vs
CarMax（KMX）与纽蒙特（NEM）财务数据对比。点击上方公司名可切换其他公司
纽蒙特的季度营收约是CarMax的1.3倍（$7.3B vs $5.8B），纽蒙特净利率更高（26.0% vs 1.1%，领先25.0%），CarMax同比增速更快（-6.9% vs -31.4%），纽蒙特自由现金流更多（$1.2B vs $1.1B），过去两年纽蒙特的营收复合增速更高（28.8% 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。
纽蒙特公司是总部位于美国科罗拉多州丹佛市的金矿企业，为全球规模最大的金矿开采集团。公司成立于1921年，在全球十余个国家持有金矿资产，还与巴里克矿业共同持有内华达金矿的部分股权，除黄金外也开采铜、银、锌、铅等多种金属。
KMX vs NEM — 直观对比
营收规模更大
NEM
是对方的1.3倍
$5.8B
营收增速更快
KMX
高出24.5%
-31.4%
净利率更高
NEM
高出25.0%
1.1%
自由现金流更多
NEM
多$91.7M
$1.1B
两年增速更快
NEM
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $7.3B |
| 净利润 | $62.2M | $1.9B |
| 毛利率 | 10.2% | — |
| 营业利润率 | — | — |
| 净利率 | 1.1% | 26.0% |
| 营收同比 | -6.9% | -31.4% |
| 净利润同比 | -50.4% | -8.3% |
| 每股收益（稀释后） | $0.43 | $1.68 |
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KMXNEM
| Q1 26 | — | $7.3B | ||
| Q4 25 | $5.8B | $6.8B | ||
| Q3 25 | $6.6B | $5.5B | ||
| Q2 25 | $7.5B | $5.3B | ||
| Q1 25 | $6.0B | $5.0B | ||
| Q4 24 | $6.2B | $5.7B | ||
| Q3 24 | $7.0B | $4.6B | ||
| Q2 24 | $7.1B | $4.4B |
净利润KMXNEM
| Q1 26 | — | $1.9B | ||
| Q4 25 | $62.2M | $1.3B | ||
| Q3 25 | $95.4M | $1.8B | ||
| Q2 25 | $210.4M | $2.1B | ||
| Q1 25 | $89.9M | $1.9B | ||
| Q4 24 | $125.4M | $1.4B | ||
| Q3 24 | $132.8M | $922.0M | ||
| Q2 24 | $152.4M | $853.0M |
毛利率KMXNEM
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 11.1% | — |
营业利润率KMXNEM
| Q1 26 | — | — | ||
| Q4 25 | — | 47.6% | ||
| Q3 25 | — | 45.4% | ||
| Q2 25 | — | 58.6% | ||
| Q1 25 | 2.0% | 49.3% | ||
| Q4 24 | 2.7% | 36.3% | ||
| Q3 24 | 2.5% | 23.0% | ||
| Q2 24 | 2.9% | 23.5% |
净利率KMXNEM
| Q1 26 | — | 26.0% | ||
| Q4 25 | 1.1% | 19.1% | ||
| Q3 25 | 1.4% | 33.2% | ||
| Q2 25 | 2.8% | 38.8% | ||
| Q1 25 | 1.5% | 37.7% | ||
| Q4 24 | 2.0% | 24.8% | ||
| Q3 24 | 1.9% | 20.0% | ||
| Q2 24 | 2.1% | 19.4% |
每股收益（稀释后）KMXNEM
| Q1 26 | — | $1.68 | ||
| Q4 25 | $0.43 | $1.19 | ||
| Q3 25 | $0.64 | $1.67 | ||
| Q2 25 | $1.38 | $1.85 | ||
| Q1 25 | $0.58 | $1.68 | ||
| Q4 24 | $0.81 | $1.23 | ||
| Q3 24 | $0.85 | $0.80 | ||
| Q2 24 | $0.97 | $0.74 |
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 | $4.7B |
| 总债务越低越好 | $16.6B | — |
| 股东权益账面价值 | $6.1B | $31.4B |
| 总资产 | $25.6B | $55.5B |
| 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KMXNEM
| Q1 26 | — | $4.7B | ||
| Q4 25 | $204.9M | $8.2B | ||
| Q3 25 | $540.4M | $6.0B | ||
| Q2 25 | $262.8M | $6.7B | ||
| Q1 25 | $247.0M | $4.7B | ||
| Q4 24 | $271.9M | $3.6B | ||
| Q3 24 | $524.7M | $3.1B | ||
| Q2 24 | $218.9M | $2.7B |
总债务KMXNEM
| Q1 26 | — | — | ||
| Q4 25 | $16.6B | $5.1B | ||
| Q3 25 | $17.8B | $5.2B | ||
| Q2 25 | $18.0B | $7.1B | ||
| Q1 25 | $18.1B | $7.5B | ||
| Q4 24 | $18.1B | $8.5B | ||
| Q3 24 | $18.1B | $8.6B | ||
| Q2 24 | $18.2B | $8.7B |
股东权益KMXNEM
| Q1 26 | — | $31.4B | ||
| Q4 25 | $6.1B | $33.9B | ||
| Q3 25 | $6.2B | $33.2B | ||
| Q2 25 | $6.3B | $32.1B | ||
| Q1 25 | $6.2B | $31.2B | ||
| Q4 24 | $6.2B | $29.9B | ||
| Q3 24 | $6.2B | $29.7B | ||
| Q2 24 | $6.2B | $29.4B |
总资产KMXNEM
| Q1 26 | — | $55.5B | ||
| Q4 25 | $25.6B | $57.1B | ||
| Q3 25 | $27.1B | $54.7B | ||
| Q2 25 | $27.4B | $55.2B | ||
| Q1 25 | $27.4B | $55.5B | ||
| Q4 24 | $27.3B | $56.3B | ||
| Q3 24 | $27.3B | $56.2B | ||
| Q2 24 | $27.2B | $55.7B |
负债/权益比KMXNEM
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 0.15× | ||
| Q3 25 | 2.87× | 0.16× | ||
| Q2 25 | 2.86× | 0.22× | ||
| Q1 25 | 2.91× | 0.24× | ||
| Q4 24 | 2.92× | 0.28× | ||
| Q3 24 | 2.93× | 0.29× | ||
| Q2 24 | 2.95× | 0.30× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $1.2B |
| 自由现金流率自由现金流/营收 | 19.2% | 16.5% |
| 资本支出强度资本支出/营收 | 2.4% | 11.3% |
| 现金转化率经营现金流/净利润 | 20.14× | — |
| 过去12个月自由现金流最近4个季度 | $1.9B | $7.3B |
8季度趋势，按日历期对齐
经营现金流KMXNEM
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $3.6B | ||
| Q3 25 | $785.5M | $2.3B | ||
| Q2 25 | $299.5M | $2.4B | ||
| Q1 25 | $146.4M | $2.0B | ||
| Q4 24 | $-23.4M | $2.5B | ||
| Q3 24 | $619.1M | $1.6B | ||
| Q2 24 | $-117.7M | $1.4B |
自由现金流KMXNEM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.1B | $2.8B | ||
| Q3 25 | $654.0M | $1.6B | ||
| Q2 25 | $162.8M | $1.7B | ||
| Q1 25 | $18.8M | $1.2B | ||
| Q4 24 | $-150.6M | $1.6B | ||
| Q3 24 | $509.9M | $771.0M | ||
| Q2 24 | $-221.6M | $628.0M |
自由现金流率KMXNEM
| Q1 26 | — | 16.5% | ||
| Q4 25 | 19.2% | 41.3% | ||
| Q3 25 | 9.9% | 28.4% | ||
| Q2 25 | 2.2% | 32.2% | ||
| Q1 25 | 0.3% | 24.1% | ||
| Q4 24 | -2.4% | 28.9% | ||
| Q3 24 | 7.3% | 16.7% | ||
| Q2 24 | -3.1% | 14.3% |
资本支出强度KMXNEM
| Q1 26 | — | 11.3% | ||
| Q4 25 | 2.4% | 11.9% | ||
| Q3 25 | 2.0% | 13.2% | ||
| Q2 25 | 1.8% | 12.7% | ||
| Q1 25 | 2.1% | 16.5% | ||
| Q4 24 | 2.0% | 15.5% | ||
| Q3 24 | 1.6% | 19.0% | ||
| Q2 24 | 1.5% | 18.2% |
现金转化率KMXNEM
| Q1 26 | — | — | ||
| Q4 25 | 20.14× | 2.78× | ||
| Q3 25 | 8.24× | 1.25× | ||
| Q2 25 | 1.42× | 1.16× | ||
| Q1 25 | 1.63× | 1.07× | ||
| Q4 24 | -0.19× | 1.79× | ||
| Q3 24 | 4.66× | 1.79× | ||
| Q2 24 | -0.77× | 1.67× |
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% |
NEM
| Consolidated gold sales, net | $6.0B | 83% |
| Other | $506.0M | 7% |
| Consolidated copper sales, net | $354.0M | 5% |
| Consolidated silver sales, net | $188.0M | 3% |
| Consolidated zinc sales, net | $181.0M | 2% |
| Consolidated lead sales, net | $42.0M | 1% |
