vs
CarMax（KMX）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是CarMax的1.3倍（$7.6B vs $5.8B），Smurfit Westrock净利率更高（1.3% vs 1.1%，领先0.2%），Smurfit Westrock同比增速更快（0.5% vs -6.9%），CarMax自由现金流更多（$1.1B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
KMX vs SW — 直观对比
营收规模更大
SW
是对方的1.3倍
$5.8B
营收增速更快
SW
高出7.4%
-6.9%
净利率更高
SW
高出0.2%
1.1%
自由现金流更多
KMX
多$501.3M
$612.0M
两年增速更快
SW
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $7.6B |
| 净利润 | $62.2M | $97.0M |
| 毛利率 | 10.2% | 18.2% |
| 营业利润率 | — | 5.1% |
| 净利率 | 1.1% | 1.3% |
| 营收同比 | -6.9% | 0.5% |
| 净利润同比 | -50.4% | -33.6% |
| 每股收益（稀释后） | $0.43 | $0.18 |
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KMXSW
| Q4 25 | $5.8B | $7.6B | ||
| Q3 25 | $6.6B | $8.0B | ||
| Q2 25 | $7.5B | $7.9B | ||
| Q1 25 | $6.0B | $7.7B | ||
| Q4 24 | $6.2B | $7.5B | ||
| Q3 24 | $7.0B | $7.7B | ||
| Q2 24 | $7.1B | $3.0B | ||
| Q1 24 | $5.6B | $2.9B |
净利润KMXSW
| Q4 25 | $62.2M | $97.0M | ||
| Q3 25 | $95.4M | $246.0M | ||
| Q2 25 | $210.4M | $-28.0M | ||
| Q1 25 | $89.9M | $384.0M | ||
| Q4 24 | $125.4M | $146.0M | ||
| Q3 24 | $132.8M | $-150.0M | ||
| Q2 24 | $152.4M | $132.0M | ||
| Q1 24 | $50.3M | $191.0M |
毛利率KMXSW
| Q4 25 | 10.2% | 18.2% | ||
| Q3 25 | 10.9% | 19.6% | ||
| Q2 25 | 11.8% | 19.1% | ||
| Q1 25 | 11.1% | 20.6% | ||
| Q4 24 | 10.9% | 19.1% | ||
| Q3 24 | 10.8% | 17.6% | ||
| Q2 24 | 11.1% | 23.3% | ||
| Q1 24 | 10.4% | 24.2% |
营业利润率KMXSW
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | 2.0% | 7.2% | ||
| Q4 24 | 2.7% | 5.3% | ||
| Q3 24 | 2.5% | 0.7% | ||
| Q2 24 | 2.9% | 8.2% | ||
| Q1 24 | 1.2% | 10.5% |
净利率KMXSW
| Q4 25 | 1.1% | 1.3% | ||
| Q3 25 | 1.4% | 3.1% | ||
| Q2 25 | 2.8% | -0.4% | ||
| Q1 25 | 1.5% | 5.0% | ||
| Q4 24 | 2.0% | 1.9% | ||
| Q3 24 | 1.9% | -2.0% | ||
| Q2 24 | 2.1% | 4.4% | ||
| Q1 24 | 0.9% | 6.5% |
每股收益（稀释后）KMXSW
| Q4 25 | $0.43 | $0.18 | ||
| Q3 25 | $0.64 | $0.47 | ||
| Q2 25 | $1.38 | $-0.05 | ||
| Q1 25 | $0.58 | $0.73 | ||
| Q4 24 | $0.81 | $-0.12 | ||
| Q3 24 | $0.85 | $-0.30 | ||
| Q2 24 | $0.97 | $0.51 | ||
| Q1 24 | $0.31 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $16.6B | $13.4B |
| 股东权益账面价值 | $6.1B | $18.3B |
| 总资产 | $25.6B | $45.2B |
| 负债/权益比越低杠杆越低 | 2.74× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资KMXSW
| Q4 25 | $204.9M | $892.0M | ||
| Q3 25 | $540.4M | $851.0M | ||
| Q2 25 | $262.8M | $778.0M | ||
| Q1 25 | $247.0M | $797.0M | ||
| Q4 24 | $271.9M | $855.0M | ||
| Q3 24 | $524.7M | — | ||
| Q2 24 | $218.9M | $26.8K | ||
| Q1 24 | $574.1M | $108 |
总债务KMXSW
| Q4 25 | $16.6B | $13.4B | ||
| Q3 25 | $17.8B | $13.3B | ||
| Q2 25 | $18.0B | $13.3B | ||
| Q1 25 | $18.1B | $12.9B | ||
| Q4 24 | $18.1B | $12.5B | ||
| Q3 24 | $18.1B | $13.2B | ||
| Q2 24 | $18.2B | — | ||
| Q1 24 | $18.0B | — |
股东权益KMXSW
| Q4 25 | $6.1B | $18.3B | ||
| Q3 25 | $6.2B | $18.4B | ||
| Q2 25 | $6.3B | $18.3B | ||
| Q1 25 | $6.2B | $17.9B | ||
| Q4 24 | $6.2B | $17.4B | ||
| Q3 24 | $6.2B | $18.0B | ||
| Q2 24 | $6.2B | $14.5K | ||
| Q1 24 | $6.1B | $108 |
总资产KMXSW
| Q4 25 | $25.6B | $45.2B | ||
| Q3 25 | $27.1B | $45.6B | ||
| Q2 25 | $27.4B | $45.7B | ||
| Q1 25 | $27.4B | $44.6B | ||
| Q4 24 | $27.3B | $43.8B | ||
| Q3 24 | $27.3B | $45.0B | ||
| Q2 24 | $27.2B | $26.8K | ||
| Q1 24 | $27.2B | $108 |
负债/权益比KMXSW
| Q4 25 | 2.74× | 0.73× | ||
| Q3 25 | 2.87× | 0.72× | ||
| Q2 25 | 2.86× | 0.73× | ||
| Q1 25 | 2.91× | 0.72× | ||
| Q4 24 | 2.92× | 0.72× | ||
| Q3 24 | 2.93× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $612.0M |
| 自由现金流率自由现金流/营收 | 19.2% | 8.1% |
| 资本支出强度资本支出/营收 | 2.4% | 7.7% |
| 现金转化率经营现金流/净利润 | 20.14× | 12.32× |
| 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KMXSW
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $785.5M | $1.1B | ||
| Q2 25 | $299.5M | $829.0M | ||
| Q1 25 | $146.4M | $235.0M | ||
| Q4 24 | $-23.4M | $781.0M | ||
| Q3 24 | $619.1M | $320.0M | ||
| Q2 24 | $-117.7M | $340.0M | ||
| Q1 24 | $309.6M | $42.0M |
自由现金流KMXSW
| Q4 25 | $1.1B | $612.0M | ||
| Q3 25 | $654.0M | $523.0M | ||
| Q2 25 | $162.8M | $307.0M | ||
| Q1 25 | $18.8M | $-242.0M | ||
| Q4 24 | $-150.6M | $212.0M | ||
| Q3 24 | $509.9M | $-192.0M | ||
| Q2 24 | $-221.6M | $163.0M | ||
| Q1 24 | $199.8M | $-166.0M |
自由现金流率KMXSW
| Q4 25 | 19.2% | 8.1% | ||
| Q3 25 | 9.9% | 6.5% | ||
| Q2 25 | 2.2% | 3.9% | ||
| Q1 25 | 0.3% | -3.2% | ||
| Q4 24 | -2.4% | 2.8% | ||
| Q3 24 | 7.3% | -2.5% | ||
| Q2 24 | -3.1% | 5.5% | ||
| Q1 24 | 3.6% | -5.7% |
资本支出强度KMXSW
| Q4 25 | 2.4% | 7.7% | ||
| Q3 25 | 2.0% | 7.6% | ||
| Q2 25 | 1.8% | 6.6% | ||
| Q1 25 | 2.1% | 6.2% | ||
| Q4 24 | 2.0% | 7.5% | ||
| Q3 24 | 1.6% | 6.7% | ||
| Q2 24 | 1.5% | 6.0% | ||
| Q1 24 | 2.0% | 7.1% |
现金转化率KMXSW
| Q4 25 | 20.14× | 12.32× | ||
| Q3 25 | 8.24× | 4.61× | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 1.63× | 0.61× | ||
| Q4 24 | -0.19× | 5.35× | ||
| Q3 24 | 4.66× | — | ||
| Q2 24 | -0.77× | 2.58× | ||
| Q1 24 | 6.16× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
