 | -0.77× | -0.02× | ||
| Q1 24 | 6.16× | 1.35× |
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% |
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
