vs
CarMax（KMX）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是德事隆的1.4倍（$5.8B vs $4.2B），德事隆净利率更高（5.6% vs 1.1%，领先4.6%），德事隆同比增速更快（15.6% vs -6.9%），CarMax自由现金流更多（$1.1B vs $527.0M），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
KMX vs TXT — 直观对比
营收规模更大
KMX
是对方的1.4倍
$4.2B
营收增速更快
TXT
高出22.5%
-6.9%
净利率更高
TXT
高出4.6%
1.1%
自由现金流更多
KMX
多$586.3M
$527.0M
两年增速更快
TXT
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $4.2B |
| 净利润 | $62.2M | $235.0M |
| 毛利率 | 10.2% | — |
| 营业利润率 | — | — |
| 净利率 | 1.1% | 5.6% |
| 营收同比 | -6.9% | 15.6% |
| 净利润同比 | -50.4% | 66.7% |
| 每股收益（稀释后） | $0.43 | — |
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KMXTXT
| Q4 25 | $5.8B | $4.2B | ||
| Q3 25 | $6.6B | $3.6B | ||
| Q2 25 | $7.5B | $3.7B | ||
| Q1 25 | $6.0B | $3.3B | ||
| Q4 24 | $6.2B | $3.6B | ||
| Q3 24 | $7.0B | $3.4B | ||
| Q2 24 | $7.1B | $3.5B | ||
| Q1 24 | $5.6B | $3.1B |
净利润KMXTXT
| Q4 25 | $62.2M | $235.0M | ||
| Q3 25 | $95.4M | $234.0M | ||
| Q2 25 | $210.4M | $245.0M | ||
| Q1 25 | $89.9M | $207.0M | ||
| Q4 24 | $125.4M | $141.0M | ||
| Q3 24 | $132.8M | $223.0M | ||
| Q2 24 | $152.4M | $259.0M | ||
| Q1 24 | $50.3M | $201.0M |
毛利率KMXTXT
| 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% | — | ||
| Q1 24 | 10.4% | — |
营业利润率KMXTXT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 2.7% | 3.6% | ||
| Q3 24 | 2.5% | 7.4% | ||
| Q2 24 | 2.9% | 9.2% | ||
| Q1 24 | 1.2% | 7.6% |
净利率KMXTXT
| Q4 25 | 1.1% | 5.6% | ||
| Q3 25 | 1.4% | 6.5% | ||
| Q2 25 | 2.8% | 6.6% | ||
| Q1 25 | 1.5% | 6.3% | ||
| Q4 24 | 2.0% | 3.9% | ||
| Q3 24 | 1.9% | 6.5% | ||
| Q2 24 | 2.1% | 7.3% | ||
| Q1 24 | 0.9% | 6.4% |
每股收益（稀释后）KMXTXT
| Q4 25 | $0.43 | — | ||
| Q3 25 | $0.64 | — | ||
| Q2 25 | $1.38 | — | ||
| Q1 25 | $0.58 | $1.13 | ||
| Q4 24 | $0.81 | — | ||
| Q3 24 | $0.85 | — | ||
| Q2 24 | $0.97 | — | ||
| Q1 24 | $0.31 | $1.03 |
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 | — |
| 总债务越低越好 | $16.6B | — |
| 股东权益账面价值 | $6.1B | — |
| 总资产 | $25.6B | — |
| 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KMXTXT
| Q4 25 | $204.9M | — | ||
| Q3 25 | $540.4M | — | ||
| Q2 25 | $262.8M | — | ||
| Q1 25 | $247.0M | — | ||
| Q4 24 | $271.9M | — | ||
| Q3 24 | $524.7M | — | ||
| Q2 24 | $218.9M | — | ||
| Q1 24 | $574.1M | — |
总债务KMXTXT
| 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 | — | ||
| Q1 24 | $18.0B | — |
股东权益KMXTXT
| Q4 25 | $6.1B | — | ||
| Q3 25 | $6.2B | $7.5B | ||
| Q2 25 | $6.3B | $7.4B | ||
| Q1 25 | $6.2B | $7.3B | ||
| Q4 24 | $6.2B | $7.2B | ||
| Q3 24 | $6.2B | $7.0B | ||
| Q2 24 | $6.2B | $6.9B | ||
| Q1 24 | $6.1B | $6.9B |
总资产KMXTXT
| Q4 25 | $25.6B | — | ||
| Q3 25 | $27.1B | $17.4B | ||
| Q2 25 | $27.4B | $17.1B | ||
| Q1 25 | $27.4B | $16.9B | ||
| Q4 24 | $27.3B | $16.8B | ||
| Q3 24 | $27.3B | $16.5B | ||
| Q2 24 | $27.2B | $16.4B | ||
| Q1 24 | $27.2B | $16.4B |
负债/权益比KMXTXT
| 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 | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $527.0M |
| 自由现金流率自由现金流/营收 | 19.2% | 12.6% |
| 资本支出强度资本支出/营收 | 2.4% | 4.1% |
| 现金转化率经营现金流/净利润 | 20.14× | 2.98× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $929.0M |
8季度趋势，按日历期对齐
经营现金流KMXTXT
| Q4 25 | $1.3B | $700.0M | ||
| Q3 25 | $785.5M | $349.0M | ||
| Q2 25 | $299.5M | $387.0M | ||
| Q1 25 | $146.4M | $-124.0M | ||
| Q4 24 | $-23.4M | $446.0M | ||
| Q3 24 | $619.1M | $208.0M | ||
| Q2 24 | $-117.7M | $367.0M | ||
| Q1 24 | $309.6M | $-7.0M |
自由现金流KMXTXT
| Q4 25 | $1.1B | $527.0M | ||
| Q3 25 | $654.0M | $273.0M | ||
| Q2 25 | $162.8M | $309.0M | ||
| Q1 25 | $18.8M | $-180.0M | ||
| Q4 24 | $-150.6M | $293.0M | ||
| Q3 24 | $509.9M | $137.0M | ||
| Q2 24 | $-221.6M | $293.0M | ||
| Q1 24 | $199.8M | $-73.0M |
自由现金流率KMXTXT
| Q4 25 | 19.2% | 12.6% | ||
| Q3 25 | 9.9% | 7.6% | ||
| Q2 25 | 2.2% | 8.3% | ||
| Q1 25 | 0.3% | -5.4% | ||
| Q4 24 | -2.4% | 8.1% | ||
| Q3 24 | 7.3% | 4.0% | ||
| Q2 24 | -3.1% | 8.3% | ||
| Q1 24 | 3.6% | -2.3% |
资本支出强度KMXTXT
| Q4 25 | 2.4% | 4.1% | ||
| Q3 25 | 2.0% | 2.1% | ||
| Q2 25 | 1.8% | 2.1% | ||
| Q1 25 | 2.1% | 1.7% | ||
| Q4 24 | 2.0% | 4.2% | ||
| Q3 24 | 1.6% | 2.1% | ||
| Q2 24 | 1.5% | 2.1% | ||
| Q1 24 | 2.0% | 2.1% |
现金转化率KMXTXT
| Q4 25 | 20.14× | 2.98× | ||
| Q3 25 | 8.24× | 1.49× | ||
| Q2 25 | 1.42× | 1.58× | ||
| Q1 25 | 1.63× | -0.60× | ||
| Q4 24 | -0.19× | 3.16× | ||
| Q3 24 | 4.66× | 0.93× | ||
| Q2 24 | -0.77× | 1.42× | ||
| Q1 24 | 6.16× | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
