vs
CarMax（KMX）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是CarMax的1.3倍（$7.4B vs $5.8B），美国合众银行净利率更高（27.8% vs 1.1%，领先26.7%），美国合众银行同比增速更快（5.1% vs -6.9%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
KMX vs USB — 直观对比
营收规模更大
USB
是对方的1.3倍
$5.8B
营收增速更快
USB
高出12.0%
-6.9%
净利率更高
USB
高出26.7%
1.1%
两年增速更快
USB
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $7.4B |
| 净利润 | $62.2M | $2.0B |
| 毛利率 | 10.2% | — |
| 营业利润率 | — | 34.4% |
| 净利率 | 1.1% | 27.8% |
| 营收同比 | -6.9% | 5.1% |
| 净利润同比 | -50.4% | 23.0% |
| 每股收益（稀释后） | $0.43 | $1.26 |
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KMXUSB
| Q4 25 | $5.8B | $7.4B | ||
| Q3 25 | $6.6B | $7.3B | ||
| Q2 25 | $7.5B | $7.0B | ||
| Q1 25 | $6.0B | $7.0B | ||
| Q4 24 | $6.2B | $7.0B | ||
| Q3 24 | $7.0B | $6.9B | ||
| Q2 24 | $7.1B | $6.9B | ||
| Q1 24 | $5.6B | $6.7B |
净利润KMXUSB
| Q4 25 | $62.2M | $2.0B | ||
| Q3 25 | $95.4M | $2.0B | ||
| Q2 25 | $210.4M | $1.8B | ||
| Q1 25 | $89.9M | $1.7B | ||
| Q4 24 | $125.4M | $1.7B | ||
| Q3 24 | $132.8M | $1.7B | ||
| Q2 24 | $152.4M | $1.6B | ||
| Q1 24 | $50.3M | $1.3B |
毛利率KMXUSB
| 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KMXUSB
| Q4 25 | — | 34.4% | ||
| Q3 25 | — | 34.5% | ||
| Q2 25 | — | 32.7% | ||
| Q1 25 | 2.0% | 31.0% | ||
| Q4 24 | 2.7% | 30.1% | ||
| Q3 24 | 2.5% | 30.2% | ||
| Q2 24 | 2.9% | 29.9% | ||
| Q1 24 | 1.2% | 24.9% |
净利率KMXUSB
| Q4 25 | 1.1% | 27.8% | ||
| Q3 25 | 1.4% | 27.3% | ||
| Q2 25 | 2.8% | 25.9% | ||
| Q1 25 | 1.5% | 24.6% | ||
| Q4 24 | 2.0% | 23.7% | ||
| Q3 24 | 1.9% | 25.0% | ||
| Q2 24 | 2.1% | 23.3% | ||
| Q1 24 | 0.9% | 19.6% |
每股收益（稀释后）KMXUSB
| Q4 25 | $0.43 | $1.26 | ||
| Q3 25 | $0.64 | $1.22 | ||
| Q2 25 | $1.38 | $1.11 | ||
| Q1 25 | $0.58 | $1.03 | ||
| Q4 24 | $0.81 | $1.01 | ||
| Q3 24 | $0.85 | $1.03 | ||
| Q2 24 | $0.97 | $0.97 | ||
| Q1 24 | $0.31 | $0.78 |
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 | $65.2B |
| 总资产 | $25.6B | $692.3B |
| 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KMXUSB
| 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KMXUSB
| 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KMXUSB
| Q4 25 | $6.1B | $65.2B | ||
| Q3 25 | $6.2B | $63.3B | ||
| Q2 25 | $6.3B | $61.4B | ||
| Q1 25 | $6.2B | $60.1B | ||
| Q4 24 | $6.2B | $58.6B | ||
| Q3 24 | $6.2B | $58.9B | ||
| Q2 24 | $6.2B | $56.4B | ||
| Q1 24 | $6.1B | $55.6B |
总资产KMXUSB
| Q4 25 | $25.6B | $692.3B | ||
| Q3 25 | $27.1B | $695.4B | ||
| Q2 25 | $27.4B | $686.4B | ||
| Q1 25 | $27.4B | $676.5B | ||
| Q4 24 | $27.3B | $678.3B | ||
| Q3 24 | $27.3B | $686.5B | ||
| Q2 24 | $27.2B | $680.1B | ||
| Q1 24 | $27.2B | $683.6B |
负债/权益比KMXUSB
| 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 | $2.8B |
| 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× | 1.39× |
| 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KMXUSB
| Q4 25 | $1.3B | $2.8B | ||
| Q3 25 | $785.5M | $3.4B | ||
| Q2 25 | $299.5M | $2.0B | ||
| Q1 25 | $146.4M | $-285.0M | ||
| Q4 24 | $-23.4M | $4.8B | ||
| Q3 24 | $619.1M | $972.0M | ||
| Q2 24 | $-117.7M | $2.9B | ||
| Q1 24 | $309.6M | $2.7B |
自由现金流KMXUSB
| Q4 25 | $1.1B | — | ||
| Q3 25 | $654.0M | — | ||
| Q2 25 | $162.8M | — | ||
| Q1 25 | $18.8M | — | ||
| Q4 24 | $-150.6M | — | ||
| Q3 24 | $509.9M | — | ||
| Q2 24 | $-221.6M | — | ||
| Q1 24 | $199.8M | — |
自由现金流率KMXUSB
| Q4 25 | 19.2% | — | ||
| Q3 25 | 9.9% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | -2.4% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | 3.6% | — |
资本支出强度KMXUSB
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 2.0% | — |
现金转化率KMXUSB
| Q4 25 | 20.14× | 1.39× | ||
| Q3 25 | 8.24× | 1.69× | ||
| Q2 25 | 1.42× | 1.12× | ||
| Q1 25 | 1.63× | -0.17× | ||
| Q4 24 | -0.19× | 2.87× | ||
| Q3 24 | 4.66× | 0.57× | ||
| Q2 24 | -0.77× | 1.79× | ||
| Q1 24 | 6.16× | 2.02× |
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% |
USB
暂无分部数据
