vs
CarMax（KMX）与Raymond James Financial（RJF）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Raymond James Financial的1.5倍（$5.8B vs $3.9B），Raymond James Financial净利率更高（14.1% vs 1.1%，领先13.0%），Raymond James Financial同比增速更快（13.0% vs -6.9%），过去两年CarMax的营收复合增速更高（1.5% vs 1.3%）
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。
雷蒙德詹姆斯金融是美国跨国独立投资银行及金融服务机构，通过旗下子公司为个人、企业及市政主体提供多元金融服务，核心业务覆盖投资与财务规划、投资银行、资产管理等领域，总部位于美国佛罗里达州圣彼得堡。
KMX vs RJF — 直观对比
营收规模更大
KMX
是对方的1.5倍
$3.9B
营收增速更快
RJF
高出19.9%
-6.9%
净利率更高
RJF
高出13.0%
1.1%
两年增速更快
KMX
近两年复合增速
1.3%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $3.9B |
| 净利润 | $62.2M | $544.0M |
| 毛利率 | 10.2% | — |
| 营业利润率 | — | — |
| 净利率 | 1.1% | 14.1% |
| 营收同比 | -6.9% | 13.0% |
| 净利润同比 | -50.4% | 10.0% |
| 每股收益（稀释后） | $0.43 | $2.83 |
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KMXRJF
| Q1 26 | — | $3.9B | ||
| Q4 25 | $5.8B | $4.2B | ||
| Q3 25 | $6.6B | $4.2B | ||
| Q2 25 | $7.5B | $3.8B | ||
| Q1 25 | $6.0B | $3.8B | ||
| Q4 24 | $6.2B | $4.0B | ||
| Q3 24 | $7.0B | $4.0B | ||
| Q2 24 | $7.1B | $3.8B |
净利润KMXRJF
| Q1 26 | — | $544.0M | ||
| Q4 25 | $62.2M | $563.0M | ||
| Q3 25 | $95.4M | $604.0M | ||
| Q2 25 | $210.4M | $436.0M | ||
| Q1 25 | $89.9M | $495.0M | ||
| Q4 24 | $125.4M | $600.0M | ||
| Q3 24 | $132.8M | $602.0M | ||
| Q2 24 | $152.4M | $492.0M |
毛利率KMXRJF
| 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KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | 2.0% | 17.5% | ||
| Q4 24 | 2.7% | 18.6% | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.9% | 17.1% |
净利率KMXRJF
| Q1 26 | — | 14.1% | ||
| Q4 25 | 1.1% | 13.5% | ||
| Q3 25 | 1.4% | 14.4% | ||
| Q2 25 | 2.8% | 11.3% | ||
| Q1 25 | 1.5% | 12.9% | ||
| Q4 24 | 2.0% | 14.9% | ||
| Q3 24 | 1.9% | 15.0% | ||
| Q2 24 | 2.1% | 13.1% |
每股收益（稀释后）KMXRJF
| Q1 26 | — | $2.83 | ||
| Q4 25 | $0.43 | $2.79 | ||
| Q3 25 | $0.64 | $2.96 | ||
| Q2 25 | $1.38 | $2.12 | ||
| Q1 25 | $0.58 | $2.36 | ||
| Q4 24 | $0.81 | $2.86 | ||
| Q3 24 | $0.85 | $2.85 | ||
| Q2 24 | $0.97 | $2.31 |
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 | $5.4B |
| 总债务越低越好 | $16.6B | — |
| 股东权益账面价值 | $6.1B | $52.0M |
| 总资产 | $25.6B | $91.9B |
| 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KMXRJF
| Q1 26 | — | $5.4B | ||
| Q4 25 | $204.9M | $9.9B | ||
| Q3 25 | $540.4M | $11.4B | ||
| Q2 25 | $262.8M | $9.2B | ||
| Q1 25 | $247.0M | $9.7B | ||
| Q4 24 | $271.9M | $10.0B | ||
| Q3 24 | $524.7M | $11.0B | ||
| Q2 24 | $218.9M | $9.1B |
总债务KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | $16.6B | — | ||
| Q3 25 | $17.8B | — | ||
| Q2 25 | $18.0B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $18.1B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.2B | — |
股东权益KMXRJF
| Q1 26 | — | $52.0M | ||
| Q4 25 | $6.1B | $12.6B | ||
| Q3 25 | $6.2B | $12.5B | ||
| Q2 25 | $6.3B | $12.3B | ||
| Q1 25 | $6.2B | $12.2B | ||
| Q4 24 | $6.2B | $11.9B | ||
| Q3 24 | $6.2B | $11.7B | ||
| Q2 24 | $6.2B | $11.2B |
总资产KMXRJF
| Q1 26 | — | $91.9B | ||
| Q4 25 | $25.6B | $88.8B | ||
| Q3 25 | $27.1B | $88.2B | ||
| Q2 25 | $27.4B | $84.8B | ||
| Q1 25 | $27.4B | $83.1B | ||
| Q4 24 | $27.3B | $82.3B | ||
| Q3 24 | $27.3B | $83.0B | ||
| Q2 24 | $27.2B | $80.6B |
负债/权益比KMXRJF
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流率自由现金流/营收 | 19.2% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $-10.0M | ||
| Q3 25 | $785.5M | $796.0M | ||
| Q2 25 | $299.5M | $691.0M | ||
| Q1 25 | $146.4M | $117.0M | ||
| Q4 24 | $-23.4M | $830.0M | ||
| Q3 24 | $619.1M | $510.0M | ||
| Q2 24 | $-117.7M | $711.0M |
自由现金流KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $-56.0M | ||
| Q3 25 | $654.0M | $752.0M | ||
| Q2 25 | $162.8M | $634.0M | ||
| Q1 25 | $18.8M | $71.0M | ||
| Q4 24 | $-150.6M | $789.0M | ||
| Q3 24 | $509.9M | $460.0M | ||
| Q2 24 | $-221.6M | $655.0M |
自由现金流率KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | 19.2% | -1.3% | ||
| Q3 25 | 9.9% | 17.9% | ||
| Q2 25 | 2.2% | 16.5% | ||
| Q1 25 | 0.3% | 1.8% | ||
| Q4 24 | -2.4% | 19.6% | ||
| Q3 24 | 7.3% | 11.5% | ||
| Q2 24 | -3.1% | 17.4% |
资本支出强度KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 1.1% | ||
| Q3 25 | 2.0% | 1.1% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 2.1% | 1.2% | ||
| Q4 24 | 2.0% | 1.0% | ||
| Q3 24 | 1.6% | 1.2% | ||
| Q2 24 | 1.5% | 1.5% |
现金转化率KMXRJF
| Q1 26 | — | — | ||
| Q4 25 | 20.14× | -0.02× | ||
| Q3 25 | 8.24× | 1.32× | ||
| Q2 25 | 1.42× | 1.58× | ||
| Q1 25 | 1.63× | 0.24× | ||
| Q4 24 | -0.19× | 1.38× | ||
| Q3 24 | 4.66× | 0.85× | ||
| Q2 24 | -0.77× | 1.45× |
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% |
RJF
| Private Client Group | $2.8B | 73% |
| Bank | $486.0M | 13% |
| Capital Markets | $464.0M | 12% |
| Other | $99.0M | 3% |
